Document:

Separation Agreement between Diversey, Inc. and David S. Andersen

 Exhibit 10.1 
 SEPARATION AGREEMENT BETWEEN 
 DIVERSEY, INC. AND DAVID S. ANDERSEN

  

					
	Date:	  	January 25, 2011	  	
			
	From:	  	Edward F. Lonergan	  	PERSONAL & CONFIDENTIAL
			
	To:	  	David S. Andersen	  	

 The following sets forth the mutual agreement (“Agreement”) between you and Diversey,
Inc. (the “Company”), formerly known as JohnsonDiversey, Inc., regarding your separation from the Company: 
 1.
Resignation. You hereby submit and the Company hereby accepts your irrevocable written resignation as an officer and employee of the Company, its subsidiaries and affiliates effective March 18, 2011 (such date of resignation being herein
referred to as the “Termination Date”). Your resignation effective on the Termination Date constitutes a “separation from service” (as such phrase is defined under Internal Revenue Code Section 409A and the regulation
promulgated thereunder). 
 2. Severance Pay and Benefits. Subject to the terms of this Agreement, the Company will pay
or provide to you following your Termination Date: 
 a. Salary Continuation. The Company will pay you an
amount equal to your current annual rate of Base Salary ($253,425) as salary continuation, which will be paid over 12 months following the Termination Date. Payments of this salary continuation amount of $253,425 will be paid in equal installments
at the times and in the manner consistent with Company payroll practices for executive employees, and each installment payment shall be considered a separate payment and not one of a series of payments for purposes of Section 409A of the
Internal Revenue Code. Payments will have all federal, state and local withholding taxes deducted, as applicable. 
 b. Health Benefits. The medical, dental and vision coverage you elected under the Diversey Choice Benefits Program will cease on your Termination Date. At your option, you may continue your
coverage for yourself and your eligible dependents on your Termination Date for a period of 18 months, inclusive of COBRA. Please contact the DI Service Center at (866) 391-0760 for more detailed information. If you elect any such continued
coverage, the Company will subsidize the medical, vision and dental rates for the 12 months of continuation coverage following your Termination Date so that for the same coverage you will pay the same amount of contribution as if you were an active
employee; provided, however, that with respect to any such medical, dental and vision benefits provided under a self-insured medical reimbursement plan (within the meaning of Section 105(h) of the Internal Revenue Code), (a “Self-Insured
Medical Plan”), for which you have elected coverage, the reimbursement of an eligible medical expense must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, (B) you must
pay to the Company the cost, on an after-tax basis, for the premium payments (both the employee and employer portion) required for such continued coverage under any Self-Insured Medical 

 
Plan, and (C) the Company will pay to you or your eligible dependents on the first day of each month during such period of continuation coverage, an additional severance payment in an amount
such that the net amount of such severance pay, after all applicable tax withholding, equals the difference between the full COBRA premium and the premium charged to active employees, which amount shall be applied towards your foregoing payment
obligation of the premium for coverage during such month. 
 c. Choice Benefits. As with the health
benefits, the coverage you elected will cease on your Termination Date. 
 d. 2010 AIP. You will receive a
2010 Annual Incentive Plan (“AIP”) bonus payment based on your (and the Company’s) actual performance for 2010. This payment will be made after the end of 2010 at the time the Company pays 2010 awards under the AIP but in no event
will payment be made later than March 15, 2011 and will be subject to all federal, state and local withholding taxes, as applicable. 
 e. Purchased Shares. The 27,500 shares of Diversey Holdings, Inc. common stock (“Common Stock”) that you have purchased under your Employee Stock Subscription Agreement (Purchased Shares)
dated as of February 18, 2010 will be repurchased pursuant the provisions of such agreement following your Termination Date. 
 f. Matched Options. You will become vested on your Termination Date in 25% of the options for 61,875 shares of Common Stock granted to you pursuant to your Employee Stock Option Agreement (Matching
(non-DSU) and/or Standalone Options) dated as of February 18, 2010 and will be paid in cash within 60 days after your Termination Date an amount equal to the excess of the Fair Market Value (within the meaning of the Diversey Holdings, Inc.
Stock Incentive Plan) (“Fair Market Value”) of such vested option shares on your Termination Date over the aggregate option price thereof. Any remaining options under such agreement shall be forfeited on your Termination Date, and you
shall be entitled to no further benefits under such agreement. You will forfeit on your Termination Date all options granted to you pursuant to your Employee Stock Option Agreement (2008-2010 DSUs) dated as of January 11, 2010, and Employee
Stock Option Agreement (2009-2011 DSUs) dated as of January 11, 2010. 
 g. 2008-10 DSUs. You will
receive a cash payment for the 2008-10 performance cycle under your Deferred Share Unit Agreement dated January 11, 2010 equal to the sum of (i) 100% of your earned 2008-2010 Deferred Share Units (“2008-2010 DSUs”) for the
2008-2009 period based on actual performance and (ii) 100% of your unearned DSUs for the 2010 period at target, then multiplied by the Fair Market Value of a share of Common Stock on your Termination Date. Payment of the amount so determined
will be paid after the end of the 2008-10 performance cycle at the time DSUs of other participants are settled for such cycle. Such payment will be subject to all federal, state, and local withholding taxes, as applicable. You shall be entitled to
no further benefits with respect to your DSUs under your Deferred Share Unit Agreement for the 2008-10 performance cycle. 

