Document:

PSX-2013/9/30-Ex10.1

Exhibit 10.1

SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT
THIS SECOND AMENDMENT TO RECEIVABLES PURCHASE AGREEMENT (this “Amendment”), dated as of September 27, 2013, amends the Receivables Purchase Agreement dated as of April 27, 2012 (as amended by the First Amendment to Receivables Purchase Agreement, dated as of June 27, 2013, the “Receivables Purchase Agreement”), among PHILLIPS 66 RECEIVABLES FUNDING LLC, a Delaware limited liability company (the “Seller”), PHILLIPS 66, a Delaware corporation (the “Parent”), PHILLIPS 66 COMPANY, a Delaware corporation (“Phillips 66 Co.”), as servicer and as originator, the Conduit Purchasers party thereto from time to time, the Committed Purchasers party thereto from time to time, the LC Banks party thereto from time to time, the Facility Agents party thereto from time to time and ROYAL BANK OF CANADA, as the administrative agent (in such capacity, the “Administrative Agent”).
Preliminary Statement:  The parties desire to amend the Receivables Purchase Agreement to enable the Seller’s optional increase of the LC Sub-Facility and the Maximum Net Investment and make certain other amendments to the Receivables Purchase Agreement and modifications to the Fee Letter as provided herein.  Therefore, the parties hereto agree as follows:
Defined Terms; References.  Unless otherwise defined in this Amendment, each capitalized term used but not otherwise defined herein has the meaning given such term in the Receivables Purchase Agreement, as amended by this Amendment.  Each reference to “hereof”, “hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Receivables Purchase Agreement shall, after the Amendment Effective Date, refer to the Receivables Purchase Agreement as amended hereby.
I.     AMENDMENTS
Effective as of the Amendment Effective Date (as defined in Section 3.1 below), the Receivables Purchase Agreement is amended as follows:
1.1    Amendments to Defined Terms.  Section 1.01 (Certain Definitions) of the Receivables Purchase Agreement is amended as follows:
Amendments to Certain Defined Terms.  The following definitions are amended as follows:  
(i)    “Dilution Reserve Percentage”.  The definition of “Dilution Reserve Percentage” is amended in its entirety to read as follows:
““Dilution Reserve Percentage” shall mean, on any day, a percentage equal to the greater of (i) 15.0% (the “Dilution Reserve Floor”) and (ii) the amount expressed as a percentage and calculated in accordance with the following formula:
{(SF x ED) + ((DS – ED) x (DS/ED))} x DHR
Where:
		
	SF
	=    2.25;

		
	ED
	=    the average of the Dilution Ratios for the twelve most recently ended Calculation Periods;

		
	DS
	=    the highest three month average Dilution Ratio during the twelve most recently ended Calculation Periods; and

		
	DHR
	=    the Dilution Horizon Ratio at such time.”

