Company: GE
Filing Date: 2025-03-13
Form Type: DEF 14A
Source: 0001308179-25-000114
Chunk: 43

Company: GENERAL ELECTRIC CO
Filing Date: 2025-03-13
Form: DEF 14A
Chunk 43
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 in control or (ii) the target amount.                                            |

See Equity Awardson page 50 regarding the value of the equity treatment.

48 GE Aerospace 2025 Proxy Statement

For purposes of Mr. Culp’s employment agreement and the CEO Incentive Grant, the following terms have the meanings set forth below:

| • | Cause                                                                                        
 generally means (i) the willful and continued failure of Mr. Culp to substantially perform   
 his assigned duties for more than 30 days after the company notifies Mr. Culp of such        
 failure, (ii) willfully engaging in conduct that is materially injurious to the company,     
 including violating company policies, or (iii) the commission of a felony or crime involving 
 dishonesty related to the company.                                                           |

| • | Change                                                                                             
 in control has the meaning given in the 2022 LTIP, which generally means (i) the acquisition       
 of more than 50% of the company’s stock or voting power by any person, or (ii) the reorganization, 
 merger, consolidation, sale or disposition of all or substantially all of the assets               
 of the company, unless more than 50% of the surviving entity is controlled by the shareholders     
 immediately prior to such event, in substantially the same proportions as their ownership          
 immediately prior to the event.                                                                    |

| • | Good                                                                                      
 reason generally means, without his consent or as otherwise provided in the employment    
 agreement, (i) a reduction in Mr. Culp’s compensation rights, (ii) failure to renominate  
 Mr. Culp to the Board or removing him from the position of CEO, (iii) materially reducing 
 Mr. Culp’s duties and responsibilities, (iv) assigning Mr. Culp duties that are           
 materially inconsistent with his position or duties that materially impair his ability    
 to function as CEO, (v) relocation of his principal office, except as provided in the     
 employment agreement, or (vi) a material breach of Mr. Culp’s employment agreement        
 by the company.                                                                           |

OFFER LETTER AGREEMENT WITH MR. GHAI. We entered into an offer letter agreement with Mr. Ghai in connection with his promotion to GE Senior Vice President and Chief Financial Officer effective in September 2023. Mr. Ghai is subject to a 12-month non-compete and non-solicitation covenant. Under the offer letter, in the event Mr. Ghai’s employment is terminated by the company other than for cause, by Mr. Gh