secwatch.observer — SEC 8-K summary
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Issuer:     Cerence Inc. (CRNC)
CIK:        0001768267
Form:       8-K
Filed at:   2023-01-12T23:59:59+00:00
Accession:  0001193125-23-006894
Event type: other_material
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cerence enters change of control severance agreement with CTO Prateek Kathpal
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- Agreement has three-year initial term, automatically renews unless either party gives 90 days notice.
- Without cause termination outside change of control: 100% base salary over 12 months, target bonus + pro-rata, equity vesting for 12 months, 12 months COBRA.
- Within one year after change of control: lump sum 150% base salary, 150% target bonus + pro-rata, full equity acceleration, 18 months COBRA.
- Death or disability triggers full time-based equity vesting and pro-rata performance-based awards.
- Severance contingent on signing a release and complying with confidentiality and non-competition/non-solicitation covenants.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1768267/000119312523006894/0001193125-23-006894-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1768267/000119312523006894/d396079d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-006894

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