Adobe approves retention letter with CLO Louise Pentland, including severance terms
On July 14, 2026, Adobe's Executive Compensation Committee approved a form of retention letter with Chief Legal Officer Louise Pentland. It sets severance benefits if she is terminated without Cause or resigns for Good Reason, and the protections are designed to end 12 months after a new Chief Executive Officer starts. The filing does not name the incoming CEO or give a start date, so shareholders can see the cost terms but not the timing.
Key points
- Severance on qualifying termination: a lump-sum payment of 12 months' base salary plus 100% of target annual bonus, plus COBRA premiums for up to 12 months.
- If terminated before July 15, 2027, 50% of certain restricted stock unit awards (Retention RSUs) vest early.
- If terminated before January 31, 2027, other time-based equity awards vest for the portion that would have vested through January 31, 2027.
- The protections sunset 12 months after the new CEO commences employment; severance is conditioned on a release of claims.
The filing
Written by AI on Nov 8, 2026, 1:21 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on July 17, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.