Summary of 2006 Terms of Employment for Named Executive Officers of Hospira, Inc.
This document outlines the 2006 employment terms for five senior executives at Hospira, Inc., including their base salaries and cash payments in lieu of perquisites, effective March 27, 2006. The officers are also eligible to participate in the company's 2004 Performance Incentive Plan and Long-Term Stock Incentive Plan, with compensation decisions based on company performance. Each executive has a change-in-control agreement in place. The agreement details the compensation structure and key benefits for these top executives.
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Exhibit 10.15
Summary of 2006 Terms of Employment for Named Executive Officers
| Officer | Base Salary(1) | Cash Payment in lieu of Perquisities | ||||
|---|---|---|---|---|---|---|
| Christopher B. Begley, Chief Executive Officer | $ | 760,000 | $ | 50,000 | ||
Terrence C. Kearney, Senior Vice President, Finance, and Chief Financial Officer | 400,000 | 25,000 | ||||
John Arnott, Senior Vice President, Global Commercial Operations | 350,100 | 25,000 | ||||
Edward A. Ogunro, Senior Vice President, Research and Development, Medical and Regulatory Affairs, and Chief Scientific Officer | 350,100 | 25,000 | ||||
Brian J. Smith, Senior Vice President, General Counsel and Secretary | 350,100 | 25,000 | ||||
The base salary for each officer will take effect on March 27, 2006. Each officer participates in the Hospira Inc. 2004 Performance Incentive Plan, which is filed as Exhibit 10.9 hereto, and the nominations and compensation committee of Hospira's board of directors will consider Hospira's adjusted net income, net sales, cash flows and corporate well-being as factors in determining awards payable under such plan. Each officer is eligible to receive awards under the Hospira 2004 Long-Term Stock Incentive Plan, which is filed as Exhibit 10.8 hereto. Each officer is party to a change-in-control agreement in the form filed as Exhibit 10.12 hereto.
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