Richmond Mutual Bancorporation Inc. and its subsidiary, First Bank Richmond, have entered into change-in-control agreements with key executives Paul Witte, President and Chief Operating Officer of the Bank, and Bradley Glover, Chief Financial Officer of both the Company and the Bank. Effective from May 22, 2025, these agreements stipulate that if an executive's employment is terminated without cause or for good reason within 12 months following a change in control, they will receive a lump-sum cash payment equal to two times their base amount. Additionally, they are entitled to continued insurance coverage for up to 24 months post-termination, with a cash payment option if coverage is unavailable or incurs excise taxes. The agreements, initially expiring on December 31, 2026, have provisions for annual extensions unless terminated with notice.
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