  
 2 

 h. 2009-11 DSUs. You will receive a cash payment for the 2009-11
performance cycle under your Deferred Share Unit Agreement dated January 11, 2010 equal to the sum of (i) 100% of your earned 2009-2011 Deferred Share Units (“2009-2011 DSUs”) for the 2009 period based on actual performance but
contingent upon attainment of the applicable three-year EBITDA performance objective set out in such agreement and (ii) 60.75% of the unearned DSUs for the 2010-2011 period based on actual performance results for the 2010-2011 period but not to
exceed target but again contingent upon attainment of the applicable three-year EBITDA performance objective set out in such agreement, then multiplied by the Fair Market Value of a share of Common Stock on your Termination Date. Payment of the
amount so determined will be paid after the end of the 2009-11 performance cycle at the time DSUs for other participants are settled for such cycle. Such payment will be subject to all federal, state, and local withholding taxes, as applicable. You
shall be entitled to no further benefits with respect to your DSUs under your Deferred Share Unit Agreement for the 2009-11 performance cycle. 
 i. Diversey Retirement Plan/Non-qualified Retirement Plan. Your vested benefits under these plans at your Termination Date will be available to you pursuant to their terms. You will receive
more detailed information after your Termination Date. 
 j. 401(k) Plan. You will continue to participate
in the 401(k) Plan based on your Base Salary up to your Termination Date. Your Plan account will be based on the date of distribution of your account to you. To access your 401(k) account, please call Fidelity at (800) 890-4015. 

k. All Other Benefits/Outplacement. All other benefits not specifically mentioned above cease as of your
Termination Date, and you will not be entitled to any awards under our annual or long-term bonus or incentive plans (including AIP and the Stock Incentive Plan awards) for 2010 or later years except as specifically provided above. You will be paid
for accrued but unused vacation days in accordance with Company policy and the requirements of Wisconsin law. You will receive an outplacement program from Right Management at the Tier 4 “Executive Service Level” paid for by the Company in
an amount not to exceed $7,500, provided that such payment shall be completed not later than March 15, 2012. 
 l. Release. Payment of the payments and benefits described in Section 2 (other than in the first sentence of Section 2.i and in Section 2.j) are conditioned upon your executing and
delivering to the Company within 21 days after the Termination Date and not revoking a Release of Claims Agreement in the form attached as Exhibit “A”. If you do not execute the Release of Claims Agreement and deliver it to the Company
within such period or if you execute and deliver the Release of Claims Agreement to the Company but revoke it before it becomes effective as provided therein, you will not be entitled to the payments referenced above in this Section 2.l and the
aforementioned provisions of this Section 2 of the Agreement providing for such payments will be null and void and without effect. 

  
 3 

 3. Corporate Credit Card. You agree to file all expense reports on your Company
issued credit card on or before your Termination Date. If any amount remains outstanding, you agree that the Company will withhold said amount from any monies due you under this Agreement that are not subject to Section 409A of the Internal
Revenue Code or will otherwise promptly reimburse the Company on request. 
 4. Return of Company Property. Not later
than your Termination Date, you shall return all Company-owned property in your possession, including but not limited to all keys to buildings or property, credit cards, files, equipment, software and computers, documents and papers (including but
not limited to reports, Rolodexes, sales data, product lists, business plans, financial information, corporate governance materials, notebook entries, and files), telephone cards, cellular telephone(s), and all other Company property in accordance
with Company guidelines and the Non-Compete (as defined below in Section 5). 
 5. Non-Compete. As a material term
of this Agreement, you agree to comply in all respects with the terms of the Non-Competition Agreement with the Company, (ii) the Trade Secret, Invention, and Copyright Agreement with the Company, (iii) the Confidentiality Agreement with
the Company and (iv) the Company’s Code of Ethics and Business Conduct (collectively, the “Non-Compete”), in each case that you signed and is dated March 20, 2007. You acknowledge and agree that the Non-Compete remains in
full force and effect notwithstanding the termination of your employment with the Company. The terms of the Non-Compete are hereby incorporated by reference. You reaffirm the terms of the Non-Compete and agree that (a) by executing this
Agreement you are agreeing to all of the terms of the Non-Compete as if you signed those documents anew, and (b) the payments you are receiving and/or are to receive under this Agreement is consideration for the obligations you have under the
Non-Compete. 
 6. Confidentiality. The Parties agree that neither party, nor anyone acting in or on his/its behalf shall
initiate or cause to be initiated any publicity or any oral or written communication whatsoever concerning the terms of this Agreement and, with the exceptions stated herein below, shall forever hold confidential and not make public to anyone, in
particular, current and past employees of the Company, whether by oral or written communications or otherwise, said terms, except only: (a) as may be required by the Company to comply with securities laws and regulations; (b) to the extent
as may be necessary to accomplish legal review, financial planning, tax planning and the filing of income tax returns; (c) to the extent as may be necessary to enforce the terms of this Agreement; (d) to the extent as may be compelled by
court order; or (e) to spouses or immediate family members. 
 7. Non-Disparagement. You agree that you will not
make any disparaging or derogatory remarks or statements about the Company, or the Company’s current and former officers, directors, shareholders, principals, attorneys, agents or employees, or your prior employment with the Company. The
Company agrees that it will not make any disparaging or derogatory remarks or statements about you or your prior employment with the Company. Remarks or statements made by any officer, director, shareholder, principal or employee of the Company to
any other officer, director, shareholder, principal, or employee of the Company shall not be covered by this Section 7. In the event a prospective employer contacts the Company by any means to verify your employment, the only information that
the Company, and its agents or employees will provide will be your hire date, date of resignation and last position held. 

