SEC Contract Filing

Filing Date: 2021-02-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>ex102psuagreement2021.htm
<DESCRIPTION>EX-10.2
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2021 Workiva -->
<title>Document</title></head><body><div id="ie179beb1466b4766a1722c195409a182_1"></div><div style="min-height:72pt;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:120%">Exhibit 10.2</font></div></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PHILIP MORRIS INTERNATIONAL INC.</font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2017 PERFORMANCE INCENTIVE PLAN </font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font><br></font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font><br></font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PERFORMANCE SHARE UNIT AGREEMENT</font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">FOR PHILIP MORRIS INTERNATIONAL INC. COMMON STOCK</font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> (February 4, 2021)</font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font><br></font></div><div style="padding-left:9pt;padding-right:9pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Performance Period&#58; January 1, 2021 to December 31, 2023</font></div><div style="padding-left:9pt;padding-right:9pt;text-align:justify"><font><br></font></div><div style="padding-left:9pt;padding-right:9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;PHILIP MORRIS INTERNATIONAL INC. (the &#8220;Company&#8221;), a Virginia corporation, hereby grants to the employee identified in the Award Statement (the &#8220;Employee&#8221;) under the Philip Morris International Inc. 2017 Performance Incentive Plan (the &#8220;Plan&#8221;), a Performance Share Unit Award (the &#8220;Award&#8221;) dated February 4, 2021 (the &#8220;Award Date&#8221;) representing a right to receive shares of the Common Stock of the Company (the &#8220;Common Stock&#8221;) set forth in the Award Statement (the &#8220;PSUs&#8221;), all in accordance with and subject to the following terms and conditions&#58;</font></div><div style="padding-left:9pt;padding-right:9pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;padding-right:9pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28.5pt;text-decoration:underline">Normal Vesting</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. </font></div><div style="padding-left:72pt;padding-right:9pt;text-align:justify"><font><br></font></div><div style="padding-left:9pt;padding-right:9pt;text-align:justify;text-indent:63pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:24.91pt">Subject to Section 1(b) of this Agreement below, a number of PSUs shall become vested on the Vesting Date set forth in the Award Statement (the &#8220;Vesting Date&#8221;), provided that the Employee remains an employee of the PMI Group during the entire period commencing on the Award Date and ending on the Vesting Date, and that the Employee has complied with all applicable provisions of HSR. </font></div><div style="padding-left:72pt;padding-right:9pt;text-align:justify"><font><br></font></div><div style="padding-left:9pt;padding-right:9pt;text-align:justify;text-indent:63pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:24.34pt">The actual number of PSUs that become vested on the Vesting Date is equal to a percentage of the target number of PSUs (the &#8220;Performance Percentage&#8221;), which percentage is determined based on the performance achieved during the applicable performance period, as shown on the Award Statement and as determined by the Compensation Committee. The minimum percentage of PSUs that can vest is zero, while the maximum is twice the targeted number, subject to the limitations of the Plan. Notwithstanding the foregoing, if the date on which the Compensation Committee certifies the Performance Percentage is after the Vesting Date, then the actual number of PSUs that become vested shall not be determined until such later date of certification, and such later date of certification shall be treated as the Vesting Date for purposes of cash payments with respect to dividends and the