Exhibit 10.29

 

Long-term Incentive Program

 

The Committee of Independent Directors (as to the Chief Executive Officer) and
the Executive Compensation Committee (as to the other executive officers) of the
Board of Directors have also approved long-term incentive awards for the
executive officers for the 2005-2007 cycle of the Corporation’s 1997 Incentive
Program, awarding performance-based restricted shares to the executive officers
on January 5, 2005 as follows:

 

Officer

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Title

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Long-term Incentive Award

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Thomas H. Johnson

   Chairman & Chief Executive Officer and Director    45,000 shares

Andrew J. Kohut

   President    20,000 shares

Neil Rylance (3)

   Executive Vice President - European Packaging    16,000 shares

J.P. Causey Jr.

  

Executive Vice President, Secretary & General
Counsel

   10,500 shares

Joel K. Mostrom (3)

   Senior Vice President & Chief Financial Officer    10,000 shares

 

The restricted shares for the 2005-2007 cycle, or portions thereof, will vest at
the end of the cycle if specific cash generation and earnings per share growth
targets are achieved.

 

In lieu of participation in the 2005-2007 cycle of the 1997 Incentive Program,
the Executive Compensation Committee approved for Mr. Gilchrist a special 2005
cash incentive with a target award of 94,000 pounds Sterling based on growth of
earnings per share, achievement of a target performance based on earnings before
interest, taxes, depreciation and amortization less capital expense margin and
his achievement of individual goals.

 

Fiscal 2005 Compensation

 

Effective as of January 1, 2005, the Committee of Independent Directors (as to
the Chief Executive Officer) and the Executive Compensation Committee (as to the
other executive officers) of the Board of Directors have also approved annual
base salaries for the Corporation’s executive officers as follows:

 

Officer

--------------------------------------------------------------------------------

  

Title

--------------------------------------------------------------------------------

  

Compensation

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Thomas H. Johnson

   Chairman & Chief Executive Officer and Director    $700,000

Andrew J. Kohut

   President   

$366,500

$420,000 (2)

Keith Gilchrist

  

Executive Vice President and Chief Operating
Officer and Director

   $527,094 (1)

Neil Rylance (3)

   Executive Vice President - European Packaging   

$354,540 (1)

$399,000 (1)(2)

J.P. Causey Jr.

  

Executive Vice President, Secretary & General
Counsel

   $270,000

Joel K. Mostrom (3)

   Senior Vice President & Chief Financial Officer   

$255,200

$275,000 (2)

 

(1) - To be paid in pounds Sterling

 

(2) - Effective July 1, 2005

 

(3) - Messrs. Rylance and Mostrom were elected executive officers of the
Corporation effective January 5, 2005