On June 16, 2021, Philip Morris International Inc. disclosed that effective August 31, 2021, Martin G. King, who has served in many roles at the Company, but most recently as CEO, PMI America, will retire from the Company. As such, in connection with Mr. King's retirement, on August 16, 2021, he and Philip Morris Services S.A. entered into a Separation Agreement and Release (the “Separation Agreement”), with the following key terms, which key terms were set forth in his Employment Agreement with Philip Morris Services S.A., effective June 1, 2020, and previously disclosed by the Company.