SEC Contract Filing

Filing Date: 2024-02-29

Document Content:
<DOCUMENT>
<TYPE>EX-10.23
<SEQUENCE>3
<FILENAME>exh_1023xpalmerofferletter.htm
<DESCRIPTION>EX-10.23
<TEXT>
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<title>Document</title></head><body><div id="ic71220f9f4694d5384970bc94e8ea3b6_1"></div><div style="min-height:108pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 10.23</font></div><div style="text-align:right"><font><br></font></div><div style="text-align:right"><img alt="image_2a.jpg" src="image_2a.jpg" style="height:58px;margin-bottom:5pt;vertical-align:text-bottom;width:154px"></div><div style="text-align:right"><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:1200%">David M. Cordani</font></div><div><font style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:700;line-height:900%">Chairman and CEO</font></div><div><font><br></font></div><div><img alt="image_0a.jpg" src="image_0a.jpg" style="height:96px;margin-bottom:5pt;vertical-align:text-bottom;width:201px"></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">January 16, 2024</font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Eric Palmer</font></div><div style="padding-right:-36pt"><font><br></font></div><div style="padding-right:-36pt"><font><br></font></div><div style="padding-right:-36pt"><font><br></font></div><div style="padding-right:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Dear Eric&#58;</font></div><div style="padding-right:0.9pt"><font><br></font></div><div style="padding-right:0.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">I am pleased to confirm that the People Resources Committee (PRC) has approved the following changes to your compensation package effective February 5, 2024 in connection with the assumption of your expanded role as EVP, Enterprise Strategy and President &#38; CEO Evernorth&#58; </font></div><div style="padding-right:0.9pt"><font><br></font></div><div style="padding-left:18pt;padding-right:0.9pt;text-indent:-18pt"><font style="font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:12.97pt">Base Salary &#8211; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Your base salary will remain a pre-tax annualized rate of </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">$1,000,000</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">.</font></div><div style="padding-left:18pt;padding-right:0.9pt"><font><br></font></div><div style="padding-left:18pt;padding-right:0.9pt;text-indent:-18pt"><font style="font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:12.97pt">Annual Incentive &#8211; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Your annual incentive target will increase to </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">$2,000,000 </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">for the 2024 performance year (payable in 2025). As you are aware, the annual incentive is typically paid in the first quarter of the year following the performance period and is not considered earned until the date paid.</font></div><div style="padding-right:0.9pt"><font><br></font></div><div style="padding-left:18pt;padding-right:-36pt;text-indent:-18pt"><font style="font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:100%"></font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%;padding-left:12.97pt">Long-Term Incentive &#8211; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Your annual long-term incentive target will increase to </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">$6,000,000</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> for the upcoming 2024 annual grant.</font></div><div style="padding-right:0.9pt"><font><br></font></div><div style="padding-right:0.75pt"><font><br></font></div><div style="padding-right:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:100%">NEW TOTAL ANNUAL COMPENSATION OPPORTUNITY&#58; $9,000,000</font></div><div style="padding-right:0.75pt"><font><br></font></div><div style="padding-right:0.75pt"><font><br></font></div><div style="padding-right:0.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%">Your employment will remain as an at-will employee, meaning that you or the Company has the right to termin