Employment Agreement between Church & Dwight Co., Inc. and Jon Finley (President and COO)
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This agreement outlines the terms of employment for Jon Finley as President and Chief Operating Officer of Church & Dwight Co., Inc., with a planned promotion to CEO. It specifies salary, bonuses, stock options, and benefits, as well as conditions for promotion and financial protections if the promotion does not occur. The agreement also details severance terms if employment ends under certain conditions, including salary continuation, bonus payments, and relocation support. The offer is contingent on a drug screening and includes provisions for participation in company benefit plans.
EX-10.H 6 y59049ex10-h.txt EMPLOYMENT AGREEMENT Exhibit 10(h) February 2, 2001 Mr. Jon Finley 6393 Oxbow Bend Chanhassen, MN 55317 Dear Jon, The Board and Executive Management Team are excited about you joining the Company. More importantly, we all are enthused about a long future with you as President and COO, and CEO. I feel that working in partnership with you, together we will be able to transform Church & Dwight. The enclosed documents outline our offer for the position of President and Chief Operating Officer for Church & Dwight Co., Inc. This letter and attachments, when signed by you, represent our mutual agreement with respect to your employment with Church & Dwight Co., Inc. We would like you to start on or before April 1, 2001. I know you are concerned about the prospects of moving your family and in the end not being promoted to Chief Executive Officer. To help you make this transition given the uncertainty, Church & Dwight is willing to take several important steps in order to mitigate your concerns. Assuming the Board makes its final decision that you are to be the Company's next CEO, our intention is to make that move at the Annual Stockholders Meeting in May of 2002. The decision to transfer the CEO role to you may be made earlier than May 2002. In order to address your concerns and demonstrate our commitment, we will be: - Communicating to Wall Street by September 15, 2001 of our decision to promote you to CEO. As CEO Elect, you will focus on completing the transition of authority from Bob Davies. - Willing to incur significant financial penalty as part of the Terms of Employment Agreement. Church & Dwight Co., Inc. will pay the attached including 2.5 times your base salary and full target bonus (100% of base salary) in the event that after September 15, 2001 Church & Dwight decides not to execute the agreed promotion to the CEO position by June 30, 2002 and you have separated from the Company. - Church & Dwight also agrees to pay the attached including 1.5 times your annual base salary and a full target bonus (100% of base salary) in the event it is decided not to make you CEO Elect on or before September 15th 2001 resulting in your separation from the Company. Jon Finley February 2, 2001 Page 2 - You will be a Director on the Church & Dwight Co., Inc. Board the first day you start employment On April 1st 2001, you will take responsibility for the Arm & Hammer Consumer Products Business. Bob Davies's role will immediately move from leading the A&H division to transitioning leadership of the division to you. Bob's responsibility will be to: - Manage the overall issues for the corporation, including your successful transition to CEO - Introduce you to Wall Street, customers, partners, bankers and other outsiders - Lead, with you and Zvi, the work required on major acquisitions - Transfer to you, Bob's breadth of knowledge about the Company and the industries in which we compete - Lead the Specialty Products Division until its transfer to you planned for October 1, 2001 - Bob Davies will work himself out of the day-to-day management of the Arm & Hammer business. I am pleased to offer you this position and an attractive package of both direct and indirect benefits. The terms of our employment offer are detailed within the attached documents, which outline our proposed Employment Terms for this position. The offer is contingent upon a satisfactory completion of a drug screening. I hope you see how clearly committed we are to preparing you to be a very successful Chief Executive Officer of Church & Dwight Co., Inc. I look forward to further discussing this opportunity with you at your earliest convenience. Sincerely, /s/ Steven P. Cugine - ------------------------------- Steven P. Cugine Vice President, Human Resources SPC:tms Enclosures Agreed: /s/ Jon Finley ----------------------- Date: 2/15/01 ----------------------- Church & Dwight Co., Inc. - -------------------------------------------------------------------------------- Employment Agreement for Jon Finley - --------------------------------------------------------------------------------
Church & Dwight Co., Inc. - -------------------------------------------------------------------------------- Employment Agreement for Jon Finley - --------------------------------------------------------------------------------
Church & Dwight Co., Inc. - -------------------------------------------------------------------------------- Employment Agreement for Jon Finley - --------------------------------------------------------------------------------
Church & Dwight Co., Inc. - -------------------------------------------------------------------------------- Employment Agreement for Jon Finley - --------------------------------------------------------------------------------