Amendment to Employment Agreement with Andre Calantzopoulos
This amendment, dated April 1, 2009, is between Philip Morris International Management S.A. and Andre Calantzopoulos. It confirms a 4.9% increase in Mr. Calantzopoulos's annual base salary, raising it from CHF 1,320,000 to CHF 1,384,682. All other terms of his employment remain unchanged. The letter serves as formal notice of the salary adjustment following his annual performance review.
Exhibit 10.23
PRIVATE & CONFIDENTIAL
Andre Calantzopoulos
Lausanne, April 1, 2009
Dear Andre,
Further to your annual performance assessment and discussion with your supervisor, we are pleased to confirm that effective as of April 1, 2009, your annual base salary is being increased by 4.9%.
| from | CHF 1,320,000.00 p.a.* | / CHF 101,538.46 p.m.* | ||
| to | CHF 1,384,682.00 p.a. | / CHF 106,514.00 p.m. |
Your new Position in Range as a result of this salary increase is now 45%.
All other conditions relating to your employment with Philip Morris International Management S.A. remain as stated in your letter of employment issued at the time of the engagement and, if applicable, in any subsequent amendments.
We take this opportunity of wishing you continued success and satisfaction.
| Yours sincerely, |
| Peter-Paul Adriaansen Director Human Resources Decision Support & Business Partner Switzerland |
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| * | p.a. = annual |
| * | p.m. = monthly |
