You will be eligible to participate in The Goodyear Tire & Rubber Company Defined Contribution Excess Benefit Plan (DC Excess Plan) to the extent your annual base salary and EAIP earnings exceed IRS limitations, as well as eligibility for a Performance Based Benefit (PBB) under the DC Excess Plan. PBB contributions to the DC Excess Plan, which are 100% company paid, are made based on performance under the EAIP (7% at threshold, 14% at target, and 28% at maximum). Vesting is based on years of participation in the PBB (50% at five years, 75% at seven years, and 100% at the earlier of 10 years or age 62). Plan details are provided in the attached documentation.
Effective with your election as an officer of the Company, you will be a participant in The Goodyear Tire & Rubber Company Executive Severance and Change in Control Plan (Severance Plan) with a Severance Multiplier of 2.0x salary plus target annual incentive. Plan details are provided in the attached documentation.
As the Chief Executive Officer, you will also be subject to share ownership requirements equal to 6x your annual base salary, to be achieved within five years from your hire date. Details are provided in the attached documentation.
You are eligible to participate in the Personal Financial Planning program for key executives. You may select a financial provider of your choice to assist you with comprehensive financial planning services, including preparation of your income tax return. The cost (up to $9,000 annually) is paid by the Company and reported as imputed income to you.
You will also be eligible to receive two sets of Goodyear tires annually. The cost is paid by the Company and reported as imputed income to you. You are also eligible for an annual executive physical paid for by the Company.
You will be eligible for personal use of the Company planes. The cost is paid by the Company and reported as imputed income to you.
Your offer includes certain relocation benefits subject to eligibility guidelines. These benefits include home sale and purchase assistance along with the moving of household goods. In addition, the Company will provide you with certain cash benefits to assist with a home finding trip, any return trips, temporary living and inspections for the home purchase. This will be paid out after your date of hire and is subject to any applicable taxes. Details are provided in the attached documentation.
As part of this agreement, you must faithfully and industriously assume and perform with skill, care, diligence, and attention all responsibilities and duties connected with your employment on behalf of the Company. You also agree to follow the policies and procedures established by the Company, which may change from time to time, work directions from the Company’s Board of Directors, and the provisions set forth herein.
The terms and conditions of this Letter Agreement and your employment are contingent upon satisfactory completion of a background check and the execution and delivery of the following five documents: (1) this Letter Agreement; (2) Background Check Authorization; (3) Conviction Questionnaire; (4) Microsoft Office 365 Privacy Statement; and (5) Goodyear Computer User Agreement.
Enclosed, and incorporated herein by reference, is a copy of the Associate Confidentiality & Intellectual Property Agreement, and the Mutual Waiver of Right to Trial by Jury (“ACIPA”). You agree to sign and comply with the terms and conditions of the ACIPA.
You and the Company agree that this Letter Agreement constitutes the entire agreement and supersedes all prior agreements or understandings, whether oral or written, between you and the Company with respect to the subject matter of this agreement. Any modifications to this agreement must be in writing and signed by you and an authorized employee or agent of the Company. This Letter Agreement is governed by and will be construed in accordance with the laws of the State of Ohio.
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