Qorvo Inc. has announced changes to the compensation arrangements for its named executive officers, excluding CEO Robert A. Bruggeworth. The company's Board of Directors has approved an Amended and Restated Change in Control Agreement, increasing the cash severance multiple from 1x to 1.5x for executives, except for CFO Grant A. Brown, whose multiple remains unchanged. The COBRA coverage period has been extended from 12 to 18 months, and performance-based equity awards will be measured at the greater of target and actual performance. Additionally, an Executive Severance Plan was adopted, providing a cash severance payment equal to the executive's base salary plus annualized target bonus, a pro-rata annual bonus based on actual performance, 12 months of COBRA coverage, and one year of continued vesting of equity awards in exchange for a non-compete agreement, in the event of a qualifying termination not linked to a change in control.
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