BOD approved new ELT severance package on July 30th

BOD millionaires taking care of ELT millionaires ahead of announcement of layoffs. From Intel's Aug 2, 2024 10-Q filing:

On July 30, 2024, our Board of Directors approved the adoption of the Intel Corporation Executive Severance Plan, effective as of August 1, 2024. The plan provides that certain
senior executives, including the company’s named executive officers other than its CEO, are eligible to receive severance payments and benefits in the event of a termination of
employment by the company without cause (as defined in the plan). Subject to the execution and non-revocation of a release of claims in favor of the company, such named
executive officers are eligible to receive the following severance payments and benefits:
• a cash payment equal to 1.5 times the sum of base salary and target annual bonus opportunity, payable in installments over an 18-month period following termination of
employment in accordance with the company’s payroll practices;
• an additional lump sum payment approximately equal to 18 months of the monthly premium for participation in the company’s group health plans;
• pro-rated vesting of eligible restricted stock units and eligible performance stock units based on the number of whole months of employment during the vesting period;
provided that the vesting of time-based equity awards will accelerate at the time of termination of employment and performance-based equity awards will vest based on
actual performance results at the end of the applicable performance period; and
• outplacement services at the company’s expense for up to 18 months

https://www.intc.com/filings-reports/all-sec-filings/content/0000050863-24-000124/intc-20240629.htm

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@1xkg+1tXJjATL

They did. Big time. Look for previous posts for links on their trades right before the earnings call

Wonder if ELT sold any stock before the earnings announcement.. who is investigating potential inside trading? Knowing package offers to leave are coming followed by potential layoffs and they vote to give themselves more.. this should also be investigated

We should push them to undo this!

I saw the crocodile tears, cry into your piles of millions.

It's a lot more than the 1.5 week/year of service employees are eligible for. I'm sure it's just the cherry on top of whatever severance packages individual execs have in place already.

I am surprised that it’s not more. Basically this gives 18 month of pay and health care plus some prorated stock. It’s a little better than the retirement package for everyone else.

There should be an annual purge if these sc-mbags

Sign of the times. It the people who actually do the work ever found out what the people in the C-Suite think and say about them, there would be blood in the streets.

Welcome to America

And now we learn that there are two classes of people in America. The working class and the moneyed class. Having read the attached article, how much of your life are you going to sacrifice for the "Intel Family" trying to keep this lovely company afloat?

Seems like pushing the normal timeframe for earnings report out from 7/25 to 8/1 conveniently enabled that to go through ahead of the “drop off” on 8/2, eh?

Is this legal ? How can a board approve this , when surely they also approved the need for cost reduction in the same meeting ? It’s beyond the joke tbh , shareholders and employees being taking for granted

Now that's dignity and respect!

Why would they do this?

Because they knew the earnings would be bad, they knew there would be layoffs, and don't want their management team to abandon ship. If the "executive" managers know that they'll get good severance (and 18 months certainly is!), they are less likely to worry about being canned (without cause).

Just wow probably another lawsuit. Intel executives are taking this company to the drain.

I read somewhere that "The average senior executive will be paid between $16M and $38+M". Perhaps the accelerated stock and bonus would be large assuming they sold in the 4 days before the earnings.

I am surprised that it’s not more. Basically this gives 18 month of pay and health care plus some prorated stock. It’s a little better than the retirement package for everyone else.

Why would they do this??

Yep. The moneyed class takes care of their own. And feel so bad for the “Intel Family”

Thread regarding Intel Corp. layoffs

BOD approved new ELT severance package on July 30th

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