Offer letter for William T. Presley, dated December 15, 2022
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
