Committees : Compensation
Understanding Your Bank’s Change-in-Control Severance Liability
Change-in-control agreements, which provide a severance benefit to the covered executive in the event of an acquisition, are a common issue that must be addressed with in an M&A transaction. But while many bank CEOs and some senior executives have them, it’s not uncommon for boards to lose sight of just how expensive—and potentially troublesome—they can be if the compensation committee hasn’t been paying attention to that individual’s total compensation and benefit package. Here to explain how those problems can arise during an M&A transaction—and how they can be avoided—is Gary R. Bronstein, a partner at the law firm Kilpatrick...
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