Lumen Technologies consolidates executive severance plans in 8-K filing

Lumen Technologies, Inc. filed an 8-K on October 22, 2026, announcing the adoption of a new executive severance plan that replaces existing individual agreements for its named officers. The company stated the move is intended to simplify the administration of its severance programs without materially altering the benefits provided to executives.

Under the new structure, Lumen removed Chief Executive Officer Kate Johnson and other named executive officers from the prior Lumen Executive Severance Plan. The company renamed the previous plan the "Lumen Severance Plan" and terminated the individual change of control agreements held by these officers. Concurrently, Lumen entered into participation agreements with each officer to enroll them in the newly adopted Lumen Executive Severance Plan.

For most participating officers, a termination without "cause" or a resignation for "good reason" outside of a change-in-control window entitles them to cash severance equal to 52 weeks of base salary. This package also includes any earned but unpaid annual bonus from the prior fiscal year, a prorated target bonus for the year of termination, a 12-month COBRA premium subsidy, and outplacement assistance. If such a termination occurs within the period beginning three months before and ending 24 months after a change in control, the cash payment increases to two times the sum of the officer's current base salary and their average annual bonus earned over the preceding three fiscal years. The change-in-control package also extends the COBRA subsidy to 24 months.

CEO Kate Johnson is subject to a distinct amended and restated Change of Control and Severance Agreement. For terminations outside a change-in-control period, Johnson is entitled to cash severance equal to 104 weeks of her base salary plus her target annual bonus. In the event of a change-in-control termination, her cash payment is set at 2.5 times the sum of her base salary and target annual bonus. This agreement also provides for two years of continued life, disability, medical, dental, and hospitalization benefits at company expense, along with one year of outplacement assistance.

The new agreements align Johnson's definition of "good reason" with that used in the broader executive plan and remove her non-competition covenant to comply with Washington Engrossed Substitute House Bill 1155, which takes effect on June 30, 2027. All benefits under these arrangements are conditioned on the officer executing a separation and release agreement and continuing to comply with relevant restrictive covenants. Payments may be subject to the excise tax under Section 4999 of the Internal Revenue Code, with reductions applied if doing so produces a better net after-tax result for the officer; no excise tax gross-up is provided.

Lumen Technologies, Inc. is incorporated in Louisiana and trades on The Nasdaq Stock Market LLC under the symbol LUMN. The company also has Qwest Corporation notes due in 2056 and 2057 listed on Nasdaq under symbols CTGG and CTHH, respectively.