Change of Control Severance Plan for Section 16 Officers

Contract Categories: Human Resources › Severance Agreements
Summary

This agreement outlines the severance benefits for certain executive officers (Section 16 Officers) in the event of a change of control at the company. It specifies two benefit levels, which determine the amount and type of severance compensation, including cash payments and retirement benefits. The plan lists the eligible officers and describes how severance is calculated based on salary, incentive awards, and retirement plans. The agreement ensures these executives receive specified benefits if their employment is terminated following a change of control.

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EX-10.22 5 aee201810-kexhibit1022.htm CHANGE OF CONTROL SEVERANCE PLAN Exhibit


Exhibit 10.22

SCHEDULE I
CHANGE OF CONTROL SEVERANCE PLAN PARTICIPANTS
SECTION 16 OFFICERS

Benefit Level - 3
Baxter, Warner L.
Mark, Richard J.
Diya, Fadi M.
Moehn, Michael
Lyons, Martin J.
Nelson, Gregory L.
Benefit Level - 2
Amirthalingam, Bhavani
 





















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1 Benefit Levels are defined as a payment amount equal to a cash severance multiple of base pay, target short-term incentive award, short-term incentive award in year of termination (prorated at target), the actuarial equivalent of the benefit under the qualified defined benefit retirement plan and any excess or supplemental retirement plan.