Summary of 2005 Terms of Employment for Named Executive Officers of Hospira, Inc.
Contract Categories:
Human Resources
›
Compensation Agreements
Summary
This document outlines the 2005 employment terms for five senior executives at Hospira, Inc., including their annual base salaries, cash payments in lieu of perquisites, eligibility for bonuses under the 2004 Performance Incentive Plan, and participation in the 2004 Long-Term Stock Incentive Plan. Bonus amounts are tied to a percentage of EBITDA and may be reduced based on company performance factors. The agreements also include change of control provisions. These terms are subject to shareholder approval of the incentive plan at the 2005 Annual Meeting.
EX-10.15 3 a2153002zex-10_15.htm EX-10.15
Exhibit 10.15
Summary of 2005 Terms of Employment for Named Executive Officers
| Officer | Annual Base Salary (1) | Annual Cash Payment in lieu of Perquisites | Bonus Plan | Maximum Bonus Under Bonus Plan | Factors in Reducing Bonus Under Bonus Plan | Equity Incentive Plan | Other | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Christopher B. Begley, Chief Executive Officer | $ | 721,000 | $ | 50,000 | Hospira, Inc. 2004 Performance Incentive Plan (2) | 2% of EBITDA (as defined in the plan) | Hospira's net income, cash flows, net sales and corporate well being | Hospira 2004 Long-Term Stock Incentive Plan (3) | Change of Control Agreement (4) | |||||||
John Arnott, Senior Vice President, Global Commercial Operations | 340,000 | 25,000 | Hospira, Inc. 2004 Performance Incentive Plan | 1% of EBITDA (as defined in the plan) | Hospira's net income, cash flows, net sales and corporate well being | Hospira 2004 Long-Term Stock Incentive Plan | Change of Control Agreement | |||||||||
Terrence C. Kearney, Senior Vice President, Finance, and Chief Financial Officer | 340,000 | 25,000 | Hospira, Inc. 2004 Performance Incentive Plan | 1% of EBITDA (as defined in the plan) | Hospira's net income, cash flows, net sales and corporate well being | Hospira 2004 Long-Term Stock Incentive Plan | Change of Control Agreement | |||||||||
Edward A. Ogunro, Senior Vice President, Research and Development, Medical and Regulatory Affairs, and Chief Scientific Officer | 340,000 | 25,000 | Hospira, Inc. 2004 Performance Incentive Plan | 1% of EBITDA (as defined in the plan) | Hospira's net income, cash flows, net sales and corporate well being | Hospira 2004 Long-Term Stock Incentive Plan | Change of Control Agreement | |||||||||
Brian J. Smith, Senior Vice President, General Counsel and Secretary | 340,000 | 25,000 | Hospira, Inc. 2004 Performance Incentive Plan | 1% of EBITDA (as defined in the plan) | Hospira's net income, cash flows, net sales and corporate well being | Hospira 2004 Long-Term Stock Incentive Plan | Change of Control Agreement | |||||||||
- (1)
- To take effect March 28, 2005. Represents an approximately 3% raise over 2004 annual base salary.
- (2)
- The Hospira Inc. 2004 Performance Incentive Plan is filed as Exhibit 10.9 hereto. Awards under the plan in 2005 will be made only if Hospira's shareholders approve the plan at Hospira's 2005 Annual Meeting of Shareholders on May 9, 2005.
- (3)
- The Hospira 2004 Long-Term Stock Incentive Plan is filed as Exhibit 10.8 hereto (referring to Exhibit 10.8 to Hospira's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004).
- (4)
- The form of Change of Control Agreement is filed as Exhibit 10.12 hereto (referring to Exhibit 10.12 to Hospira's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004).
