Document:

Restructuring Incentive Plan

 Exhibit 10.47 
 JOHNSONDIVERSEY, INC. 
 RESTRUCTURING INCENTIVE PLAN 
 PLAN HIGHLIGHTS 
  

 

			
	 Plan Name
	  	JohnsonDiversey, Inc. Restructuring Incentive Plan (the “Plan”).
		
	 Effective Date of the Plan
	  	The effective date of the Plan is January 1, 2006.
		
	 Participants
	  	Participants in the Plan are select key executives JohnsonDiversey, Inc. (the “Company”), designated by the Compensation and Management Succession Committee of the Board of Directors
(the “Committee”).
		
	Individual Target Awards and Payment Range	  	Individual Target Awards for participants, the payout range for each performance year, within a possible range of 0% to 200% of an Individual Target Award, and the Performance Targets applicable
to a Participant for a fiscal year will be established by the Committee. For regional participants, the criteria relate to the relevant regional performance; for global participants, the criteria relate to total Company performance. Performance
Targets are cumulative.
		
	Criteria for Establishing Performance Targets	  	 Performance is assessed against specific budgeted targets for certain performance criteria. Up to three performance metrics will be utilized to
measure performance:
  
 (a) EBITDA improvement;
  
 (b) Containment of one-time costs and capital expenditures associated with restructuring;
and
  
 (c) Successful divestiture of certain identified business
units.

		
	Details of Performance Metrics	  	EBITDA improvement, in certain cases, is split into two elements for both regional and global participants. The first element is based on EBITDA improvement across the region’s or the
Company’s restructuring program. The second total is based on the element of the restructuring program for which the participant is directly responsible. Greater weight is generally given to the regional/total restructuring program savings. For
the purposes of the performance metric, EBITDA is defined

			
		  	 as EBITDA before tangible and intangible asset impairment charges and other period costs associated with our restructuring activity
  
 With respect to quantifying containment of one-time costs, participants are rewarded based on control
of the total one-time costs associated with their region or, for global participants, the Company as a whole. Both one-time expenses and capital expenditures associated with the Company’s restructuring program are taken into account.

 
 With respect to the divestiture metric, in 2006 performance is calculated by comparing the
budgeted net proceeds from divestitures with the net proceeds actually achieved. Net proceeds, for this purpose, are gross proceeds less any one-time costs associated with the divestiture. In 2007, in order to better align the incentive plan with
required activity, performance is assessed with regard to a number of generic and business-specific, qualitative deliverables designed to separate certain businesses into more stand-alone operations.

		
	Process for Determining Payout of Individual Target Awards	  	 To achieve payout of an Individual Target Award within the established payment range, actual achievement of applicable Performance Targets must be
greater than 90% of a specified target. Maximum payouts, within the established payment range, are attained when actual achievement is 110% or more of the specified target. No payouts are available if the Company’s total EBITDA is below 95% of
budgeted EBITDA for fiscal 2006 or 85% for fiscal 2007.
  
 At the close of the fiscal
year, the Committee evaluates the Participant’s performance against the established targets for applicable performance metrics. The Committee must approve any payout for a Participant.

		
	 Termination
 Prior to
Payout
	  	Except as determined by the Committee in its sole discretion, a participant must be employed as of the payout date to be eligible to receive payment of an Individual Target
Award.
		
	Payment of Awards	  	Payouts are made in a lump-sum cash payment in the first quarter of the fiscal year immediately following the fiscal year to which the award relates.

  

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	Relationship of the
Plan to Other Plans	  	The Plan is fully discretionary in its application and is not related to other compensation plans of the Company. Awards paid are not pensionable earnings for purposes of the Company’s
qualified retirement plans.
		
	Termination of Plan	  	The Plan is effective for fiscal 2006 and 2007 only.

