TCF FINANCIAL CORPORATION (NYSE:TCB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with Thomas F. Jasper’s resignation from his position as Vice Chairman, Chief Operating Officer, and a Director on the Board of TCF Financial Corporation (“TCF”) on February 1, 2019, TCF and Mr. Jasper entered into a Separation and Release Agreement effective as of February 27, 2019 (the “Agreement”).
to the Agreement, upon expiration of the rescission period provided under the Agreement, Mr. Jasper will receive a cash payment of (i) $1,399,592 in consideration for a general release of claims, and (ii) $840,000 in satisfaction of amounts due for past performance to the 2018 Management Incentive Plan – Executive Awards, in each case less applicable taxes and deductions. If prior to January 30, 2020, TCF consummates a Change in Control (as defined in the Agreement), Mr. Jasper will be entitled to an additional payment of $1,530,608.
In addition to already vested rights under TCF’s benefits and compensation plans, Mr. Jasper will be provided continued health and insurance benefit coverage until August 31, 2020 or until Mr. Jasper secures similar coverage with another employer, whichever is earlier. The Agreement also includes restrictive covenants regarding non-disparagement, non-disclosure, non-competition and non-solicitation of employees, as well as other terms and conditions customary for similar agreements.
The foregoing does not purport to be a complete summary of the terms of the Agreement and is qualified by reference to the full text of the Agreement, which is provided as Exhibit 10.1 to this report and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
TCF FINANCIAL CORP Exhibit
EX-10.1 2 jasperseparationagreement.htm EXHIBIT 10.1 Exhibit Exhibit 10.1SEPARATION AND RELEASE AGREEMENTThis SEPARATION AND RELEASE AGREEMENT (“Agreement”) is made and entered into by and between Thomas Jasper (“Jasper”) and TCF National Bank (“TCF”).WHEREAS,…
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About TCF FINANCIAL CORPORATION (NYSE:TCB)
TCF Financial Corporation (TCF) is a bank holding company. The Company’s principal subsidiary is TCF National Bank (TCF Bank). The Company operates in three segments: Lending, Funding and Support Services. Its Lending segment includes consumer real estate, commercial real estate and business lending, leasing and equipment finance, inventory finance and auto finance. Its Funding segment includes branch banking and treasury services, which includes the Company’s investment and borrowing portfolios and management of capital, debt and market risks, including interest rate and liquidity risks. Its Support Services segment includes Holding Company and corporate functions that provide data processing, bank operations and other professional services to the operating segments. TCF Bank operates bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona, South Dakota and Indiana. TCF delivers retail banking products in over 40 states.
