CFG Executive Severance Practice Policy
This document outlines CFG's severance policy for executives terminated without cause and not due to poor performance. Eligible employees receive two weeks of severance pay per year of service, with minimum and maximum limits based on salary. Executives earning $300,000 or more receive at least 26 weeks and up to 52 weeks of salary as severance, paid in a lump sum. Benefits continue for one month after termination, and outplacement services are provided. Severance is contingent on signing a release, and CFG may change or end this policy at any time.
EXHIBIT 10.21
EXECUTIVE SEVERANCE PRACTICE
Colleagues who are terminated without cause and for reasons unrelated to poor performance will receive 2 weeks of severance for each year of service, subject to minimum and maximum severance amounts based on current salary level, and in exchange for a signed severance agreement and release. Colleagues with a base salary of $300,000 or above will receive a minimum severance payment of 26 weeks’ salary and a maximum severance payment of 52 weeks’ salary. Severance will be paid in a lump sum, less applicable withholdings.
Colleague benefits will continue for a month after the month in which termination occurs. If the colleague elects continuation coverage under COBRA, the first month of coverage will be at active employee rates and will not count toward the COBRA continuation period. Outplacement will be offered in accordance with our outplacement policy.
For the avoidance of doubt, nothing herein will be a guarantee or entitlement of a particular level of severance payments or benefits and any determinations made hereunder will be on a case-by-case basis. CFG may terminate or amend this practice at any time.
