Document:

2001 Equity Participation Plan

 Exhibit No. (10)m 
 KIMBERLY-CLARK CORPORATION 
 2001 EQUITY
PARTICIPATION PLAN 
 (as amended effective November 17, 2009) 
  

	1.	PURPOSE 

 This 2001 Equity
Participation Plan (the “Plan”) of Kimberly-Clark Corporation (the “Corporation”) is intended to aid in attracting and retaining highly qualified personnel and to encourage those employees who materially contribute, by
managerial, scientific or other innovative means to the success of the Corporation or of an Affiliate, to acquire an ownership interest in the Corporation, thereby increasing their motivation for and interest in the Corporation’s or
Affiliate’s long-term success. 
  

	2.	EFFECTIVE DATE 

 The Plan was
originally adopted effective as of April 26, 2001, upon approval by the stockholders of the Corporation at the 2001 Annual Meeting. The Plan is amended and restated effective as of November 17, 2009. 
  

	3.	DEFINITIONS 

 “Affiliate” means any domestic or foreign corporation at least fifty percent (50%) of whose shares normally entitled to vote in electing directors is owned directly or indirectly by the Corporation or other Affiliates
(collectively, the “Affiliates”), provided, however, that “at least twenty percent (20%)” shall replace “at least fifty percent (50%)” where there is a legitimate business criteria for using such lower percentage.

 “Award” has the meaning set forth in Section 6 of this Plan. 
 “Award Agreement” means an agreement entered into between the Corporation and a Participant setting forth the terms and
conditions applicable to the Award granted to the Participant. 
 “Board” means the Board of Directors of the
Corporation. 
 “Cause” means any of the following: (i) the commission by the Participant of a felony;
(ii) the Participant’s dishonesty, habitual neglect or incompetence in the management of the affairs of the Corporation; or (iii) the refusal or failure by the Participant to act in accordance with any lawful directive or order of the
Corporation, or an act or failure to act by the Participant which is in bad faith and which is detrimental to the Corporation. 
 “Change of Control” means an event deemed to have taken place if: (i) a third person, including a “group” as defined for purposes of Code Section 409A, acquires shares of the Corporation having 30% or
more of the total number of votes that may be cast for the election of directors of the Corporation; or (ii) as the result of any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any
combination of the foregoing transactions (a “Transaction”), within a twelve month period, the persons who were directors of the Corporation before the Transaction shall cease to constitute a majority of the Board of the Corporation or any
successor to the Corporation. 

 “Code” means the Internal Revenue Code of 1986 and the regulations
thereunder, as amended from time to time. 
 “Committee” means the Compensation Committee of the Board,
provided that if the requisite number of members of the Compensation Committee are not Disinterested Persons, the Plan shall be administered by a committee, all of whom are Disinterested Persons, appointed by the Board and consisting of two or more
directors with full authority to act in the matter. The term “Committee” shall mean the Compensation Committee or the committee appointed by the Board, as the case may be. Furthermore, the term “Committee” shall include any
delegate to the extent authority is delegated pursuant to Section 4 hereunder. 
 “Committee Rules” means
the interpretative guidelines approved by the Committee providing the foundation for administration of this Plan. 
 “Common Stock” means the common stock, par value $1.25 per share, of the Corporation and shall include both treasury shares and authorized but unissued shares and shall also include any security of the Corporation issued in
substitution, in exchange for, or in lieu of the Common Stock. 
 “Disinterested Person” means a person who is
a “Non-Employee Director” for purposes of rule 16b-3 under the Exchange Act, or any successor provision, and who is also an “outside director” for purposes of section 162(m) of the Code or any successor section. 
 “Exchange Act” means the Securities Exchange Act of 1934 and the rules and regulations thereunder, as amended from time to
time. 
 “Fair Market Value” means the reported closing price of the Common Stock, on the relevant date as
reported on the composite list used by The Wall Street Journal for reporting stock prices, or if no such sale shall have been made on that day, on the last preceding day on which there was such a sale. 
 “Incentive Stock Option” means an Option which is so defined for purposes of section 422 of the Code or any successor
section. 
 “Nonqualified Stock Option” means any Option which is not an Incentive Stock Option. 
 “Option” means a right to purchase a specified number of shares of Common Stock at a fixed option price equal to no less
than 100% of the Fair Market Value of the Common Stock on the date the Award is granted. 
 “Option Price” has
the meaning set forth in subsection 7(b) of this Plan. 
 “Participant” means an employee who the Committee
selects to participate in and receive Awards under the Plan (collectively, the “Participants”). 
 “Performance Goal” means the specific performance objectives as established by the Committee, which, if achieved, will result in the amount of payment, or the early payment, of the Award. The Performance Goal may consist of
one or more or any combination of the following criteria: return on invested capital, stock price, market share, sales revenue, cash flow, earnings per share, return on equity, total shareholder return, gross margin, and/or costs. The performance
goals may be described in terms that are related to the individual Participant, to the Company as a whole, or to a subsidiary, division, department, region, function or business unit of the Company in which the Participant is employed. The
Committee, in its discretion, may change or modify these criteria; however, at all times the criteria must meet the requirements of Section 162(m) of the Code, or any successor section, to the extent applicable. 
  

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 “Qualified Termination of Employment” means the termination of a
Participant’s employment with the Corporation and/or its Affiliates within the two (2) year period following a Change of Control of the Corporation for any reason unless such termination is by reason of death or disability or unless such
termination is (i) by the Corporation for Cause or (ii) by the Participant without Good Reason. Subject to the definition of “Termination by the Participant for Good Reason,” transfers of employment for administrative purposes
among the Corporation and its Affiliates shall not be deemed a Qualified Termination of Employment. 
 “Restricted
Period” shall mean the period of time during which the Transferability Restrictions applicable to Awards will be in force. 
 “Restricted Share” shall mean a share of Common Stock which may not be traded or sold, until the date the Transferability Restrictions expire. 
 “Restricted Share Unit” means the right, as described in Section 9, to receive an amount, payable in either cash or shares of Common Stock, equal to the value of a specified number
of shares of Common Stock. No certificates shall be issued with respect to such Restricted Share Unit, except as provided in subsection 9(d), and the Corporation shall maintain a bookkeeping account in the name of the Participant to which the
Restricted Share Unit shall relate. 
 “Retirement” and “Retires” for Awards granted after
December 31, 2003 means the termination of employment on or after the date the Participant has attained age 55. For Awards granted prior to January 1, 2004 “Retirement” and “Retires” means the termination
of employment on or after the date the Participant is entitled to receive immediate payments under a qualified retirement plan of the Corporation or an Affiliate; provided, however, if the Participant is not eligible to participate under a qualified
retirement plan of the Corporation or its Affiliates then such Participant shall be deemed to have retired if his termination of employment is on or after the date such Participant has attained age 55. 
 “Stock Appreciation Right (SAR)” has the meaning set forth in subsection 7(i)(i) of this Plan. 
 “Termination by the Participant for Good Reason” shall mean the separation from service during the two year time period
following the initial existence (without the Participant’s express written consent) of any one of the following conditions: 
 (a) A material diminution in the Participant’s base compensation; 
 (b) A material diminution in the Participant’s authority, duties, or responsibilities; 
 (c) A
material diminution in the authority, duties, or responsibilities of the supervisor to whom the Participant is required to report, including a requirement that a Participant report to a corporate officer or employee instead of reporting directly to
the board of directors of the Corporation; 
 (d) A material diminution in the budget over which the Participant
retains authority; 
 (e) A material change in the geographic location at which the Participant must perform the
services; or 
  

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 (f) Any other action or inaction that constitutes a material breach by the
Corporation of any agreement under which the Participant provides services. 
 The Participant must provide notice to the
Corporation of the existence of any of the above conditions within a period not to exceed 90 days of the initial existence of the condition, upon the notice of which the Corporation must be provided a period of at least 30 days during which it may
remedy the condition and not be required to pay the amount. 
 The Participant’s right to terminate the Participant’s
employment for Good Reason shall not be affected by the Participant’s incapacity due to physical or mental illness. The Participant’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any act or
failure to act constituting Good Reason hereunder. 
 “Total and Permanent Disability” means Totally and
Permanently Disabled as defined in the Kimberly-Clark Corporation Pension Plan. 
 “Transferability
Restrictions” means the restrictions on transferability imposed on Awards of Restricted Shares or Restricted Share Units. 
  

