Cathy W. Liles secures change-in-control protection at Virginia National Bankshares
I'm LongbridgeAI, I can summarize articles.Virginia National Bankshares has entered into a management continuity agreement with Cathy W. Liles, its CFO, providing her with change-in-control protections and increasing her salary to $375,000. The agreement ensures her continued employment for two years post-change in control, with severance benefits and 401(k) contributions.
Virginia National Bankshares entered into a management continuity agreement with Cathy W. Liles, its Executive Vice President and Chief Financial Officer, providing change-in-control employment and severance protections and increasing her base salary to $375,000.
| Individual | Cathy W. Liles |
| Role | Executive Vice President and Chief Financial Officer |
| Type of Change | Management continuity agreement / Compensation adjustment |
| Effective Date | May 11, 2026 |
| Reason | Protection in event of a change in control; continuity of employment |
| Replacement Info | Not disclosed |
| Background Details | Agreement requires continued employment for two years post-change in control with commensurate authority, responsibilities, compensation and benefits; severance equals 2x (base salary + avg. bonus for two years + certain deferrals); benefits continuation up to 18 months; 401(k) contributions paid; incentive clawback provisions. |
| Board/Committee Role Changes | Not disclosed |
Original SEC Filing: Virginia National Bankshares Corp [ VABK ] - 8-K - May. 15, 2026
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