Finward Bancorp (FNWD) has issued an update.
Finward Bancorp’s Compensation and Benefits Committee has approved the inclusion of Benjamin L. Schmitt, the Senior Vice President, Chief Financial Officer and Treasurer, into its Executive Change in Control Severance Plan. Schmitt was specially recommended for this plan, which aims to maintain the commitment and performance of the company’s management in the event of a change in control. The plan provides Schmitt with severance benefits, including a cash payment, COBRA premium coverage, and life insurance, should he be terminated without cause or for good reason following a change in control. This is part of the company’s strategy to attract and retain top talent.
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