Company: ABBV
Filing Date: 2025-03-24
Form Type: DEF 14A
Source: 0001558370-25-003537
Chunk: 26

Company: AbbVie Inc.
Filing Date: 2025-03-24
Form: DEF 14A
Chunk 26
---
 to gather feedback on our policies and practices.                                                                                                                             
 ✓We have robust stock ownership guidelines and prohibit the selling of shares unless ownership guidelines have been met.                                                                                                                   | ​ | ​ | XWe do not have employment agreements with any of our NEOs.                                                                                                                                                  
 XWe do not provide tax gross-ups on NEO compensation or excise tax gross-ups on severance or other payments in connection with a change in control.                                                          
 XNEOs are prohibited from entering or engaging in the purchase or sale of financial instruments that are designed to hedge or offset any decrease in the market value of AbbVie equity securities they hold. 
 XWe do not include pay design features that may have the potential to encourage excessive risk-taking.                                                                                                       
 XWe do not pay dividends on unearned performance awards.                                                                                                                                                     
 XWe do not have single trigger change in control equity vesting or other benefits.                                                                                                                           |

2024 Chief Executive Officer Transition On February 14, 2024, the Board unanimously selected Robert A. Michael to succeed Richard A. Gonzalez as the company’s CEO, effective July 1, 2024. In recognition of Mr. Michael’s new responsibilities as CEO, the Board approved a base salary of $1,700,000 and his new annual cash incentive target was set at 150%. Mr. Gonzalez retired from the role of CEO and became Executive Chairman of the Board of Directors on July 1, 2024. Further, as announced on February 14, 2025, Mr. Gonzalez will retire from the Board effective July 1, 2025 and Mr. Michael will become Chairman of the Board at that time. At the time of his transition to Executive Chairman, Mr. Gonzalez’s base salary was set at $1,500,000, a decrease from his prior base salary of $1,700,000. His new annual cash incentive target was set at 140%, down from his prior target of 165%. Mr. Gonzalez is not eligible for a 2025 bonus due to his anticipated retirement. In designing Mr. Gonzalez’s compensation package, the Compensation Committee considered Mr. Gonzalez’s responsibilities

34 | 2025 Proxy Statement

| ​ | ​                      |
| ​ | EXECUTIVE COMPENSATION |

as Executive Chairman, the value of his insight during this critical period of transition, and the importance of facilitating a smooth leadership change. The Committee also engaged its independent compensation consultant, Semler Brossy, to provide their insight into the competitive market for Executive Chair roles