Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Amendment and Restated Employment Agreements
On
The amended and restated employment agreements adjust the officers' compensation, effective for 2021, as follows:
•Ms. Bell's target annual bonus will be increased from 170% of her annual base salary to 200% of her annual base salary, and her target long-term incentive award opportunity will be increased from 175% of her annual base salary to 220% of her annual base salary.
•Mr. Pas's annual base salary will be increased from
In addition to the above, the amended and restated employment agreements for
•The multiple of the officers' salary and target annual bonus payable if their employment terminates by reason of a Termination Without Cause or Termination For Good Reason during the 24-month period following a Change of Control (as each such term is defined in each executive's employment agreement) will increase from 1.0 to 1.5, and the related post-employment COBRA reimbursement (or substitute payment) period for each executive and the executives' eligible dependents will increase from up to 12 months to up to 18 months.
The foregoing summaries do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the amended and restated employment agreement amendments for the officers attached hereto as Exhibits 10.1 and 10.2 and incorporated by reference herein.
(d) Exhibits. Exhibit No. Description 10.1 Amended and Restated Employment Agreement, dated as ofJanuary 22, 2021 , by and betweenAGNC Mortgage Management, LLC andBernice Bell 10.2 Amended and Restated Employment Agreement, dated as ofJanuary 22, 2021 , by and betweenAGNC Mortgage Management, LLC andAaron Pas
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