(ii)    “Eligible Receivable”.  Clause (c)(B)(iii) of the definition of “Eligible Receivable” is amended in its entirety to read as follows:
“(iii) is not a Government Obligor, except that up to 2.5% of the aggregate Outstanding Balance of all non-Defaulted Receivables may consist of Receivables owing by Government Obligors;”
(iii)    LC Bank Sublimit”.  The definition of LC Bank Sublimit is hereby amended by adding “or as otherwise agreed in writing between such LC Bank and the Seller, with notice to the Administrative Agent” after “on Schedule I to this Agreement”.
(iv)    “LC Sub-Facility”.  The definition of LC Sub-Facility is amended in its entirety to read as follows:
““LC Sub-Facility” shall mean $696,000,000, unless such amount shall be increased as provided in Section 2.15(c).
(v)    “Maximum Net Investment”.  The definition of Maximum Net Investment is amended in its entirety to read as follows:
““Maximum Net Investment” shall mean $696,000,000, unless such amount shall be (a) reduced pursuant to the next sentence or as provided in Section 2.15(a) or following the termination of a Purchase Group pursuant to Section 11.08 hereof or (b) increased as provided in Section 2.15(c).  On a Non‐Extension Date for any Non-Extending Purchase Group, unless such Non-Extending Purchase Group’s Purchase Group Maximum Net Investment has been assigned pursuant to Section 11.02, the Maximum Net Investment shall be reduced by that Non-Extending Purchase Group’s Purchase Group Maximum Net Investment.”
(vi)    “Set-Off Group”.  The definition of “Set-off Group” is amended in its entirety to read as follows:
““Set-Off Group” shall mean (a) when the Parent’s senior unsecured debt rating is above BBB- from S&P and above Baa3 from Moody’s, each entity and each Subsidiary, direct or indirect, of such entity, if any, which has one of the ten largest aggregate Eligible Receivables balances at such time, (b) when the Parent’s senior unsecured debt rating is BBB- from S&P or Baa3 from Moody’s, (i) each entity listed on Schedule IV hereto, as that Schedule may be modified from time to time by the Administrative Agent (with at least 45 days’ notice to the Seller), and each Subsidiary, direct or indirect, of such entity, if any, and (ii) each entity and each Subsidiary, direct or indirect, of such entity, if any, which has one of the ten largest aggregate Eligible Receivables balances at such time, and (c) otherwise, each entity and each Subsidiary, direct or indirect, of such entity, if any, which has an Eligible Receivables balance at such time.”
1.2    Amendment to Section 2.15 (Optional Reduction of Maximum Net Investment; Optional Reduction of Aggregate Net Investment).  Section 2.15 of the Receivables Purchase Agreement is amended by (a) replacing the heading thereof in its entirety to read “Optional Reduction of Maximum Net Investment; Optional Reduction of Aggregate Net Investment; Increase in Maximum Net Investment.” and (b) adding the following subsection (c):

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“(c)    The Seller shall have the right at any time and from time to time, to cause an increase in the Maximum Net Investment (together with the right to cause a simultaneous increase in the LC Sub-Facility to an amount not to exceed the Maximum Net Investment so increased), upon written notice to the Administrative Agent prior to each such increase and satisfaction of the following conditions: (i) the Seller shall offer each Purchase Group the right to increase its Purchase Group Maximum Net Investment by its ratable share of the increase in the Maximum Net Investment; (ii) if any Purchase Group elects not to increase its Purchase Group Maximum Net Investment pursuant to clause (i) above, the Seller shall offer such Purchase Group’s portion to the other Purchase Groups, or another Purchaser acceptable to the Administrative Agent and the LC Banks; (iii) each new Purchase Group, if any, shall execute a joinder agreement in a form reasonably acceptable to the Administrative Agent; (iv) no Termination Event or Potential Termination Event shall have occurred and be continuing; and (v) the Maximum Net Investment shall not exceed $1,500,000,000 immediately after giving effect to any such increase.  For the avoidance of doubt, an increase in the LC Sub-Facility is not required to be offered to each Purchase Group or to be shared ratably among the Purchase Groups.  Schedule I to this Agreement shall be deemed to be amended in connection with any such increase to add each new Purchase Group, to reflect the Purchase Group Maximum Net Investment of each Purchase Group with a new or increasing Purchase Group Maximum Net Investment, to reflect any adjustment to the LC Bank Sublimit of each Purchase Group, and to reflect the adjusted Purchase Group Percentage for each Purchase Group.  The Seller shall repay or cause to be repaid through the applicable joinder agreement any Net Investment outstanding on the effective date of any such increase (and pay any additional amounts required pursuant to Section 2.07) to the extent necessary to keep the outstanding Net Investment of the Purchasers in each Purchase Group equal to such Purchase Group’s ratable share (after giving effect to the increase in any Purchase Group Maximum Net Investment pursuant to this Section 2.15(c)).”
II.    MODIFICATION TO FEE LETTER
Section 3 of the Fee Letter is hereby modified by inserting “(100% in the case of a Purchase Group that does not include a Conduit Purchaser)” after “102%”.
III.    REPRESENTATIONS AND WARRANTIES
Each of the Seller, Phillips 66 Co. and the Parent hereby represents and warrants that:
(a)    prior to and after giving effect to this Amendment, the representations and warranties of such Person (other than those representations and warranties that were made only on the Closing Date) set forth in the Receivables Purchase Agreement are true and correct in all material respects;
(b)    this Amendment has been duly authorized, executed and delivered by such Person and constitutes a legal, valid and binding obligation of such Person enforceable in accordance with its terms (subject to usual and customary bankruptcy exceptions); and
(c)    prior to and immediately after giving effect to this Amendment, no Termination Event or Potential Termination Event exists on and as of the date hereof.