  

 3Long-Term Cash Incentive Plan

 Exhibit 10.48 
 

 
 JOHNSONDIVERSEY, INC. 
 LONG-TERM CASH INCENTIVE PLAN 
 Effective January 1, 2006 

 JOHNSONDIVERSEY, INC. 
 LONG-TERM CASH INCENTIVE PLAN 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		  	ARTICLE 1	  	
			
		  	ADOPTION OF PLAN AND PURPOSE	  	
			
	1.01	  	Adoption of Plan	  	1
	1.02	  	Purpose of Plan	  	1
			
		  	ARTICLE 2	  	
			
		  	DEFINITIONS	  	
			
	2.01	  	Award	  	1
	2.02	  	Board of Directors	  	1
	2.03	  	Committee	  	1
	2.04	  	Company	  	1
	2.05	  	Disability	  	2
	2.06	  	Effective Date	  	2
	2.07	  	Employee	  	2
	2.8	  	Employment	  	2
	2.9	  	Global EBITDA	  	2
	2.10	  	Individual Target Award	  	2
	2.11	  	Job Elimination	  	2
	2.12	  	LTI Pool	  	2
	2.13	  	Measurement Period	  	2
	2.14	  	Participant	  	3
	2.15	  	Participating Employer	  	3
	2.16	  	Performance Target	  	3
	2.17	  	Plan	  	3
	2.18	  	Retirement	  	3
	2.19	  	Subsidiary	  	3
			
		  	ARTICLE 3	  	
			
		  	ADMINISTRATION OF THE PLAN	  	
			
	3.01	  	Administration of the Plan	  	3

  

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		  	ARTICLE 4	  	
			
		  	ELIGIBILITY	  	
			
	4.01	  	Eligible Employees	  	4
	4.02	  	Commencement of Participation	  	4
	4.03	  	Termination of Participation	  	4
	4.04	  	Reemployment	  	5
	4.05	  	No Guaranteed Award	  	5
			
		  	ARTICLE 5	  	
			
		  	AWARDS	  	
			
	5.01	  	General	  	5
	5.02	  	Basis for Awards	  	5
	5.03	  	Amount of Award	  	5
	5.04	  	Conditions on Payment of Awards	  	6
	5.05	  	Payment of Awards in Special Circumstances	  	6
			
		  	ARTICLE 6	  	
			
		  	MISCELLANEOUS	  	
	6.01	  	Amendment	  	7
	6.02	  	Termination	  	7
	6.03	  	Participants’ Consent	  	7
	6.04	  	Effect on Other Plans	  	7
	6.05	  	No Effect on Employment	  	8
	6.06	  	Withholding of Taxes	  	8
	6.07	  	Severability	  	8
	6.08	  	Successors	  	8
	6.09	  	Construction of Plan	  	8
	6.10	  	Gender and Headings	  	8
	6.11	  	Compliance with Code Section 409A	  	9

  

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 JohnsonDiversey, Inc. 
 Long-Term Cash Incentive Plan 
 ARTICLE 1 
 Adoption of Plan and Purpose 
 1.01 Adoption of Plan. Effective as of
January 1, 2006, JohnsonDiversey, Inc., a Wisconsin corporation, adopted this Long-Term Cash Incentive Plan (the “Plan”). Under this Plan, cash Awards may be made to key personnel of the Company subject to the terms, conditions and
restrictions set forth in the Plan. This Plan supersedes all previous plans, programs and agreements of the Company for long-term cash incentives for Eligible Employees. 
 1.02 Purpose of Plan. The purpose of the Plan is to enhance the ability of the Company to motivate, reward and retain key personnel who are expected to make substantial contributions to the earnings and success
of the Company. This Plan provides incentives for the successful achievement of global long-term financial objectives, and incentives for employees to remain employed by the Company and to work for and contribute to its growth and success. The Plan
is intended to meet all applicable requirements of section 409A of the Internal Revenue Code of 1986, as amended, and applicable regulations as in effect from time to time. 
 ARTICLE 2 
 Definitions 
 2.01 Award. A cash amount provided to a Participant under the terms of the Plan based on the Participant’s Individual Target Award and the
Company’s achievement of its Performance Target for a Measurement Period. 
 2.02 Board of Directors. The Board of Directors of
the Company. 
 2.03 Committee. The Compensation and Management Succession Committee of the Board of Directors of the Company.

 2.04 Company. JohnsonDiversey, Inc., a Wisconsin Corporation, and any successor thereto. The Committee shall act on behalf of the
Company for purposes of the Plan. 
  

