Knife River Implements Severance Plan for Executive Takeover Protections

The latest announcement is out from Knife River Corporation (KNF).

Knife River Corporation has implemented a Change in Control Severance Plan, which offers severance benefits to its key executive officers in the event of a company takeover. These benefits include a prorated annual incentive, a multiple of their annual salary and incentive, and continued health coverage costs, provided they adhere to non-competition and confidentiality agreements. Additionally, the company plans to introduce a ‘double trigger’ mechanism for equity award vesting under the new plan, requiring both a change in control and a subsequent qualifying termination for vesting to occur.

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