Choice Hotels updates executive severance form, enters agreement with Chief Development Officer Pepper

CHOICE HOTELS INTERNATIONAL INC /DE

Entered Non-Competition, Non-Solicitation & Severance Benefit Agreement with CDO David A. Pepper on April 7, 2023.
New form has three-year initial term; non-competition provision limited to U.S. and defined competitors.
Severance payments begin on 60th day after termination subject to irrevocable release of claims.
Form amends 2017 version with updated definitions for 'Bainum Affiliates' and 'Good Reason'.
Expected to be used with future executive officers, subject to committee amendment.

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