Company: ABBV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001558370-25-002603
Chunk: 77

Company: AbbVie Inc.
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 77
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 company has not entered into employment agreements with its NEOs. NEOs do not have any rights or entitlements to any cash termination or severance payments or equity vesting acceleration outside of the change in control context and subsequent termination of an NEO (double trigger), as discussed in more detail below. The following summarizes the payments that the NEOs would have received if their employment had terminated on December 31, 2024. Earnings would have continued to be paid for the NEO’s Performance Incentive Plan and Supplemental Savings Plan grantor trusts, as applicable, until the trust assets were fully distributed. The amount of these payments would depend on the trust earnings and fees and the period over which the trust assets were distributed. Based on current earnings rates, if the trust assets were distributed over a 10-year period, the NEOs would receive the following average annual earnings payments over such 10-year period: Mr. Michael, $803,824; Mr. Gonzalez, $2,793,261; Mr. Reents, $878,053; Mr. Stewart, $1,554,027; Dr. Saleki-Gerhardt, $1,660,579; and Mr. Richmond $1,527,821. In addition, the following one-time deposits would have been made under the AbbVie Supplemental Pension Plan for each of the following NEOs, respectively: Mr. Michael, $14,132,667; Mr. Gonzalez, $0; Mr. Reents, $5,857,009; Mr. Stewart, $6,011,693; Dr. Saleki-Gerhardt, $2,103,056; and Mr. Richmond, $3,252,837. As of December 31, 2024, Mr. Michael, Mr. Gonzalez, Mr. Reents, Mr. Stewart, Dr. Saleki-Gerhardt, and Mr. Richmond were eligible to retire, and therefore were eligible to receive the pension benefits previously described. If the termination of employment had been due to disability, then the respective NEO also would have received, in addition to AbbVie’s standard disability benefits, a monthly long-term disability benefit in the following amount: Mr. Michael, $229,500; Mr. Gonzalez, $220,725; Mr. Reents, $112,500; Mr. Stewart, $145,000; Dr. Saleki-Gerhardt, $105,000; and Mr. Richmond $97,500. This long-term disability benefit would