  
 4 

 8. Breach of Agreement. The Company shall have the right to terminate any and all
payments to be made to you under this Agreement in the event of your material breach of any of your obligations under Sections 6 and 7 of this Agreement or under the Non-Compete. In the event the Company believes you have breached any other
provision of this Agreement, prior to terminating any payments, the Company will provide written notice to you of the alleged breach and will provide you with forty-five (45) days to cure any such breach (if capable of cure). 

9. Miscellaneous. 
 a. In the event that the Company is involved in any investigation, litigation, arbitration or administrative proceeding subsequent to the Termination Date, you agree that, upon written request, and at a
mutually-convenient date, to provide reasonable cooperation (in a manner which enables you to provide the cooperation (if practicable) outside of the normal work hours associated with your then-current employment or other business responsibilities)
to the Company and its attorneys in the prosecution or defense of any investigation, litigation, arbitration or administrative proceeding, including participation in interviews with the Company’s attorneys, appearing for depositions, testifying
in administrative, judicial or arbitration proceedings, or any other reasonable participation necessary for the prosecution or defense of any such investigation, litigation, arbitration or administrative proceeding. The Company agrees to reimburse
you for your reasonable expenses in participating in the prosecution or defense of any investigation, litigation, arbitration or administrative proceeding as well as to reimburse you for any lost income resulting from compliance with the obligations
of this paragraph, provided that you submit acceptable documentation of all such expenses and lost income. 
 b.
This Agreement is made in the State of Wisconsin, and shall in all respects be interpreted, enforced and governed under the laws of the State of Wisconsin (exclusive of any rules pertaining to choice of law), or by Federal law where applicable.

 c. The provisions of this Agreement may not be modified by any subsequent agreement unless the modifying
agreement is: (i) in writing; (ii) specifically references this Agreement; (iii) is signed by you; and (iv) is signed and approved by an authorized officer of the Company. 

d. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof; the
Parties have executed this Agreement based upon the terms set forth herein; the Parties have not relied on any prior agreement or representation, whether oral or written, which is not set forth in this Agreement; no prior agreement, whether oral or
written, shall have any effect on the terms and provisions of this Agreement; and all prior agreements, whether oral or written, are expressly superseded and/or revoked by this Agreement, including, without limitation, your Employment Agreement
dated November 8, 1999, unless otherwise provided herein. 

  
 5 

 e. Each provision of this Agreement shall be enforceable independently of
every other provision. Furthermore, in the event that any provision is deemed to be unenforceable for any reason, the remaining provisions shall remain effective, binding and enforceable. The Parties further acknowledge and agree that the failure of
any party to enforce any provision of this Agreement shall not constitute a waiver of that provision, or of any other provision of this Agreement. 
 f. You agree and understand that this Agreement sets forth and contains all of the obligations the Company has to you and that you are not entitled to any other compensation of any kind or description.

 g. We advise you to consult an attorney prior to signing this Agreement, especially in relation to the Release
of Claims Agreement stated above. However, each party will bear their own attorney’s fees and costs in connection with drafting and negotiation of this Agreement. 

h. This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an
original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 i. The
Company or its affiliates may withhold from any amounts payable under this Agreement all federal, state and local taxes as is required to withhold pursuant to any law or government regulation or ruling. 

j. For all purposes of this Agreement, all communications, including without limitation notices, consents, requests or
approvals, required or permitted to be given hereunder will be in writing and will be deemed to have been duly given when hand delivered or dispatched by electronic facsimile transmission (with receipt thereof confirmed), or five business days after
having been mailed by United States registered or certified mail, return receipt requested, postage prepaid, or three business days after having been sent by a nationally recognized overnight courier service such as Federal Express, UPS, or
Purolator, addressed to the address set forth below for such party or to such other address as any party may have furnished to the other in writing in accordance herewith: 

(i) If to The Company: Diversey, Inc., 8310 16th Street, P.O. Box 902, Sturtevant, Wisconsin 53177-0902, attention Chief
Executive Officer. 
 (ii) If to Executive: David S. Andersen at his residence as identified in the
Company’s records at the Effective Date. 
 k. To the extent applicable, it is intended that the
compensation arrangements under this Agreement be in full compliance with or exempt from the provisions of Section 409A of the Internal Revenue Code. This Agreement shall be interpreted and administered in a manner consistent with this intent.
Each party is responsible for reviewing this Agreement for compliance with Section 409A. 

  
 6 

 l. The provisions of this Agreement are not intended, and should not be
construed to be legal, business or tax advice. The Company, you and any other party having any interest herein are hereby informed that the U.S. federal tax advice contained in this document (if any) is not intended or written to be used, and cannot
be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to any party any transaction or matter addressed herein. 

10. Resignation From Positions. Effective as of the Termination Date, you hereby resign from all your positions with the Company,
its subsidiaries and its affiliates, including as an employee, officer, director, or member of any committee or board thereof, which you hold or in which you serve immediately prior to the Termination Date. From and after the Termination Date, you
shall no longer be an employee, officer or director of the Company or any of its subsidiaries or affiliates. If you are in agreement with all of the terms stated in this Agreement, please sign both copies where provided below and return one copy to
me. 
  

