Company: AVNT
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001122976-25-000019
Chunk: 75

Company: AVIENT CORP
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 75
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 termination or a change of control under certain circumstances to our Named Executive Officers who were still serving on December 31, 2024, assuming that the executive’s employment terminated on December 31, 2024.

Management Continuity Agreements

We have entered into Continuity Agreements with all of our elected corporate officers, including each of the Named Executive Officers. The Continuity Agreements serve to encourage key executives to carry out their duties and provide continuity of management in the event of a “change of control” of Avient. The participating Named Executive Officers are provided with severance protection for a period of three years (for Dr. Khandpur) and two years (for Messrs. Rathbun and Pederson, and Mses. Beggs and Sanders) should their employment be terminated either by us without cause or by the executive for good reason following a change of control. The Continuity Agreements are automatically renewed each year unless we give prior notice of termination and do not provide any assurance of continued employment. For these purposes, “change of control”, “cause” and “good reason” have the meanings ascribed to such terms in the Continuity Agreements. Mr. Garratt was also a party to a Continuity Agreement under terms similar to those for Mr. Pederson during his employment.

If a change of control occurs and the participating Named Executive Officer’s employment is terminated by us or a successor for reasons other than “cause” or is terminated voluntarily by the individual for “good reason,” in each case during the severance protection period, then the Continuity Agreements generally provide that the individual would be entitled to receive:

• A lump-sum payment equal to two or three years (depending on the executive) of the base salary in effect immediately prior to the change of control, or if greater, on the termination date;

• A lump-sum payment equal to two or three times (depending on the executive) the executive’s targeted annual incentive amount, as that term is defined the Continuity Agreement, in effect prior to the change of control;

• Employee health and welfare benefits (excluding the long-term disability plan) for up to two or three years (depending on the executive) at active employee rates;

• An allowance equal to one year of financial planning/tax preparation that the executive was entitled to receive prior to the change of control; and

• A lump-sum payment equal to the employer contributions required to be made to certain retirement plans on behalf of the executive for the year of the change of control or the year of