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PHILIP MORRIS INTERNATIONAL

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PHILIP MORRIS INTERNATIONAL INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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02/12/2019 | 01:46pm EST

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;

            Appointment of Certain Officers; Compensatory Arrangements of Certain
            Officers.


(e) Equity Awards. Named executive officers of Philip Morris International Inc. (the "Company") receive 40% of their targeted equity award in the form of restricted stock units, or RSUs, and 60% in the form of performance share units, or PSUs. Accordingly, on February 7, 2019, the Compensation and Leadership Development Committee of the Board of Directors of the Company (the "Committee") approved the grants of RSUs and PSUs under the Philip Morris International Inc. 2017 Performance Incentive Plan to the Company's named executive officers in the amounts indicated below:



Name                   RSUs       PSUs

André Calantzopoulos 49,310     73,960
Marc Firestone       15,240     22,850
Martin G. King        6,890     10,330
Jacek Olczak         15,960     23,940
Miroslaw Zielinski   11,430     17,140


The foregoing awards of RSUs are due to vest on February 16, 2022. The form of the RSU agreement is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The foregoing awards of PSUs are due to vest on February 16, 2022 at the end of a three-year (2019-2021) performance cycle only to the extent performance goals pre-established and pre-weighted by the Committee are achieved. The form of the PSU agreement is attached as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated by reference herein.

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Annual Incentive Compensation Awards. On February 7, 2019, the Committee approved annual incentive compensation awards for 2018, payable in cash, to the Company's named executive officers, in the amounts indicated below:



Name                 Annual Incentive Award
                                        CHF             US$  (a)
André Calantzopoulos              2,299,850    2,295,549.28
Marc Firestone                    1,071,010    1,069,007.21
Martin G. King                      574,600      573,525.50
Jacek Olczak                      1,020,010    1,018,102.58
Miroslaw Zielinski                  803,260      801,757.90

(a) Annual incentive compensation awards are converted to U.S. dollars using the

average conversion rate on February 7, 2019 of CHF1.00 = $0.99813.

The annual incentive compensation awards were set based on a pre-established matrix formula employing six performance measures.

Base Salaries. The Committee made no changes to the base salaries of the named executive officers from the previously disclosed levels, except that Mr Olczak's base salary was increased from CHF 1,020,006 (approximately $1,018,098.59) to CHF 1,200,000 (approximately $1,197,756) effective April 1, 2019.1

The Company will provide additional information regarding the compensation of its named executive officers in the Company's proxy statement for the Company's Annual Meeting of Shareholders, which will be issued in March 2019.

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits



10.1   Form of Restricted Stock Unit Agreement
10.2   Form of Performance Stock Unit Agreement


1 Using the average conversion rate on February 7, 2019 of CHF1.00 = $0.99813.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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