TechnipFMC PLC (FTI) has released an update to notify the public and investors about its officers.
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On January 29, 2024, TechnipFMC plc’s Compensation Committee renewed and entered into Executive Severance Agreements with key executive officers, including the CEO and EVP, providing for “double trigger” severance benefits upon termination without cause or constructive termination post-change in control. The benefits include multiples of base salary and bonuses, accrued salary and paid time off, a pro-rated target cash bonus, and extended health care and insurance coverages, with specific terms varying among executives. Severance from these agreements is adjusted against any other eligible severance payments and requires a release of claims to be signed by the executive.
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