Gap (GPS) just unveiled an update.
The Gap, Inc. has introduced a Senior Executive Severance Plan, which will be effective from July 1, 2024, providing severance benefits to certain executives like Katrina O’Connell and Horacio Barbeito, among others. Key benefits include 18 months of salary, a prorated annual bonus, and partial healthcare premium coverage following termination without cause, with enhanced benefits if the termination occurs after a change in control at the company. Additionally, the executives will receive financial counseling, outplacement assistance, and accelerated vesting of certain stock units. This Plan will be in place until June 30, 2029, with severance contingent on the executives releasing all claims against the Company.
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