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IV.     CONDITIONS TO EFFECTIVENESS
4.1    Effectiveness.  This Amendment shall be effective on the date (the “Amendment Effective Date”) that the Administrative Agent shall have received counterparts of this Amendment, executed by the Seller, the Parent, Phillips 66 Co., each LC Bank and each Facility Agent.
V.      AFFIRMATION AND RATIFICATION
The Parent hereby (a) agrees and acknowledges that the execution, delivery, and performance of this Amendment shall not in any way release, diminish, impair, reduce, or, except as expressly stated herein, otherwise affect its obligations under the Transaction Documents to which it is a party, which Transactions Documents shall remain in full force and effect, (b) ratifies and affirms its obligations under the Receivables Purchase Agreement as amended hereby and the other Transaction Documents to which it is a party, and (c) acknowledges, renews and extends its continued liability under the Receivables Purchase Agreement as amended hereby and the other Transaction Documents to which it is a party. 
VI.     MISCELLANEOUS
This Amendment and the rights and obligations of the parties under this Amendment shall be governed by and construed in accordance with the laws of the State of New York.  The provisions of Section 11.17 (Governing Law; Submission to Jurisdiction) of the Receivables Purchase Agreement are hereby incorporated by reference.  Article and Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.  This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by facsimile transmission, emailed pdf or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart hereof.  Except as otherwise expressly provided by this Amendment, all of the provisions of the Receivables Purchase Agreement shall remain the same.

[Remainder of Page Intentionally Left Blank.  Signature Pages Follow.]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers, all as of the day and year first above written.
PHILLIPS 66

By:  /s/ Brian R. Wenzel    
Name: Brian R. Wenzel
Title: Vice President and Treasurer

PHILLIPS 66 COMPANY

By:  /s/ Brian R. Wenzel    
Name: Brian R. Wenzel
Title: Vice President and Treasurer

PHILLIPS 66 RECEIVABLES FUNDING LLC

By:  /s/ Brian R. Wenzel    
Name: Brian R. Wenzel
Title: President

[Signature Page to 
Second Amendment to Receivables Purchase Agreement]

ROYAL BANK OF CANADA, as Administrative Agent, an LC Bank and a Facility Agent

By:  /s/ Janine D. Marsini    
Name:  Janine D. Marsini
Title:  Authorized Signatory

    
By:  /s/ Veronica L. Gallagher    
Name:  Veronica L. Gallagher
Title:  Authorized Signatory

[Signature Page to 
Second Amendment to Receivables Purchase Agreement]

CITIBANK, N.A., as an LC Bank and a Facility Agent

By:  /s/ Wayne Gee    
Name:  Wayne Gee
Title:  Vice President

[Signature Page to 
Second Amendment to Receivables Purchase Agreement]

MIZUHO BANK, LTD., as an LC Bank and a Facility Agent

By:  /s/ Leon Mo    
Name:  Leon Mo
Title:  Authorized Signatory

[Signature Page to 
Second Amendment to Receivables Purchase Agreement]

PNC BANK, NATIONAL ASSOCIATION, as an LC Bank and a Facility Agent

By:  /s/ Mark S. Falcione    
Name:  Mark S. Falcione
Title:  Executive Vice President

[Signature Page to 
Second Amendment to Receivables Purchase Agreement]

THE BANK OF NOVA SCOTIA, as an LC Bank and a Facility Agent

By:  /s/ Terry Donovan    
Name:  Terry Donovan
Title:  Managing Director

[Signature Page to 
Second Amendment to Receivables Purchase Agreement]

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as an LC Bank and a Facility 
Agent

By:  /s/ Richard Gregory Hurst    
Name:  Richard Gregory Hurst
Title:  Managing Director

[Signature Page to 
Second Amendment to Receivables Purchase Agreement]KRFTQ32013EX-10.1

            EXHIBIT 10.1

PERSONAL AND CONFIDENTIAL 

July 12, 2013

Teri List-Stoll
2968 Annwood Street 
Cincinnati, Ohio 45206 
                

Dear Teri,

I am very pleased to provide you with this letter confirming the verbal offer that we extended to you for the position of Senior Vice President, Finance, Kraft Foods Group, Inc., followed by Executive Vice President and Chief Financial Officer, Kraft Foods Group, Inc. upon any resignation from the current CFO.  Your initial position will report to Tim McLevish and will be located in Northfield, IL USA.  As we discussed, your hire date is scheduled to be on or around September 3, 2013.  This letter sets forth all of the terms and conditions of the offer.  

