Workday Reports Executive Severance Policy Amendments
Summary
On April 20, 2026, Workday, Inc.'s Board of Directors amended its Executive Severance and Change in Control Policy (Ex. 10.1). The amendments revise benefits for participants in the event of a Non-CIC Qualifying Termination. Changes include reducing the equity award exclusion period from 12 to 3 months prior to termination. The policy also alters the lump sum cash payment calculation to include a pro-rata target bonus for the termination year and a prior fiscal year bonus based on 100% individual performance and actual company goals, if termination occurs before payout.
Why It Matters
The amendments to Workday's Executive Severance and Change in Control Policy (Ex. 10.1) adjust executive compensation terms for non-change-in-control terminations. These changes impact potential severance costs and executive incentives, which are relevant for investors monitoring corporate governance and compensation practices.
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Key Quote
“On April 20, 2026, the Board of Directors of Workday, Inc. ("Workday") amended and restated the Workday, Inc. Executive Severance and Change in Control Policy (the "Policy").”
— From Item 5.02
Filing Details
Reported Items
Additional Information
- CIK Number
- 0001327811
- Filing Date
- Friday, April 24, 2026
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- neutral