COPT Defense Properties adopts new executive severance plan with enhanced change-in-control multiples

COPT DEFENSE PROPERTIES

CEO Budorick gets severance multiple of 2.00x (2.99x on change in control) and 2-year benefits continuation.
COO Snider and CFO Mifsud get 1.00x multiple (2.99x on change in control) and 1-year benefits continuation.
Five-year participation periods under the Second Amended Plan; prior letter agreements superseded.
Severance conditioned on release of claims and 12-month post-termination non-compete/non-solicit covenants.
Payments subject to reduction to avoid golden parachute excise taxes if that yields higher after-tax amount to executive.

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