Corporate GovernanceApr 27, 2026, 04:09 PM
XNCR Adopts Executive Severance Policy for VPs & Above
AI Summary
Xencor Inc. has adopted a new Executive Severance Policy, effective for seven years, outlining severance benefits for Vice Presidents and above, excluding the CEO. The policy details benefits for involuntary termination without Cause or resignation for Good Reason, both under standard circumstances and in connection with a Change in Control. Benefits include base salary, COBRA premiums, bonus compensation, and equity award acceleration, all contingent on the execution of a release of claims.
Key Highlights
- Xencor adopted an Executive Severance Policy for Vice Presidents and above, excluding the CEO.
- Eligibility requires 6+ months employment, involuntary termination without Cause or resignation for Good Reason.
- Standard termination benefits include 9-15 months of base salary and COBRA premiums, based on role.
- Termination in connection with a Change in Control (double-trigger) adds 9-15 months of bonus target and prorated annual bonus.
- Change in Control termination also includes 100% vesting acceleration of all outstanding equity awards.
- Benefits are contingent on the executive executing a separation agreement and general release of claims.
- The policy is effective for seven years from its adoption date, unless terminated earlier.
Price Impact
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