	4.	ADMINISTRATION 

 The Plan and all
Awards granted pursuant thereto shall be administered by the Committee. The Committee, in its absolute discretion, shall have the power to interpret and construe the Plan and any Award Agreements; provided, however, that no such action or
determination may increase the amount of compensation payable that would otherwise be due in a manner that would result in the disallowance of a deduction to the Corporation under section 162(m) of the Code or any successor section. Any
interpretation or construction of any provisions of this Plan or the Award Agreements by the Committee shall be final and conclusive upon all persons. No member of the Board or the Committee shall be liable for any action or determination made in
good faith. 
 Within 60 days following the close of each calendar year that the Plan is in operation, the Committee shall make
a report to the Board. The report shall specify the employees who received Awards under the Plan during the prior year, the form and size of the Awards to the individual employees, and the status of prior Awards. 
 The Committee shall have the power to promulgate Committee Rules and other guidelines in connection with the performance of its obligations,
powers and duties under the Plan, including its duty to administer and construe the Plan and the Award Agreements. 
 The
Committee may authorize persons other than its members to carry out its policies and directives subject to the limitations and guidelines set by the Committee, and may delegate its authority under the Plan, provided, however, the delegation of
authority to grant Awards shall be limited to grants by the Chief Executive Officer to newly hired employees, or to respond to special recognition or retention needs, and any such grants shall be limited to eligible Participants who are not subject
to section 16 of the Exchange Act. The delegation of authority shall be limited as follows: (a) with respect to persons who are subject to section 16 of the Exchange Act, the authority to grant Awards, the selection for participation, decisions
concerning the timing, pricing and amount of a grant or Award and authority to administer Awards shall not be delegated by the Committee; (b) the maximum number of shares of Common Stock covered by Awards which may be granted by the Chief
Executive Officer within any calendar year period shall not exceed 200,000; (c) any delegation shall satisfy all applicable requirements of rule 16b-3 of the Exchange Act, or any successor provision; and (d) no such delegation shall result
in

  

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the disallowance of a deduction to the Corporation under section 162(m) of the Code or any successor section. Any person to whom such authority is granted shall continue to be eligible to receive
Awards under the Plan. 
  

	5.	ELIGIBILITY 

 The Committee shall
from time to time select the Participants from those employees whom the Committee determines either to be in a position to contribute materially to the success of the Corporation or Affiliate or to have in the past so contributed. Only employees
(including officers and directors who are employees) of the Corporation and its Affiliates are eligible to participate in the Plan. 
  

	6.	FORM OF GRANTS 

 All Awards under
the Plan shall be made in the form of Options, Restricted Shares or Restricted Share Units, or any combination thereof. Notwithstanding anything in this Plan to the contrary, any Awards shall contain the restriction on assignability in subsection
16(g) of this Plan to the extent required under rule 16b-3 of the Exchange Act. 
  

	7.	STOCK OPTIONS 

 The Committee or
its delegate shall determine and designate from time to time those Participants to whom Options are to be granted and the number of shares of Common Stock to be optioned to each and the periods the Option shall be exercisable. Such Options may be in
the form of Incentive Stock Options or in the form of Nonqualified Stock Options. The Committee in its discretion at the time of grant may establish performance goals that may affect the grant, exercise and/or settlement of an Option. After granting
an Option to a Participant, the Committee shall cause to be delivered to the Participant an Award Agreement evidencing the granting of the Option. The Award Agreement shall be in such form as the Committee shall from time to time approve. The terms
and conditions of all Options granted under the Plan need not be the same, but all Options must meet the applicable terms and conditions specified in subsections 7(a) through 7(h). 
 (a) Period of Option. The Period of each Option shall be no more than 10 years from the date it is granted. 
 (b) Option Price. The Option price shall be determined by the Committee, but shall not in any instance be less than the Fair
Market Value of the Common Stock at the time that the Option is granted (the “Option Price”). 
 (c)
Limitations on Exercise. The Option shall not be exercisable until at least one year has expired after the granting of the Option, during which time the Participant shall have been in the continuous employ of the Corporation or an Affiliate;
provided, however, that the Option shall become exercisable immediately in the event of a Qualified Termination of Employment of a Participant, without regard to the limitations set forth below in this subsection 7(c). Unless otherwise determined by
the Committee or its delegate at the time of grant, at any time during the period of the Option after the end of the first year, the Participant may purchase up to 30 percent of the shares covered by the Option; after the end of the second year, an
additional 30 percent; and after the end of the third year, the remaining 40 percent of the total number of shares covered by the Option; provided, however, that if the Participant’s employment is terminated for any reason other than death,
Retirement or Total and Permanent Disability, the Option shall be exercisable only for three months following such termination and only for the number of shares of Common Stock which were exercisable on the date of such termination. In no event,
however, may an Option be exercised more than 10 years after the date of its grant. 
  

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 (d) Exercise after Death, Retirement, or Disability. Unless otherwise
determined by the Committee or its delegate at the time of grant, if a Participant dies, becomes Totally and Permanently Disabled, or Retires without having exercised the Option in full, the remaining portion of such Option may be exercised, without
regard to the limitations in subsection 7(c), as follows. If a Participant dies or becomes Totally and Permanently Disabled the remaining portion of such Option may be exercised within (i) three years from the date of any such event or
(ii) the remaining period of the Option, whichever is earlier. Upon a Participant’s death, the Option may be exercised by the person or persons to whom such Participant’s rights under the Option shall pass by will or by applicable law
or, if no such person has such rights, by his executor or administrator. If a Participant Retires the remaining portion of such Option may be exercised within (i) five years from the date of any such event or (ii) the remaining period of
the Option, whichever is earlier. 
 (e) Non-transferability. During the Participant’s lifetime, Options
shall be exercisable only by such Participant. Options shall not be transferable other than by will or the laws of descent and distribution upon the Participant’s death. Notwithstanding anything in this subsection 7(e) to the contrary, the
Committee may grant to designated Participants the right to transfer Nonqualified Stock Options, to the extent allowed under rule 16b-3 of the Exchange Act, subject to the terms and conditions of the Committee Rules. 
 (f) Exercise; Notice Thereof. Options shall be exercised by delivering to the Corporation, or an agent designated by the
Corporation, written notice of the number of shares with respect to which Option rights are being exercised and by paying in full the Option Price of the shares at the time being acquired. As determined by the Committee, payment may be made in cash,
a check payable to the Corporation or in shares of Common Stock transferable to the Corporation and having a fair market value on the transfer date equal to the amount payable to the Corporation. A Participant shall have none of the rights of a
stockholder with respect to shares covered by such Option until the Participant becomes the record holder of such shares. 
 (g) Purchase for Investment. It is contemplated that the Corporation will register shares sold to Participants pursuant to the Plan under the Securities Act of 1933. In the absence of an effective
registration, however, a Participant exercising an Option hereunder may be required to give a representation that he/she is acquiring such shares as an investment and not with a view to distribution thereof. 
 (h) Limitations on Incentive Stock Option Grants. 
 (i) An Incentive Stock Option shall be granted only to an individual who, at the time the Option is granted, does not own
stock possessing more than 10 percent of the total combined voting power of all classes of stock of the Corporation or Affiliates. 
 (ii) The aggregate Fair Market Value of all shares with respect to which Incentive Stock Options are exercisable by a Participant for the first time during any year shall not exceed $100,000. The
aggregate Fair Market Value of such shares shall be determined at the time the Option is granted. 
 (i) Election
to Receive Cash Rather than Stock. 
  

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 (i) At the same time as Nonqualified Stock Options are granted the Committee
may also grant to designated Participants the right to convert a specified number of shares of Common Stock covered by such Nonqualified Stock Options to cash, subject to the terms and conditions of this subsection 7(i). For each such Option so
converted, the Participant shall be entitled to receive cash equal to the difference between the Participant’s Option Price and the Fair Market Value of the Common Stock on the date of conversion. Such a right shall be referred to herein as a
Stock Appreciation Right (“SAR”). Participants to whom an SAR has been granted shall be notified of such grant and of the Options to which such SAR pertains. An SAR may be revoked by the Committee, in its sole discretion, at any time,
provided, however, that no such revocation may be taken hereunder if such action would result in the disallowance of a deduction to the Corporation under section 162(m) of the Code or any successor section. 
 (ii) A person who has been granted an SAR may exercise such SAR during such periods as provided for in the rules promulgated
under section 16 of the Exchange Act. The SAR shall expire when the period of the subject Option expires. 
 (iii) At the time a Participant converts one or more shares of Common Stock covered by an Option to cash pursuant to an SAR, such Participant must exercise one or more Nonqualified Stock Options, which were granted at the same time as the
Option subject to such SAR, for an equal number of shares of Common Stock. In the event that the number of shares and the Option Price per share of all shares of Common Stock subject to outstanding Options is adjusted as provided in the Plan, the
above SARs shall automatically be adjusted in the same ratio which reflects the adjustment to the number of shares and the Option Price per share of all shares of Common Stock subject to outstanding Options. 
  

	8.	RESTRICTED SHARES 

 The Committee
or its delegate may from time to time designate those Participants who shall receive Restricted Share Awards. Each grant of Restricted Shares under the Plan shall be evidenced by an agreement which shall be executed by the Corporation and the
Participant. The agreement shall contain such terms and conditions, not inconsistent with the Plan, as shall be determined by the Committee and shall indicate the number of Restricted Shares awarded and the following terms and conditions of the
award. 
 (a) Grant of Restricted Shares. The Committee shall determine the number of Restricted Shares to be
included in the grant and the period or periods during which the Transferability Restrictions applicable to the Restricted Shares will be in force (the “Restricted Period”). Unless otherwise determined by the Committee at the time of
grant, the Restricted Period shall be for a minimum of three years and shall not exceed ten years from the date of grant, as determined by the Committee at the time of grant. The Restricted Period may be the same for all Restricted Shares granted at
a particular time to any one Participant or may be different with respect to different Participants or with respect to various of the Restricted Shares granted to the same Participant, all as determined by the Committee at the time of grant.

