Axis Capital (AXS) just unveiled an announcement.
AXIS Capital Holdings Limited has introduced an Executive Severance Plan to ensure competitive severance benefits for its key employees, including executive officers. This move aims to attract and retain talent by offering them a safety net in case of termination without cause or for a good reason. The plan outlines benefits like a pro-rated annual bonus, lump-sum severance payments based on salary and target bonus, and continued equity vesting. Moreover, it aligns with non-compete and confidentiality agreements, avoiding double severance payouts. Special provisions are made for terminations following a change of control, and the plan also adjusts for potential excess parachute payments under tax regulations.
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