			
	Diversey, Inc.
		
	By:	 	  

 
  

					
	 Accepted and agreed to this      day of

                    , 2011
	 	
			
		 	  
	 	

  
 7 

 Exhibit A 
 Form of Release 
 [See attached] 

  
 1 

 EXHIBIT A 
 RELEASE OF CLAIMS AGREEMENT 
 This Release of Claims Agreement
(“Agreement”) is made by and between Diversey, Inc. (the “Company”) and David S. Andersen (“Executive”). 
 WHEREAS, Executive was employed by the Company; 
 WHEREAS, the Company and
Executive have entered into an Agreement dated January 25, 2011 (the “Severance Agreement”). 
 NOW THEREFORE, in
consideration of the mutual promises made herein, the Company and Executive (collectively referred to as the “Parties”) hereby agree as follows: 
 1. Termination. Executive’s employment with the Company terminated on March 18, 2011. 
 2. Consideration. Subject to and in consideration of Executive’s release of claims as provided herein, the Company agrees to pay Executive certain benefits as set forth in the Severance
Agreement. 
 3. Payment of Salary. Executive acknowledges and represents that the Company and its affiliates has paid all
salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Executive, other than such payments and benefits remaining to be paid under the terms of the Severance Agreement between Executive and the Company.

 4. Release. In consideration of the Company’s payment of the severance payments provided in the Severance
Agreement, Executive agrees, on behalf of himself, his spouse or any former spouse, dependents, heirs, attorneys, successors and assigns, to release, hold harmless and forever discharge DIVERSEY, INC., as well as its parent companies, subsidiaries,
affiliates, successors, predecessors, employees, agents, directors and officers, past and present, stockholders and estates in their individual and business capacities, jointly and severally, (collectively referenced herein as “the Released
Parties”), from any and all claims, damages, fees, costs or other equitable, legal, statutory or common law relief for any causes of action, obligations, contracts, torts, claims, costs, penalties, fines, liabilities, attorneys’ fees,
demands or suits, of whatever kind or character, known or unknown, fixed or contingent, liquidated or unliquidated, whether asserted or unasserted, arising out of or related to Executive’s prior employment with the Company, his termination from
employment with the Company, any employment agreements, policies or practices governing terms of Executive’s employment, and any acts or omissions by the Company or any of the Company’s current and former officers, directors, shareholders,
principals, attorneys, agents, employees, affiliates, parent companies, subsidiaries, successors and assigns, at any time up through the Effective Date of this Agreement. This Agreement shall specifically apply to, but shall not be limited to,
claims for violation of civil rights, including violations of Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Americans With Disabilities Act, the Age Discrimination in Employment Act or any other state or federal statute (or
constitution), 

  
 1 

 
including but not limited to any claim based upon race, sex, national origin, ancestry, religion, age, mental or physical disability, marital status, sexual orientation or denial of Family and
Medical Leave; claims arising under the Employee Retirement Income Security Act (“ERISA”), or pertaining to ERISA-regulated benefits; claims arising under the Fair Labor Standards Act, including any claims for wages, vacation pay,
severance pay, bonus compensation, commissions, deferred compensation, other remuneration of any kind or character; claims for violations of any federal, state or local laws governing employment or labor relations; claims for any obligations,
agreements, express or implied contracts; claims for defamation, invasion of privacy, assault and battery, intentional or negligent infliction of emotional distress, negligence, gross negligence, estoppel, conspiracy or misrepresentation; express or
implied duties of good faith and fair dealing; wrongful discharge, violations of public policy; and/or torts for any and all alleged acts, omissions or events up through the Effective Date of this Agreement. Notwithstanding the foregoing provisions
of this Section 4, the release provided in this Agreement shall not cover Executive’s right to indemnification under the by-laws of the Company, or any right of Executive to enforce the terms of the Severance Agreement, including any
claims concerning or relating to Executive’s receipt of vested benefits under the terms of the Company’s benefit plans as provided for under the Severance Agreement. 
 5. Older Worker Benefit Protection Act. This Agreement is intended to comply with the terms of the Older Workers’ Benefit Protection Act. Accordingly, Executive acknowledges that he has been
advised of the following rights: 
 a. Executive understands that state and federal laws, including the AGE
DISCRIMINATION IN EMPLOYMENT ACT, prohibit employment discrimination based upon age, sex, marital status, race, color, national origin, ethnicity, religion, sexual orientation, veteran’s status and disability. He further acknowledges and agrees
that, by signing this Agreement, he agrees to waive any and all such claims, and release the Company as well as the other Released Parties from any and all such claims. 

b. Executive acknowledges that he has been advised in writing to consult with an attorney and has been provided with a
reasonable opportunity to consult with an attorney prior to signing this Agreement, which contains a general release and waiver of claims. 
 c. Executive acknowledges that the consideration required to be paid pursuant to the terms of the Severance Agreement includes certain payments to which he otherwise would not be entitled, and that he is
being paid these additional payments in consideration for signing this Agreement. 
 d. Executive acknowledges
that he has been provided with a minimum of TWENTY-ONE (21) DAYS after receiving this Agreement to consider whether to sign this Agreement. 
 e. Executive has been informed that, in the event that he signs this Agreement, he has another SEVEN (7) DAYS to revoke it. To revoke, Executive agrees to deliver a written notice of revocation to
Edward F. Lonergan, President and Chief 

