AI English summary of an SEC filing — figures as filed
Henry Schein HSICThe company said the Compensation Committee of its Board of Directors approved the adoption of an Executive Severance Plan, which provides severance benefits to executive-level employees upon certain qualifying terminations, and an amended and restated Executive Change in Control Plan on April 10, 2025.
Key points
AI summaryThe company said the Compensation Committee of its Board of Directors approved the adoption of an Executive Severance Plan, which provides severance benefits to executive-level employees upon certain qualifying terminations, and an amended and restated Executive Change in Control Plan on April 10, 2025.
The company said members of its Executive Management Committee and other employees designated by the Compensation Committee may participate in the Severance Plan, provided they are not otherwise eligible for severance under an individual agreement; if the individual agreement's benefits are less, they may receive the incremental increase under the Severance Plan. The Chief Executive Officer is not eligible to participate.
Henry Schein said that participants terminated without Cause receive base salary, a pro-rated annual bonus, and an amount equal to the sum of base salary and average annual bonus for the previous 3 fiscal years multiplied by a severance multiple. The multiple is 1.5 for executive officers and 1.0 for all other participants.
The company said the amended CIC Plan keeps its existing provisions and adds non-duplication language that reduces CIC Plan benefits by any severance already paid under an individual agreement or the Severance Plan. It added that restrictive covenants may be modified to align with local law.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Adoption of Executive Severance and CIC Plans
The company said the Compensation Committee of its Board of Directors approved the adoption of an Executive Severance Plan, which provides severance benefits to executive-level employees upon certain qualifying terminations, and an amended and restated Executive Change in Control Plan on April 10, 2025.
Source · Based on the filing body and exhibits
Severance Plan Eligibility and CEO Exclusion
The company said members of its Executive Management Committee and other employees designated by the Compensation Committee may participate in the Severance Plan, provided they are not otherwise eligible for severance under an individual agreement; if the individual agreement's benefits are less, they may receive the incremental increase under the Severance Plan. The Chief Executive Officer is not eligible to participate.
Source · Based on the filing body and exhibits
Severance Plan Payments and Multiples
Henry Schein said that participants terminated without Cause receive base salary, a pro-rated annual bonus, and an amount equal to the sum of base salary and average annual bonus for the previous 3 fiscal years multiplied by a severance multiple. The multiple is 1.5 for executive officers and 1.0 for all other participants.
Source · Based on the filing body and exhibits
CIC Plan Changes and Duplication Offset
The company said the amended CIC Plan keeps its existing provisions and adds non-duplication language that reduces CIC Plan benefits by any severance already paid under an individual agreement or the Severance Plan. It added that restrictive covenants may be modified to align with local law.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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