DATE: | December 7, 2018 |
POSITION: | Executive Vice President, Chief Global Commercial Officer |
REPORTING TO: | Bob Palmisano |
SALARY: | $515,000 annual salary, less withholdings for Federal, FICA, and State taxes |
PAY FREQUENCY: | Bi-Weekly |
INCENTIVE PLAN: | You are eligible to participate in the Employee Incentive Plan with a target payout of 70% of your eligible earnings. The actual payout for this period will be dependent upon business performance as well as your individual performance. |
EQUITY: | Subject to Board of Directors approval and the terms of the Company’s equity incentive plan, you will be eligible for an equity grant under our long-term incentive grant guidelines. The target grant for your role is 225% of base salary, but your actual equity grant may be above or below your target depending on, among other factors, final recommendation and approval by the Board and shares available under our equity incentive plan. |
AGREEMENTS: | Except for the terms of your new position, as described above, this letter agreement does not constitute a contract of employment for a specific term, you remain an employee at will, and this letter agreement does not change or modify any other existing agreements between you and the Company or any subsidiary, which agreements will remain in full force and effect in accordance with their existing terms. |
EFFECTIVE DATE: | January 1, 2019 |