Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnFebruary 27, 2020 , the Compensation Committee (the "Committee") of the Board of Directors ofJack in the Box Inc. (the "Company") approved the adoption of a Severance Plan for Executive Officers (the "Executive Severance Plan"), effectiveMarch 9, 2020 . The Executive Severance Plan provides severance benefits to the Company's Chief Executive Officer (the "CEO") and each other employee of the Company serving as an "Executive Officer" (as defined as an officer pursuant to Rule 16a-1(f) of the US Securities Exchange Act of 1934, as amended, and qualifying for treatment as an officer under Section 16 of the Securities Exchange Act of 1934, as amended) ("Eligible Employees"), in the event such Eligible Employee is involuntarily terminated without Cause that constitutes a Qualifying Termination (each as defined in the Executive Severance Plan) either before, or more than 24 months after, a Change in Control of the Company (as defined in the Executive Severance Plan) (a "Non-CIC Qualifying Termination"). In the event that an Eligible Employee experiences a Non-CIC Qualifying Termination, and provided that the Eligible Employee timely executes an effective general release of claims against the Company and allows it to become effective, the Eligible Employee will receive the following benefits under the Executive Severance Plan: (i) a severance payment in the amount of 12 months of base salary (24 months in the case of the CEO), (ii) a payment equivalent to the aggregate amount of the Eligible Employee's monthly COBRA premium payment in excess of the monthly premium the Eligible Employee would pay as an active employee of the Company, for 12 months (24 months in the case of the CEO) and (iii) eligibility to receive a prorated annual incentive payment for the year in which the Non-CIC Qualifying Termination occurs, based on actual achievement of the performance goals under the Company's performance incentive program for such year. The foregoing description is only a summary of the Executive Severance Plan and is qualified in its entirety by the Executive Severance Plan, a copy of which is attached to this report as Exhibit 10.1. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits
Exhibit
No. Description 10.1Jack in the Box Inc. Severance Plan for Executive Officers, datedMarch 9, 2020
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