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Title: |
Compensation Agreement |
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Entities: |
Bristol-Myers Squibb Co.; Zimmer Holdings, Inc.; J. Raymond Elliott; Zimmer Holdings Inc. |
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Date: |
2001 |
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Size: |
4KB total |
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Price: |
$31 |
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ID: |
#129373 |
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Start of Preview |
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May 1, 2001
J. Raymond Elliott
54595 County Road 8
Middlebury, Indiana 46540
PERSONAL AND CONFIDENTIAL
Dear Ray:
The purpose of this letter is to summarize the terms of your compensation as of
March 15, 2001 contingent upon your assuming the position of President and Chief
Executive Officer - Zimmer Holdings, Inc. This letter also summarizes the terms
of your pension benefit under the Bristol-Myers Squibb Company Retirement Income
Plan. Please note that these arrangements are supplemental to the terms and
conditions of the letter agreement you received from George P. Kooluris, dated
February 21, 2001. All terms and conditions presented in the February 21, 2001
letter agreement remain unchanged.
CASH COMPENSATION
Your annual base salary will be $600,000 and you will have a target bonus of
100% of base salary ($600,000). These compensation arrangements are effective
retroactive to March 15, 2001.
STOCK OPTION AWARD
Effective within 30 days following the date of the spin-off of Zimmer, you will
receive an option to purchase shares of Zimmer stock with an economic value at
the time of grant of $2,100,000 using a generally accepted valuation
methodology. This option will be issued under a new option and equity
compensation plan (the "Zimmer Stock Incentive Plan") that will be adopted by
Zimmer's Board of Directors. Your option will vest in equal installments over a
period of four years provided you remain employed with Zimmer during that time,
or as provided otherwise under the Zimmer Stock Incentive Plan. The exercise
price will equal the fair market value of Zimmer stock at the time the option is
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