Amendment to Executive Severance Policy for Change of Control and Involuntary Terminations

Contract Categories: Human Resources › Severance Agreements
Summary

This amendment updates the company's executive severance policy, specifying the severance pay for the Executive Chairman, CEO, COO, and Executive Vice President in cases of change of control, corporate transactions, or involuntary termination (except for cause). Severance is based on annual salary and target bonus, with specific durations outlined for each role. The Executive Chairman and CEO receive severance as per their contracts, while the COO and Executive Vice President have set severance periods. The policy also defines minimum and maximum severance for involuntary terminations.

Read More Arrow
EX-10.2 3 b51131biexv10w2.txt EX-10.2 AMENDMENT TO SEVERANCE POLICY EXHIBIT 10.2 AMENDMENT TO EXECUTIVE SEVERANCE POLICY NEW SEVERANCE POLICY IN CHANGE OF CONTROL AND CORPORATE TRANSACTIONS (EACH AS DEFINED IN 2003 OMNIBUS EQUITY PLAN)
SEVERANCE* -------------- Executive Chairman; CEO **Per contract COO 30 months Executive Vice President 24 months
*Severance calculated on the basis of annual salary and target bonus **As per contracts. NEW SEVERANCE POLICY FOR INVOLUNTARY TERMINATIONS EXCEPT "FOR CAUSE", CHANGE OF CONTROL AND CORPORATE TRANSACTIONS
MAXIMUM SEVERANCE* MINIMUM SEVERANCE* ------------------ ------------------ Executive Chairman; CEO **Per contract **Per contract COO 24 months 12 months Executive Vice President 21 months 9 months
*Severance calculated on the basis of annual salary and target bonus **As per contracts.