Adaptimmune Therapeutics (ADAP) has provided an update.
Adaptimmune Therapeutics plc has updated its executive severance policy to offer more generous terms to departing executives. The revised policy, effective from June 11, 2024, extends the severance compensation period from nine to twelve months of the executive’s annual base salary and healthcare benefits. Additionally, executives may now receive a prorated annual bonus and, in certain conditions such as after a change in control, an accelerated vesting of equity awards. The chief executive officer enjoys even better terms, with an 18-month severance and bonus payout. However, to avail these benefits, executives must adhere to certain post-employment conditions and release the company from any claims.
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