EXHIBIT 10.17
April 13, 2001
▇▇▇▇ ▇. ▇▇▇▇▇▇▇-▇▇▇▇▇▇
[Address]
PERSONAL AND CONFIDENTIAL
Dear ▇▇▇▇:
The purpose of this letter is to summarize the terms of your compensation as of
April 15, 2001 contingent upon your assuming the position of President Asia -
▇▇▇▇▇▇ Holdings, Inc. Please note that these arrangements are supplemental to
the terms and conditions of the letter agreement you received from ▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇▇▇, 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 $250,000 and you will have a target bonus of 45%
of base salary ($112,500). These compensation arrangements will be effective
April 15, 2001.
STOCK OPTION AWARD
Effective within 30 days following the date of the spin-off of ▇▇▇▇▇▇, you will
receive an option to purchase shares of ▇▇▇▇▇▇ stock with an economic value at
the time of grant of $410,000 using a generally accepted valuation methodology.
This option will be issued under a new option and equity compensation plan (the
"▇▇▇▇▇▇ Stock Incentive Plan") that will be adopted by ▇▇▇▇▇▇'▇ Board of
Directors. Your option will vest in equal installments over a period of four
years provided you remain employed with ▇▇▇▇▇▇ during that time, or as provided
otherwise under the ▇▇▇▇▇▇ Stock Incentive Plan. The exercise price will equal
the fair market value of ▇▇▇▇▇▇ stock at the time the option is granted.
Please contact me if you have any questions concerning the contents of this
letter. My telephone number is (▇▇▇) ▇▇▇-▇▇▇▇.
Very truly yours,
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Vice President
Global Compensation
▇▇▇▇▇▇▇-▇▇▇▇▇ Squibb Company
▇▇▇▇ ▇. ▇▇▇▇▇▇▇-▇▇▇▇▇▇
APRIL 13, 2001
PAGE 2 OF 2
cc: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Senior Vice President
Human Resources
▇▇▇▇ ▇. ▇▇▇▇▇▇▇-▇▇▇▇▇▇
▇▇▇▇▇▇, Inc.
AGREED TO AND ACCEPTED:
______________________________
DATE:_________________________