On July 21, 2022, The Coca-Cola Company announced that Brian J. Smith, President and Chief Operating Officer, will be retiring from the Company. On September 30, 2022, Mr. Smith will step down from his position as President and Chief Operating Officer, and he will continue with the Company as a senior executive until his retirement on February 28, 2023. On July 21, 2022, the Company provided Mr. Smith with a letter to confirm his senior executive position and set forth the primary compensation elements associated with the position.

Pursuant to Mr. Smith's letter, his base salary and annual target incentive will remain unchanged through his retirement date. Mr. Smith will be eligible to receive annual incentive awards for 2022 and through the date of his retirement in 2023, at the discretion of the Talent and Compensation Committee of the Company's Board of Directors Mr. Smith will not receive any additional long-term incentive grants. Mr. Smith's retirement benefits will otherwise consist of those benefits provided for under the standard terms and conditions of the plans in which he participates.

On July 21, 2022, the Company also announced that John Murphy, Executive Vice President and Chief Financial Officer, will become President and Chief Financial Officer, effective October 1, 2022. On July 21, 2022, the Company provided Mr. Murphy with a letter to confirm his new position and set forth the primary compensation elements that will be effective commencing October 1, 2022. Pursuant to the letter, Mr. Murphy's base salary will be $1,025,000.

Mr. Murphy will continue to be eligible to participate in the Company's annual and long-term incentive programs, and the Committee adjusted Mr. Murphy's target annual incentive to 150% of his annual base salary. Mr. Murphy will continue to be subject to the Company's share ownership guidelines and he will receive certain additional benefits described in Mr. Murphy's letter. On July 19, 2022, the Board increased the size of the Board to 12 members and elected Carolyn Everson as a Director of the Company.

Ms. Everson was also appointed to the Talent and Compensation Committee, effective immediately following her election. Murphy, 60, has served as CFO since 2019. He oversees Mergers & Acquisitions, Investor Relations, Global Strategy, Tax, Treasury, Audit, Accounting and Controls, Reporting and Analysis, Real Estate and Risk Management.

As president and CFO, he will take on expanded duties, including oversight of Global Ventures; Platform Services; online-to-offline (O2O) digital transformation; and customer and commercial leadership.