Compensation Arrangement Summary between Agilent Technologies, Inc. and William P. Sullivan
Agilent Technologies, Inc. has established a compensation arrangement for William P. Sullivan, who became President, CEO, and Director effective March 1, 2005. Mr. Sullivan will receive an annual base salary of $850,000, a short-term bonus (80% of salary, increasing to 100% as of May 1, 2005), and equity awards including 95,500 shares under a long-term program and 149,000 stock options. He must own Agilent stock equal to five times his salary, with at least 20,000 shares directly owned within five years. His employment is at-will.
Exhibit 10.2
Summary of Compensation Arrangement between Agilent and William P. Sullivan
Effective March 1, 2005, William P. Sullivan was elected President, Chief Executive Officer and a Director of Agilent. Mr. Sullivan is provided with the following compensation arrangement: (1) an annual base salary of $850,000; (2) a short-term target bonus of 80 percent of base salary which will increase to 100 percent of base salary effective May 1, 2005; and (3) a total of 95,500 shares available under the long-term performance program and stock option grants totaling 149,000 shares. As President and Chief Executive Officer of Agilent, Mr. Sullivan is required to attain an investment level in Agilent’s stock equal to five times annual salary, including direct ownership of at least 20,000 shares of Agilent stock. This stock ownership level must be attained five years from election to his position. Mr. Sullivan’s employment is at-will.
