your Savings & Retirement Plan benefit
MJN Service Center
1-877-500-0909
Accounts
- For information on your Health Care, Group Life Insurance, Reimbursement
LifeWorks OneSource
1-877-260-7005
-For confidential counseling on personal matters of concern to you or your
family
If you have any questions concerning this letter or any of the arrangements
surrounding your separation from the company, please feel free to contact me
directly.
Sincerely,
/s/ Charles M. Urbain
Charles M. Urbain
Attachments:
Attachment I
- Cash Severance Pay Worksheet
Attachment II
- General Release with Special Executive Terms
Attachment III
- Certification of Employment Form
Attachment IV
- Summary of Welfare Benefit Coverages
Attachment V
- Vacation Pay Summary
Attachment VI
- Summary of Outstanding Equity Awards
ATTACHMENT I
CASH SEVERANCE PAY WORKSHEET
NAME OF EMPLOYEE: William C. P'Pool
HR ID: 5000822
I.
SEVERANCE PAY CALCULATION OF SERVICE:
TERMINATION DATE:
April 30, 2015
DATE OF HIRE:
June 7, 2004
YEARS OF SERVICE:
10.5YEARS
II.
BASE SALARY UPON WHICH SEVERANCE PAY IS CALCULATED: $460,000 PER YEAR
III.
BASIC SEVERANCE PAY:
4 WEEKS BASE SALARY -
$35,385
IV.
EXECUTIVE SEVERANCE PAY:
18 MONTHS BASE SALARY AND TARGET BONUS -
$1,138,500
V.
ADDITIONAL CASH SEVERANCE PAY:
$379,500
VI.
TOTAL SEVERANCE PAY:
BASIC, EXECUTIVE AND ADDITIONAL SEVERANCE PAY -
$1,553,385
PAYMENTS OF YOUR BASIC SEVERANCE PAY WILL BEGIN IMMEDIATELY FOLLOWING YOUR
TERMINATION DATE AND ARE NOT SUBJECT TO YOUR EXECUTION OF A GENERAL RELEASE.
YOUR EXECUTIVE SEVERANCE PAY AND YOUR ADDITIONAL CASH SEVERANCE PAY WILL BEGIN
AS OF THE DATE THAT IS 60 DAYS AFTER YOUR TERMINATION DATE (THE "PAYMENT START
DATE") PROVIDED THAT, AS OF THE PAYMENT START DATE, YOU HAVE EXECUTED A GENERAL
RELEASE AND THE APPLICABLE REVOCATION PERIOD HAS EXPIRED AND YOU HAVE NOT
REVOKED THE RELEASE.
OTHERWISE, YOU WILL NOT BE ENTITLED TO ANY CASH SEVERANCE
PAY OTHER THAN THE BASIC SEVERANCE PAY.
ONCE SEVERANCE PAY (OTHER THAN THE
BASIC SEVERANCE PAY) COMMENCES, IT WILL BE PAID IN REGULAR PAYROLL INTERVALS
OVER 18 MONTHS IN ACCORDANCE WITH YOUR PAY SCHEDULE THAT WAS IN EFFECT PRIOR TO
SEPARATION.
YOUR EXECUTIVE SEVERANCE PAY WILL CONTINUE TO THE END OF YOUR
SEVERANCE PAY PERIOD; PROVIDED, HOWEVER, THAT IF YOU OBTAIN OTHER EMPLOYMENT
PRIOR TO THE END OF YOUR SEVERANCE PAY PERIOD, ANY REMAINING PORTION OF YOUR
EXECUTIVE SEVERANCE PAY (BUT NOT ANY
REMAINING PORTION OF YOUR ADDITIONAL CASH SEVERANCE PAY) WILL BE PAID TO YOU AS
A LUMP SUM (PLEASE SEE ATTACHMENT III- "CERTIFICATION OF EMPLOYMENT FORM") TO
THE EXTENT PERMITTED BY APPLICABLE LAW.
YOUR ADDITIONAL CASH SEVERANCE PAY WILL
NOT BE ACCELERATED AND WILL CONTINUE TO BE PAID OVER THE REMAINDER OF THE 18
MONTH PERIOD.
YOU ARE REQUIRED TO REVIEW AND SIGN THE GENERAL RELEASE FORM (ATTACHMENT II) AND
RETURN IT TO THE COMPANY AS ONE OF THE REQUIREMENTS TO BECOME ELIGIBLE FOR
EXECUTIVE SEVERANCE PAY AND ADDITIONAL CASH SEVERANCE PAY AS WELL AS CERTAIN
OTHER BENEFITS UPON TERMINATION.
ATTACHMENT II
GENERAL RELEASE AND SPECIAL EXECUTIVE TERMS
Name: William C. P'Pool
Notification Date: December 10, 2014