Xencor Adopts New Executive Severance Policy for Key Officers

summarizeSummary

Xencor Inc. has adopted a new Executive Severance Policy providing benefits, including salary, COBRA, and equity acceleration, to eligible executives upon certain terminations, particularly around a change in control.

check_boxKey Events

• New Severance Policy Adopted

  Xencor Inc. adopted a new Executive Severance Policy on April 23, 2026, formalizing severance benefits for certain executives.

• Eligible Executives

  The policy covers Vice Presidents, Senior Vice Presidents, and Executive Vice Presidents, but specifically excludes the Chief Executive Officer.

• Standard Termination Benefits

  For terminations without cause or resignations for good reason (outside a change in control period), eligible executives may receive 9-15 months of base salary and COBRA premiums, depending on their role.

• Change in Control Benefits

  During a change in control period, eligible executives receive additional benefits, including bonus compensation and accelerated vesting of all outstanding unvested stock options and equity awards, subject to a "double-trigger" requirement.

auto_awesomeAnalysis

The adoption of a new Executive Severance Policy clarifies the terms for severance benefits for Xencor's Vice Presidents, Senior Vice Presidents, and Executive Vice Presidents (excluding the CEO). This policy aims to provide stability and retention incentives for key management, especially in the event of a change in control, where a "double-trigger" mechanism ensures benefits are paid only upon both a change in control and a subsequent involuntary termination or resignation for good reason. While a standard governance practice, establishing such a comprehensive policy is an important step in formalizing executive compensation and risk management.