COPT Defense Properties sets five-year severance plan terms for CEO, COO and CFO
COPT Defense Properties and its operating partnership entered into letter agreements on January 30, 2026 with CEO Stephen E. Budorick, COO Britt A. Snider and CFO Anthony Mifsud. The agreements set their participation in the company's Second Amended & Restated Executive Change in Control and Severance Plan for five-year periods and replace earlier letter agreements. The filing sets out the severance multiples and benefit periods that apply if these executives are terminated without cause or are constructively discharged.
Key points
- Letter agreements dated January 30, 2026 supersede earlier agreements dated June 22, 2021, December 1, 2023 and November 1, 2021
- Five-year participation periods for Budorick, Snider and Mifsud, after which they cease to participate unless otherwise agreed
- Budorick's severance multiple is 2.00, or 2.99 if terminated within six months before to 24 months after a change in control; Snider's and Mifsud's is 1.00, or 2.99 under the same change-in-control window
- Continuation coverage is two years for Budorick and one year for Snider and Mifsud
The filing
Written by AI on Nov 8, 2026, 1:01 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 February 04, 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.