SEC Contract Filing

Filing Date: 2022-02-17

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>severanceplan.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i7b0ae2b7281e4f94a468253afbf606f8_33"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.1</font></div></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Enact Holdings, Inc. </font></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Senior Executive Severance Plan </font></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Effective February 10, 2022</font></div><div style="margin-bottom:6pt;margin-top:3pt;text-align:center"><font><br></font></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:8pt;text-decoration:underline">Purpose</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">. The purpose of this Plan is to promote the retention of the Company&#8217;s senior executives by enabling the Company to offer certain protections to such employees in the event their employment is involuntarily terminated under certain circumstances. Capitalized terms and phrases used herein shall have the meanings ascribed thereto in </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%;text-decoration:underline">Section 2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.</font></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:8pt;text-decoration:underline">Definitions</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">.</font></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">a.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:8pt">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Affiliate</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221; means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company.</font></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">b.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:8pt">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Base Salary</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221; means the Participant&#8217;s annual base salary in effect on the date of termination of the Participant&#8217;s employment with the Company, including amounts not currently includible in gross income by reason of the Participant&#8217;s election to defer such amounts under a cafeteria plan, 401(k) plan, or nonqualified deferred compensation plan of the Company or an Affiliate.</font></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">c.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:8.67pt">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Board</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221; means the board of directors of the Company as constituted from time to time.</font></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">d.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%;padding-left:8pt">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Bonus</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8221; means the Participant&#8217;s target annual cash bonus for the year in which the Participant&