 (b) Transferability Restrictions. During the Restricted Period, Restricted Shares may not be sold, assigned,
transferred or otherwise disposed of, or mortgaged, pledged or otherwise encumbered. Furthermore, a Participant’s right, if any, to receive Common Stock upon termination of the Restricted Period may not be assigned or transferred except by will
or by

  

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the laws of descent and distribution. In order to enforce the limitations imposed upon the Restricted Shares the Committee may (i) cause a legend or legends to be placed on any such
certificates, and/or (ii) issue “stop transfer” instructions as it deems necessary or appropriate. Holders of Restricted Shares limited as to sale under this subsection 8(b) shall have rights as a shareholder with respect to such
shares to receive dividends in cash or other property or other distribution or rights in respect of such shares, and to vote such shares as the record owner thereof. With respect to each grant of Restricted Shares, the Committee shall determine the
Transferability Restrictions which will apply to the Restricted Shares for all or part of the Restricted Period. By way of illustration but not by way of limitation, the Committee may provide (i) that the Participant will not be entitled to
receive any shares of Common Stock unless he or she is still employed by the Corporation or its Affiliates at the end of the Restricted Period, (ii) that the Participant will become vested in Restricted Shares according to a schedule determined
by the Committee, or under other terms and conditions determined by the Committee, and (iii) how any Transferability Restrictions will be applied, modified or accelerated in the case of the Participant’s death or Total and Permanent
Disability. 
 (c) Manner of Holding and Delivering Restricted Shares. Each certificate issued for Restricted
Shares shall be registered in the name of the Participant and deposited with the Corporation or its designee. These certificates shall remain in the possession of the Corporation or its designee until the end of the applicable Restricted Period or,
if the Committee has provided for earlier termination of the Transferability Restrictions following a Participant’s death, Total and Permanent Disability or earlier vesting of the shares of Common Stock, such earlier termination of the
Transferability Restrictions. At whichever time is applicable, certificates representing the number of shares to which the Participant is then entitled shall be delivered to the Participant free and clear of the Transferability Restrictions;
provided that in the case of a Participant who is not entitled to receive the full number of Shares evidenced by the certificates then being released from escrow because of the application of the Transferability Restrictions, those certificates
shall be returned to the Corporation and canceled and a new certificate representing the shares of Common Stock, if any, to which the Participant is entitled pursuant to the Transferability Restrictions shall be issued and delivered to the
Participant, free and clear of the Transferability Restrictions. 
  

	9.	RESTRICTED SHARE UNITS 

 The
Committee or its delegate shall from time to time designate those Participants who shall receive Restricted Share Unit Awards. The Committee shall advise such Participants of their Awards by a letter indicating the number of Restricted Share Units
awarded and the following terms and conditions of the award. 
 (a) Restricted Share Units may be granted to
Participants as of the first day of a Restricted Period. The number of Restricted Share Units to be granted to each Participant and the Restricted Period shall be determined by the Committee in its sole discretion. 
 (b) Transferability Restrictions. During the Restricted Period, Restricted Share Units may not be sold, assigned, transferred
or otherwise disposed of, or mortgaged, pledged or otherwise encumbered. Furthermore, a Participant’s right, if any, to receive cash or Common Stock upon termination of the Restricted Period may not be assigned or transferred except by will or
by the laws of descent and distribution. With respect to each grant of Restricted Share Units, the Committee shall determine the Transferability Restrictions which will apply to the Restricted Share Units for all or part of the Restricted Period. By
way of illustration but not by way of limitation, the Committee may provide (i) that the Participant will forfeit any Restricted Share

  

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Units unless he or she is still employed by the Corporation or its Subsidiaries at the end of the Restricted Period, (ii) that the Participant will forfeit any or all Restricted Share Units
unless he or she has met the Performance Goals according to the schedule determined by the Committee, (iii) that the Participant will become vested in Restricted Share Units according to a schedule determined by the Committee, or under other
terms and conditions determined by the Committee, and (iv) how any Transferability Restrictions will be applied, modified or accelerated in the case of the Participant’s death or Total and Permanent Disability. 
 (c) Unless otherwise determined by the Committee, during the Restricted Period, Participants will be credited with dividends,
equivalent in value to those declared and paid on shares of Common Stock, on all Restricted Share Units granted to them, and these dividends will be regarded as having been reinvested in Restricted Share Units on the date of the Common Stock
dividend payments based on the then Fair Market Value of the Common Stock thereby increasing the number of Restricted Share Units held by a Participant. Holders of Restricted Share Units under this subsection 9(c) shall have none of the rights of a
shareholder with respect to such shares. Holders of Restricted Share Units are not entitled to receive distribution of rights in respect of such shares, nor to vote such shares as the record owner thereof. 
 (d) Payment of Restricted Share Units. The payment of Restricted Share Units shall be made in cash or shares of Common Stock,
or a combination of both, as determined by the Committee at the time of grant. The payment of Restricted Share Units shall be made within 90 days following the end of the Restricted Period. 
  

	10.	GOVERNMENT SERVICE, LEAVES OF ABSENCE AND OTHER TERMINATIONS 

 (a) In the event the Participant’s employment with the Corporation or an Affiliate is terminated by reason of a shutdown or divestiture of all or a portion of the Corporation’s or its
Affiliate’s business, a proportion of the Restricted Shares or Restricted Share Unit Award shall be considered to vest as of the Participant’s termination of employment. The number of shares that shall vest shall be prorated for the number
of full years of employment during the Restricted Period prior to the Participant’s termination of employment. In the event the number of Restricted Shares or Restricted Share Units was to be determined by the attainment of Performance Goals
according to a schedule determined by the Committee the number of shares that are considered to vest shall be determined at the end of the Restricted Period, prorated for the number of full years of employment during the Restricted Period prior to
the Participant’s termination of employment, and shall be paid within 90 days following the end of the Restricted Period. 
 (b) In the event of a Qualified Termination of Employment of a Participant, all of the Options, Restricted Shares or Restricted Share Unit Awards that were not subject to Performance Goals shall be
considered to vest immediately. In the event the number of Restricted Shares or Restricted Share Units was to be determined by the attainment of Performance Goals according to a schedule determined by the Committee, (i) with respect to either a
grant prior to 2010, with a performance period starting on or before January 1, 2009, the number of shares that shall be considered to vest shall be the greater of the target level established or the number of shares which would have vested
based on the attainment of the Performance Goal as of the end of the prior calendar year, and (ii) a severance amount equal to the Average PRSU Payout multiplied by the number of annual PRSU grants with a performance period starting after
January 1, 2009 which are forfeited due to the Qualified Termination of Employment. With respect to any grants with a performance period starting after January 1, 2009 the forfeited restricted shares and/or restricted share units
determined by the attainment of

  

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performance goals according to a schedule determined by the Committee will not be paid. For purposes of this subsection (c) the Average PRSU Payout shall mean the three year average of the
dollar amount of the restricted shares and/or restricted share units determined by the attainment of performance goals (the “PRSU’s”) awards paid to the Participant under the Plan. The three year average of the PRSU’s paid to the
Participant will be determined based on the higher of two dollar amount averages computed during alternative three year periods consisting of either (i) the year in which the Relevant Date occurred (or, if the award is not yet paid as of the
Relevant Date, for the preceding year) and the two preceding years or, (ii) the year of the Qualified Termination of Employment (or, if the award is not yet paid as of the Qualified Termination of Employment, for the preceding year) and the two
preceding years. If a Participant has been paid less than three years of PRSU’s the three year average of the PRSU’s paid to the Participant will be determined based on the average dollar amount of the PRSU’s paid in prior years to
the Participant under the Plan. If a Participant has not received any prior payment of PRSU’s, the Average PRSU Payout will be determined as follows: 
 (1) For a Participant classified at the Corporation’s Grade 1 through 6 level, as defined by the Corporation’s compensation department, the Average PRSU Payout shall be calculated based on the
prior three year average PRSU payment to other employees at the same grade level. 
 (2) For a Participant at the
GSLT level (except for the Chief Executive Officer of the Corporation), the Average PRSU Payout shall be calculated based on the prior three year average PRSU payment to Participants at GSLT level. 
 (3) For the Chief Executive Officer of the Corporation, the Average PRSU Payout shall be calculated based on the prior three
year average PRSU payment to the previous Chief Executive Officer(s) of the Corporation. 
 Notwithstanding the
foregoing, no severance amount shall be paid to any Participant with respect to any PRSU grants to the extent that the Participant is entitled to receive payment under the Kimberly-Clark Executive Severance Plan. Notwithstanding anything in this
Plan to the contrary, this definition may be amended at the discretion of the Committee to allow any amounts payable by the Corporation to comply with the definition of performance based compensation under section 162(m) of the Code or any successor
section (including the rules and regulations promulgated thereunder). 
 (c) If, pending a Change of Control, the
Committee determines the Common Stock will cease to exist without an adequate replacement security that preserves Participants’ economic rights and positions, then, by action of the Committee, the following shall occur: 
 (i) All Stock Options and SARs, except for Incentive Stock Options, shall become exercisable immediately prior to the
consummation of the Change of Control in such manner as is deemed fair and equitable by the Committee. 
 (ii)
The restrictions on all Restricted Shares shall lapse and Restricted Share Units shall vest immediately prior to consummation of the Change of Control and shall be settled upon the Change of Control in cash equal to the Fair Market Value of the
Restricted Share Units at the time of the Change of Control. Provided, however, that any Restricted Share Units that are required to meet the requirements of Section 409A of the Code and the regulations thereunder shall be settled in a manner
that complies with Section 409A of the Code and the regulations thereunder. 
  

