Element | Comments | |
Base Salary | USD 500,000 | |
Annual Incentive Plan: MJN Senior Executive Performance Incentive Plan | Fully performing target range: 52% - 78%; midpoint of 65% | Fully performing bonus range for the grade level. Target bonus will be prorated based on hire date during first year of employment. |
Annual Long-Term Incentive (“LTI”) | USD 800,000 | LTI award target value for the grade level, delivered in the form of Performance Share Units (PSUs), Stock Options, and Restricted Stock Units (RSUs). Individual LTI awards can be adjusted up or down from the guideline based on individual performance or other factors. LTI award guidelines are reviewed annually and may be adjusted periodically. First annual cycle grant in 2015. Subject to share ownership guidelines, which stipulate that you own and retain shares of company stock equivalent to 3 (three) times base salary. |
Transition Equity Award | USD 500,0000 | To be granted on the first business day of the month following hire date, delivered as 50% options (4-year graded vesting) and 50% RSUs (4-year graded vesting) |
Transition Cash Payment | USD 265,000 | Payable in April 2015 in lieu of 2014 Kodak annual incentive award. |
Vacation | 4 weeks of vacation | Vacation eligibility earned at a rate of 10 percent of the annual allotment for each full calendar month worked in first calendar year. The full vacation allotment will be earned after having worked 10 months of the calendar year. |
Employee Benefits Programs | Benefits requiring election: medical/dental plans, reimbursement accounts, employee and dependent life insurance; The Mead Johnson & Company Retirement Savings Plan (401(k) plan) Benefits not requiring an election: Short-term and long-term disability plans; travel accident plan. | 31 day enrollment period. Default medical plan, dental plan, and life insurance of two times pay are in effect as of first day of employment. |
Senior Executive Severance Plan | Participation at the Tier 2 level: 1.5x base salary and target bonus, as defined in the plan | |
Change in Control Benefits | Participation at the Tier 2 level: 2x base salary and target bonus, as defined in the plan. | |
Relocation Assistance | Per policy | Relocation Repayment Agreement required |
Other Elements | Preplacement Fitness for Work Evaluation and Background Check; Employment Eligibility (I-9) Documentation; Confidentiality Agreement | |