Amendment No. 1 to Kellogg Company 2017 Long-Term Incentive Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

Kellogg Company has amended its 2017 Long-Term Incentive Plan, effective June 7, 2018. The amendment clarifies that the annual limit on awards applies specifically to non-employee directors and sets the maximum aggregate grant date fair value of awards for any non-employee director at $800,000 per calendar year. This change was approved by the company's Board of Directors under their authority to amend the plan.

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EX-10.1 2 exhibit101ltipamendment.htm EXHIBIT 10.1 Exhibit


Exhibit 10.1



AMENDMENT NO. 1
TO
KELLOGG COMPANY
2017 LONG-TERM INCENTIVE PLAN

WHEREAS, Kellogg Company (the “Company”) maintains the Kellogg Company 2017 Long-Term Incentive Plan (the “Plan”);

WHEREAS, pursuant to Section 15.1 of the Plan, the Board of Directors of the Company (the “Board”) may amend the Plan at any time and from time to time in such respects as the Board may deem to be in the best interests of the Company; and

WHEREAS, the Board has determined that it is advisable to amend the Plan on the terms set forth herein.

NOW, THEREFORE, by virtue and in exercise of the power reserved to the Board by Section 15.1 of the Plan, effective June 7, 2018, Section 2.26 of the Plan is deleted and Section 4.4.6 of the Plan is amended solely by replacing the reference to “Director” with “non-employee Director.” As amended, Section 4.4.6 will read as follows:

“4.4.6     Limit on Non-Employee Director Awards. The aggregate grant date fair value (as determined in accordance with generally accepted accounting principles applicable in the United States) of all Awards credited or granted during any calendar year to any non-employee Director shall not exceed $800,000.”