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 (d) A termination of employment shall not be deemed to have occurred while a
Participant is on military leave or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the Participant retains a right to reemployment with the Corporation or an Affiliate under an
applicable statute or by contract. For purposes of this subparagraph, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Corporation or
an Affiliate. If the period of leave exceeds six months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the first date immediately
following such six-month period. Notwithstanding the foregoing sentence, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than six months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a 29-month period of absence is substituted
for such six-month period in determining whether a termination of employment shall be deemed to have occurred. A termination of employment with the Corporation or an Affiliate to accept immediate reemployment with the Corporation or an Affiliate
likewise shall not be deemed to be a termination of employment for purposes of the Plan. A Participant who is classified as an intermittent employee shall be deemed to have a termination of employment for purposes of the Plan. Notwithstanding
anything in this Plan to the contrary, a termination of employment with respect to any Restricted Share Units that are required to meet the requirements of Section 409A of the Code and the regulations thereunder shall not be deemed to be a
termination of employment for purposes of the Plan if it is anticipated that the level of bona fide services the Participant would perform after such date would continue at a rate equal to more than 20 percent of the average level of bona fide
services performed over the immediately preceding 36-month period (or the full period of services to the Corporation or an Affiliate if the Participant has been providing such services less than 36 months). 
 (e) If any amounts payable under this Plan would constitute a parachute payment under Section 280G(b)(2) then such
amounts shall be reduced to the extent necessary to provide the Participant with the greatest aggregate net after tax receipt as determined by applying the procedures set forth in the Committee Rules. 
  

 11 

	11.	SHARES SUBJECT TO THE PLAN 

 The
number of shares of Common Stock available with respect to all Awards granted under this Plan shall not exceed 50,000,000 in the aggregate, of which not more than 50,000,000 shall be available for option and sale, and of which not more than
18,000,000 shall be available for grant as Restricted Shares and Restricted Share Units, subject to the adjustment provision set forth in Section 13 hereof. The shares of Common Stock subject to the Plan may consist in whole or in part of
authorized but unissued shares or of treasury shares, as the Board may from time to time determine. Shares subject to Options which become ineligible for purchase, Restricted Share Units which are retired through forfeiture or maturity, other than
those Restricted Share Units which are retired through the payment of Common Stock, and Restricted Shares which are forfeited during the Restricted Period due to any applicable Transferability Restrictions will be available for Awards under the Plan
to the extent permitted by section 16 of the Exchange Act (or the rules and regulations promulgated thereunder) and to the extent determined to be appropriate by the Committee. 
  

	12.	INDIVIDUAL LIMITS 

 The maximum
number of shares of Common Stock covered by Awards which may be granted to any Participant within any two consecutive calendar year period shall not exceed 1,500,000 in the aggregate. If an Option which had been granted to a Participant is canceled,
the shares of Common Stock which had been subject to such canceled Option shall continue to be counted against the maximum number of shares for which Options may be granted to the Participant. In the event that the number of Options which may be
granted is adjusted as provided in the Plan, the above limits shall automatically be adjusted in the same ratio which reflects the adjustment to the number of Options available under the Plan. 
  

	13.	CHANGES IN CAPITALIZATION 

 In
the event there are any changes in the Common Stock or the capitalization of the Corporation through a corporate transaction, such as any merger, any acquisition through the issuance of capital stock of the Corporation, any consolidation, any
separation of the Corporation (including a spin-off or other distribution of stock of the Corporation), any reorganization of the Corporation (whether or not such reorganization comes within the definition of such term in section 368 of the Code),
or any partial or complete liquidation by the Corporation, recapitalization, stock dividend, stock split or other change in the corporate structure, appropriate adjustments and changes shall be made by the Committee, to the extent necessary to
preserve the benefit to the Participant contemplated hereby, to reflect such changes in (a) the aggregate number of shares subject to the Plan, (b) the maximum number of shares subject to the Plan, (c) the maximum number of shares for
which Awards may be granted to any Participant, (d) the number of shares and the Option Price per share of all shares of Common Stock subject to outstanding Options, (e) the maximum number of shares of Common Stock covered by Awards which
may be granted by the Chief Executive Officer within any calendar year period, (f) the maximum number of shares of Common Stock available for option and sale and available for grant as Restricted Shares and Restricted Share Units, (g) the
number of Restricted Shares and Restricted Share Units awarded to Participants, and (h) such other provisions of the Plan as may be necessary and equitable to carry out the foregoing purposes, provided, however that no such adjustment or change
may be made to the extent that such adjustment or change will result in the disallowance of a deduction to the Corporation under section 162(m) of the Code or any successor section. 
  

 12 

	14.	EFFECT ON OTHER PLANS 

 All
payments and benefits under the Plan shall constitute special compensation and shall not affect the level of benefits provided to or received by any Participant (or the Participant’s estate or beneficiaries) as part of any employee benefit plan
of the Corporation or an Affiliate. The Plan shall not be construed to affect in any way a Participant’s rights and obligations under any other plan maintained by the Corporation or an Affiliate on behalf of employees. 
  

	15.	TERM OF THE PLAN 

 The term of
the Plan shall be ten years, beginning April 26, 2001, and ending April 25, 2011, unless the Plan is terminated prior thereto by the Committee. No Award may be granted or awarded after the termination date of the Plan, but Awards
theretofore granted or awarded shall continue in force beyond that date pursuant to their terms. 
  

	16.	GENERAL PROVISIONS 

 (a) Designated Beneficiary. Each Participant who shall be granted Restricted Shares and/or Restricted Share Units under the Plan may designate a beneficiary or beneficiaries with the Committee; provided that no such designation shall be
effective unless so filed prior to the death of such Participant. 
 (b) No Right of Continued Employment.
Neither the establishment of the Plan nor the payment of any benefits hereunder nor any action of the Corporation, its Affiliates, the Board of Directors of the Corporation or its Affiliates, or the Committee shall be held or construed to confer
upon any person any legal right to be continued in the employ of the Corporation or its Affiliates, and the Corporation and its Affiliates expressly reserve the right to discharge any Participant without liability to the Corporation, its Affiliates,
the Board of Directors of the Corporation or its Affiliates or the Committee, except as to any rights which may be expressly conferred upon a Participant under the Plan. 
 (c) Binding Effect. Any decision made or action taken by the Corporation, the Board or by the Committee arising out of or in
connection with the construction, administration, interpretation and effect of the Plan shall be conclusive and binding upon all persons. Notwithstanding anything in section 3 to the contrary, the Committee may determine in its sole discretion
whether a termination of employment for purposes of this Plan is caused by disability, retirement or for other reasons. 
 (d) Modification of Awards. The Committee may in its sole and absolute discretion, by written notice to a Participant, (i) limit the period in which an Incentive Stock Option may be exercised to a period ending at least three months
following the date of such notice, (ii) limit or eliminate the number of shares subject to an Incentive Stock Option after a period ending at least three months following the date of such notice, and/or (iii) accelerate the Restricted
Period with respect to the Restricted Share and Restricted Share Unit Awards granted under this Plan. Notwithstanding anything in this subsection 16(d) to the contrary, the Committee may not take any action to the extent that such action would
result in the disallowance of a deduction to the Corporation under section 162(m) of the Code or any successor section. Provided however, that any Restricted Share Units that are required to meet the requirements of Section 409A of the Code and
the regulations thereunder shall be settled in a manner that complies with Section 409A of the Code and the regulations thereunder. Except as provided in this subsection and in subsection 16(e) no amendment, suspension, or termination of the
Plan or any Awards under the Plan shall, without the consent of the Participant, adversely alter or change any of the rights or obligations under any Awards or other rights previously granted the Participant. 
  

