Summary by Moomoo AI
On January 8, 2024, PayPal Holdings, Inc. disclosed the details of a Separation Agreement with Peggy Alford, the company's Executive Vice President of Global Sales and Merchant Services. The agreement outlines the terms of Ms. Alford's departure from PayPal, which is scheduled for January 31, 2024, following the initial announcement made on December 6, 2023. Under the terms of the agreement, Ms. Alford will receive severance pay, bonuses for fiscal years 2023 and a pro-rata bonus for 2024, health benefits, and equity award treatment, all consistent with a 'Qualifying Termination' as defined in the company's Executive Change in Control and Severance Plan. This plan was previously filed with the SEC in February 2023. The agreement also includes a release of claims and compliance with restrictive covenants.
