Xerox (XRX) just unveiled an update.
Xerox Holdings Corporation’s Compensation Committee has updated its Officer Severance Program to extend its term and enhance benefits for top executives in certain termination scenarios. Now, if key officers, including the CEO and President/COO, are let go for reasons beyond their control or for “good reason,” they’re entitled to continuous salary payments, health benefits, a prorated annual incentive, and equity award vesting. These severance perks hinge on the officers agreeing to a non-compete clause and releasing the company from claims.
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