  
 2 

 
Executive Officer, (with a cc to Scott D. Russell, Executive Vice President, General Counsel), Diversey, Inc., 8310 16th Street, P.O. Box 902, Sturtevant, WI 53177-0902, prior to 5 PM on the
seventh day after signing. THIS AGREEMENT DOES NOT BECOME EFFECTIVE UNTIL EXPIRATION OF THIS SEVEN DAY PERIOD. 

f. The consideration required to be paid under the Severance Agreement will not be paid until the aforesaid rescission
period has expired without Executive exercising his right of rescission and all terms of this Agreement are fulfilled. 
 6.
No Pending or Future Lawsuits. Executive represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any other person or entity referred to herein. Executive
also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any other person or entity referred to herein with regard to matters released hereunder. 

7. Costs. The Parties shall each bear their own costs, expert fees, attorneys’ fees and other fees incurred in connection with
this Agreement. 
 8. Authority. Executive represents and warrants that he has the capacity to act on his own behalf and
on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. 
 9. No
Representations. Executive represents that he has had the opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Neither party has relied upon any representations
or statements made by the other party hereto which are not specifically set forth in this Agreement. 
 10. Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision. 

11. Entire Agreement. This Agreement and the Severance Agreement and the agreements and plans incorporated therein represent the
entire agreement and understanding between the Company and Executive concerning Executive’s separation from the Company, and supersede and replace all prior agreements and understandings concerning Executive’s compensation and relationship
with the Company and its affiliates, including, without limitation, the Employment Agreement between the Parties dated November 8, 1999. This Agreement may only be amended in writing signed by Executive and an executive officer of the Company.

 12. Governing Law. This Agreement shall be governed by the internal substantive laws, but not the choice of law rules,
of the State of Wisconsin. 
 13. Effective Date. The Effective Date of this Agreement shall be (7) calendar days
after the date that Executive signs the Agreement. The date that representatives of the Company sign this Agreement shall not affect the Effective Date for any purpose under this Agreement. 

  
 3 

 14. Counterparts. This Agreement may be executed in counterparts, and each
counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned. 
 15. Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue influence on the part or behalf of the Parties hereto, with the full intent of releasing
all claims. The Parties acknowledge that: 
 a. They have read this Agreement; 

b. They have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their
own choice or that they have voluntarily declined to seek such counsel; 
 They understand the terms and consequences of this
Agreement and of the releases it contains; 
 They are fully aware of the legal and binding effect of the Agreement. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the      day of March, 2011. 

 

			
	By:	 	 /s/ David S Andersen

		 	David S. Andersen
	
	DIVERSEY, INC.
		
	By:	 	 /s/ Scott D. Russell

		 	Scott D. Russell
	Title: Executive Vice President, General Counsel

  
 4 

 Exhibit B 
 Confidentiality Agreement 
 Non-Competition Agreement 

Trade Secret, Invention, and Copyright Agreement 
 Code of Ethics and Business Conduct 
 [See Attached] 

  
 1Diversey, Inc. Annual Incentive Plan, amended and restated

 Exhibit 10.2 
 Resolutions 
 Authorizing and Approving Specific Actions Involving

 the JohnsonDiversey, Inc. Amended and Restated Performance Bonus Opportunity 

Plan For Key Executives and Officers 
 WHEREAS, Diversey, Inc. f/k/a JohnsonDiversey, Inc. (the “Company”) maintains the JohnsonDiversey, Inc. Amended and Restated Performance Bonus Opportunity Plan for Key Executives and
Officers (n/k/a the Annual Incentive Plan) (the “Plan”), a bonus plan for eligible employees; 
 WHEREAS, the
Plan permits the Company to amend the Plan at any time and from time to time; 
 WHEREAS, the Company wishes to amend and
restate the Plan to reflect current practices, to reflect the change in the Company’s name from JohnsonDiversey, Inc. to Diversey, Inc. and to change the name of the Plan to the Diversey, Inc. Annual Incentive Plan; 

NOW, THEREFORE, BE IT RESOLVED, that the Company adopts, authorizes and approves the Diversey, Inc. Annual Incentive Plan in the
form of Exhibit A attached to these Resolutions and incorporated herein by reference, effective as of the dates specified therein; 
 FURTHER RESOLVED, that the name of the Plan shall be the Diversey, Inc. Annual Incentive Plan; 
 FURTHER RESOLVED, that the proper officers of the Company are authorized and directed, in the name and on behalf of the Company, to take any and all actions as may be deemed necessary or
appropriate to effect the intent of the foregoing Resolutions including, but not limited to, the execution of the amended and restated Plan in the form of the attached Exhibit A, with such changes as, in the opinion of the officer executing the
amendment, may be necessary or appropriate. The officer’s opinion shall be conclusively evidenced by such officer’s execution of the amendment. 

  
 i 

 Exhibit A 

 

 

 

 DIVERSEY, INC. 
 ANNUAL INCENTIVE PLAN 
 Amended and Restated Effective as of
December 31, 2010 

