Twelve months of base salary, payable as a lump sum, is the cash anchor in Executive Severance Plan Agreements Vera Bradley, Inc. (VRA) filed with the SEC on July 24, 2026, covering Chief Operating and Financial Officer Martin Layding and Chief Brand Officer Melinda Paraie. A Change in Control clause adds six months, lifting the salary-equivalent ceiling to 18 months in a qualifying scenario. Vera Bradley did not disclose base salary figures for either executive in the filing.
Severance structure
A qualifying termination, defined as the company ending employment without Cause or the executive exiting for Good Reason, triggers the benefits below. The Change in Control add-on applies when termination occurs within six months before or 24 months after a qualifying event.
| Benefit | Standard qualifying termination | With Change in Control |
|---|---|---|
| Base salary | 12 months, lump sum | 18 months (6-month add-on) |
| Prior-year bonus | Unpaid earned amount, in full | Same |
| Current-year bonus | Pro-rated (if past Q1) | Same |
| COBRA premiums | Up to 12 months | Same |
| Sign-on RSUs | Immediate full vest | Same |
| Other RSUs (granted on or before Jan 31, 2028) | Pro-rated; performance grants subject to targets | Same |
The pre-CiC lookback window is six months; the post-CiC protection runs 24 months. Both executives' agreements are structured identically on this point.
Equity treatment
Two tiers govern equity on exit. Sign-on restricted stock units, received at the commencement of each executive's employment, vest immediately on a qualifying termination. All other unvested RSUs granted on or before January 31, 2028 vest on a pro-rated basis. For performance-based grants within that pool, vesting remains contingent on Vera Bradley hitting the applicable targets. The January 31, 2028 boundary is roughly 18 months from the filing date.
Covenants and legal costs
All severance benefits are conditioned on compliance with four restrictive covenants: non-competition, non-solicitation of clients, employees, and vendors, non-disclosure of confidential information, and non-disparagement of Vera Bradley. Vera Bradley will separately reimburse Layding for up to $5,000 in legal fees he incurred reviewing and negotiating his agreement. No equivalent reimbursement for Paraie is referenced in the filing. Daniel Ross, Vera Bradley's General Counsel, signed the filing on the company's behalf.