Document:

Exhibit 10.25

 

Compensatory Arrangements with Certain Executive
Officers

 

Set forth below are the 2006
salaries of the named executive officers and the discretionary cash bonuses
paid to the named executive officers for performance in 2005:

 

	
  Name and Title

  	
   

  	
  Salary for Fiscal

  2006

  	
   

  	
  Cash Bonus for

  Fiscal 2005(1)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Peter M. Carlino

  Chairman and Chief Executive Officer

  	
   

  	
  $

  	
  1,400,000

  	
   

  	
  $

  	
  1,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Kevin G. DeSanctis

  President and Chief Operating Officer

  	
   

  	
  $

  	
  1,000,000

  	
   

  	
  $

  	
  850,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Leonard M. DeAngelo

  Executive Vice President of Operations

  	
   

  	
  $

  	
  585,000

  	
   

  	
  $

  	
  500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  William J. Clifford

  Senior Vice President-Finance and Chief Financial Officer

  	
   

  	
  $

  	
  585,000

  	
   

  	
  $

  	
  500,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Jordan B. Savitch

  Senior Vice President and General Counsel

  	
   

  	
  $

  	
  390,000

  	
   

  	
  $

  	
  260,000

  	
   

  

 

(1)                                  The bonuses granted were based on the Company’s
overall performance, including its earnings, in 2005 and well as the executives’
individual performance in 2005.Exhibit 10.19

 

Fees to be
Paid to the Non-Management Directors

of

Sealed Air Corporation (the “Corporation”)

2006

 

Members of the Board of Directors who are not
officers or employees of the Corporation or any subsidiary of the Corporation (“non-employee
directors”) shall be paid the following directors’ fees in cash, payable
quarterly in arrears on or about the first day of the succeeding calendar
quarter, which fees shall be in addition to retainers payable to non-employee
directors under the Sealed Air Corporation 2002 Stock Plan for Non-Employee
Directors:

 

(i)  a fee of One
Thousand Five Hundred Dollars ($1,500) for each meeting of the Board of
Directors or any committee of the Board of Directors attended by a non-employee
director that is held in person, regardless of whether the non-employee
director attends an in-person meeting by conference telephone or similar
communications equipment;

 

(ii)  a fee of
Seven Hundred Fifty Dollars ($750) for each meeting of the Board of Directors
or any committee of the Board of Directors attended by a non-employee director
that is held by conference telephone or similar communications equipment;

 

(iii)  for each
non-employee director who is a member of the Audit Committee, the Nominating
and Corporate Governance Committee or the Organization and Compensation
Committee of the Board of Directors, a fee of Five Hundred Dollars ($500) per
calendar quarter for serving as a member;

 

(iv)  for each
non-employee director who is designated as chairman of the Audit Committee, a fee
of One Thousand Dollars ($1,000) per calendar quarter for serving as chairman;

 

(v)  for each
non-employee director who is designated as chairman of the Nominating and
Corporate Governance Committee or of the Organization and Compensation
Committee, a fee of Five Hundred Dollars ($500) per calendar quarter for
serving as chairman; and

 

(vi)  a fee of One
Thousand Dollars ($1,000) per day for special assignments undertaken by a
non-employee director at the request of the Board or any committee of the Board
or for attending a director education program;

 

provided, that a fee for attendance at a meeting of a committee of the Board of
Directors shall be paid to a non-employee director regardless of whether such
director is a member of such committee, but, except with respect to the
chairman of any of the Board’s standing committees attending a meeting of any
of the other standing committees, no fee shall be paid to a non-employee
director for attending a meeting of a committee of which he or she is not a
member if such director would as a consequence receive a fee for attending more
than two meetings of the Board of Directors and its committees on any calendar
day.

 

The amount of the Annual Retainer (as defined in the
Sealed Air Corporation 2002 Stock Plan for Non-Employee Directors) to be paid
to Non-Employee Directors of the Corporation who are elected at the 2006 Annual
Meeting of Stockholders is $75,000. The amount of the Annual Retainer to be
paid to Non-Employee Directors of the Corporation who were elected at the 2004
and 2005 Annual Meetings of Stockholders was $60,000.

 

Under the Sealed Air Corporation Deferred
Compensation Plan for Directors, a non-employee director may elect to defer all
or part of his or her Annual Retainer (or Interim Retainer, if the director
joins the Board at a date other than the date of an Annual Meeting) until the
director retires from the Board. None of the other fees mentioned above are
eligible to be deferred.Exhibit 10.20

 

Compensation Determinations

concerning certain

Executive Officers of Sealed Air Corporation

2005 and 2006

 

I.              On February 16, 2006, the Organization and
Compensation Committee (the “Committee”) of the Board of Directors of Sealed
Air Corporation (the “Corporation”) made the following decisions regarding the
compensation of the executive officers who were named in the Summary
Compensation Table of the Corporation’s Proxy Statement for its 2005 Annual
Meeting of Stockholders and who are expected to be named in the Summary
Compensation Table of the Corporation’s Proxy Statement for its 2006 Annual
Meeting of Stockholders. The Committee made its decisions with respect to the
compensation of William V. Hickey, President and Chief Executive Officer, who
is also a director of the Corporation, after the Committee’s consultation with
the other non-management directors of the Corporation.