 Exhibit A 
 DIVERSEY, INC. 
 ANNUAL INCENTIVE PLAN 

TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

			
		  	ARTICLE 1	  	
			
		  	ESTABLISHMENT AND PURPOSE	  	
			
	1.01	  	Adoption of Plan	  	1
	1.02	  	Purpose of Plan	  	1
			
		  	ARTICLE 2	  	
			
		  	DEFINITIONS	  	
			
	2.01	  	Award Payout	  	2
	2.02	  	Board	  	2
	2.03	  	Committee	  	2
	2.04	  	Company	  	2
	2.05	  	Disability	  	2
	2.06	  	Employer	  	2
	2.07	  	Fiscal Year	  	2
	2.08	  	Participant	  	2
	2.09	  	Participating Employer	  	2
	2.10	  	Performance Goals	  	3
	2.11	  	Performance Metrics	  	3
	2.12	  	Plan	  	3
	2.13	  	Retirement	  	3
	2.14	  	Tiers 1-10	  	3
			
		  	ARTICLE 3	  	
			
		  	PARTICIPATION	  	
			
	3.01	  	Eligibility	  	3
	3.02	  	Commencement of Participation	  	4
	3.03	  	Termination of Participation	  	4

					
			
		  	ARTICLE 4	  	
			
		  	PERFORMANCE AWARDS	  	
			
	4.01	  	Basis for Awards Payouts	  	4
	4.02	  	Annual Incentive Pool	  	4
	4.03	  	Determination of Individual Award Payouts	  	4
	4.04	  	Changes to Lower Tiers	  	5
	4.05	  	Timing of Award Payouts	  	5
	4.06	  	Eligibility for Award Payout	  	5
			
		  	ARTICLE 5	  	
			
		  	ADMINISTRATION	  	
			
	5.01	  	Administration	  	5
			
		  	ARTICLE 6	  	
			
		  	MISCELLANEOUS	  	
			
	6.01	  	Amendment	  	6
	6.02	  	Termination	  	6
	6.03	  	Tax Withholding	  	6
	6.04	  	Relationship to Other Plans	  	6
	6.05	  	Payment and Handling of Awards	  	6
	6.06	  	No Effect on Employment	  	7
	6.07	  	No Guarantee of a Payout	  	7
	6.08	  	Severability	  	7
	6.09	  	Successors	  	7
	6.10	  	Construction of Plan	  	7
	6.11	  	Gender and Headings	  	7
	6.12	  	Compliance with Code Section 409A	  	8

  
 ii 

 Exhibit A 
 DIVERSEY, INC. 
 ANNUAL INCENTIVE PLAN 

ARTICLE 1 

Establishment and Purpose 
 1.01 Adoption of Plan. The Board of Directors (the “Board”) of Diversey, Inc., a Delaware corporation (the “Company”), previously adopted and maintained the
Amended and Restated Performance Bonus Opportunity Plan for Certain Key Executives and Officers of the Company which was subsequently revised to provide for performance bonus opportunities for eligible employees in Tiers 1 – 10 (defined below)
and was renamed the Annual Incentive Plan (the “Plan”). This document is a further amendment and restatement of the Plan to incorporate changes made to the Plan by the Committee and to conform the Plan to current practices. This
amendment and restatement is effective December 31, 2010. This Plan incorporates and supersedes all previous performance bonus opportunity and annual incentive plans and policies adopted by the Company. 

1.02 Purpose of Plan. The purpose of the Diversey, Inc. Annual Incentive Plan is to provide performance-based incentives to
Participants separate from other elements of the Company’s incentive and compensation programs to advance the interests of the shareholders of the Company. The Plan is aimed at stimulating and rewarding outstanding individual performance.
Specifically, the purposes of the Plan are to: 
 (a) Contribute to the on-going development of the
Company’s management resources by recognizing and rewarding outstanding performance, achievements and contributions to Fiscal Year results by Participants. 
 (b) Focus attention of Participants to specific challenges and opportunities as defined by and aligned with the Company’s strategy. 

(c) Motivate Participants to develop maximum creativity and resilience in planning and directing their organizations in
the face of changing competitive, economic, political and other conditions. 
 (d) Provide an incentive for
Participants to constructively assist other areas of the Company to meet current and future challenges. 
 (e)
Ensure Participants develop realistic yet challenging short-range key objectives that will stretch the Company’s capabilities. 

 (f) Ensure that goals, specific plans for attaining them, accomplishments
and the basis for measuring them are fully discussed and agreed upon by managers and their employees on a regular basis. 
 (g) Motivate and reward Participants to build and achieve long-range strategic objectives for business units and the Company. 
 ARTICLE 2 
 Definitions 

2.01 “Award Payout” means the amount a Participant is paid under the Plan for a Fiscal Year as determined by the
Committee. 
 2.02 “Board” means the Board of Directors of the Company. 

2.03 “Committee” means the Compensation Committee of the Board. 

2.04 “Company” means Diversey, Inc., a Delaware corporation and any successor thereto that adopts the Plan. 

2.05 “Disability” means a Participant’s inability to perform the responsibilities of employment due to physical or
mental incapacity in circumstances in which the Participant qualifies for benefits under the Employer’s applicable long-term disability plan (if any) and has qualified for such benefits for a continuous period of at least twenty-six
(26) weeks, or if no such long-term disability plan applies to the Participant, as determined by the Committee. 
 2.06
“Employer” means the Company and any Participating Employer. 
 2.07 “Fiscal Year” means the
12-month period beginning on each January 1 and ending the following December 31. 
 2.08
“Participant” means all employees ranked in Tiers 1-10 by the Committee who are not in any other sales/incentive program of the Employer participating in the Plan for a Fiscal Year as provided in Article 3. 

