Twilio said on September 30, 2024 that its Compensation and Talent Management Committee, a committee of the Board of Directors, amended the Amended Chief Executive Officer Severance Plan and the Senior Executive Severance Plan.

1. 01

   Twilio said on September 30, 2024 that its Compensation and Talent Management Committee, a committee of the Board of Directors, amended the Amended Chief Executive Officer Severance Plan and the Senior Executive Severance Plan.

2. 02

   The company said the amendments to both severance plans provide that a specified percentage of a participant's annual target bonus is payable upon a qualifying termination in connection with a change in control.

3. 03

   The company said the CEO plan provides a lump sum payment of 24 months of base salary plus 200% of annual target bonus, and the Senior Executive plan provides a lump sum payment of 18 months of base salary plus 150% of annual target bonus. Health insurance support under COBRA is up to 24 months and up to 18 months, respectively.

4. 04

   The company said that under both plans, if a participant is terminated without Cause by the company or resigns for Good Reason within the period from 3 months before to 12 months after a change in control, all unvested equity awards vest in full on an accelerated basis. Equity awards subject to performance conditions are deemed satisfied at target levels.

Analysis 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.

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.