{"id":40503,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/severance-agreement-coca-cola-company-and-jack-l-stahl.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"severance-agreement-coca-cola-company-and-jack-l-stahl","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/severance-agreement-coca-cola-company-and-jack-l-stahl.html","title":{"rendered":"Severance Agreement &#8211; Coca-Cola Company and Jack L. Stahl"},"content":{"rendered":"<pre>                                 March 31, 2001\n\n\n\nMr. Jack L. Stahl\nAtlanta, Georgia\n\nDear Jack:\n\nThis letter outlines the terms under which you will separate from The \nCoca-Cola Company. You have resigned as President and Chief Operating \nOfficer on March 4, 2001. You have agreed to remain an employee until \nthe date hereof (the \"Separation Date\").\n\nThe Board of Directors has accepted your resignation and the terms and\nconditions described in this letter have been approved by the \nCompensation Committee (or the appropriate Subcommittee) of the Board.\n\nAs soon as reasonably practical after the Separation Date, you will \nreceive a payment of $3.5 million. All stock option grants, except the \nretention grant made in February 2000 which will be forfeited, will \nfully vest (if not already vested) on the Separation Date. Options \ngranted before 1997 will remain exercisable according to their terms. \nOptions granted in October 1997, October 1999 and October 2000 will \nremain exercisable for the seven-year period beginning on the \nSeparation Date, unless they expire earlier according to their terms.\n\nYou will not be entitled to any bonus for the year 2001.\n\nYou will receive a payment of $153,000 in lieu of any payment under \nthe Company's Long Term Incentive Plans.\n\nRestrictions on your restricted stock grants will be released except \nfor the performance grant made in October 2000 which will be forfeited. \nRestrictions on 203,000 of the restricted shares (oldest grants being \nreleased first) will be released on the Separation Date and \nrestrictions on the remaining 203,000 shares will be released on \nDecember 31, 2001, provided that, if you do not comply in all respects \nwith the terms of this letter the remaining shares shall all be\nforfeited. The determination of whether you have complied in all \nrespects with this letter is solely within the discretion of the \nCompensation Committee acting in good faith. Additionally, you will \nreceive a cash payment for any gross up for taxes which may be due to \nyou under the terms of particular grants from the 1983 Restricted \nStock Plan.\n\nAs soon as reasonably practical after the Separation Date you will \nreceive a lump sum distribution of your Supplemental Thrift Plan and \nCompensation Deferral and Investment Plan accounts.\n\n\n\nMr. Jack L. Stahl\nMarch 31, 2001\nPage 2\n\n\n\nThe Company will reimburse you for the cost of your COBRA continuation of\nbenefit coverage until the earlier of the eighteen-month anniversary of the\nSeparation Date and your obtaining employment which provides medical coverage.\n\nFrom May 1, 2001 until April 30, 2002 the Company will provide you with\nsuitable office space and secretarial services. The Company will reimburse you\nfor any out-of-pocket expenses authorized by and incurred on behalf of the\nCompany.\n\nPlease note that any personal (i.e., non-Company-related) use of the office and\nsecretarial services will result in imputed income to you.\n\nYour retirement benefits will consist of those benefits already vested. Those\nbenefits consist of $20,567 monthly beginning at age 65 or, if you so elect,\n$10,694 monthly beginning at age 55.\n\nIn return for the payments, benefits and actions delivered within this letter\nyou agree not to be engaged by or provide services, information or consultation\nto any company which operates commercially in the nonalcoholic beverage\nindustry, beginning as of the date of this letter and ending on May 1, 2004. You\nagree to keep confidential all confidential information relating to the business\nof the Company and not to disparage the Company, its officers or employees.\nDisparagement means negative oral statements to the media which can be\naccurately demonstrated in fact to be attributable to you or negative statements\nin publications which can be accurately demonstrated in fact to be attributable\nto you.\n\nWe appreciate your long and loyal service on behalf of The Coca-Cola Company.\n\n\n\nOn behalf of the Board\n\n\n\n\/S\/ HERBERT A. ALLEN                        \/S\/ DOUGLAS N. DAFT\n--------------------------------            --------------------------------\nHerbert A. Allen                            Douglas N. Daft\nChairman, Compensation Committee            Chairman of the Board &amp; The Board of Directors of                   Chief Executive Officer\nThe Coca-Cola Company                       The Coca-Cola Company\n\n\n\nAgreed and accepted this 27 day of March, 2001\n\n\n\n\n\n\/S\/ JACK L. STAHL\n------------------------\nJack L. Stahl\n\n\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[7137],"corporate_contracts_industries":[9421],"corporate_contracts_types":[9539,9551],"class_list":["post-40503","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-coca-cola-co","corporate_contracts_industries-food__beverages","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40503","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=40503"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40503"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40503"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}