2.09 “Participating Employer” means any affiliate of the Company authorized by the Company to participate in the Plan or
as otherwise determined by the Committee. 

  
 2 

 2.10 “Performance Goals” means the objective performance goals established
by the Committee for each Fiscal Year. Performance Goals may be stated as threshold, target and maximum Performance Goals or as otherwise determined by the Committee. 
 2.11 “Performance Metrics” means the applicable Performance Metrics for each Fiscal Year which, unless otherwise determined by the Committee, shall be working capital improvement,
earnings before interest, taxes, depreciation and amortization (“EBITDA”), net sales growth and personal objectives, all of which may be weighted differently each Fiscal Year in the discretion of the Committee. 

2.12 “Plan” means the Diversey, Inc. Annual Incentive Plan as set forth herein, and as it may be amended from time to
time. 
 2.13 “Retirement” means termination of employment with the Employer after attaining age fifty-five
(55) and completing at least ten (10) years of service with the Employer, as determined by the Committee. 
 2.14
“Tiers 1-10” means jobs with the Employer in following internal job titling structure: 
  

	 	•	 	 Tier 1: President and CEO 

  

	 	•	 	 Tier 2: Executive Vice President 

  

	 	•	 	 Tier 3: Senior Vice President 

  

	 	•	 	 Tiers 4-5: Vice President 

  

	 	•	 	 Tiers 6-7: Director 

  

	 	•	 	 Tiers 8-10: Manager 

 ARTICLE 3 
 Participation 

3.01 Eligibility. All employees of the Employer hired or promoted before October 1 of any Fiscal Year into Tiers 1-10 are
Participants in the Plan and may become eligible to receive an Award Payout based on the level of achievement of specified Performance Goals as determined by the Committee; provided, however, that no Participant will receive an Award Payout for a
Fiscal Year unless such Participant has a signed Restrictive Covenant Agreement in the form provided by the Company in his or her personnel file on or before the last day of that respective Fiscal Year. In addition, any Participant with a “Did
Not Meet” or “Partially Met” performance rating will not be eligible to receive an Award Payout based on any measure under the Plan for the Fiscal Year in which such rating is assessed. 

  
 3 

 3.02 Commencement of Participation. Subject to Section 3.01, any employee who
first becomes a Participant either due to initial hire or promotion between January 1 and September 30 of a Fiscal Year will receive a pro rata Award Payout for that Fiscal Year based on the applicable Performance Goals. The pro rata Award
Payout is determined based upon the individual’s eligibility date. 
 3.03 Termination of Participation. A
Participant that becomes ineligible under the Plan during a Fiscal Year will receive a pro rata Award Payout for that Fiscal Year based on the applicable Performance Goals. The pro rata Award Payout is determined based on the individual’s
ineligibility date. 
 ARTICLE 4 
 Performance Awards 
 4.01 Basis for Award Payouts. In connection
with each Fiscal Year, the Committee shall (a) establish the Performance Goals based on the Performance Metrics applicable for the respective Fiscal Year, (b) establish the formula for determining the level of Award Payout based on
achievement of the applicable Performance Goals, and (c) establish such other terms and conditions for Award Payouts for the respective Fiscal Year as the Committee deems desirable or appropriate in its discretion. 

4.02 Annual Incentive Pool. The global annual incentive pool is determined by the Committee based on the level of achievement of
Performance Goals for each Fiscal Year. The Board may adjust the annual incentive pool to increase or decrease the pool for extraordinary, unusual, non-recurring or infrequent events. The global annual incentive pool is allocated by the Chief
Executive Officer (in amounts not to exceed 100% of the total global annual incentive pool) to regional and function pools determined by the Committee. 
 4.03 Determination of Individual Award Payouts. Individual Award Payouts to each Participant will be based on the regional and function pool covering each Participant and the individual Award
Payout from such pool will be determined using base salary of each Participant as of the last day of the respective Fiscal Year and the level of achievement of applicable Performance Metrics and individual performance objectives. For this purpose,
the term “base salary” shall not include profit sharing, allowances or any other payments or benefits. For employees transferring between businesses where the effect will be a change in organizational Performance Metrics used to determine
the Award Payout, year end Performance Metrics will be prorated based on month of transfer for both businesses and year end base salary will be used to determine the amount of the Award Payout. 

  
 4 

 4.04 Changes to Lower Tiers. In the event a Participant moves to a lower tier during
a Fiscal Year, the Participant will remain in their pre-move tier under the Plan for up to two years, unless the move to a lower tier is due to poor performance or skill deficiencies as determined by the Committee, in which case, the Participant
will be immediately reduced to the level of the new (lower) tier, and any Award Payout will be prorated in the year of transfer to the lower tier based on the number of full months the Participant is in the lower tier. 

4.05 Timing of Award Payouts. Award Payouts are paid as soon as administratively practical following the January 1 after the
Fiscal Year to which the Award Payout pertains but in no event later than two and one-half months following the end of the year in which the Award Payout is no longer subject to a substantial risk of forfeiture. 

