Middleby adopts executive severance plan with 3x CEO payout and amended incentive plan

MIDDLEBY Corp

CEO (Tier I) eligible for 3x base salary plus target bonus on termination without cause; same multiplier after change in control.
Named executive officers (Tier II) receive 1x base+bonus without CIC, 2x after CIC; includes CFO, CTOO, CCO, CDO.
Compensation Committee also adopted amended Value Creation Incentive Plan (VCIP) for cash bonuses based on performance goals.
Severance requires execution of release and compliance with restrictive covenants; benefits forfeited upon breach.
Plan effective May 20, 2026; supersedes prior severance arrangements for participants.

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