Summary by Moomoo AI
On June 22, 2024, GitLab's Board of Directors approved amendments to the company's existing Severance Plan, which applies to certain team members including named executive officers. The modification came as part of a periodic review of the Plan.The key amendment clarifies the definition of "CIC Severance" (Change in Control Severance), specifically ensuring that individual equity awards cannot be cancelled by the Board during a Corporate Transaction without consideration. This change provides additional protection for employees' equity compensation in potential corporate restructuring scenarios.
