Willis Towers Watson revamps 2022 incentive plans and CEO Carl Hess's severance

WILLIS TOWERS WATSON PLC

2022 STI program: 66.7% enterprise financial (adjusted net revenue & adjusted operating income), 33.3% individual; payout 50%-200% of target.
2022 LTI program: 75% performance-based PSUs (50% adj. operating margin, 30% adj. net revenue, 20% adj. EPS) and 25% time-based RSUs.
Severance amendments for CEO Hess: on involuntary termination (non-CIC), 2x base salary + target STI, paid monthly over 24 months.
On CIC qualifying termination, Hess gets lump sum of 36 months base salary + 3x target STI + pro rata annual STI.
Former CEO John Haley to receive additional $202,410 from 2021 STI award due to actual results exceeding forecast.

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