AXIS Capital adopts Executive Severance Plan for executive committee, CEO gets 1.5x multiple

AXIS CAPITAL HOLDINGS LTD

Plan covers Executive Committee members and designated employees; replaces employment agreements over time.
CEO severance: 1.5x base salary + target bonus (2x on change of control); other execs: 1x (1.5x on change of control).
Equity awards continue vesting 12 months post-termination (full vesting on change of control); COBRA subsidy for 12 months.
Participants must sign Confidentiality, Non-Interference, and Invention Assignment Agreement; no duplicate severance if existing agreement.
Plan effective August 6, 2024; pro-rated bonus paid on change of control termination; 280G parachute payment cutback applies.

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