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Exhibit 10.3

PERSONAL AND CONFIDENTIAL 

 

 

  

To: Mr. Jacek Olczak Lausanne, February 23, 2026                                                                        

 

 

 

 

Dear Jacek,  

 

We are pleased to confirm that as of February 1, 2026, your base salary has been increased to CHF 1’600’000.-- annually. This represents a 6.67% increase. 

 

 

All other conditions relating to your employment with PMI Management Sàrl remain as stated in your employment contract and in any subsequent amendments. 

 

 

Yours sincerely,

PMI Management Sàrl

/s/ FREDERIC PATITUCCI Frederic Patitucci Group Chief People & Culture Officer						/s/ CONSTANTIN ROMANOV Constantin Romanov Vice President Total Rewards

PMI Management Sàrl, Avenue de Rhodanie 50, 1007 Lausanne, Switzerland