Coca Cola 2015 Annual Report Download - page 185

Exhibit 10.47
[Letterhead of The Coca-Cola Company]
COCA-COLA PLAZA
ATLANTA, GEORGIA

ADDRESS REPLY TO:
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
PO BOX 1734
THE COCA-COLA COMPANY
ATLANTA, GA 30301
404 676-4082
FAX: [phone]
December 15, 2015
Alex Cummings
The Coca-Cola Company
Atlanta, Georgia
Dear Alex,
We thank you very much for all of your contributions to The Coca-Cola Company (the “Company”), our people and the Coca-Cola system. I personally wish
you and your family all the best in your retirement. This letter outlines the terms of your separation from the Company. Except as otherwise provided below,
all applicable elements of your separation package will be paid under the terms of the relevant policies and plans of the Company.
1. You will step down from your current position as Chief Administrative Officer, effective December 31, 2015. From January 1, 2016 through March
31, 2016, you will continue to work your normal schedule and assist with the transition of your responsibilities and related work as necessary. You
will step down from your role as Executive Vice President and separate from the Company on March 31, 2016 (“Separation Date”).
2.
3. If you sign the enclosed release, you will be eligible for a benefit under The Coca-Cola Company Severance Pay Plan equivalent to two years of base
salary, based on your current annual salary. This amount will be paid in a lump sum shortly after your Separation Date. This amount is subject to all
applicable tax and withholdings.
4. You will receive an annual incentive award for 2015 and a prorated award for 2016 under the standard terms and conditions of the annual
Performance Incentive Plan. The actual payment amount is contingent upon actual Company performance and your performance. Any such award
will be paid at the same time such awards are paid to all other similar Company executives. Your participation and any award made to you shall be
determined by the Compensation Committee.
5. The Compensation Committee has extended to you the terms of the Special Equity Program with respect to all equity granted prior to 2013 on the
same terms and conditions applicable to other eligible employees who are at least age 50 with at least 10 years of service. This is conditioned upon
you signing the enclosed release. For equity awards granted in 2013 and after, the existing terms of the plans and related agreements apply. When
you exercise your stock options or receive shares underlying PSU awards, you will be personally liable for paying any taxes owed except as
expressly provided by the Company’s International Service Policy or Tax Equalization Policy. You will not receive any additional equity awards.
Your equity awards will be treated as summarized below.
Stock Options
•Your stock options continue to vest for up to four years following your Separation Date. You will have up to four years, or, if
earlier, the normal date of expiration, to exercise all of your vested options.
•