12 23 2021 Moog Proxy - FY2021 - FINAL - Flipbook - Page 20
Vacation, Disability and Group Life Insurance
NEOs participate in the same vacation, disability and life insurance programs as all other Moog employees. Life insurance
coverage for employees is based upon a multiple of salary, with the multiple for the NEOs generally being two and a half times
annual salary.
Termination Benefits
NEOs and other members of executive management are provided termination benefit agreements that are triggered under
certain circumstances, including upon a termination of employment in connection with a change in control. Under these
agreements, executive officers receive salary continuance for up to three years based upon length of service; STI on a prorated
basis in the year of termination; outplacement services; and medical coverage, life and disability benefits and club dues for one
year. These agreements are designed to retain executives and provide continuity of management in the event of a change in
control. The Company believes that these severance and change in control benefits are required to attract and retain executive
talent in a marketplace where such benefits are commonly offered. For additional information, refer to the section on Potential
Payments Upon Termination or Change in Control beginning on page 34.
Other Benefits
The Company reimburses fees for membership in certain private clubs so that the Company’s executives have these facilities
available for entertaining customers, conducting Company business and fulfilling community responsibilities.
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