Restrictive Covenants
Mr. Papa is subject to customary restrictive covenants, including
non-competition and non-solicitation covenants during his employment and for two years following termination of employment for any reason.
Mr. Herendeens Employment Agreement
In August 2016, we entered into an employment agreement with Mr. Herendeen. The initial three-year term of Mr. Herendeens agreement commenced on August 22, 2016 and automatically
renewed on August 22, 2019. The term will automatically renew for successive one-year periods unless either party gives notice of non-renewal.
Pursuant to his agreement, Mr. Herendeen receives a base salary and a target annual incentive opportunity equal to
120% of his base salary, with a maximum annual incentive opportunity equal to 200% of his annual target incentive. Ongoing equity grants are at the sole discretion of the Talent and Compensation Committee.
The consequences of Mr. Herendeens termination of employment, whether or not in connection with a change
in control, are described in Potential Payments Upon Termination or Change in Control, beginning on page 75.
Mr. Herendeen is subject to customary restrictive covenants, including non-competition and non-solicitation covenants
during his employment and for one year following termination of employment for any reason.
Effective June 1,
2021, Mr. Herendeen will step down from his role as Chief Financial Officer, and will be appointed to the newly created role of Advisor to the Chairman and CEO. Mr. Herendeens employment agreement will be updated in connection with his change
in position, and he will receive an annual base salary of $500,000.
Ms. Ackermanns Employment Agreement
In July 2016, we entered into an employment agreement with Ms. Ackermann. Ms. Ackermanns agreement
commenced on August 8, 2016.
Pursuant to her agreement, Ms. Ackermann receives a base salary and a
target annual incentive opportunity equal to 80% of her base salary, with a maximum annual incentive opportunity equal to 200% of her annual target incentive. Ongoing equity grants are at the sole discretion of the Talent and Compensation Committee.
The consequences of Ms. Ackermanns termination of employment, whether or not in connection with a
change in control, are described in Potential Payments Upon Termination or Change in Control, beginning on page 75.
Ms. Ackermann is subject to customary restrictive covenants, including non-competition and non-solicitation covenants
during her employment and for one year following termination of employment for any reason.
Mr. Appios Employment Agreement
In March 2017, we entered into an employment agreement with Mr. Appio. The initial three-year
term of Mr. Appios agreement commenced on August 17, 2016 and automatically renewed on August 17, 2019. The term will continue to automatically renew for successive one-year periods unless
either party gives notice of non-renewal.
Pursuant to his agreement,
Mr. Appio receives a base salary and a target annual incentive opportunity equal to 80% of his base salary, with a maximum annual incentive opportunity equal to 200% of his annual target incentive. Ongoing equity grants are at the sole
discretion of the Talent and Compensation Committee.
Mr. Appio is on an expatriate assignment from New
Jersey to China. As a result, Mr. Appio receives (i) Company-paid housing in China; (ii) tax equalization, with Mr. Appio responsible for actual taxes due in the
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