Deval L. Patrick ADDRESS REPLY TO Executive Vice President P.O. Box 1734 General Counsel and Corporate Secretary ATLANTA, GA 30301
March 4, 2003
Stephen C. Jones One Coca-Cola Plaza NAT-2411 Atlanta, Georgia
Subject to the approval of the Compensation Committee, this letter confirms the terms under which you will separate from The Coca-Cola Company:
1. You will resign as Executive Vice President of The Coca-Cola Company and as Chief Marketing Officer, effective immediately. You will remain an employee of the Company at your current salary until June 1, 2003, the "Separation Date" to transition your work.
2. Effective with your Separation Date, you will receive a lump sum payment of $1,110,000, less applicable taxes. You will not be eligible for additional payments under the Company's Severance Pay Plan and payments will be offset by any other applicable payments due under the laws of any other country.
3. The Company will continue to assist you on your green card application through your Separation Date. Please contact Anna Amato in the Legal Division to understand what further documentation you must provide.
4. The Company will relocate you and your family to Toronto, pursuant to the Company Relocation Program. The Program will include normal and customary relocation benefits including packing and shipping of household goods and sale assistance on the Atlanta homes.
5. You will receive an Annual Incentive for 2002, payable in 2003 based upon your performance.
6. Deferred payments from prior Long Term Incentive plans will be paid to you upon your Separation Date. You will forfeit any payments under LTI plans currently in process.