Amendment to Employment Agreement Regarding TARP Compensation Provisions – Western Reserve Bancorp, Inc.

Contract Categories: Human Resources › Change of Control Agreements
Summary

Western Reserve Bancorp, Inc. and the employee agree to amend the employee's Change in Control Agreement due to the company's participation in the TARP Capital Purchase Program. The employee waives any right to receive a "golden parachute" payment while the company is under TARP, and agrees to repay any bonus or incentive compensation if it was based on materially inaccurate financial statements or performance criteria.

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EX-10.2 3 v167714_ex10-2.htm
Amendment to Employment Agreement


As you know, Western Reserve Bancorp elected to participate in the Capital Purchase Program (CPP) of the Troubled Asset Relief Program (TARP).  As long as we are a participant, we must comply with certain TARP compensation provisions.

One of these provisions involves your Change in Control Agreement.  It is necessary that you waive your rights to any “golden parachute” payment (or any similar payment that could be considered a “golden parachute” under U.S. Treasury Rules) during the time that we are a participant in TARP.

Also, you must agree to a “clawback” of any bonus or incentive compensation payment that is later found to have been made based on materially inaccurate financial statements or performance criteria.
 

 
  WESTERN RESERVE BANCORP, INC.  
       
       
       
 
By:
   
       

 
Acknowledged and accepted:



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