 13 

 (e) Nonresident Aliens. In the case of any Award granted to a Participant
who is not a resident of the United States or who is employed by an Affiliate other than an Affiliate that is incorporated, or whose place of business is, in a State of the United States, the Committee may (i) waive or alter the terms and
conditions of any Awards to the extent that such action is necessary to conform such Award to applicable foreign law, (ii) determine which Participants, countries and Affiliates are eligible to participate in the Plan, (iii) modify the
terms and conditions of any Awards granted to Participants who are employed outside the United States, (iv) establish subplans, each of which shall be attached as an appendix hereto, modify Option exercise procedures and other terms and
procedures to the extent such actions may be necessary or advisable, and (v) take any action, either before or after the Award is made, which is deemed advisable to obtain approval of such Award by an appropriate governmental entity; provided,
however, that no action may be taken hereunder if such action would (i) materially increase any benefits accruing to any Participants under the Plan, (ii) increase the number of securities which may be issued under the Plan,
(iii) modify the requirements for eligibility to participate in the Plan, (iv) result in a failure to comply with applicable provisions of the Securities Act of 1933, the Exchange Act or the Code or (v) result in the disallowance of a
deduction to the Corporation under section 162(m) of the Code or any successor section. 
 (f) No Segregation of
Cash or Stock. The Restricted Share Unit accounts established for Participants are merely a bookkeeping convenience and neither the Corporation nor its Affiliates shall be required to segregate any cash or stock which may at any time be represented
by Awards. Nor shall anything provided herein be construed as providing for such segregation. Neither the Corporation, its Affiliates, the Board nor the Committee shall, by any provisions of the Plan, be deemed to be a trustee of any property, and
the liability of the Corporation or its Affiliates to any Participant pursuant to the Plan shall be those of a debtor pursuant to such contract obligations as are created by the Plan, and no such obligation of the Corporation or its Affiliates shall
be deemed to be secured by any pledge or other encumbrance on any property of the Corporation or its Affiliates. 
 (g) Inalienability of Benefits and Interest. Except as otherwise provided in this Plan, no benefit payable under or interest in the Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance or charge, and any such attempted action shall be void and no such benefit or interest shall be in any manner liable for or subject to debts, contracts, liabilities, engagements, or torts of any Participant or beneficiary. 
 (h) Delaware Law to Govern. All questions pertaining to the construction, interpretation, regulation, validity and effect of
the provisions of the Plan shall be determined in accordance with the laws of the State of Delaware. 
 (i)
Purchase of Common Stock. The Corporation and its Affiliates may purchase from time to time shares of Common Stock in such amounts as they may determine for purposes of the Plan. The Corporation and its Affiliates shall have no obligation to retain,
and shall have the unlimited right to sell or otherwise deal with for their own account, any shares of Common Stock purchased pursuant to this paragraph. 
 (j) Use of Proceeds. The proceeds received by the Corporation from the sale of Common Stock pursuant to the exercise of Options shall be used for general corporate purposes. 
  

 14 

 (k) Deferral of Award Payment. The Committee may establish one or more
programs under the Plan to permit selected Participants the opportunity to elect to defer receipt of consideration upon exercise of an Award or other event that absent the election would entitle the Participant to payment or receipt of Common Stock
or other consideration under an Award. The Committee may establish the election procedures, the timing of such elections, the mechanisms for payments of, and accrual of interest or other earnings, if any, on amounts so deferred, and such other
terms, conditions, rules and procedures that the Committee deems advisable for the administration of any such deferral program. Notwithstanding anything in the Plan to the contrary, no Participant may elect after 2004 to defer receipt of
consideration upon exercise of an Award or other event that absent the election would entitle the Participant to payment or receipt of Common Stock or other consideration under an Award. 
 (l) Withholding. The Committee shall require the withholding of all taxes as required by law. In the case of exercise of an
Option or payments of Awards whether in cash or in shares of Common Stock or other securities, withholding shall be as required by law and in the Committee Rules. 
 (m) Amendments. The Committee may at any time amend, suspend, or discontinue the Plan or alter or amend any or all Awards and
Award Agreements under the Plan to the extent (1) permitted by law, (2) permitted by the rules of any stock exchange on which the Common Stock or any other security of the Corporation is listed, (3) permitted under applicable
provisions of the Securities Act of 1933, as amended, the Exchange Act (including rule 16b-3 thereof) and (4) that such action would not result in the disallowance of a deduction to the Corporation under section 162(m) of the Code or any
successor section (including the rules and regulations promulgated thereunder); and (5) that no Option may be re-priced, replaced, re-granted though cancellation, or modified without shareholder approval (except in connection with a change in
the Common Stock or the capitalization of the Corporation as provided in Section 13 hereof) if the effect would be to reduce the exercise price for the shares underlying such Option; provided, however, that if any of the foregoing requires the
approval by stockholders of any such amendment, suspension or discontinuance, then the Committee may take such action subject to the approval of the stockholders. Except as provided in subsections 16(d) and 16(e) no such amendment, suspension, or
termination of the Plan shall, without the consent of the Participant, adversely alter or change any of the rights or obligations under any Awards or other rights previously granted the Participant. 
  

 15Severance Pay Plan

 Exhibit No. (10)p 
 KIMBERLY-CLARK CORPORATION 
 SEVERANCE PAY PLAN 
 Amended and restated as of November 18, 2009 

 TABLE OF CONTENTS 
  

							
	 ARTICLE
	 	 	  	 TITLE
	  	 
				
	 I
	 		  	NAME, PURPOSE AND EFFECTIVE DATE OF PLAN	  	1
				
	 II
	 		  	DEFINITIONS	  	1
				
	 III
	 		  	ELIGIBILITY AND PARTICIPATION	  	4
				
	 IV
	 		  	SEVERANCE BENEFITS	  	6
				
	 V
	 		  	PLAN ADMINISTRATION	  	7
				
	 VI
	 		  	LIMITATIONS AND LIABILITIES	  	11
				
		 		  	APPENDIX A - COVERED EMPLOYERS	  	13

  

 ARTICLE I 
 NAME, PURPOSE AND EFFECTIVE DATE OF PLAN 
  

	1.1	Name of the Plan. Kimberly-Clark Corporation (the “Corporation”) hereby establishes a severance pay plan for its Employees, to be known as the
Kimberly-Clark Corporation Severance Pay Plan (the “Plan”) as set forth in this document. The Plan is intended to qualify as an employee welfare benefit plan within the meaning of Section 3(1) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”). 

  

	1.2	Purpose of the Plan. The purpose of the Plan is to provide Eligible Employees a severance benefit in the event of involuntary termination of employment. The Plan
is not intended as a replacement or substitution for any confidentiality or noncompete agreement between an Employee and Employer executed prior or subsequent to the effective date of the Plan. 

  

	1.3	Effective Date. The Plan is effective as of January 1, 1998 and is amended and restated to apply to involuntary Separations of Service after
November 17, 2009. 

 ARTICLE II 
 DEFINITIONS AND CONSTRUCTION 
  

	2.1	Definitions. When the following words and phrases appear in this Plan, they shall have the respective meanings set forth below unless the context clearly
indicates otherwise: 

  

	 	(a)	Average MAAP: The three year average of the annual awards paid to the Participant under MAAP. The three year average of the annual awards paid to the Participant
will be determined based on the three year period consisting of the year of the termination of employment (or, if the award for that year has not yet paid for the year of severance, for the preceding year) and the two preceding years. If a
Participant has been paid less than three years of annual awards the Average MAAP will be determined based on the average dollar amount of the annual awards paid in prior years to the Participant under MAAP. If a Participant has not received any
prior payment of annual awards, the Average MAAP will be determined as follows: 

  

	 	(i)	For a Participant classified at the Corporation’s Grade 1 through 4 level, as defined by the Corporation’s compensation department, the Average MAAP shall be
calculated based on the prior three year average MAAP payment to other employees at the same grade level. 

  

	 	(ii)	For a Participant at the GSLT level (except for the Chief Executive Officer of the Corporation), the Average MAAP shall be calculated based on the prior three year
average MAAP payment to Participants at GSLT level. 

  

 1 

	 	(iii)	For the Chief Executive Officer of the Corporation, the Average MAAP shall be calculated based on the prior three year average MAAP payment to the previous Chief
Executive Officer(s) of the Corporation. 

  

	 	(b)	Board: The Board of Directors of the Corporation. 

  

	 	(c)	Cause: Any termination of employment which is classified by the Employer as for cause, including but not limited to: (i) unsatisfactory performance of
duties, or inability to meet the requirements of the position; (ii) any habitual neglect of duty or misconduct of the Employee in discharging any of his duties and responsibilities; (iii) excessive unexcused, or statutorily unprotected
absenteeism or inattention to duties; (iv) failure or refusal to comply with the provisions of the Employer’s personnel manual or any other rule or policy of the Employer; (v) misconduct, including but not limited to, engaging in
conduct which the Committee reasonably determines to be detrimental to the Employer; (vi) disloyal, dishonest or illegal conduct by the Employee; (vii) theft, fraud, embezzlement or other criminal activity involving the Employee’s
relationship with the Employer; (viii) violation of any applicable statute, regulation, or rule, or provision of any applicable code of professional ethics; (ix) suspension, revocation, or other restriction of the Participant’s
professional license, if applicable; or (x) the Employer’s inability to confirm, to its sole satisfaction, the references and/or credentials which the Participant provided with respect to any professional license, educational background
and employment history. 

  

	 	(d)	COBRA: Medical continuation coverage elected under the provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985. Participants shall be eligible
to receive medical continuation coverage under COBRA for the number of months provided under Article IV without payment of the applicable premium if the Participant is otherwise eligible for, and timely elects, COBRA medical continuation coverage.
The Participant shall be responsible for any additional months of COBRA coverage elected beyond the months of COBRA provided by the Corporation under this Plan. The Participant may also enroll in other applicable COBRA coverage (e.g. dental and/or
the health care spending accounts); however, the Participant shall be responsible for and must pay the COBRA premium for such coverage. 

