Kontoor Brands, Inc. announced the adoption of an Executive Severance Plan providing severance benefits for eligible employees upon a Qualifying Termination, and declared a regular quarterly cash dividend of $0.53 per share payable in March 2026.
Key takeaways
The Talent and Compensation Committee approved the Kontoor Brands, Inc. Executive Severance Plan on February 12, 2026.
The Plan provides severance benefits including base salary continuation, subsidized COBRA coverage, and a pro rated annual bonus for eligible employees upon a Qualifying Termination.
A Qualifying Termination is defined as termination by the Company without Cause or by the employee for Good Reason, with specific definitions provided for both terms.
The Board declared a regular quarterly cash dividend of $0.53 per share payable on March 20, 2026 to shareholders of record on March 10, 2026.
The Plan is effective as of January 1, 2026 and is intended to be a welfare benefit plan under ERISA, not a pension plan.