Summary
Williams Companies, Inc. (WMB) filed an 8-K on July 20, 2016, reporting an amendment to its Executive Severance Pay Plan, effective July 14, 2016. The amendment expands eligibility for severance benefits to include officers with the title of Senior Vice President and above, including Named Executive Officers. The severance benefit will range from 1.5 to 2 times the officer's base salary and target annual bonus, with the specific amount determined at the CEO's discretion. It is crucial to note that the receipt of any severance benefit remains entirely discretionary and not guaranteed for eligible employees. The CEO is excluded from receiving severance benefits under this amended plan.
Key Highlights
- 1Williams Companies amended its Executive Severance Pay Plan to extend eligibility to Senior Vice Presidents and above.
- 2The amended plan covers Named Executive Officers of the company.
- 3Eligible officers may receive a severance package equivalent to 1.5 to 2 times their base salary and target annual bonus.
- 4The specific severance amount is subject to the sole discretion of the CEO.
- 5Receipt of any severance benefit is not guaranteed and is entirely discretionary.
- 6The CEO is explicitly excluded from the severance benefits under this amended plan.
- 7The amendment was approved by the Compensation Committee of the Board of Directors.