 

2006 Base Salary Increases and 2005 Cash
Bonuses.  The Committee approved increases to the base
salaries of the executive officers effective as of March 1, 2006. The
Committee also certified achievement of one of the performance goals
established early in 2005 under its Performance-Based Compensation Program. The
performance goal that was achieved related to 2005 operating expenses as a
percentage of net sales. Based on the achievement of such goal, the Committee
could approve a 2005 cash bonus for each of the executive officers named below
and for certain other key executives in the amount of up to $2.56 million and could,
but are not required to, approve stock awards during 2006 under the Corporation’s
2005 Contingent Stock Plan to each of the executive officers listed below and
to certain other key executives in the amount of up to 162,900 shares of common
stock. Subject to such cap for 2005 cash bonuses, the Committee approved cash
bonuses for all of the executive officers on February 16, 2006 based on
the Committee’s judgment regarding achievement of financial goals, including
corporate operating profit and, where appropriate, divisional or regional
operating profit, non-financial goals that were individually established for
each of the executive officers during the first quarter of 2005, and individual
performance during 2005. Since the Corporation had not achieved its targeted
2005 corporate operating profit, 2005 cash bonuses for all bonus-eligible
employees, including the officers named below, were reduced to an average of
80% of the bonus objectives established in early 2005. Also, on February 16,
2006, the Committee granted an award of restricted stock to Ms. White in
the amount of 7,000 shares of common stock under the 2005 Contingent Stock
Plan.

 

The
approved salaries and bonuses are as follows:

 

	
   

  	
   

  	
  2006

  	
   

  	
  2005 Cash

  	
   

  
	
  Executive Officer and Title

  	
   

  	
  Salary

  	
   

  	
  Bonus

  	
   

  
	
   

  	
   

  	
  $

  	
   

  	
  $

  	
   

  
	
  William V.
  Hickey

  President and Chief Executive Officer

  	
   

  	
  500,000

  	
   

  	
  310,000

  	
   

  
	
  David B.
  Crosier

  Senior Vice President

  	
   

  	
  330,000

  	
   

  	
  150,000

  	
   

  
	
  David H.
  Kelsey

  Senior Vice President and Chief Financial Officer

  	
   

  	
  350,000

  	
   

  	
  134,800

  	
   

  
	
  Robert A.
  Pesci

  Senior Vice President

  	
   

  	
  350,000

  	
   

  	
  130,000

  	
   

  
	
  J. Stuart K.
  Prosser

  Senior Vice President

  	
   

  	
  348,926

  	
  *

  	
  116,899

  	
  *

  
	
  H. Katherine
  White

  Vice President, General Counsel and Secretary

  	
   

  	
  293,000

  	
   

  	
  70,000

  	
   

  

 

 

*Mr. Prosser’s
compensation is paid in British pounds. The compensation shown for Mr. Prosser
is based on 1 British pound equivalent to US$1.7712.

 

2006 Performance Goals.  On February 16,
2006, the Committee established performance goals under the Performance-Based
Compensation Program for cash bonuses for 2006 payable in 2007 and for awards
to be made in 2007 under the 2005 Contingent Stock Plan for the officers listed
above and for certain other key employees. The 2006 performance goals were
based upon diluted earnings per share, operating expenses as a percentage of
net sales, net operating profit after tax, and net income. Full achievement of
any of the goals during 2006 would permit cash bonuses to be paid to each of
such executive officers up to the maximum cash bonus specified in the
Performance-Based Compensation Program, which is the greater of one percent
(1%) of the Corporation’s net earnings for 2006 or $1 million, and awards to be
made in 2007 under the 2005 Contingent Stock Plan in the amount of up to
two-tenths of 1% (0.2%) of the issued and outstanding shares of the Corporation’s
common stock as of January 1, 2007. The Committee has the discretion to
approve lower cash bonuses and awards under the 2005 Contingent Stock Plan to
the executive officers. The Committee also established individual cash bonus goals
for each executive officer based upon achievement of financial goals, including
corporate return on assets, as well as non-financial goals designed to align
performance with the Corporation’s business goals and strategies.

 

Other Compensation Information.  The
Corporation will provide additional information regarding the compensation paid
to the executive officers for 2005 in its 2006 Proxy Statement, which the
Corporation expects to file with the Securities and Exchange Commission in March 2006.