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 2.05 Disability. “Disability” means a Participant’s inability to perform the
responsibilities of Employment due to physical or mental incapacity in circumstances in which the Participant qualifies for benefits under the Participating Employer’s applicable long-term disability plan (if any) and has qualified for such
benefits for a continuous period of at least twenty-six (26) weeks.  
 2.06 Effective Date. The effective date of the
Plan shall be January 1, 2006. 
 2.07 Employee. Any individual employed by a Participating Employer as a common-law employee,
excluding any individual who the Participating Employer classifies as an independent contractor or temporary employee. 
 2.08
Employment. Employment as an Employee with a Participating Employer. The Committee may determine in specific instances whether or not a leave of absence results in a termination of Employment under the Plan. 
 2.09 Global EBITDA. The total of the Company’s and all Subsidiaries’ actual earnings before interest, taxes, depreciation and
amortization, as determined and, if appropriate, as adjusted by the Committee for a Plan Year. 
 2.10 Individual Target Award. The
amount designated by the Committee as a Participant’s target award based on Tier and individual performance. The Committee may determine that an Eligible Employee shall not be granted an Individual Target Award for any Measurement Period if
(i) the Employee is receiving a “profit hunt retention bonus,” as defined by the Committee and is expected to terminate Employment within a period of 18 months or less, (ii) the Committee determines that the Employee has been
notified of receipt of a severance package following termination of Employment, or (iii) the Employee is expected to incur a termination of Employment for performance reasons. 
 2.11 Job Elimination. For reasons other than the Employee’s unsatisfactory performance, the Participating Employer’s total elimination
of the Employee’s position, after which the Employee is not offered ongoing Employment in a comparable position, as determined by the Committee. 
 2.12 LTI Pool. The total maximum amount of Individual Target Awards approved by the Committee for each Measurement Period. 
 2.13 Measurement Period. The period of time upon which performance is measured for determination of Awards under the Plan. A Measurement Period shall be every three consecutive fiscal years of the Company. The
initial Measurement Period under the Plan 

  

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shall be the period beginning on the first day of the Company’s 2006 fiscal year and ending on the last day of the Company’s 2008 fiscal year. The
second Measurement Period under the Plan shall be the period beginning on the first day of the Company’s 2007 fiscal year and ending on the last day of the Company’s 2009 fiscal year. 
 2.14 Participant. An Employee who satisfies the participation requirements of Article 4 of the Plan. 
 2.15 Participating Employer. The Company and each Subsidiary, unless the Committee determines a Subsidiary to be a nonparticipating employer.

 2.16 Performance Target. The long-term goal for Participating Employers determined by the Committee for a Measurement Period based
on performance criteria established by the Committee. 
 2.17 Plan. The JohnsonDiversey, Inc. Long-Term Cash Incentive Plan as herein
set forth and as amended from time to time. 
 2.18 Retirement. Termination of Employment with the Company after (a) attaining
age fifty-five (55); and (b) completing at least ten (10) years of service with one or more Participating Employers, as determined by the Committee. 
 2.19 Subsidiary. Any entity, including, without limitation, a corporation or partnership, wholly owned by the Company, including entities located outside the United States. 
 ARTICLE 3 
 Administration of the Plan

 3.01 Administration of the Plan. The Plan shall be administered by the Committee. In addition to the powers, rights and duties
specifically granted to the Committee elsewhere in this Plan, the Committee shall have the following powers, rights and duties in administering the Plan: 
 (a) To determine: (i) which Employees shall become Participants and receive Awards, (ii) the amount of each Award to be granted, (iii) the time or times at which such Awards shall be granted, and
(iv) any other terms or conditions of an Award. 
  

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 (b) To adopt, amend or rescind any rules and regulations as necessary or advisable for the operation of
this Plan and to take such other actions as may be required for the proper administration of this Plan. 
 (c) To construe and interpret the
Plan. 
 (d) The Committee may delegate any of its powers, duties and rights set forth in paragraphs (a), (b) and (c) above, to the
Chairperson of the Board of Directors. The Committee or the Chairperson may designate any other individual or individuals to carry out ministerial duties hereunder. 
 (e) Each action taken and decision made by the Committee or its designees within its authority shall be final, binding and conclusive on all Employees and Participants and their legal representatives. The members and
designees of the Committee may rely upon any information, reports or opinions supplied to them by an officer of the Company or by the Company’s counsel, independent public accountants or other advisors, and shall be fully protected in relying
upon any such information and advice. If the Committee cannot act for any reason, the full Board of Directors shall act in its place. 
 ARTICLE 4 
 Eligibility 
 4.01 Eligible Employees. All Employees of a Participating Employer who (a) are designated as eligible to participate in the Plan by the Committee, and (b) are designated by a Participating Employer as employed in global
tiers one through seven shall be referred to an “Eligible Employee” for purposes of the Plan. 
 4.02 Commencement of
Participation. An Eligible Employee shall commence participation in the Plan as of the latest of the following dates: (a) January 1, 2006 if employed as an Eligible Employee on that date; or (b) immediately upon being employed in or
promoted to a position classified by the Committee as an Eligible Employee; provided, however, if employed in or promoted to such a position after November 1 in any calendar year, the Eligible Employee shall participate in the Plan as of the
immediately following January 1. 
 4.03 Termination of Participation. A Participant’s participation under the Plan shall
cease as of the earlier of the termination of the Participant’s Employment, death, Disability, or the date the Participant is no longer an Eligible Employee pursuant to section 4.01. 
  