Listed below are details of your compensation and benefits that will apply to this offer as an SVP and separately upon any resignation from the current CFO and your promotion to that role

Annualized Compensation (Target Opportunity)
Your annual compensation will be comprised of three components: (i) annual base salary, (ii) annual incentive opportunity and (iii) long-term incentive opportunity. The value of your annual base salary and the target value of your annual incentive opportunity and long-term incentive opportunity are described below. You may earn greater or less than the target value depending upon your individual performance and Company performance. 
	
							
	Component of Compensation
	SVP
	

	CFO*
	

	Annual Base Salary
	

	$710,000
	

	

	$710,000
	

	Annual Target Incentive (70% of base salary; 90% of base salary)
	

	$497,000
	

	

	$639,000
	

	Long-Term Incentive Target
	

	$1,200,000
	

	

	$1,500,000
	

	Total Target Annual Compensation
	

	$2,407,000
	

	

	$2,849,000
	

Each component of your compensation is described in greater detail below.
* Upon any resignation from the current CFO and your promotion to that role

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Annual Incentive Opportunity
You will be eligible to participate in the Kraft Management Incentive Plan (MIP), which is the Company’s annual incentive program.  Your target annual incentive award opportunity under MIP will be equal to 70% of your base salary (and your maximum incentive award opportunity will be equal to 175% of your base salary, capped at 250% of target). The actual amount you will receive may be lower or higher than your target incentive award opportunity depending on your individual performance and the performance of the Company.  Your 2013 annual incentive award will be paid in cash and payable in March 2014.  Your MIP eligibility will begin on your date of employment. 

Long-Term Incentive Opportunity
Typically, each year you will be granted a mix of long-term incentive (LTI) awards up to 150% of your target opportunity. Generally, this mix will include performance shares, restricted stock units (RSUs) and stock options. At the beginning of each year, the total target value of your LTI awards will be established by the Company. In 2013, the annual long-term incentive awards and the relative value of these awards were as follows:
		
	•
	Performance Shares (60% of the total LTI grant value)

		
	•
	Stock Options (20% of the total LTI grant value)

		
	•
	Restricted Stock Units (20% of the total LTI grant value)

The Company reserves the right to change the mix, type and value of long-term incentive awards granted to you each year. The complete terms and conditions of your long-term incentive grants will be set forth in Kraft’s Stock Award Agreement. 
		
	•
	Performance Shares 

You will be eligible to participate in the Company’s performance share program.  The following are the key attributes of the performance share program:
		
	•
	Performance Cycle. You will begin participation in the performance share program for the three-year performance cycle starting on January 1, 2014 (“2014 Performance Cycle”).

		
	•
	Grant of Performance Shares at Target. At the beginning of the 2014 Performance Cycle, you will be granted performance shares with a fair market value equal to a percentage of the total value of your LTI awards for 2014. 

		
	•
	Performance Measures and Goals. The Company will set performance goals which must be achieved for you to vest in your grant of performance shares. Typically, the Company will set threshold, target and maximum performance goals and corresponding payout levels.

		
	•
	Determination of Performance Shares Earned and Vested. The number of performance shares you earn will be based upon the performance of the Company 

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against the pre-defined performance goals during the 2014 Performance Cycle. Based on this determination, the actual number of performance shares you will receive may be lower or higher than your target performance share grant. 

		
	•
	Accrual and Payment of Dividends. Dividend equivalents will be accrued and paid in shares of common stock at the end of the Performance Cycle, based on the number of performance shares that are earned.

		
	•
	Payment of Earned Performance Shares. Earned performance shares will be paid to you during the first quarter of 2017. These shares will not be subject to any restrictions or conditions.

It is anticipated that a new three-year performance cycle will begin each year in January.  

		
	•
	Restricted Stock Units

You will be eligible to participate in the Company’s RSU program. The following are the key attributes of this program:
		
	•
	Grant date. RSU awards are typically granted on an annual basis, with the next award anticipated to be granted in the first quarter of 2014. 

