CF Bankshares (CFBK) just unveiled an announcement.
CF Bankshares Inc. and CFBank recently amended their employment agreements with executives Timothy T. O’Dell and Bradley Ringwald to update the terms of their severance payouts in the event of a change in company control. The amendments adjust the calculations for lump sum payments, taking into account factors such as equity compensation and bonuses. O’Dell’s severance could equal twice his base salary plus a two-year average of cash and equity bonuses, while Ringwald’s could reach one and a half times his base salary and average bonus. These changes ensure that the executives are compensated fairly in case of termination following a corporate shift in power.
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