Zoetis : Management Change/Compensation - Form 8-K

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On May 20, 2024, in connection with Heidi C. Chen's previously announced separation, Zoetis Inc. (the "Company") entered into a Letter Agreement (the "Letter Agreement") with Ms. Chen. The Letter Agreement provides that Ms. Chen will continue employment as a non-corporate officer employee of the Company through July 16, 2024 (the "Termination Date"), and through the Termination Date will continue receiving her current annual base salary and employment benefits. After the Termination Date Ms. Chen will serve as a non-employee consultant through December 31, 2024, and in exchange for such advisory services, and subject to compliance with the terms of the Letter Agreement and the execution of a release agreement, Ms. Chen will receive a consulting fee of $350,000. Ms. Chen will also be eligible to receive severance payments and benefits in accordance with the terms of the Zoetis Executive Severance Plan and as set forth in the Letter Agreement.

The foregoing description of the Letter Agreement is qualified in its entirety by reference to the full text of the Letter Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.