Senior Executive Officer Waiver Agreement under TARP Capital Purchase Program (Northern States Financial Corporation)
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Summary
This agreement is between a senior executive officer and Northern States Financial Corporation. The executive agrees to waive any claims against the U.S. government or the company for changes to compensation or benefits required by the U.S. Treasury’s TARP Capital Purchase Program regulations. The waiver covers all related claims, including those concerning compensation, benefits, and employment terms, for as long as the U.S. holds equity or debt in the company under TARP.
EX-10.3 4 c50238exv10w3.htm EX-10.3 EX-10.3
EXHIBIT 10.3
Form of Senior Executive Officer Letter
Agreement and Waiver Under the
TARP Capital Purchase Program
Agreement and Waiver Under the
TARP Capital Purchase Program
I, [NAME], an executive officer of Northern States Financial Corporation intending to be bound, hereby acknowledge and agree as follows:
In consideration for the benefits I will receive as a result of my employer’s participation in the United States Department of the Treasury’s TARP Capital Purchase Program, I hereby voluntarily waive any claim against the United States or my employer for any changes to my compensation or benefits that are required to comply with the regulation issued by the Department of the Treasury as published in the Federal Register on October 20, 2008.
I acknowledge that this regulation may require modification of the compensation, bonus, incentive and other benefit plans, arrangements, policies and agreements (including so-called “golden parachute” agreements) that I have with my employer or in which I participate as they relate to the period the United States holds any equity or debt securities of my employer acquired through the TARP Capital Purchase Program.
This waiver includes all claims I may have under the laws of the United States or any state related to the requirements imposed by the aforementioned regulation, including without limitation a claim for any compensation or other payments I would otherwise receive, any challenge to the process by which this regulation was adopted and any tort or constitutional claim about the effect of these regulations on my employment relationship.
Agreed and acknowledged as of February 20, 2009.
