Concentrix Corporation

07/24/2026 | Press release | Distributed by Public on 07/24/2026 15:18

Management Change/Compensation (Form 8-K)

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On July 23, 2026, the Board of Directors (the "Board") of Concentrix Corporation (the "Company") adopted an Amended and Restated Executive Severance Plan (the "Amended Plan") to amend and replace the Company's Change of Control Severance Plan. The Amended Plan was adopted following a regular, annual review of the Company's executive compensation program by the Compensation Committee of the Board and based on input from the Compensation Committee's independent compensation consultant to align the Company's severance program for executive officers more closely with market practice.
In particular, the Amended Plan updates severance for an executive officer who is terminated for a reason other than cause, disability, or death within two months before or 12 months after a change of control (including a voluntary termination because of a reduction in salary or position or a relocation) from (x) salary continuation (based on the individual's past three years' compensation) for a period of 18 to 24 months based on years of service to (y) an amount equal to two times the sum of the executive officer's base salary and target bonus, less applicable withholding. The Amended Plan also adds (i) severance for executive officers who are terminated for a reason other than cause, disability, or death, outside of two months before or 12 months after a change of control, in an amount equal to the sum of the executive officer's base salary and target bonus, less applicable withholding, and (ii) a "best-net" Section 280G cut-back provision.
The foregoing summary of the Amended Plan is qualified in its entirety by reference to the full text of the Amended Plan, a copy of which is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.
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