  

	 	(e)	Code: The Internal Revenue Code of 1986, as amended from time to time, and as construed and interpreted by valid regulations or rulings issued thereunder.

  

	 	(f)	Committee: The Benefits Administration Committee appointed to administer and regulate the Plan as provided in Article V. 

  

	 	(g)	 Comparable Position: A position offered to an employee will be considered a Comparable Position under this Plan unless the Committee determines
in its sole discretion that any of the following apply (i) there is a material diminution in the Employee’s Earnings on the date of such offer, (ii) a material change in the geographic location at which the Employee must perform the
services, (iii) the position offered to the Employee is a material diminution of the Employee’s authority, duties or responsibilities. The Employee must provide notice to the Corporation of the existence of any of the above conditions
within a period not to

  

 2 

	 	 
exceed 90 days of the initial offer of the non-Comparable Position to the employee, upon the notice of which the Corporation must be provided a period of at least 30 days during which it may
remedy the offer and not be required to pay the severance amount. The determination whether a position offered will be considered a Comparable Position under this Plan shall be in the Committee’s sole discretion and the Committee shall have the
power to promulgate Committee Rules and other guidelines in connection with this determination. Any such determination by the Committee whether a Participant is offered a Comparable Position shall be final and conclusive as to all Eligible Employees
and other persons claiming rights under the Plan. 

  

	 	(h)	Earnings: The base salary of an Eligible Employee at his or her current stated hourly, weekly, monthly or annual rate on his Termination Date. If Eligible
Employee is a full-time Employee, Earnings are the hourly pay rate (excluding shift differential) times 40 (hours). If Eligible Employee is an Employee who works less than 40 hours per week, Earnings are the hourly pay rate (excluding shift
differential) times the Employee’s regularly scheduled hours per week. Earnings do not include overtime pay, MAAP, bonus or other remuneration for all Eligible Employees. The calculation of a week of Earnings shall be made subject to any
applicable Committee rule. 

  

	 	(i)	Effective Date: January 1, 1998, or with respect to a particular Subsidiary, such later date as of which the Committee deems such Subsidiary to be an
Employer, or as set forth in Appendix A. The Plan is amended and restated to apply to involuntary Separations of Service after November 17, 2009. 

  

	 	(j)	Eligible Employee: An hourly Employee not covered by a collective bargaining unit, or salaried Employee, on the regular payroll of an Employer. For purposes of
this subsection, “on the regular payroll of an Employer” shall mean paid through the payroll department of such Employer, and shall exclude employees classified by an Employer as intermittent or temporary, and persons classified by an
Employer as independent contractors, regardless of how such employees may be classified by any federal, state, or local, domestic or foreign, governmental agency or instrumentality thereof, or court. 

  

	 	(k)	Employee: A person employed by an Employer. 

  

	 	(l)	Employer: The Corporation and each Subsidiary which the Committee shall from time to time designate as an Employer for purposes of the Plan. A list of Employers
is set forth in Appendix A. 

  

	 	(m)	MAAP: The Management Achievement Award Program, the Executive Officer Achievement Award Program or any successor plans. 

  

	 	(n)	MAAP Eligible: Eligible Employees who as of their date of termination of employment meet the eligibility requirements to participate under MAAP.

  

	 	(o)	Participant: An individual who has met the eligibility requirements to receive Severance Pay pursuant to Article III. 

  

 3 

	 	(p)	Plan Year: A twelve calendar month period beginning January 1 through December 31. 

  

	 	(q)	Separation from Service. Termination of employment with the Corporation or a Subsidiary. A Separation from Service will be deemed to have occurred if the
Employee’s services with the Corporation or a Subsidiary is reduced to an annual rate that is 20 percent or less of the services rendered, on average, during the immediately preceding three years of employment (or if employed less than three
years, such lesser period). The Committee shall have the power to promulgate Committee Rules and other guidelines in connection with the determination of a Separation from Service and any such determination by the Committee shall be final and
conclusive as to all Eligible Employees and other persons claiming rights under the Plan. 

  

	 	(r)	Severance Pay: Payment made to a Participant pursuant to Article IV hereof. 

  

	 	(s)	Subsidiary: Any corporation, 50% or more of the voting shares of which are owned directly or indirectly by the Corporation, which is incorporated under the laws
of one of the States of the United States. 

  

	 	(t)	Termination Date: The date of an Employee’s Separation from Service. 

  

	 	(u)	Years of Service: An Employee shall be credited with a Year of Service for each year commencing with the Employee’s vacation eligibility date as maintained
by the payroll department of such Employer until the Employee’s Termination Date, rounded to the nearest whole year of service. Notwithstanding any provision in the Plan to the contrary, an Employee’s credited Years of Service shall be
reduced to the extent such Years of Service have previously been used to calculate a prior severance payment to the Employee. 

  

	2.2	Construction: Where appearing in the Plan the masculine shall include the feminine and the plural shall include the singular, unless the context clearly
indicates otherwise. The words “hereof,” “herein,” “hereunder” and other similar compounds of the word “here” shall mean and refer to the entire Plan and not to any particular Section or subsection.

 ARTICLE III 
 ELIGIBILITY AND PARTICIPATION 
  

	3.1	Participation. An Eligible Employee shall become a Participant on the later of the Effective Date or the first day actively employed by an Employer.

  

	3.2	Eligibility. Each Participant whose employment is involuntarily terminated shall receive Severance Pay; provided, however, that Severance Pay shall not be paid
to any Participant who: 

  

	 	(a)	is terminated for Cause; 

  

 4 

	 	(b)	is terminated during a period in which such Participant is not actively at work (i.e. has been on leave) for more than 25 weeks, except to the extent otherwise required
by law; 

  

	 	(c)	voluntarily quits or retires; 

  

	 	(d)	dies; 

  

	 	(e)	is offered a Comparable Position as defined in Section 3.5 below. 

  

	3.3	Duration. A Participant remains a Participant under the Plan until the earliest of: 

  

	 	(a)	the date the Participant is no longer an Eligible Employee; 

  

	 	(b)	the Participant’s Termination Date; or 

  

	 	(c)	the date the Plan terminates. 

  

	3.4	Severance Agreement and Release. No Participant shall be entitled to receive Severance Pay hereunder unless such Participant executes a Separation Agreement and
Full and Final Release of Claims, in the form required by the Corporation, within the period specified for such individual therein and such Participant does not revoke such Separation Agreement and Full and Final Release of Claims in writing within
the 7-day period following the date on which it is executed. 

  

	3.5	Comparable Position. Severance Pay shall not be paid to any Employee whose employment is involuntarily terminated related to 

  

	 	(a)	any separation or reorganization of the Corporation including, but not limited to, a sale, spin-off or shutdown of a portion of the Corporation, including but not
limited to a portion of a mill or other location, if such Employee is offered a Comparable Position with the successor entity, 

  

	 	(b)	the outsourcing of an Employee to a company other than an Employer, in which such Employee is offered or continues in a Comparable Position, or

  

	 	(c)	any elimination of a job function, or transfer of an Employee’s position to another location, in which such Employee is offered a Comparable Position with the
Corporation. 

  

 5 

 ARTICLE IV 
 SEVERANCE BENEFITS 
  

	4.1	Severance Pay. Whether any Severance Pay is payable under this Plan, or any increase or decrease in the amount of Severance Pay, shall be in the sole discretion
and as authorized pursuant to subsection 5.7(b) below. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan. Subject to the exercise
of such discretion, a Participant’s Severance Pay shall be determined as follows: 

  

	 	(a)	Each individual who is eligible as provided in Article III above, shall receive, the Severance Pay, COBRA, outplacement assistance services and Employee Assistance
Program services set forth below. 

  

													
	 Provision
	  	 GSLT
	  	Grades
1-4	  	Other
MAAP-Eligible	  	Salaried
Exempt	  	Salaried
Non-Exempt	  	Production
Non-Union
	Severance -Termination on or after 12 months employment	  	2 x the sum of annual Earnings plus Average MAAP	  	The sum of
annual
Earnings plus
Average
MAAP	  	2 weeks of
Earnings per
Year of
Service (26
weeks
Earnings
minimum)	  	2 weeks of
Earnings per
Year of
Service (12
weeks
Earnings
minimum)	  	1 week of
Earnings per
Year of
Service (6
weeks
Earnings
minimum)	  	1 week of
Earnings per
Year of
Service (6
weeks
Earnings
minimum)
							
	Severance – Termination within first 12 months employment	  	3 months Earnings	  	3 months
Earnings	  	3 months
Earnings	  	3 months
Earnings	  	6 weeks
Earnings	  	6 weeks
Earnings
							
	Current Year MAAP	  	Pro-rated based on actual performance if Separation from Service is after March 31 of the performance year	  	Pro-rated
based on
actual
performance
if Separation
from Service
is after March
31 of the
performance
year	  	Pro-rated
based on
actual
performance
if Separation
from Service
is after March
31 of the
performance
year	  		  		  	
							
	COBRA	  	6 months	  	6 months	  	6 months	  	6 months	  	6 months	  	6 months
							
	Outplacement	  	6 months	  	6 months	  	6 months	  	3 months	  	2 weeks	  	2 weeks
							
	EAP	  	3 months	  	3 months	  	3 months	  	3 months	  	3 months	  	3 months

  

	 	(b)	Severance Pay shall be paid as a lump sum cash payment no later than 60 days following the Participant’s Termination Date, provided, however, should any payments
under this Plan be delayed no interest will be owed to the Participant with respect to such late payment. Notwithstanding the foregoing, any current year MAAP that is payable shall be paid at the same time as it was payable under the provisions of
MAAP but no later than 60 days following the calendar year of the Separation from Service. 

