{"id":39190,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-gillette-co-and-john-manfredi.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-gillette-co-and-john-manfredi","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-gillette-co-and-john-manfredi.html","title":{"rendered":"Employment Agreement &#8211; Gillette Co. and John Manfredi"},"content":{"rendered":"<pre>\n\nFebruary 27, 2001\n\n\nMr. John Manfredi\n5 Private Road 366\nBernardsville, NJ  017924\n\nDear John:\n\nI am pleased to extend our offer of employment with The Gillette Company in the\nposition of Senior Vice President - Corporate Affairs at a starting monthly base\nsalary of $28,333.33 effective March 1, 2001.\n\nIn addition to your base salary, you will be eligible for the Incentive Bonus\nPlan in 2001, payable in early 2002. The target bonus percentage for your\nposition is 50% of your year end salary, with a maximum award up to 75%. The\nreceipt of a bonus under this plan is normally contingent upon the Company\nmeeting its overall targets and upon individual job performance during the year.\nFor the year 2001, a minimum award equal to target bonus, pro rated for the\nperiod of employment is guaranteed and will be paid.\n\nYou will be eligible for the Company's Stock Option Plan and will be recommended\nfor a special grant of 75,000 stock options to the Board of Directors, to be\nawarded to you effective with your first day of employment. You will be eligible\nfor annual stock option awards, normally granted in June of each year, in the\nrange of 50,000 to 60,000 options subject to Board and Shareholder approval.\n\nYou will receive a special one-time cash payment of $75,000 within one month of\nyour commencement of employment with The Gillette Company.\n\nIn addition to these compensation provisions, you will be eligible for a wide\nrange of benefits which I have outlined briefly below. I will send you summary\nbrochures of our major benefit plans.\n\nExecutive Life Insurance:  Provides coverage of four times your annual base \nsalary subject to medical underwriting (evidence of insurability).\n\nDependent Life Insurance: Provides coverage of between $10,000 and $50,000 for\nyour spouse and between $5,000 and $25,000 for any dependent children under the\nage of 19. The monthly premium for this insurance will depend on the coverage\nyou select.\n\nMedical\/Dental Insurance: Coverage is available immediately upon your employment\nand you may choose from a variety of plans. Participants pay approximately 20% -\n30% of the cost of this coverage subject to the type of coverage chosen. We\nagree that you will remain on the Nabisco plan until December 31, 2003, and\nstart effective January 1, 2004 in the Gillette plan, and that the Gillette will\ncover the costs of your medical\/dental premiums until December 31, 2006.\nEmployees' Savings Plan: Participation in this plan will allow you to save up to\n15% of your compensation (base salary and any bonuses) on both a pre-tax and\nafter-tax basis, depending upon your election. Company contributions, in the\nform of Gillette Common Stock, are paid in the ratio of one dollar for every two\ndollars you save up to 10%. You will be eligible to participate in this plan on\nyour date of hire. Additionally, the Company has a supplemental savings plan\nthat allows you to continue saving (deferred income) after you've reached the\nIRS limit. (A proposed change to improve the Company match is scheduled to be\nacted upon at the upcoming shareholder meeting.)\n\nPension Plan: You will become a participant under the Company's Retirement Plan.\nThe Plan has a five year minimum years of service requirement to be eligible for\na vested right pension.\n\nFinancial Planning:  Annual reimbursement by the Company of up to $5,000 to \ncover estate planning, financial counseling and tax preparation.\n\nEstate Preservation Plan: You will be eligible to join the plan immediately upon\nyour employment. This life insurance program provides payment of $1,000,000 to\nyour beneficiary after the last to die of you and your spouse. The intent of\nthis plan is to provide funds for the payment of taxes on your estate. The cost\nof this program is shared by you and the Company.\n\nRelocation:  You will receive the provisions of the Newly Hired Executive \nRelocation Policy.  I have enclosed a copy for your information.\n\nParking:  You will be eligible for free parking in the executive parking lot at\nthe Prudential Tower Building (subject to IRS imputed income rules).\n\nOptions: We will propose to the Personnel Committee that if between now and\nFebruary 29, 2004, you are involuntarily separated by the Company for reasons\nother than cause (as defined below), all options issued to you and not yet\nvested, would immediately vest in their entirety, and we would propose that for\nall of your options the exercise period be extended from 90 days to three years.\n\nSeparation Allowance: If between now and February 29, 2004, you are\ninvoluntarily separated by the Company for reasons other than cause, you will\nreceive a gross severance payment equivalent to two (2) years of base salary.\nAfter February 29, 2004, there will be no severance payment.\n         For the purpose of this and the prior paragraph, \"involuntarily\n         separated by the Company for reasons other than cause\" shall be deemed\n         to include your voluntary termination of employment after an event of\n         \"good reason\". For this purpose, \"good reason\" shall mean, without your\n         express written consent, any of the following: (I) any reduction in\n         your duties, any diminution in your position or any adverse change in\n         your reporting relationship from those in effect at the commencement of\n         your employment; (ii) any reduction in your base salary or annual bonus\n         target as in effect on the commencement of your employment; (iii) the\n         failure by the Company to continue in effect any compensation or\n         benefit plan in which you participate or are entitled to participate at\n         the time of commencement of your employment, unless such failure is a\n         result of an amendment or modification which affects all of the\n         Company's employees.\n\nOur offer is contingent upon your successful completion of a medical screening,\nwhich includes a test for alcohol intoxication and use of controlled substances.\nUpon acceptance of our offer of employment, arrangements will be made for your\npre-placement medical screening.\n\nAll of us here at Gillette are certain that you will find this position to be a\nchallenging one and that you will be able to make a positive, strong\ncontribution to the Company. In the meantime, if you have any questions, please\nfee free to call me.\n\nSincerely,                                         Agreed &amp; Accepted\n\n\n\/s\/ Robert E. DiCenso                              Dated:  \/s\/ John F. Manfredi\nSenior Vice President,\nPersonnel and Administration                       By:      3-19-01\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7640],"corporate_contracts_industries":[9395],"corporate_contracts_types":[9539,9544],"class_list":["post-39190","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-gillette-co","corporate_contracts_industries-consumer__cleaning","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39190"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39190"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39190"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}