Franklin Financial Extends Charles Carroll Contract 3 Years, Sets 2.99x Change-in-Control Severance
Updated
Updated · Kalkine Media · Aug 18
Franklin Financial Extends Charles Carroll Contract 3 Years, Sets 2.99x Change-in-Control Severance
2 articles · Updated · Kalkine Media · Aug 18
Summary
August 17’s amendment resets President Charles B. Carroll’s employment term to three years, with automatic one-year renewals unless either side gives 180 days’ notice.
The filing also redefines severance pay by basing “Agreed Compensation” on Carroll’s highest annual base salary plus the average of his prior three years’ cash bonuses.
After a qualifying termination following a change in control, Franklin’s bank unit would pay Carroll a lump sum of up to 2.99 times that compensation within 30 days.
The package also continues or reimburses life, disability, medical and other welfare benefits for two years, while adding a limited gross-up and a Section 280G appraisal mechanism.