Exhibit 10.21
March 30, 2001
▇▇▇▇▇ ▇▇▇▇▇
c/▇ ▇▇▇▇▇▇, Inc.
Italy
PERSONAL AND CONFIDENTIAL
Dear ▇▇▇▇▇:
The purpose of this letter is to summarize the terms of your compensation as of
April 15, 2001 contingent upon your assuming the position of President Europe -
▇▇▇▇▇▇ Holdings, Inc. Please note that these arrangements are supplemental to
the terms and conditions of the letter agreement you received from ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇▇, dated February 21, 2001. All terms and conditions presented in the
February 21, 2001 letter agreement remain unchanged.
CASH COMPENSATION
Your annual base salary will be Lit 600,000,000 and you will have a target bonus
of 50% of base salary (Lit 300,000,000). These compensation arrangements will be
effective April 15, 2001.
STOCK OPTION AWARD
Effective within 30 days following the date of the spin-off of ▇▇▇▇▇▇, you will
receive an option to purchase shares of ▇▇▇▇▇▇ stock with an economic value at
the time of grant of $500,000 (Lit 1,092,270,000 at a current conversion rate)
using a generally accepted valuation methodology. This option will be issued
under a new option and equity compensation plan (the "▇▇▇▇▇▇ Stock Incentive
Plan") that will be adopted by ▇▇▇▇▇▇'▇ Board of Directors. Your option will
vest in equal installments over a period of four years provided you remain
employed with ▇▇▇▇▇▇ during that time, or as provided otherwise under the ▇▇▇▇▇▇
Stock Incentive Plan. The exercise price will equal the fair market value of
▇▇▇▇▇▇ stock at the time the option is granted.
Please contact me if you have any questions concerning the contents of this
letter. My telephone number is (▇▇▇) ▇▇▇-▇▇▇▇.
Very truly yours,
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Vice President
Global Compensation
▇▇▇▇▇▇▇-▇▇▇▇▇ Squibb Company
▇▇▇▇▇ ▇▇▇▇▇
March 30, 2001
2 of 2
cc: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Senior Vice President
Human Resources
AGREED TO AND ACCEPTED:
/s/ ▇▇▇▇▇ ▇▇▇▇▇
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DATE: April 29, 2001
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