Sweetgreen, Inc. adopted a severance plan effective August 27, 2026, with eligible change-in-control participants receiving accelerated vesting covering 100% of unvested shares. For investors, the plan defines potential salary, bonus, health-care and Equity benefits for designated executives whose employment ends under specified circumstances.

Key Highlights

  • Jonathan Neman and Nicolas Jammet are designated Tier I Participants under Sweetgreen’s new severance plan.
  • Jamie McConnell signed the document as Sweetgreen’s Chief Financial Officer on August 28, 2026.
  • Participation agreements allow the severance plan to supersede existing employment-agreement provisions unless stated otherwise.

Sweetgreen (NYSE: SG)’s executive officers entered participation agreements under the plan on the same date. Eligibility requires a designated employee to sign the agreement and satisfy the plan’s termination conditions.

Sweetgreen Sets Tiered Executive Severance Benefits

The plan covers qualifying terminations without cause, excluding death or disability, and resignations for good reason, provided the executive delivers a timely general release of claims. During the change-in-control period, benefits include a salary-based lump-sum payment, a pro rata target annual bonus, continued COBRA premium payments and accelerated vesting for time-based and performance-satisfied equity awards.

Participation Agreements Govern Eligibility

A qualifying departure outside the change-in-control period also can provide salary and pro rata target cash-bonus payments, together with continued COBRA coverage, subject to the required release. Earned but unpaid base salary and vested employee benefits remain payable under the applicable benefit plans. Time-vesting awards and performance-satisfied awards accelerate in a qualifying change-in-control termination, while performance-subject awards remain governed by their award terms where applicable.

Unless an individual participation agreement states otherwise, joining the plan replaces severance provisions in existing employment agreements.

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