Boardroom Alpha
Start trial
10-K primary document
PM · Annual Report (Form 10-K) · Filed February 6, 2026

Philip Morris International Inc — 10-K exhibit

pm-ex1065_123125xq4.htm
Philip Morris International Inc on Boardroom Alpha
Document
Exhibit 10.65
image_0a.jpg
Lausanne, November 4, 2025


ACKNOWLEDGMENT LETTER OF TRANSITION TO PMI MANAGEMENT SÀRL

Dear Emmanuel:

As part of an internal reorganization within our group, your employing entity will transition from Philip Morris Products S.A. to PMI Management Sàrl, effective January 1, 2026.

By signing this acknowledgment letter, you confirm that you understand the terms of this transition and agree to the transfer of your employment to the new legal entity. You further acknowledge that all terms and conditions of your employment will remain unchanged, as previously applicable under your current employer, unless otherwise specified below (Section 2).

1.General Terms and Conditions

-Employee Name:         Emmanuel Babeau
-Current Employer:         Philip Morris Products S.A.
-New Employer:             PMI Management Sàrl
-Effective Date of Transition:     January 1, 2026

2.Specific Change to Employment Conditions:

-New Position Title:         Group Chief Financial Officer

You hereby acknowledge and agree that this change will also take effect on January 1, 2026.

To ensure a smooth transition across the organization, we kindly ask you to countersign this letter and return it to Constantin Romanov, Vice President Total Rewards (email: constantin.romanov@pmi.com) by November 11, 2025.

Sincerely,

PMI Management Sàrl

/s/ CONSTANTIN ROMANOV/s/ ANNA NOWAK
Constantin RomanovAnna Nowak
Vice President Total RewardsDirector Executive Compensation

Employee Acknowledgment and Signature

I, Emmanuel Babeau, acknowledge and agree to the transition of my employment to PMI Management Sàrl, under the terms outlined above, effective January 1, 2026.

Signature:    /s/ EMMANUEL BABEAU

Date:         16/12/2025


PMI Management Sàrl, Avenue de Rhodanie 50, 1007 Lausanne, Switzerland
Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer