Offer Letter, dated as of October 24, 2024, by and between Reynolds Consumer Products Inc. and Nathan D. Lowe
Exhibit 10.4
10/24/2024
Dear Nathan,
In recognition of your accomplishments and continued professional growth, I am pleased to confirm your promotion as the Chief Financial Officer for Reynolds Consumer Products reporting to Scott Huckins.
The details of the role change are as follows:
| • | Base Salary: Your new role will be effective as of January 1, 2025 with an annual salary of $550,000. |
| • | Promotional Bonus: In addition, effective 2/1/2025, you will receive a grant of Restricted Stock Units with a grant date fair value of $250,000 which vests ratably over 2 years on 2/1/2026 and 2/1/2027 respectively. A separate email will be sent from E*TRADE with your award document shortly after 2/1/2025. You will be required to review and accept your award on E*TRADE. |
| • | Annual Incentive Plan (AIP): In addition to your base salary, you will be eligible to participate in the Reynolds Consumer Products Annual Incentive Plan at a target of 75% paid annually. Our incentive plan is a discretionary program with payments contingent upon company performance as well as remaining continuously employed up to and including the incentive plan payout date. |
| • | Long Term Incentive Plan (LTIP): In addition to the AIP, you will be eligible to participate in the LTIP with a 175% target effective January 1, 2025. |
Based on the above, your Target Compensation for the new role is as follows:
| Base Salary | AIP% | AIP $ | Total Target Cash | LTIP% | LTIP $ | Total Target Direct Comp | ||||||||||||||||||
| $550,000 | 75 | % | $ | 412,500 | $ | 962,500 | 175 | % | $ | 962,500 | $ | 1,925,000 | ||||||||||||
Due to the nature of your new role, you will be required to sign an Employment Agreement and a Restrictive Covenant Agreement.
We wish you much success in your new role with Reynolds Consumer Products!
Kind Regards,
/s/ Valerie Miller
Valerie Miller Richards
Executive Vice President – Human Resources
Reynolds Consumer Products
If you choose to accept this promotion, please acknowledge your acceptance by signing below and returning the full letter via email to ***@***. The changes will be processed once the signed letter is received.
I accept Reynolds Consumer Products’ promotional opportunity as outlined in this letter. I understand that this employment arrangement is considered “at-will” and may be terminated either by me or by the company at any time with or without cause, and that this at-will employment relationship may only be altered by a written contract signed by the CEO expressly stating that my employment is not at-will.
| /s/ Nathan Lowe | 10/24/2024 | |||||
| Nathan Lowe | Date | |||||
