Exhibit 10.5.5
Form Agreement in Connection with
the
Executive Severance
Plan
(As Amended and Restated
Effective September 25, 2008 and December 31,
2008)
In accordance with the terms of the
Coca-Coca Enterprises Inc. Executive Severance Plan (the
“Plan”),
(the “Executive”) is eligible for the following
payments and benefits from his/her employer, Coca-Cola Enterprises
Inc. or one of its affiliates (the “Company”), upon
Executive’s termination of employment:
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Severance payments totaling $
, paid in
substantially equal bi-weekly installments in accordance with the
Company’s regular payroll cycles; beginning
following Executive’s separation from service date. This
amount is comprised of:
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$
,
representing months of base
salary;
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$
,
representing annual bonuses payable
at 100% of his/her Management Incentive Plan target award level
(the target award level being equal to
% of his/her base
salary);
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A lump-sum payment of $
to be made
on
, which amount is comprised of:
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$
for
assistance with future medical coverage costs; and
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$
for
assistance with obtaining outplacement services.
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Waiver of any remaining
service-based vesting requirements on Executive’s outstanding
restricted stock or restricted stock unit awards, as described
below:
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Because the performance targets
have been met on the following awards , the underlying shares will vest as of the
later of Executive’s termination date and the date this
agreement becomes effective, with the underlying shares distributed
as soon as practicable following such date or as otherwise provided
under terms of the awards:
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Number of
Shares to Vest
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Because the applicable
performance targets have not been met on the following
awards , vesting of the
underlying shares (a pro rata portion of the award) is conditioned
on the satisfaction of applicable performance target for each grant
and will be paid as provided in accordance with the terms of the
award:
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Shares Eligible to Vest
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Performance Target
($/Share)
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Must be Met By This
Date
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In first quarter of the year
following separation from service, Executive will receive the 20
Management Incentive Plan award, if
any, based on actual performance results and prorated for the
number of days of his/her employment during
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The payments and benefits described
above, which Executive acknowledges that he/she would not otherwise
be entitled to receive, are in consideration of, and contingent on,
Executive executing and not revoking the release of claims and
non-competition covenants contained in this Agreement (the
“Agreement”), as well as Executive’s compliance
with the other terms and obligations under the Plan, including,
without limitation, the confidentiality, non-solicitation,
non-disparagement, return of Company records and property, and
cooperation requirements contained in the Plan.
