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10-Q primary document
PM · Quarterly Report (Form 10-Q) · Filed July 25, 2025

Philip Morris International Inc — 10-Q exhibit

pm-ex101_063025xq2.htm
Philip Morris International Inc on Boardroom Alpha
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Exhibit 10.1
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PERSONAL AND CONFIDENTIAL



To: Ms. Stacey Kennedy                              Lausanne, June 27, 2025




Dear Stacey,


We are pleased to confirm that effective July 1, 2025, your grade will be increased to 25 and your comparatio will be 89%. Your base salary will remain unchanged and your total target compensation will increase by 4.2%.


Incentive Compensation Award Program

As a grade 25 employee, you will continue to be eligible to participate in the Incentive Compensation (“IC”) Award Program, which is administered at the sole discretion of the Compensation and Leadership Development Committee of the Board of Directors pursuant and subject to the terms of the 2022 Performance Incentive Plan (or any similar plan adopted from time to time). Each eligible employee has an annual IC award target that assumes a PMI company performance rating of 100 and a target individual performance level.

As a grade 25 employee, your 2025 target will remain at 100% of your annual base salary. Targets are reviewed annually and are made available to employees under the PMI 23-G4 Guidelines Global Variable Compensation Programs Annex 1.


Stock Award Program

As a grade 25 employee, you will continue to be eligible to participate in the Stock Award Program, which is administered at the sole discretion of the Compensation and Leadership Development Committee of the Board of Directors pursuant and subject to the terms of the 2022 Performance Incentive Plan (or any similar plan adopted from time to time). Each eligible employee has an annual stock award target that assumes a target individual performance level.

As a grade 25 employee, your 2025 target will increase from 160% to 175% of your annual base salary. Targets are reviewed annually and are made available to employees under the PMI 23-G4 Guidelines Global Variable Compensation Programs Annex 2.

The Incentive Compensation and Stock Award Programs are discretionary and do not obligate the Company to make an award nor entitle employees to receive an award. Eligibility to participate in the Programs does not guarantee receipt of an award and receiving an annual award does not guarantee receipt of an award in the future. Any awards that are made may be higher or lower than the targets mentioned above. Targets may be amended at the discretion of the Company at any time without prior notice.

Philip Morris Services S.A., Avenue de Cour 107, 1001 Lausanne, Switzerland
T:+41 (58) 242 00 00, F: +41 (58) 242 01 01



All other conditions relating to your employment with Philip Morris Services S.A. remain as stated in your employment contract and in any subsequent amendments.

We would like to take this opportunity to wish you continued success and satisfaction.


Yours sincerely,

PHILIP MORRIS SERVICES S.A.





    
/s/ CONSTANTIN ROMANOV

/s/ ANNA NOWAK
Constantin Romanov

Anna Nowak
Vice President Total RewardsDirector Executive Compensation







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