Document:

Document

Exhibit 10.4

[Pfizer Inc. Letterhead]
June 26, 2019

Confidential Michael Goettler 235 East 42nd Street
New York, NY 10017

Re:  Upjohn Retention and Incentive Program

Dear Michael:

On behalf of Pfizer Inc (together with its subsidiaries and affiliates, collectively referred to herein, as “Pfizer” or the “Company”), we are pleased to inform you that based on your current role on the Upjohn Leadership Team, and your skills, expertise and experience, the Company has determined to provide you with a special retention and incentive program in connection with the pursuit of strategic opportunities (“Transaction”) for the Upjohn business (referred to herein as “Upjohn”). The terms of this retention and incentive program are set forth in this letter. Please review the terms and, if you accept, please sign the letter and return a signed copy to me.

Retention Award:
Consistent with the ordinary course of business, you will be offered a cash retention award (“Retention Award”) in the amount of $1,500,000, less applicable deductions and withholdings as required by law. The Retention Award will be paid in one lump sum payment on the earlier of:
(i)sixty (60) days following the announcement of a Transaction or
(ii)December 1, 2019, provided a Transaction is signed prior to the payment date and contingent on your continued employment through the payment date.
If you voluntarily resign from Pfizer before the payment date, you will not be eligible for the Retention Award. Please note that the Retention Award will not be taken into consideration for any purpose under any pay-based benefit, compensation or severance program maintained by Pfizer.

Position Elimination/No Go Forward Role:
In the event Pfizer, Upjohn or the successor to Upjohn determines that you no longer have a role with Upjohn or the successor to Upjohn (“Affected Colleague”), you will be treated as follows:

1

Repatriation – an Affected Colleague on a global assignment or secondment will be repatriated to their home country on a date to be determined by Pfizer, but, to the extent possible, with due consideration given to school schedule issues for minor children, and subject to any local legal requirements and restrictions.

Continued Employment – An Affected Colleague will remain employed by Pfizer for up to one (1) year following the Close Date at your current compensation. During the continued employment period: (i) you will need to be available for any projects that may be assigned to you by Pfizer, (ii) you will be eligible for a GPP bonus consistent with your Upjohn target level and subject to the terms and conditions of the applicable GPP plan, and (iii) you will not be eligible for any long-term incentive award.

Acceptance of a New Role with Pfizer:
If you accept a new role with Pfizer after the Close Date or during the continued employment period referenced above, the grade, target and pay level for the new role will be consistent with the level determined by Pfizer for that role.

Severance:
If you (i) have not been offered a role with comparable scope, responsibilities and pay by Upjohn, or a successor to Upjohn within ninety (90) days of the Close Date, or (ii) you have not been offered a comparable role with Pfizer before the end of the continued employment period referenced above, you will be involuntarily separated from employment with Pfizer. Upon your separation from Pfizer, you will be eligible for severance under the Executive Leadership Team Separation Plan at your legacy Upjohn grade, target and pay level. Severance will be payable upon your separation from Pfizer as a lump sum in the 7th month following your termination date.

Section 409A Compliance:
This offer is intended to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to amounts subject thereto and shall be interpreted and construed and shall be performed by the parties consistent with such intent.

Please sign below to express your acceptance of the terms and conditions set forth in this agreement and return it to me.

2

This letter is not intended to set forth all of the terms and conditions of your employment with Pfizer, as those items will be addressed in other communications from the Company.

Please feel free to call me with any questions you may have.
Sincerely,

/s/ Steve Pennacchio

Steve Pennacchio SVP – Total Rewards Pfizer Inc.

Agreed and Accepted:

     /s/ Michael Goettler                ____June 26, 2019____
Michael Goettler                                                        Date

3Document

Exhibit 10.5
[Pfizer Letterhead]

July 29, 2019

Confidential 
Michael Goettler
235 East 42nd Street
New York, NY 10017

Re:  Upjohn Deal Completion Bonus

Dear Michael:

On behalf of Pfizer Inc (together with its subsidiaries and affiliates, collectively referred to herein, as “Pfizer” or the “Company”), we are pleased to inform you that the Company has determined to provide you with a special “Deal Completion Bonus” (“Bonus”).  This Bonus is tied to your continued leadership of Upjohn and the successful completion of a “Qualifying Transaction”, as defined below.   The Bonus shall become due and payable only if each of the terms set forth herein are met.  Please note that this letter is intended to supplement the letter dated June 26, 2019 relating to Upjohn Retention and Incentive Program and all provisions of that letter remain unchanged.

For purposes of this letter and the Bonus, “Qualifying Transaction” means the entry by Pfizer, prior to December 31, 2019, into a definitive agreement with a third party that contemplates either (1) the spin-off or split-off of its Upjohn business to Pfizer shareholders and concurrent combination with such third party, or (2) the sale or other disposition of its Upjohn business to such third party.  

For the avoidance of doubt, (a) an IPO, spin-off and/or split-off by Pfizer of its Upjohn business not involving concurrent combination with a third party shall not constitute a Qualifying Transaction for purposes of this agreement and (b) no Bonus shall be payable if a definitive agreement is executed for a Qualifying Transaction but such Qualifying Transaction is never consummated.

Upjohn Deal Completion Bonus
Provided that you are continuously employed by Upjohn or a successor company through the closing of a Qualifying Transaction, upon the closing of a Qualifying Transaction, you will receive the Bonus in the amount of $1,000,000, less applicable deductions and withholdings as required by law within 60 days of the closing of the Qualifying Transaction.  

If you voluntarily resign from Pfizer, are terminated for Cause before the payment date or any of the terms set forth herein are not met, you will not be eligible for the Bonus.   

Please note that the Bonus will not be taken into consideration for any purpose under any pay-based benefit, compensation or severance program maintained by Pfizer, Upjohn or its successor(s).

Section 409A Compliance:
This offer is intended to satisfy the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to amounts subject thereto and shall be interpreted and construed and shall be performed by the parties consistent with such intent.

This letter is not intended to set forth all the terms and conditions of your employment with Pfizer, as those items will be addressed in other communications from the Company.

The terms of the Deal Completion Bonus are set forth in this letter.  Please review the terms and, if you accept, please sign the letter and return a signed copy to me.

Please feel free to call me with any questions you may have. 

Sincerely,

/s/ Steve Pennacchio
Steve Pennacchio
SVP – Total Rewards 
Pfizer Inc.

Agreed and Accepted:

/s/ Michael Goettler                        July 29, 2019
Michael Goettler                             DateDocument

Exhibit 10.6

December 3, 2020    

Michael Goettler
c/o Viatris Inc.
1000 Mylan Boulevard 
Canonsburg, Pennsylvania 15317

Dear Mr. Goettler:

As you know, Upjohn Inc. (“Upjohn”) and Mylan N.V. (“Mylan”) consummated the combination of Mylan and Upjohn pursuant to the Business Combination Agreement between Pfizer Inc., Upjohn, Mylan and the other parties thereto to create Viatris Inc. (“Viatris”), a new champion for global health, on November 16, 2020 (the “Closing Date”).  This letter (the “Severance Letter”) sets forth our mutual agreement regarding your rights upon a termination of employment from Viatris.

        1.      Severance.  In the event you are terminated by Viatris without Cause (as such term is defined in the Mylan N.V. Severance Plan and Global Guidelines, adopted July 2019), you will be entitled to receive a severance payment equal to (i) the Severance Multiple multiplied by (ii) the sum of your base salary and target annual bonus in effect at the time of such termination.  For purposes of this Severance Letter, the Severance Multiple means two (2) in the event of a termination on or prior to the first anniversary of the Closing Date and two and a half (2.5) thereafter.  For the avoidance of doubt, you acknowledge and agree that upon termination of your employment with Viatris, you are required to immediately resign from the Board of Directors of Viatris and its affiliates or subsidiaries and any officer positions with Viatris and its affiliates or subsidiaries.  The severance hereunder, if applicable, will be paid to you in the form of installments over a period of two (2) years or two and a half (2.5) years, as applicable, on Viatris’ normal payroll dates, beginning no later than 60 days after your termination date, subject to your execution and non-revocation of the customary Viatris release of claims agreement signed by similarly situated senior executive officers.     

2.    Miscellaneous.  Viatris may deduct and withhold from any amount payable under this Severance Letter such Federal, state, local, foreign or other taxes as are required to be withheld.  The validity, interpretation, construction and performance of this Severance Letter will be governed by the laws of the Commonwealth of Pennsylvania (without giving effect to its conflicts of law).  

3.    Section 409A.  It is intended that the provisions of this Severance Letter are exempt from the provisions of Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (“Section 409A”), and all provisions of this Severance Letter will be construed and interpreted in a manner consistent with the foregoing and the requirements for avoiding taxes or penalties under Section 409A.  For purposes of this Severance Letter, each amount to be paid or benefit to be provided will be construed as a separate identified payment for purposes of Section 409A, and any payments described in Section 1 that are due within the “short term deferral period” as defined in Section 409A will not be treated as deferred compensation unless applicable law requires otherwise.  This 

Severance Letter may be executed in two or more counterparts (including by facsimile of PDF), each of which will be deemed an original but all of which will constitute one and the same instrument.

Notwithstanding any other provision of this Severance Letter to the contrary, if you are considered a “specified employee” for purposes of Section 409A, any payment that constitutes nonqualified deferred compensation within the meaning of Section 409A that is otherwise due to you under this Severance Letter during the six-month period immediately following your separation from service (as determined in accordance with Section 409A) on account of your separation from service will be accumulated and paid to you on the first business day of the seventh month following your separation from service (the “Delayed Payment Date”), to the extent necessary to prevent the imposition of tax penalties on you under Section 409A. If you die between the date of your separation from service and the Delayed Payment Date, the amounts and entitlements delayed on account of Section 409A will be paid to the personal representative of your estate on the first to occur of the Delayed Payment Date and 30 calendar days after the date of your death.

[remainder of page intentionally left blank; signature page follows]

        IN WITNESS WHEREOF, the parties hereto have executed this Severance Letter effective as of the day and year first written above.
VIATRIS INC.

                            By:    /s/ Brian Roman___________
    Name: Brian Roman
       Title:   Global General Counsel

Accepted and Agreed:

/s/ Michael Goettler___________
Michael Goettler

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]