  

	 	(c)	 The Severance Pay determined pursuant to subsection 4.1(a) above will be offset by any amount paid to a Participant (but not less than zero) pursuant
to the Worker Adjustment and Retraining Notification Act (“WARN”), or any similar state law, in lieu of notice thereunder. The benefits provided under this Plan are

  

 6 

	 	 
intended to satisfy any and all statutory obligations that may arise out of an Eligible Employee’s involuntary termination, and the Committee shall so construe and implement the terms of the
Plan. 

  

	 	(d)	If, at the time Severance Pay is to be made hereunder, a Participant is indebted or obligated to an Employer or any affiliate, then such Severance Pay shall be reduced
by the amount of such indebtedness or obligation to the extent allowable under applicable federal or state law; provided that the Corporation may in its sole discretion elect not to reduce the Severance Pay by the amount of such indebtedness or
obligation and provided that any such election by the Corporation shall not constitute a waiver of its claim of such indebtedness or obligation, in accordance with applicable law. 

  

	 	(e)	Notwithstanding any provision in the Plan to the contrary, Severance Pay shall be reduced by the amount of any other severance payments, whether under any severance
plan or offer letter or other individual agreement, made by an Employer. 

  

	 	(f)	Severance Pay hereunder shall not be considered “compensation” for purposes of determining any benefits provided under any pension, savings, or other benefit
plan maintained by an Employer. 

  

	4.2	Withholding. A Participant shall be responsible for payment of any federal, Social Security, state, local or other taxes on Severance Pay under the Plan. The
Employer shall deduct from Severance Pay any federal, Social Security, state, local or other taxes which are subject to withholding, as determined by the Employer. 

  

	4.3	Recovery of Overpayments. If it is determined that any amount paid to an individual under this Plan should not have been paid or should have been paid in a
lesser amount, written notice thereof shall be given and such individual shall promptly repay the amount of the overpayment to the Plan. Notwithstanding the foregoing, the Plan in all cases reserves the right to pursue collection of any
remaining overpayments if the above recovery efforts under this paragraph have failed.

 ARTICLE V 
 PLAN ADMINISTRATION 
 BENEFITS ADMINISTRATION COMMITTEE 
  

	5.1	Membership. The Committee shall consist of at least three persons who shall be officers or directors of the Corporation or Eligible Employees. Members of the
Committee shall be appointed from time to time by, and shall serve at the pleasure of, the Chief Human Resources Officer of the Corporation (the “CHRO”). The CHRO shall appoint one of the members of the Committee to serve as chairman. If
the CHRO does not appoint a chairman, the Committee, in its discretion, may elect one of its members as chairman. The Committee shall appoint a Secretary who may be but need not be, a member of the Committee. The Committee shall not receive
compensation for its services. Committee expenses shall be paid by the Corporation. 

  

 7 

	5.2	Powers. The Committee shall have all such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the power to
construe or interpret the Plan, to determine all questions of eligibility hereunder, to adopt rules relating to coverage, and to perform such other duties as may from time to time be delegated to it by the Board. Any interpretations of this Plan by
persons other than the Committee or individuals or organizations to whom the Committee has delegated administrative duties shall have no effect hereunder. The Committee may prescribe such forms and systems and adopt such rules and methods and tables
as it deems advisable. It may employ such agents, attorneys, accountants, actuaries, medical advisors, or clerical assistants (none of whom need be members of the Committee) as it deems necessary for the effective exercise of its duties, and may
delegate to such agents any power and duties, both ministerial and discretionary, as it may deem necessary and appropriate. Notwithstanding the foregoing, any claim which arises under any other plan shall not be subject to review under this Plan,
and the Committee’s authority under this Article V shall not extend to any matter as to which an Administrator under such Program is empowered to make determinations under such plan. In administering the Plan, the Committee will be entitled, to
the extent permitted by law, to rely conclusively on all tables, valuations, certificates, opinions and reports which are furnished by, or in accordance with the instructions of, the Committee of each of the Programs, or by accountants, counsel or
other experts employed or engaged by the Committee. 

  

	5.3	Procedures. The Committee may take any action upon a majority vote at any meeting at which all members are present, and may take any action without a meeting
upon the unanimous written consent of all members. All action by the Committee shall be evidenced by a certificate signed by the chairperson or by the secretary to the Committee. The Committee shall appoint a secretary to the Committee who need not
be a member of the Committee, and all acts and determinations of the Committee shall be recorded by the secretary, or under his supervision. All such records, together with such other documents as may be necessary for the administration of the Plan,
shall be preserved in the custody of the secretary. 

  

	5.4	Rules and Decisions. All rules and decisions of the Committee shall be uniformly and consistently applied to all Eligible Employees and Participants under this
Plan in similar circumstances and shall be conclusive and binding upon all persons affected by them. 

  

	5.5	Books and Records. The records of the Employers shall be conclusive evidence as to all information contained therein with respect to the basis for participation
in the Plan and for the calculation of Severance Pay. 

  

	5.6	 Claim Procedure. The Committee procedure for handling all claims hereunder and review of denied claims shall be consistent with the provisions
of ERISA. If a claim for Plan benefits is denied, the Committee shall provide a written notice within 90 days to the person claiming the benefits that contains the specific reasons for the denial, specific references to Plan provisions on which the
Committee based its denial and a statement that the claimant may (a) request a review upon written application to the Committee within 60 days, (b) may review pertinent Plan documents and (c) may submit

  

 8 

	 	 
issues and comments in writing. If a claim is denied because of incomplete information, the notice shall also indicate what additional information is required. If additional time is required to
make a decision on the claim, the Committee shall notify the claimant of the delay within the original 90 day period. This notice will also indicate the special circumstances requiring the extension and the date by which a decision is expected. This
extension period may not exceed 90 days beyond the end of the first 90-day period. 

 The claimant may request
a review of a denied claim by writing the Committee in care of the Plan Administrator. The appeal must, however, be made within 60 days after the claimant’s receipt of notice of the denial of the claim. Pertinent documents may be reviewed in
preparing an appeal, and issues and comments may be submitted in writing. An appeal shall be given a complete review by the Committee, and a written decision, including reasons, shall be provided within 60 days. If there are special circumstances
requiring an extensive review, the Committee shall notify the claimant in a written notice within the original 60 day period of its receipt of the appeal and indicating that the decision will be delayed. A final decision on the appeal shall be made
within 120 days of the Committee’s receipt of the appeal. 
 The Committee shall have all of the authority with respect to
all aspects of claims for benefits under the Plan, and it shall administer this authority in its sole discretion. 
  

	5.7	Committee Discretion.  

  

	 	(a)	Any action on matters within the discretion of the Committee, including but not limited to, the amount of Severance Pay conferred upon a Participant, shall be final and
conclusive as to all Eligible Employees and other persons claiming rights under the Plan. The Committee shall exercise all of the powers, duties and responsibilities set forth hereunder in its sole discretion. Notwithstanding anything in this Plan
to the contrary, the Committee shall have the sole discretion to interpret the terms of the Plan included but not limited to, whether a termination is voluntarily or involuntary, whether a Participant’s termination is for Cause, whether a
Participant is offered a Comparable Position, and whether Severance Pay shall be payable to any Participant under this Plan. 

  

	 	(b)	Any increase or decrease in the amount of Severance Pay different than the amount set forth in 4.1(a) above may be authorized in their sole discretion by (i) the
Committee, (ii) a Group President or Senior Vice President of the Corporation with the endorsement of either the Senior Vice President Global Human Resources or the Vice President Compensation and Benefits or (iii) the Chief Executive
Officer. Any such increase or decrease in the amount of Severance Pay shall be final and conclusive as to all Eligible Employees and other persons claiming rights under the Plan. 

  

	5.8	Plan Amendments. The Board may from time to time modify, alter, amend or terminate the Plan. Any action permitted to be taken by the Board under the foregoing
provision may be taken by the CHRO if such action: 

  

	 	(a)	is required by law, or 

  

 9 

	 	(b)	is estimated not to increase the annual cost of the Plan by more than $5,000,000, or 

  

	 	(c)	is estimated not to increase the annual cost of the Plan by more than $25,000,000 provided such action is approved and duly executed by the CEO.

