FS Bancorp Announces Change-of-Control Severance Agreements for Key Executives
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FS Bancorp's subsidiary, 1st Security Bank of Washington, has established change-of-control agreements with executives Robert Nesbitt, Sean McCormick, and Phillip Whittington. These agreements provide a severance payment equal to one year's salary if involuntarily terminated within six months before or twelve months after a change in control. Involuntary termination includes termination other than for cause, significant salary or benefit reductions, relocation over 20 miles, or material demotion.
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