Summary by Futu AI
On December 3, 2024, IonQ's Board of Directors adopted amendments to the Executive Severance Plan and Performance Based Award Agreements, implementing significant changes to executive compensation and severance terms. The modified plan revises qualifying circumstances for severance benefits and introduces new provisions for target annual bonuses and equity award acceleration.Key changes include limiting Covered Terminations to the Change in Control Period, providing target annual bonus and pro-rated bonus eligibility, and maintaining executive duties protection specifically for the CEO position. The plan also clarifies that work-from-home arrangements won't trigger relocation-based Good Reason claims.The Performance Based Award Agreements were simultaneously amended to enhance PSU acceleration terms during Involuntary Termination following a Change in Control. The new methodology ensures executives receive the greater of target PSUs or projected performance achievement, subject to stock price hurdle requirements.