 Any action taken by the Board or CHRO shall be made by or pursuant to a resolution duly adopted by the Board or
CHRO and shall be evidenced by such resolution or by a written instrument executed by such persons as the Board or CHRO shall authorize for that purpose. 
 The Board or CHRO also shall have the right to make any amendment retroactively which is necessary to bring the Plan into conformity with the Code or which is otherwise permitted by applicable law. Any
such amendment will be binding and effective for the Employer. 
 Any action which is required or permitted to be taken by the
Board under the provisions of this Plan may be taken by the Management and Development Compensation Committee of the Board or any other duly authorized committee of the Board designated under the By-Laws of the Corporation. 
 The Board, the Management and Development Compensation Committee or any duly authorized committee of the Board, the CEO or the CHRO may
authorize persons to carry out its policies and directives subject to the limitations and guidelines set by it, and delegate its authority under the Plan. 
  

	5.9	Annual Reporting to the CEO. The CHRO shall report to the CEO before January 31 of each year all action taken by such position hereunder during the
preceding calendar year. 

  

	5.10	Annual Reporting to the Board. The CEO shall report to the Board before January 31 of each year all action taken by such position hereunder during the
preceding calendar year. 

  

	5.11	Delegation of Duties. This Plan is sponsored by Kimberly-Clark Corporation. The Committee reserves the right to delegate any and all administrative duties to one
or more individuals or organizations. Any reference herein to any other entity or person, other than the Committee or any of its members, which is performing administrative services shall also include any other third party administrators. The
responsibilities of any third party administrator may be governed, in part, by a separate administrative services contract. 

  

	5.12	Funding. Benefits shall be paid from the general assets of the Corporation. 

  

 10 

 ARTICLE VI 
 LIMITATIONS AND LIABILITIES 
  

	6.1	Non-Guarantee of Employment. Nothing contained in this Plan shall be construed as a contract of employment between an Employer and a Participant, or as a right
of any Participant to be continued in the employment of his Employer, or as a limitation of the right of an Employer to discharge any Participant with or without Cause. Nor shall anything contained in this Plan affect the eligibility requirements
under any other plans maintained by the Employer, nor give any person a right to coverage under any other Plan. 

  

	6.2	Non-Alienation. Except as otherwise provided herein, no right or interest of any Participant or Beneficiary in the Plan shall be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, attachment, garnishment, execution, levy, bankruptcy, or any other disposition of any kind, either voluntary or involuntary, prior to actual receipt of payment by the
person entitled to such right or interest under the provisions hereof, and any such disposition or attempted disposition shall be void. 

  

	6.3	Applicable Law. This Plan is construed under, to the extent not preempted by Federal law, enforced in accordance with and governed by, the laws of the State of
Wisconsin. If any provision of this Plan is found to be invalid, such provision shall be deemed modified to comply with applicable law and the remaining terms and provisions of this Plan will remain in full force and effect.

  

	6.4	Notice. Any notice given hereunder is sufficient if given to the Employee by the Employer, or if mailed to the Employee to the last known address of the Employee
as such address appears on the records of the Employer. 

  

	6.5	Service of Process. The Plan Administrator shall be the designated recipient of the services of process with respect to legal actions regarding the Plan.

  

	6.6	No Guarantee of Tax Consequences. The Employer makes no commitment or guarantee that any amounts paid to or for the benefit of a Participant under this Plan will
be excludable from the Participant’s gross income for Federal, Social Security, or state income tax purposes, or that any other Federal, Social Security, or state income tax treatment will apply to or be available to any Participant. It shall
be the obligation of each Participant to determine whether each payment under this Plan is excludable from the Participant’s gross income for Federal, Social Security, and state income tax purposes, and to notify the Plan Administrator if the
Participant has reason to believe that any such payment is not so excludable. This Plan is intended to be compliant with Section 409A of the Code and the guidance promulgated thereunder. Notwithstanding any other provision of this Plan, the
Corporation and the Committee shall administer and interpret the Plan, and exercise all authority and discretion under the Plan, to satisfy the requirements of Code Section 409A and the guidance promulgated thereunder and any noncompliant
provisions of this Plan will either be void or deemed amended to comply with Section 409A of the Code and the guidance promulgated thereunder. 

  

 11 

	6.7	Limitation of Liability. Neither the Employer, the Plan Administrator, nor the Committee shall be liable for any act or failure to act which is made in good
faith pursuant to the provisions of the Plan, except to the extent required by applicable law. It is expressly understood and agreed by each Eligible Employee who becomes a Participant that, except for its or their willful misconduct or gross
neglect, neither the Employer, the Plan Administrator nor the Committee shall be subject to any legal liability to any Participant, for any cause or reason whatsoever, in connection with this Plan, and each such Participant hereby releases the
Employer, its officers and agents, and the Plan Administrator, and its agents, and the Committee, from any and all liability or obligation except as provided in this paragraph. 

  

	6.8	Indemnification of the Committee. The Employer shall indemnify the Committee and each of its members and hold them harmless from the consequences of their acts
or conduct in their official capacity, including payment for all reasonable legal expenses and court costs, except to the extent that such consequences are the result of their own willful misconduct or breach of good faith. 

 

 12 

 APPENDIX A 
 EMPLOYERS COVERED BY THE KIMBERLY-CLARK CORPORATION 
 SEVERANCE PAY PLAN 

 

			
	 Employers
	  	 Participating Units

	American Allsafe Company	  	All salaried and hourly non-organized employees*
		
	Avent, Inc.	  	All salaried and hourly non-organized employees, and hourly non-organized employees at former Tecnol, Inc. facilities*
		
	I-Flow Corporation	  	All salaried and hourly non-organized employees*
		
	Jackson Products, Inc.	  	All salaried and hourly non-organized employees*
		
	Jackson Safety LLC	  	All salaried and hourly non-organized employees*
		
	Jackson-Wilson LLC	  	All salaried and hourly non-organized employees*
		
	Kimberly-Clark Corporation	  	All salaried and hourly non-organized employees*
		
	Kimberly-Clark Financial Services, Inc.	  	All salaried and hourly non-organized employees*
		
	Kimberly-Clark Global Sales, LLC	  	All salaried employees*
		
	Kimberly-Clark International Services Corporation	  	All salaried and hourly non-organized employees except those who transfer to a 50% or less owned foreign subsidiary on a non-temporary basis*
		
	Kimberly-Clark Michigan, Inc.	  	All salaried employees*
		
	Kimberly-Clark Pennsylvania, LLC	  	All salaried employees*
		
	Kimberly-Clark Worldwide, Inc.	  	All salaried and hourly non-organized employees*

  

	*	including those on temporary assignment at other employers or in other classifications, but excluding employees on temporary assignment from another Employer or
classification. 

  

 13 

 APPENDIX B 
 2009 VOLUNTARY 
 SEVERANCE PROGRAM 
  

	1.	In General. Notwithstanding the requirement under Section 3.2 of the Plan that Severance Pay is only payable upon involuntary termination, a Participant who
voluntarily terminates employment shall receive Severance Pay if they otherwise qualify under the terms of the Plan and meet the requirements of Section 2 below, except to the extent otherwise limited in accordance with the terms approved by
the Corporation for this 2009 Voluntary Severance Program (the “Program”). A Participant will no longer be eligible under this Program if their separation from service is after December 31, 2009. 

  

	2.	Voluntary Severance Election. A Participant qualifies under this Section 2 if such Participant is a salaried exempt or non-exempt nonproduction employee who
submits an election to participate in the Program on or after April 21, 2009 and prior to May 23, 2009 and who 

  

	 	(a)	is employed by the Corporation as of April 22, 2009, and separates from service with their Employer on June 30, 2009 unless the Chief Executive Officer of the
Corporation exercises his discretion to require such Participant to remain employed until a later release date, but no later than December 31, 2009; 

  

	 	(b)	separates from service with their Employer during the period April 1, 2009 through April 21, 2009; or 

  

	 	(c)	separates from service with their Employer during the period April 1 through May 31 and on or after the date the Participant has attained age 55.

  

	3.	Severance Agreement and Release. No Participant shall be entitled to receive any of the benefits provided under the Plan hereunder unless such Participant
executes a Separation Agreement and Full and Final Release of Claims, in the form required by the Corporation, within the period specified for such individual therein and such Participant does not revoke such Separation Agreement and Full and Final
Release of Claims in writing within the 7-day period following the date on which it is executed. 

  

	4.	Excluded Participants. Notwithstanding any provision in this Appendix B to the contrary, the following Participants, and groups of Participants are excluded from
participation in this Program: 

  

	 	(a)	members of the Corporation’s Global Strategic Leadership Team; 

  

	 	(b)	a Participant who was granted an Equity Participation Plan Retention Grant at the meeting of the Management and Development Compensation Committee on April 29,
2009; 

  

	 	(c)	employees of Kimberly-Clark Professional Global Safety Business; 

  

	 	(d)	U.S. employees in the Corporation’s compensation department; 

  

	 	(e)	Health Care Medical Devices Research and Engineering (Roswell based); 

  

	 	(f)	Health Care Regulatory Affairs (Roswell based); 

  

 14 

	 	(g)	HC Quality Engineers (Roswell); 

  

	 	(h)	employees of MEA Sparktak; and 

  

	 	(i)	other excluded employees and groups as designated by the CHRO pursuant to a resolution duly adopted by the CHRO. 

  

 15

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