Kraft 2010 Annual Report Download - page 192
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December 21, 2010
Page 4 of 5
If you are a "specified employee" (within the meaning of Code section 409A) as of your separation from service (within the meaning of Code section 409A):
(a) payment of any amounts under this letter (or under any severance arrangement pursuant to this letter) which the Company determines constitute the
payment of nonqualified deferred compensation (within the meaning of Code section 409A) and which would otherwise be paid upon your separation from
service shall not be paid before the date that is six months after the date of your separation from service and any amounts that cannot be paid by reason of this
limitation shall be accumulated and paid on the first day of the seventh month following the date of your separation from service (within the meaning of Code
section 409A); and (b) any welfare or other benefits (including under a severance arrangement) which the Company determines constitute the payment of
nonqualified deferred compensation (within the meaning of Code section 409A) and which would otherwise be provided upon your separation from service
shall be provided at your sole cost during the first six-month period after your separation from service and, on the first day of the seventh month following
your separation from service, the Company shall reimburse you for the portion of such costs that would have been payable by the Company for that period if
you were not a specified employee.
Payment of any reimbursement amounts and the provision of benefits by the Company pursuant to this letter (including any reimbursements or benefits to be
provided pursuant to a severance arrangement) which the Company determines constitute nonqualified deferred compensation (within the meaning of Code
section 409A) shall be subject to the following:
(a) the amount of the expenses eligible for reimbursement or the in-kind benefits provided during any calendar year shall not affect the amount of the
expenses eligible for reimbursement or the in-kind benefits to be provided in any other calendar year;
(b) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the calendar year in which the expense
was incurred; and
(c) your right to reimbursement or in-kind benefits is not subject to liquidation or exchange for any other benefit.
This offer is contingent upon successful completion of our pre-employment checks, which may include a background screen, reference check, and post-offer
drug test pursuant to testing procedures determined by Kraft Foods.
If you have any questions, I can be reached at the office at (XXX) XXX-XXXX or on my cell phone at (XXX) XXX-XXXX.
Sincerely,
/s/ Karen J. May
Karen J. May
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