Kraft 2014 Annual Report Download - page 111

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EXHIBIT 10.10
December 17, 2014
Mr. John T. Cahill
Dear John,
I am very pleased to confirm the offer extended to you by our Board of Directors for the position of Chairman and Chief Executive Officer of
Kraft Foods Group, Inc. (“Kraft” or the “Company”), effective December 28, 2014. This letter sets forth all of the terms and conditions of the
offer.
Annualized Compensation (Range of Opportunity)
Your compensation is described in greater detail below.
Annual Incentive Plan
You will be eligible to participate in the Kraft Management Incentive Plan (“MIP”), which is the Company’ s annual incentive program. Your
target annual incentive award opportunity under MIP will be equal to 160% of your base salary (and your maximum incentive award opportunity
will be capped at 250% of target). The actual amount you will receive may be lower or higher than your target incentive award opportunity
depending on your individual performance and the performance of the Company. Your 2015 annual incentive award will be payable no later
than March 15, 2016. Your MIP eligibility will begin on your date of employment.
Long-Term Incentive Opportunity
Typically, each year you will be eligible to receive a long-term incentive (“LTI”) grant. Generally, the LTI mix includes performance shares,
restricted stock units and stock options. At the beginning of each year, the total target value of your LTI awards will be established by the
Compensation Committee. For 2015, your long-term incentive awards will be as follows:
Performance Shares (60% of total LTI value)
Stock Options (20% of total LTI value)
Restricted Stock Units (20% of total LTI value)
The Company reserves the right to change the mix, type and value of long-term incentive awards granted each year. Your eligibility to receive an
annual LTI grant will begin in 2015.
All existing LTI awards granted to you prior to becoming Chief Executive Officer will continue to be governed under the provisions of the offer
letter to you dated December 3, 2011 and the award agreements applicable to such awards.
Target
Annual Base Salary $ 1,100,000
Annual Incentive Target Opportunity (Target equals
160% of base salary) $ 1,760,000
Long-Term Incentive Target Opportunity $ 6,640,000
Total Annual Compensation $ 9,500,000