Change in Control Agreement by and between Mid-Southern Savings Bank, FSB and James O. King, III
Exhibit 10.9
MID-SOUTHERN SAVINGS BANK, FSB
CHANGE IN CONTROL SEVERANCE AGREEMENT
This is a CHANGE IN CONTROL SEVERANCE AGREEMENT (the "Agreement") dated as of October 28, 2021 (the "Effective Date"). between Mid-Southern Savings Bank, FSB (the "Bank"), and James O. King, III ("Executive"), Executive Vice President and Senior Loan Officer.
Recitals
NOW, THEREFORE, in consideration of the foregoing and of the covenants herein contained, the parties hereto agree as follows:
2. | Change in Control Payment. |
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3. | Termination. |
(a) | Events of Termination. Notwithstanding any other provision of this Agreement to the contrary, this Agreement and Executive’s employment with the Bank will terminate immediately upon the first of the following events to occur: |
(b)Effect of Termination. Upon termination of Executive’s employment pursuant to this Section 3, Executive will be entitled to his base salary and benefits through the date of termination and will be entitled to no additional compensation or benefits. In addition, if Executive is terminated for any reason, Executive must resign from all offices Executive holds with the Bank and its affiliates.
(c)Disability. “Disability” means Executive’s inability (as determined by a physician appointed by the Bank) due to accident or physical or mental illness, to adequately and fully perform the duties that Executive was performing for Executive when the disability began, with the reasonable expectation that such inability will continue for at least 180, days notwithstanding any reasonable accommodation required by state or federal disability anti-discrimination laws. If at any time during Executive’s employment the physician appointed by the Bank makes a determination with respect to Executive’s Disability, that determination shall be final, conclusive, and binding upon the Bank, Executive, and their successors in interest.
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4. | Nonsolicitation; Confidentiality |
(a)Confidentiality.
(i)General. Executive acknowledges that the Bank continually develops Confidential Information, that Executive may develop Confidential Information for the Bank, and that Executive may learn of Confidential Information during the course of his employment. Executive will comply with the policies and procedures of the Bank for protecting Confidential Information and may never disclose to any person (except as required by applicable law or for the proper performance of his duties and responsibilities), or use for his own benefit or gain, or otherwise use in a manner adverse to the interests of the Protected Parties, any Confidential Information obtained by Executive incident to his employment or other association with the Bank. Executive understands that this restriction will continue to apply after his employment terminates, regardless of the reason for such termination.
(ii)Return of Documents. All documents, records, tapes, or other media of every kind and description containing Confidential Information or otherwise relating to the business, present or otherwise, of the Protected Parties, and any copies, in whole or in part, thereof (“Documents”), whether or not prepared by Executive, and any and all equipment or other tangible personal property provided by the Bank for Executive’s use (“Company Property”), is the sole and exclusive property of the Bank. Executive must safeguard all Documents and Company Property, and must surrender to the Bank at the time his employment terminates, or at such earlier time(s) as the Board or its designee may specify, all Documents and all Company Property then in Executive’s possession or control.
(iii)Confidential Information. “Confidential Information” means any and all information of the Protected Parties that is not generally known by the public, that is proprietary, or that would reasonably be considered confidential. Without limiting the generality of the foregoing, Confidential Information includes, but is not limited to, information relating to (A) the services or products sold or offered by the Protected Parties, (B) the costs, sources of supply, financial performance and strategic plans of the Protected Parties, (C) the identity and special needs of the customers of the Protected Parties, and (D) the people and organizations with whom the Protected Parties have business relationships, and the nature of those relationships. Confidential Information also includes comparable information that the Protected Parties have received belonging to others, or that was received by a Protected Party with an understanding that it would not be disclosed.
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For purposes of this Section 4(b) and Section 4(c), (x) the term “Customer” means any person or entity that is, or was within the one-year period immediately prior to the termination of Executive’s employment, an actual or prospective customer or client of a Protected Party; and (y) the term “Employee” means any person or entity that is, or was during the Term, an employee, independent contractor, director, officer, or agent of a Protected Party or any person or entity whose engagement as an employee, independent contractor, director, officer, or agent of a Protected Party ended during Executive’s employment with the Bank or the six-month period immediately following Executive’s termination.
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For purposes of this Section 4(c), the term “Competitor” means any entity or venture other than the Bank that competes with any business in which the Bank or its affiliates is engaging or in which the Bank or such affiliates plan to engage.
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5. | Miscellaneous |
If to the Bank:
Alexander G. Babey
President and Chief Executive Officer
Mid-Southern Savings Bank, FSB
300 N. Water Street
PO Box 545
Salem, Indiana 47167
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With a copy (which does not constitute notice) to:
Attn: R. James Straus
Frost Brown Todd LLC
400 West Market Street, Suite 3200
Louisville, Kentucky 40202
If to Executive:
James O. King, III
__________________________
__________________________
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[Remainder of page intentionally left blank; signature page follows]
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IN WITNESS WHEREOF, and intending to be legally bound hereby, Executive and the Bank have executed this Agreement as of the date first set forth above.
/s/ James O. King, III |
James O. King, III |
MID-SOUTHERN SAVINGS BANK, FSB
By: | /s/ Dana Dunbar |
| Dana Dunbar, Chairman |
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