Offer Letter for Senior Vice President, Controller and Chief Accounting Officer – Ellie May and The Coca-Cola Company
This letter from The Coca-Cola Company offers Ellie May the position of Senior Vice President, Controller and Chief Accounting Officer, effective June 1, 2024, with an annual base salary of $470,000. Ellie will be eligible for annual and long-term incentive plans, subject to company discretion, and is required to maintain share ownership equal to twice her base pay by December 31, 2028. The letter outlines compensation and expectations but states it is not an employment contract. Ellie May accepted the offer on May 1, 2024.
EXHIBIT 10.1
May 1, 2024
Ellie May
Dear Ellie,
I am delighted to offer you the position of Senior Vice President, Controller and Chief Accounting Officer, with an effective date of June 1, 2024. You will continue to report to me. The information contained in this letter provides the terms and compensation details of this position. All payments set forth below are subject to tax and withholding.
| · | Your principal place of assignment will continue to be Atlanta, Georgia. |
| · | Your annual base pay will be USD 470,000. Your next base salary review will be in April 2025. |
| · | You will continue to be eligible to participate in the Annual Incentive Plan. This is an important, variable element of your total compensation. Your incentive opportunity will range from 0 – 150% of your annual base pay, with the reference value equal to 75% for this role. Any payment will depend on both the business performance and your personal contributions. Awards are made at the discretion of the Talent and Compensation Committee of the Board of Directors based upon recommendations by Senior Management. As a discretionary program, the performance factors, eligibility criteria, payment frequency, award opportunity levels and other provisions are variable. The plan may be modified from time to time. |
| · | You will continue to be eligible to participate in The Coca-Cola Company’s Long-Term Incentive (LTI) program. Awards are made at the discretion of the Talent and Compensation Committee of the Board of Directors based upon recommendations by Senior Management. You will be eligible to receive LTI awards within guidelines for your position and based upon your leadership potential to impact the Company’s future growth. As a discretionary program, eligibility criteria, award opportunity levels, the award timing, frequency, size and mix of award vehicles are variable. |
| · | You will continue to be expected to acquire and maintain share ownership at a level equal to two times your base pay. As part of the Company’s ownership expectations, you will continue to have until December 31, 2028, to comply with this requirement. You will be asked to provide information in December each year on your progress toward your ownership goal, and that information will be reviewed with the Talent and Compensation Committee of the Board of Directors the following February. |
| · | This letter is provided as information and does not constitute an employment contract. |
Ellie, I feel certain that you will continue to find challenge, satisfaction, and opportunity in this role and as we continue our journey during this important time.
Sincerely,
| /s/ John Murphy |
John Murphy
President and Chief Financial Officer
cc:
Carl Saunders
Executive Compensation
Advanced Care
Ellie May
May 1, 2024
Page 2
I, Ellie May, accept this offer.
| Signature: | /s/ Ellie May | |
| Date: | 5/1/2024 |