4.06 Eligibility for Award Payout. To be eligible for an Award Payout, the Participant must be continuously employed by the
Employer through and including the January 1 immediately following the last day of the respective Fiscal Year to which the Award Payout pertains. If a Participant incurs a termination of employment on or prior to January 1 immediately
following the last day of the Fiscal Year, the Participant shall forfeit any applicable Award Payout for that Fiscal Year, unless the Committee determines in its sole discretion that the Participant’s termination of employment after
March 31 and prior to the January 1 immediately following the last day of the respective Fiscal Year was due to Retirement, death or Disability and the Committee determines, in its sole discretion, that the Award Payout for such Fiscal
Year will be made to such Participant. 
 ARTICLE 5 
 Administration 
 5.01 The Plan shall be administered by the Committee and
Award Payouts for all Participants under this Plan shall be made only if authorized by the Committee. Subject to the provisions of the Plan, the Committee shall have full discretionary authority to administer and interpret the Plan, to exercise all
powers either specifically granted to it under the Plan or as are necessary or advisable in the administration of the Plan, to decide the facts in any case arising under the Plan, to reduce, eliminate, or increase any Award Payout for any individual
or group, to make adjustments to any Award Payout in circumstances where, during the Fiscal Year a Participant leaves the Employer and is rehired as a Participant or is hired, promoted, transferred or demoted during a Fiscal Year, to prescribe,
amend and rescind rules and regulations relating to the 

  
 5 

 
Plan, to correct errors or omissions, to require performance reports on which it can base its determinations under Article 4 and to make all other determinations necessary or advisable for the
administration of the Plan, all of which shall be binding on all persons, including the Company, Participating Employers, employees, and Participants (or any person claiming any rights under the Plan from or through any Participant). The
Committee’s administration of the Plan, including all rules and regulations, interpretations, selections, determinations, approvals, decisions, delegations, amendments, terminations and other actions, shall be final and binding on the Company,
Participating Employers and all persons providing services to any Employer, including Participants and any of their beneficiaries. Nothing in this entire Plan shall affect the traditional authority of management to establish the compensation of
employees other than elected officers. The chairman of the Committee is authorized to act for the Committee between regular meetings of the Committee. 
 ARTICLE 6 
 Miscellaneous 

6.01 Amendment. The Board and the Committee shall each have the right at any time, and from time to time, to amend in whole or in
part any or all of the provisions of the Plan. Any amendment that results in an acceleration of the time or form of payment shall be invalid if such amendment violates Internal Revenue Code (“Code”) Section 409A. 

6.02 Termination. The Plan shall continue in effect until terminated by resolution of the Board or the Committee. All rights and
obligations under this Plan with respect to Awards granted on or prior to termination of the Plan shall continue beyond such termination. 
 6.03 Tax Withholding. A Participating Employer shall have the power to withhold, or require a Participant to remit to the Participating Employer, an amount sufficient to satisfy any withholding or
other tax due under the tax withholding provisions of the Code, any state or local tax act or other applicable law, including the laws of foreign jurisdictions, with respect to any payout made under the Plan. 

6.04 Relationship to Other Plans. The Plan is fully discretionary in its application and is not related to other compensation
plans of the Employer, including, for example, merit increase programs, cash and deferred profit sharing, special awards, incentive certificate plan, restricted stock plan, stock purchase plan and benefit programs and other similar plans.

 6.05 Payment and Handling of Awards. All Participants who are U.S. employees of the Employer will have their Award
Payout paid in U.S. dollars. All other 

  
 6 

 
Participants will normally have their Award Payout paid to them in the currency of the country in which the Participant worked during the Fiscal Year and charged to that Participating Employer.
If a Participant worked in more than one country during the Fiscal Year, the Award Payout will be equitably apportioned between or among various Employers and the Award Payout will be charged to various Employers as an expense on the same basis. In
making such apportionment, consideration may be given to various relevant factors such as length of service, job levels, and performance at each Employer. Exceptions require the approval of the Committee. All of the foregoing is subject to the
requirements of local laws. 
 6.06 No Effect on Employment. Neither the adoption of the Plan nor its operation shall in
any way affect the right and power of a Participating Employer to dismiss or otherwise terminate the employment or change the terms of employment or amount of compensation of any employee or Participant at any time for any reason with or without
cause. 
 6.07 No Guarantee of a Payout. Eligibility to receive an Award Payout in a given Fiscal Year is not a guarantee
that a payout will be made in any subsequent Fiscal Year. 
 6.08 Severability. If any provision of this Plan shall be
held illegal or invalid for any reason, such invalidity or illegality shall not affect the remaining provisions of the Plan, and the Plan shall be construed or enforced as if the invalid provisions had never been set forth therein. 

6.09 Successors. This Plan shall be binding upon and inure to the benefit of and be enforceable by the respective successors and
assigns of the Employer. The rights of a Participant under this Plan are personal to such Participant and the Participant may not assign such rights or sell, transfer, pledge or otherwise dispose of any rights of such Participant except in
accordance with the provisions of this Plan. All obligations of this Plan shall be binding upon the heirs, representatives and estate of the Participant. 
 6.10 Construction of Plan. This Plan shall be construed according to the laws of the State of Wisconsin and all provisions hereof shall be administered according to, and its validity shall be
determined under, the laws of such state without regard to its conflicts of laws. 
 6.11 Gender and Headings. Wherever
any words are used herein in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be
construed as though they were also used in the plural form in all cases where they would so apply. Headings of numbered sections and numbered paragraphs of this Plan are inserted for convenience of reference and are not part of this Plan and are not
to be considered in the construction hereof. 

  
 7 

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

  
 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00189-of-00352.parquet"}]]