Aptiv Promotion and Compensation Agreement with William Presley (December 2022)
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Summary
Aptiv has promoted William Presley to Senior Vice President and Chief Operating Officer, effective immediately. His base salary increases to $900,000, with an annual incentive plan target of 100% of base salary and a long-term incentive target of $3,500,000, split between restricted stock units and performance-based stock units. The salary increase includes merit, so he will not participate in the 2023 merit increase program. This agreement outlines the new compensation terms and recognizes Mr. Presley's leadership and contributions to the company.
EX-10.18 4 aptv2022ex1018.htm EXHIBIT 10.18 Document
Exhibit 10.18
Kevin P. Clark
Chairman and Chief Executive Officer
Personal and Confidential
December 15, 2022
Mr. William Presley
Dear Bill,
In recognition of your responsibilities and commitment to Aptiv, effective immediately, you are being promoted to SVP and Chief Operating Officer.
Your base salary will be increased to $900,000 and your AIP target will be 100% of base salary. Additionally, your annual long-term incentive target will be $3,500,000 beginning with the February 2023 planning cycle. Long-term incentive awards will continue to be a mix of 40% Restricted Stock Units (RSUs) and 60% Performance Restricted Stock Units (PRSUs) tied to Aptiv's performance against metrics established at the outset of each performance period. You will receive additional information about these awards at the time of the grant.
The base salary increase provided is inclusive of merit, therefore, you will not be eligible for participation in the 2023 merit increase program.
| Current | New | Change % | |||||||||||||||
| Base Salary | $750,000 | $900,000 | 20% | ||||||||||||||
| AIP Target | 100% | $750,000 | 100% | $900,000 | 20% | ||||||||||||
| Target Total Cash | $1,500,000 | $1,800,000 | 20% | ||||||||||||||
LTI Target | $2,100,000 | $3,500,000 | 67% | ||||||||||||||
Target Direct Comp | $3,600,000 | $5,300,000 | 47% | ||||||||||||||
Bill, your promotion is well-deserved and recognizes your excellent leadership and contributions to Aptiv’s success. I have full confidence that you will continue to provide great value to the organization and I want to personally thank you for your commitment to Aptiv.
Sincerely,
/s/ Kevin P. Clark
Kevin P. Clark
