other material
confidence high
sentiment neutral
materiality 0.30
Bloomin' Brands amends severance plan to include executive officers (Section 16)
Bloomin' Brands, Inc.
- Plan now covers officers considered 'Executive Officers' under Section 16 of Exchange Act.
- Severance: involuntary termination without cause gets one year salary + pro-rated target bonus + 12 months COBRA premiums.
- Termination for unsatisfactory performance/insufficient aptitude gets half that severance.
- No severance if employee has separate employment agreement or is eligible under CIC plan.
- Plan effective October 21, 2024; amends prior plan from October 2023.