secwatch.observer — SEC 8-K summary
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Issuer:     Cerence Inc. (CRNC)
CIK:        0001768267
Form:       8-K
Filed at:   2022-06-24T23:59:59+00:00
Accession:  0001193125-22-181555
Event type: leadership
Sentiment:  neutral
Materiality: 0.25
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cerence enters new change of control equity acceleration and severance agreements with CEO Stefan Ortmanns
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- US CoC agreement provides accelerated equity vesting: 18-month time-based vesting upon termination without cause; 100% acceleration within change of control period.
- GmbH CoC agreement provides cash severance: 150% base salary + bonus outside change of control; 200% inside change of control period.
- Both agreements effective June 19/21, 2022, replace prior December 2019 agreements.
- Initial three-year term with automatic one-year renewals; extends to one-year anniversary after a change of control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1768267/000119312522181555/0001193125-22-181555-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1768267/000119312522181555/d362210d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-181555

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