Management ChangeJun 30, 2026, 02:31 PM
First Financial CEO Norman Lowery Signs New Employment Agreement
AI Summary
First Financial Corporation and its subsidiary, First Financial Bank, entered into a new employment agreement with Norman D. Lowery, President and CEO, effective July 1, 2026. The agreement establishes an initial term of 24 months with an annual base salary of $698,987.00. It outlines various termination scenarios, including severance packages for termination without just cause or for good reason, with enhanced benefits if occurring within 12 months of a change in control. The agreement also includes standard confidentiality, non-solicit, and non-compete provisions.
Key Highlights
- CEO Norman D. Lowery signed a new employment agreement effective July 1, 2026.
- Initial employment term is for twenty-four (24) months.
- Annual base salary set at $698,987.00, subject to increases.
- Agreement includes participation in bonus and fringe benefit plans.
- Severance for termination without cause/good reason (non-CiC) includes salary and bonuses through term end.
- Severance for termination without cause/good reason (within 12 months of CiC) is 2.99x base salary and prior year bonuses.
- Non-compete clause for one year post-termination within a 75-mile radius (50 miles in certain cases).
- Payments for 'key employees' may be deferred for six months.
Price Impact
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