		
	•
	Size of grant. For 2014, you will be granted an RSU award with a fair market value equal to a percentage of your total LTI grant value. However, the size of future awards will be based on your individual performance and other relevant factors considered by the Company.

		
	•
	Dividends.  You will receive dividend equivalents on your RSU grant during the vesting period consistent in amount and timing with that of Common Stock shareholders. 

		
	•
	Vesting. Your 2014 RSU grant will be subject to a service-based vesting schedule to be determined by the Company at the date of grant. Typically it is a three-year cliff vest.

		
	•
	Stock Options 

You will be eligible to participate in the Company’s stock option program. The following are the key attributes of this program:
		
	•
	Grant date. Stock options are typically granted on an annual basis, with the next award anticipated to be granted in the first quarter of 2014. 

		
	•
	Size of grant. For 2014, you will be granted a stock option award with a fair market value equal to a percentage of your total LTI grant value. However, the size of future awards will be based on your individual performance and other relevant factors considered by the Company.

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	•
	Vesting. Your 2014 stock option grant will be subject to a service-based vesting schedule to be determined by the Company at the date of grant.  Typically it is a three-year pro-rata vest.

		
	•
	Exercise price. The exercise price of your 2014 stock option grant will be determined by the Company at the date of grant. Typically it is equal to the closing price of a share of Company stock on the date of grant.

		
	•
	Exercise period. You may exercise all or any portion of your vested stock options at any time through the tenth anniversary of the grant date. After that date, you will forfeit any unexercised stock options.

Sign-On Incentives
As an incentive to join Kraft, you will receive the following one-time sign-on incentives in the form of cash and stock on your hire date:
		
	Stock Sign-On Incentives:
	$1.1 million stock option grant

		
	•
	Vest 50% on 2/28/14, 30% on 2/18/15, and 20% on 2/18/16

$1.1 million RSU grant
		
	•
	Vest 50% on 2/28/14, 30% on 2/18/15, and 20% on 2/18/16

$1.2 million RSU grant
		
	•
	Vest 100% on 2/12/18

$300,000 RSU grant
		
	•
	Vests 100% three years after your start date

$300,000 stock option grant
		
	•
	Vests 33% one year after your start date, 33% two years after your start date, and 34% three years after your start date

		
	Cash Sign-On Incentive:
	$500,000 in cash paid on or around your start date, subject to a two year repayment

For the stock sign-on incentive, the actual number of RSU and stock options that you will receive will be determined based upon the fair market value of Kraft Foods Group, Inc. Common Stock on your date of hire and Kraft’s 2013 stock option trading ratio of 7:1 (seven options for each full value RSU). You will be paid dividend equivalents on the RSUs during the vesting period consistent in amount and timing with that of Common Stock shareholders.  

You will be required to sign an Employee Expense Repayment Agreement. If, prior to the end of the two-year repayment period, your employment with the Company ends due to involuntary termination for reasons other than cause, you will not be required to repay the cash sign-on amount paid at hire. If, prior to the end of the two-year repayment period, your employment with 

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the Company ends due to circumstances that would make you eligible for severance pay under the Kraft Severance Pay Plan applicable to your position at the time of termination, you will not be required to repay the cash sign-on bonus.

If prior to full vesting of the sign-on RSU and stock options granted per this offer letter, your employment with the Company ends due to involuntary termination for reasons other than cause, the total number of unvested RSU and stock options shall vest on the scheduled vesting dates, provided you execute a release and waiver as well as a non-compete and non-solicitation at the time of termination. 

For purposes of this offer letter, “cause” means: 1) continued failure to substantially perform the job’s duties (other than resulting from incapacity due to disability); 2) gross negligence, dishonesty, or violation of any reasonable policy, procedure, rule or regulation of the Company ; or 3) engaging in  conduct which materially adversely reflects on the Company.

The complete terms and conditions of your equity grants will be set forth in Kraft’s standard Stock Award Agreement.

Financial Counseling Perquisite

You will be eligible for an annual financial counseling allowance of $7,500.  You may use any financial counseling firm of your choosing and submit the firm’s invoices directly to the Company for payment.