 

II.            On February 16, 2005, the Committee made the
following decisions regarding the compensation of the executive officers who
were named in the Summary Compensation Table of the Corporation’s Proxy
Statement for its 2004 Annual Meeting and who were expected to be named in the
Summary

 

 

Compensation Table of the
Corporation’s Proxy Statement for its 2005 Annual Meeting. Decisions with
respect to the compensation of William V. Hickey, President and Chief Executive
Officer, were made after consultation with the other non-management directors
of the Corporation.

 

2005 Base Salary Increases and 2004 Cash
Bonuses.    The
Committee approved increases to the base salaries of the executive officers
effective as of March 1, 2005. The Committee also certified achievement of
certain performance goals established early in 2004 under its Performance-Based
Compensation Program. The performance goals that were achieved related to 2004
diluted earnings per share and 2004 net income. Based on the achievement of
such goals, the Committee could approve a 2004 cash bonus for Mr. Hickey
in the amount of up to $539,000 and could approve stock awards during 2005
under the current Contingent Stock Plan or under the new 2005 Contingent Stock
Plan to each of the executive officers listed below in the amount of up to
42,900 shares of common stock. Subject to such cap for Mr. Hickey’s 2004
cash bonus, the Committee approved cash bonuses of $400,000 for Mr. Hickey
and such other amounts for all of the executive officers on February 16,
2005 based on the Committee’s judgment regarding achievement of financial
goals, including corporate operating profit and, where appropriate, divisional
or regional operating profit, non-financial goals that were individually
established for each of the executive officers during the first quarter of
2004, and individual performance during 2004. Also, on February 16, 2005,
the Committee granted an award to Mr. Hickey of 20,000 shares of common
stock under the current Contingent Stock Plan.

 

The
approved salaries and bonuses are as follows:

 

	
   

  	
   

  	
  2005

  	
   

  	
  2004 Cash

  	
   

  
	
  Executive Officer and Title

  	
   

  	
  Salary

  	
   

  	
  Bonus

  	
   

  
	
   

  	
   

  	
  $

  	
   

  	
  $

  	
   

  
	
  William V.
  Hickey, President and Chief Executive Officer

  	
   

  	
  480,000

  	
   

  	
  400,000

  	
   

  
	
  David H.
  Kelsey, Senior Vice President and Chief Financial Officer

  	
   

  	
  337,000

  	
   

  	
  146,250

  	
   

  
	
  Robert A.
  Pesci, Senior Vice President

  	
   

  	
  337,000

  	
   

  	
  152,000

  	
   

  
	
  J. Stuart K.
  Prosser, Senior Vice President

  	
   

  	
  357,638

  	
  *

  	
  132,456

  	
  *

  
	
  Manuel
  Mondragón, Vice President

  	
   

  	
  265,650

  	
   

  	
  87,435

  	
   

  
	
  H. Katherine
  White, Vice President, General Counsel and Secretary

  	
   

  	
  280,000

  	
   

  	
  80,000

  	
   

  

 

*     Mr. Prosser’s compensation is paid in
British pounds. The compensation shown for Mr. Prosser is based on 1
British pound equivalent to US$1.8855 as of February 16, 2005.

 

2005 Performance Goals.    On February 16, 2005, the
Committee and the Board of Directors approved amendments to the Corporation’s
Performance-Based Compensation Program, subject to approval of such amendments
by the Corporation’s stockholders at the 2005 Annual Meeting. Also on February 16,
2005, the Committee and the Board of Directors approved the 2005 Contingent
Stock Plan, which was to supersede the then current Contingent Stock Plan,
subject to approval of the 2005 Contingent Stock Plan by the Corporation’s
stockholders at the 2005 Annual Meeting. Subject to such stockholder approval,
the Committee established performance goals under the amended Performance-Based
Compensation Program for cash bonuses for 2005 payable in 2006 and for awards
to be made in 2006 under the 2005 Contingent Stock Plan for the officers listed
above and for certain other key employees. (The foregoing approvals by the
Corporation’s stockholders were obtained at the 2005 Annual Meeting.)  The 2005 performance goals were based upon
diluted earnings per share, operating expenses as a percentage of net sales,
net operating profit after tax, and net income. Achievement of all goals during
2005 would permit cash bonuses to be paid

 

 

to each of such executive officers up to the maximum cash bonus
specified in the amended Performance-Based Compensation Program, which is the
greater of one percent (1%) of the Corporation’s net earnings for 2005 or
$1 million, and stock awards to be made in 2006 under the 2005 Contingent
Stock Plan in the amount of up to two-tenths of 1% (0.2%) of the issued and
outstanding shares of the Corporation’s common stock as of January 1,
2006. The Committee has the discretion to approve lower cash bonuses and stock
awards to the executive officers. The Committee also established individual
cash bonus goals for each executive officer based upon financial goals,
including corporate operating profit and, where applicable, divisional and
regional operating profit, as well as non-financial goals designed to align
performance with the Corporation’s business goals and strategies.

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