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 4.04 Reemployment. A Participant who terminates Employment and is then rehired by a Participating
Employer as an Eligible Employee pursuant to section 4.01 shall be immediately eligible to again participate in the Plan. 
 4.05 No
Guaranteed Award. Eligibility for Plan participation in a given Measurement Period is not a guarantee that an Award will be paid to that Participant for that Measurement Period. 
 ARTICLE 5 
 Amount and Payment of Awards 
 5.01 General. The Committee shall determine the Awards to be made to each Participant and shall approve the terms and conditions of each Award. No
person shall have any claim or right to be granted an Award under this Plan. The decision to pay or not to pay an Award, the amount of the Award to be paid, and to whom an Award will be Paid, shall be made by the Committee, in its sole and absolute
discretion. The Committee may consider the recommendations of Operating Committee members and the Global Total Rewards team as to a Participant’s Award. The Committee has the sole authority and discretion to consider the effects of unusual
and/or unforeseeable events during a Measurement Period when evaluating the extent to which an Award under the Plan is earned. 
 5.02
Basis for Awards. Awards shall be determined by the Committee at the end of each Measurement Period based on a Participant’s Individual Target Award and the Company’s achievement of its Performance Target established by the Company
for that Measurement Period. 
 5.03 Amount of Award. At or before the beginning of each Measurement Period, the Company shall
determine the amount of the total LTI Pool for the Measurement Period and the Company’s Performance Target for that Measurement Period. The Committee shall allocate a portion of the LTI Pool to each Participant as an Individual Target Award and
shall communicate Individual Target Awards to Participants. During a Measurement Period, the Committee may communicate to Participants the Company’s progress towards its Performance Target. At the end of each Measurement Period, the
Company’s actual achievement of its Performance Target shall be determined by the Committee. Payment of Awards shall then be determined in accordance with the following table: 
 Schedule for Payout of Individual Target Awards 
  

									
	 Achievement of Performance Target
	  	 Threshold
	  	100% of Performance
Target	 	 	Maximum	 
	 Percentage of Individual Target Award- Paid
	  	 0%-25% at discretion
 of
 Committee
	  	100	%	 	200	%

  

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 The Committee shall determine the threshold and maximum percentage of the Performance Target applicable
to each Measurement Period on or before the beginning of each Measurement Period and shall have sole discretion to adjust such percentages during a Measurement Period if deemed appropriate. Once determined, the amount of a Participant’s
Individual Target Award to be paid may be reduced at the discretion of the Committee by any profit sharing (TPA) amounts paid to a Participant for the Measurement Period. 
 5.04 Conditions on Payment of Awards. Payment of Awards under the Plan for a Measurement Period shall be made in a single cash lump sum as soon as administratively practicable following the end of a Measurement
Period, but in no event later than the last day of the immediately following fiscal year of the Company. 
 To receive payment of an Award, a
Participant must be continuously employed by a Participating Employer through the date the Award is to be paid, unless the Participant incurs a termination of Employment which the Committee determines is due to Retirement, death, or Disability as
provided in Section 5.05. Payment or forfeiture of an Award to a Participant who incurs a termination of Employment due to Job Elimination prior to the date an Award is to be paid shall be determined in accordance with section 5.05(c). Any
other termination of Employment, including voluntary termination or resignation of a Participant prior to actual payment of an Award, will result in forfeiture of the Award. 
 5.05 Payment of Awards in Special Circumstances. A Participant who is an Eligible Employee for only a portion of a Measurement Period or a
Participant who incurs a termination of Employment prior to the date an Award is to be paid, may be eligible to receive payment of an Award only as follows: 
 (a) Transfer. If a Participant is transferred into or out of a position as an Eligible Employee during a Measurement Period, the Participant may be eligible to receive a prorated Award based upon his or her
time employed as an Eligible Employee within that Measurement Period; provided that the individual continuously remains an Employee through the date of the payment of the Award. 
  

