Change of Control Severance Plan for Specified Executives Effective February 10, 2023

Contract Categories: Human Resources › Change of Control Agreements
Summary

This agreement outlines the severance benefits for certain executives of the company in the event of a change of control. Eligible participants, listed by name, will receive cash severance based on a multiple of their annual base pay and target short-term incentive, a pro-rated short-term incentive award for the year of termination, continued retirement plan benefits as if employment continued during the severance period, and medical, dental, and life insurance coverage for the same period. Some participants are not eligible for excise tax gross-up provisions.

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EX-10.24 7 aee202210-kxexhibit1024.htm REVISED CHANGE OF CONTROL SEVERANCE PLAN Document

Exhibit 10.24


SCHEDULE I
CHANGE OF CONTROL SEVERANCE PLAN PARTICIPANTS
EFFECTIVE FEBRUARY 10, 2023

Benefit Level1 - 3
Baxter, Warner L.
Lyons, Martin J.
Birk, Mark C.
Moehn, Michael
Nwamu, Chonda *
Singh, Leonard *




*Not eligible for excise tax gross-up provisions (for new officers effective on or after October 1, 2009)

























1 Severance benefits include:
•Cash severance, defined as a multiple of i) annual base pay and ii) target short-term incentive award, with the multiple specified above as the "Benefit Level"
•A short-term incentive award for the year of termination (pro-rated at target)
•The actuarial equivalent of the additional benefit that would be received under the qualified defined benefit retirement plans and any excess or supplemental retirement plans in which the executive participates if the executive's employment continued during the severance period
•Medical, dental and life insurance benefits for the duration of the severance period