Deferred Compensation Program

You will be eligible to participate in the Executive Deferred Compensation Program.  This program allows you to voluntarily defer on a pre-tax basis a portion of your salary and/or your annual incentive to a future date.  Investment opportunities under this program are designed to mirror the Company’s 401(k) plan.  Additional information for this program will be provided to you upon request.

Management Stock Purchase Plan (MSPP)

Kraft also provides voluntary stock purchase opportunities.  You are able to elect to defer up to 50% of your annual Management Incentive Plan cash bonus award in the form of deferred stock units (DCUs), and the company will match of 25% this bonus deferral into the MSPP in the form of restricted stock units (RSUs) with a three year vest.  Additional information for this program will be provided to you prior to the next enrollment period, which will occur in November 2013 for your 2014 MIP payable in Q1 2015.

Stock Ownership Guidelines

You will be required to attain and hold Company stock equal in value to two and one half times your base salary as an SVP and four times your base salary upon any promotion to the CFO role.  

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You will have five years from your date of employment to achieve this level of ownership.  Stock held for ownership determination includes common stock held directly or indirectly, unvested restricted/deferred stock or share equivalents held in the Company’s 401(k) plan.  It does not include stock options or unvested performance shares.

Other Benefits

Your offer includes Kraft’s comprehensive benefits package available to full-time salaried employees.  This benefits package is described in the Kraft Benefits Summary brochure that we previously sent to you.  You will be eligible for 30 days of Paid Time Off (PTO).

If your employment with the Company ends due to an involuntary termination other than for cause, you may be eligible to receive severance benefits in accordance with the Company severance policy in effect at the time of your termination.

To assist in your relocation from Ohio to Illinois, we offer relocation assistance as outlined in Kraft’s Relocation Guide.  

Other Matters

The benefits provided to you under this offer letter are subject to the specific terms of each plan as set forth in the governing plan documents. 

You will be a U.S. employee of the Company and your employment status will be governed by and shall be construed in accordance with the laws of the State of Illinois.  As such, your status will be that of an “at will” employee.  This means that either you or Kraft is free to terminate the employment relationship at any time, for any or no reason, with or without notice. 

Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)

If you are a “specified employee” (within the meaning of Code section 409A) as of your separation from service (within the meaning of Code section 409A):  (a) payment of any amounts under this letter (or under any severance arrangement pursuant to this letter) which the Company determines constitute the payment of nonqualified deferred compensation (within the meaning of Code section 409A) and which would otherwise be paid upon your separation from 
service shall not be paid before the date that is six months after the date of your separation from service and any amounts that cannot be paid by reason of this limitation shall be accumulated and paid on the first day of the seventh month following the date of your separation from service (within the meaning of Code section 409A); and (b) any welfare or other benefits (including under a severance arrangement) which the Company determines constitute the payment of nonqualified deferred compensation (within the meaning of Code section 409A) and which would otherwise be provided upon your separation from service shall be provided at your sole cost during the first six-month period after your separation from service and, on the first day of the seventh month following your separation from service, the Company shall reimburse you for 

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the portion of such costs that would have been payable by the Company for that period if you were not a specified employee.

Payment of any reimbursement amounts and the provision of benefits by the Company pursuant to this letter (including any reimbursements or benefits to be provided pursuant to a severance arrangement) which the Company determines constitute nonqualified deferred compensation (within the meaning of Code section 409A) shall be subject to the following:

		
	(a)
	the amount of the expenses eligible for reimbursement or the in-kind benefits provided during any calendar year shall not affect the amount of the expenses eligible for reimbursement or the in-kind benefits to be provided in any other calendar year;

		
	(b)
	the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the calendar year in which the expense was incurred; and

		
	(c)
	your right to reimbursement or in-kind benefits is not subject to liquidation or exchange for any other benefit.

*   *   *   *   *

This offer is contingent upon successful completion of our pre-employment checks, which may include a background screen, reference check, and post-offer drug test pursuant to testing procedures determined by Kraft.

Teri, we are excited at the prospect of you joining our team and are confident you will make a significant impact at Kraft. Please acknowledge your acceptance of the above offer by signing below and returning this letter to me. If you have any questions, please call me at (847) 646-7675.  

Sincerely,
 

Diane Johnson May
Executive Vice President, Human Resources

I accept the offer as expressed above.

______________________________            _____________
Signature                            Date

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