Evernorth President and COO Compensation Offer Letter to Eric P. Palmer (December 2020)

Summary

This letter from David M. Cordani, President and CEO, offers Eric P. Palmer the position of President and Chief Operating Officer of Evernorth, effective January 1, 2021. The offer includes a base salary of $950,000, an annual incentive target of $950,000, and a long-term incentive target of $4,300,000, totaling $6,200,000 in annual compensation. The agreement does not affect previously awarded bonuses or stock options and is subject to future program changes. Acceptance was required by December 8, 2020.

EX-10.35 4 exhibit1035palmerofferlett.htm EX-10.35 Document

Exhibit 10.35

David M. Cordani

President and CEO

Routing W2SLT

900 Cottage Grove Road

Hartford, CT 06152

Telephone ###-###-####

Facsimile ###-###-####

December 6, 2020

Eric P. Palmer

Dear Eric:

I am pleased to offer the following compensation package in connection with your assumption of the role of President, Chief Operating Officer, Evernorth, reporting to Tim Wentworth, effective January 1, 2021, subject to your written acceptance below:

•Base Salary – will increase to a pre-tax annualized rate of $950,000.

•Annual Incentive – your annual target will increase to $950,000 for the 2021 performance year.

•Long-Term Incentive – your annual long-term incentive target will increase to $4,300,000 for the 2021 annual grant.

NEW TOTAL ANNUAL COMPENSATION OPPORTUNITY: $6,200,000

The changes above have no impact on previously awarded bonuses, stock options, or SPS grants. As an executive of the company, your compensation will be subject to any future program changes.

Eric, I look forward to continuing to partner with you.

Sincerely,

/s/ David M. Cordani

David M. Cordani

cc: K. Gorodetzer

J. Murabito

Please indicate your acceptance of our offer by signing below and returning a copy to me no later than Tuesday, December 8, 2020.

Acceptance: /s/ Eric P. Palmer

Date: December 8, 2020