Navitas adopts Executive Severance Plan for SVP+; CEO gets 2x salary/benefits in change-of-control

Navitas Semiconductor Corp

Plan covers senior VP and above, including named executive officers; effective Dec 27, 2023.
Non-CIC severance: CEO gets 1 year base salary + prorated bonus; other execs get 6 months.
CIC-period severance: CEO gets lump sum of 2x salary + 2x target bonus; other execs get 1.5x.
Time-based equity fully vests on CIC-qualifying termination; performance awards vest at actual.
No excise tax gross-up; benefits reduced if needed to avoid parachute penalty, subject to 105% net test.

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