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 (b) Retirement, death or Disability. If a Participant terminates employment due to Retirement,
death, or Disability during the first three (3) months of any Measurement Period, no Individual Target Award shall be granted and no Award shall be paid for that Measurement Period. If the Retirement, death, or Disability occurs after the first
three (3) months of any Measurement Period, the Participant may be eligible to receive a prorated Award based on the number of months worked as an Eligible Employee during the Measurement Period. 
 (c) Termination of Employment Due to Job Elimination. If a Participant terminates Employment due to Job Elimination, no Award will be granted,
however, the Committee, in its discretion, may authorize and approve a prorated Award for the Participant for the portion of the Measurement Period during which the Participant was an Eligible Employee. 
 ARTICLE 6 
 Miscellaneous 

6.01 Amendment. The Committee shall have the right at any time, and from time to time, to amend in whole or in part any or all of the
provisions of the Plan. No such amendment, however, shall materially and adversely affect the rights under the Plan of any Participant with respect to Awards granted prior to such amendment without the approval of such Participant. Any amendment
that results in an acceleration of the time or form of payment shall be invalid if such amendment violates Internal Revenue Code section 409A. 
 6.02 Termination. The Plan shall continue in effect until terminated by resolution of the Committee. All rights or obligations under the Plan with respect to Awards granted on or prior to termination of the Plan shall continue beyond
such termination. 
 6.03 Participants’ Consent. Each Participant, by acceptance of an offer to participate in the Plan or
acceptance of an Award hereunder, shall be deemed to have agreed to be bound by all the terms and conditions of this Plan as presently constituted and as may be amended from time to time. 
 6.04 Effect on Other Plans. In no event shall any Award or any payments made under this Plan be included in the compensation base for computing
benefits under any other benefit plan now maintained or hereafter established by the Company, including, but not limited to, pension and 401(k) plans, unless such plan provides otherwise. 
  

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 6.05 No Effect on Employment. Neither the adoption of the Plan nor its operation shall in any way
affect the right and power of the Company to dismiss or otherwise terminate the employment or change the terms of employment or amount of compensation of any Employee at any time for any reason with or without cause. 
 6.06 Withholding of Taxes. The Company shall have the power to withhold, or require a Participant to remit to the Company, an amount sufficient to
satisfy any withholding or other tax due under the tax withholding provisions of the Internal Revenue Code, any state or local tax act or other applicable law, including the laws of foreign jurisdictions, with respect to any Award made under the
Plan. 
 6.07 Severability. If any provision of this Plan or of an Award shall be held illegal or invalid for any reason, such
invalidity or illegality shall not affect the remaining provisions of the Plan or Award, and the Plan or Award shall be construed or enforced as if the invalid provisions had never been set forth therein. 
 6.08 Successors. This Plan shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the
Company. Any rights of a Participant under this Plan are personal to such Participant and the Participant may not assign such agreement or sell, transfer, pledge or otherwise dispose of any rights of such Participant except in accordance with the
provisions of this Plan. All obligations of this Plan shall be binding upon the heirs, representatives and estate of the Participant. 
 6.09
Construction of Plan. This Plan shall be construed according to the laws of the State of Wisconsin and all provisions hereof shall be administered according to, and its validity shall be determined under, the laws of such state without regard
to its conflicts of laws. 
 6.10 Gender and Headings. Wherever any words are used herein in the masculine gender they shall be
construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed as though they were also used in the plural form in all cases
where they would so apply. Headings of numbered sections and numbered paragraphs of this Plan are inserted for convenience of reference and are not part of this Plan and are not to be considered in the construction hereof. 
  

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 6.11 Compliance with Internal Revenue Code Section 409A. This Plan is intended to comply with
the provisions of Internal Revenue Code section 409A and applicable guidance and its provisions shall be interpreted in accordance with that intent. No provision of this Plan shall be interpreted to permit the acceleration of the time of any payment
scheduled to be paid under the Plan in any manner which is impermissible pursuant to Internal Revenue Code section 409A. The Company shall not be liable nor responsible for any tax consequences which result from any Participant’s participation
in the Plan, except for any applicable obligations under the law as to income tax withholding or payroll taxes. 
  

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