Company: KHC
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001308179-25-000266
Chunk: 32

Company: Kraft Heinz Co
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 32
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 CONTROL SEVERANCE PLAN Effective January 1, 2023, the Board approved the adoption of The Kraft Heinz Company Change in Control Severance Plan (the “CIC Plan”) to better align the Company’s benefits plans to be more consistent with peers and market practice. Under the CIC Plan, executive officers, including the CEO, and certain other senior-level employees who experience a qualifying termination in connection with a change in control, as defined under the CIC Plan, in the three months prior to, or the 24 months following, a change in control will be eligible to receive severance payments and benefits as follows:

| ● | Severance pay equal to two times the sum of annual                                                                         
 base salary and target PBP payout for the CEO and one-and-a-half times the sum of annual base salary and target PBP payout 
 for the other executive officers and certain other senior-level employees;                                                 |
| ● | PBP payout for the current year at target and prorated for service;                                                        |
| ● | Health and welfare benefits continued for 24 months following the                                                          
 qualifying termination for the CEO and 18 months following the qualifying termination for our other executive officers and 
 certain other senior-level employees, as defined by the CIC Plan;                                                          |
| ● | Outplacement services to assist covered employees with their transition                                                    
 to new employment; and                                                                                                     |
| ● | Vesting (including acceleration of vesting) of outstanding equity                                                          
 awards in accordance with the applicable award agreement and plan.                                                         |

Change in control is defined under the CIC Plan as (i) any change in beneficial ownership of more than 50% of the combined voting power of the Company’s outstanding stock is acquired by a person or company, directly or indirectly, (ii) as result of a merger or consolidation, (iii) a change in the majority of the Board over a defined period, or (iv) sale or transfer of substantially all assets, or complete liquidation of the company. In order to receive severance payments and benefits under the CIC Plan, recipients must agree to a non-revocable release of claims and continued compliance with restrictive covenants including non-competition and non-solicitation obligations that run for a number of months following termination of employment equal to the number of months used in the calculation of severance pay. CLAWBACK POLICY We maintain a clawback policy that applies to our employees (including our NEOs and other executive officers). Effective October 2, 2023