Document:

Diversey, Inc. Long-Term Cash Incentive Plan

 Exhibit 10.3 

 

 

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

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

 

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

  
 i 

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

  
 ii 

 JohnsonDiversey, Inc. 

Long-Term Cash Incentive Plan 
 ARTICLE 1 
 Adoption of Plan and Purpose 

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

ARTICLE 2 

Definitions 
 2.01 Award. A cash amount provided to a Participant under the terms of the Plan based on the Participant’s Individual Target Award and the Company’s achievement of its Performance Target
for a Measurement Period. 
 2.02 Board of Directors. The Board of Directors of the Company. 

2.03 Committee. The Compensation and Management Succession Committee of the Board of Directors of the Company. 

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

  
 1 

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

2.12 LTI Pool. The total maximum amount of Individual Target Awards approved by the Committee for each Measurement Period.

 2.13 Measurement Period. The period of time upon which performance is measured for determination of Awards under the
Plan. A Measurement Period shall be every three consecutive fiscal years of the Company. The initial 

  
 A-2

 
Measurement Period under the Plan shall be the period beginning on the first day of the Company’s 2006 fiscal year and ending on the last day of the Company’s 2008 fiscal year. The
second Measurement Period under the Plan shall be the period beginning on the first day of the Company’s 2007 fiscal year and ending on the last day of the Company’s 2009 fiscal year. 

2.14 Participant. An Employee who satisfies the participation requirements of Article 4 of the Plan. 

2.15 Participating Employer. The Company and each Subsidiary, unless the Committee determines a Subsidiary to be a
nonparticipating employer. 
 2.16 Performance Target. The long-term goal for Participating Employers determined by the
Committee for a Measurement Period based on performance criteria established by the Committee. 
 2.17 Plan. The
JohnsonDiversey, Inc. Long-Term Cash Incentive Plan as herein set forth and as amended from time to time. 
 2.18
Retirement. Termination of Employment with the Company after (a) attaining age fifty-five (55); and (b) completing at least ten (10) years of service with one or more Participating Employers, as determined by the Committee.

 2.19 Subsidiary. Any entity, including, without limitation, a corporation or partnership, wholly owned by the Company,
including entities located outside the United States. 
 ARTICLE 3 

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

  
 A-3

 (b) To adopt, amend or rescind any rules and regulations as necessary or advisable for the
operation of this Plan and to take such other actions as may be required for the proper administration of this Plan. 
 (c) To
construe and interpret the Plan. 
 (d) The Committee may delegate any of its powers, duties and rights set forth in paragraphs
(a), (b) and (c) above, to the Chairperson of the Board of Directors. The Committee or the Chairperson may designate any other individual or individuals to carry out ministerial duties hereunder. 

(e) Each action taken and decision made by the Committee or its designees within its authority shall be final, binding and conclusive on
all Employees and Participants and their legal representatives. The members and designees of the Committee may rely upon any information, reports or opinions supplied to them by an officer of the Company or by the Company’s counsel, independent
public accountants or other advisors, and shall be fully protected in relying upon any such information and advice. If the Committee cannot act for any reason, the full Board of Directors shall act in its place. 

ARTICLE 4 

Eligibility 
 4.01 Eligible Employees. All Employees of a Participating Employer who (a) are designated as eligible to participate in the Plan by the Committee, and (b) are designated by a
Participating Employer as employed in global tiers one through seven shall be referred to an “Eligible Employee” for purposes of the Plan. 
 4.02 Commencement of Participation. An Eligible Employee shall commence participation in the Plan as of the latest of the following dates: (a) January 1, 2006 if employed as an Eligible
Employee on that date; or (b) immediately upon being employed in or promoted to a position classified by the Committee as an Eligible Employee; provided, however, if employed in or promoted to such a position after November 1 in any
calendar year, the Eligible Employee shall participate in the Plan as of the immediately following January 1. 
 4.03
Termination of Participation. A Participant’s participation under the Plan shall cease as of the earlier of the termination of the Participant’s Employment, death, Disability, or the date the Participant is no longer an Eligible
Employee pursuant to section 4.01. 

  
 A-4

 4.04 Reemployment. A Participant who terminates Employment and is then rehired by a
Participating Employer as an Eligible Employee pursuant to section 4.01 shall be immediately eligible to again participate in the Plan. 
 4.05 No Guaranteed Award. Eligibility for Plan participation in a given Measurement Period is not a guarantee that an Award will be paid to that Participant for that Measurement Period. 

ARTICLE 5 

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

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

  
 A-5

 The Committee shall determine the threshold and maximum percentage of the Performance Target
applicable to each Measurement Period on or before the beginning of each Measurement Period and shall have sole discretion to adjust such percentages during a Measurement Period if deemed appropriate. Once determined, the amount of a
Participant’s Individual Target Award to be paid may be reduced at the discretion of the Committee by any profit sharing (TPA) amounts paid to a Participant for the Measurement Period. 

5.04 Conditions on Payment of Awards. Payment of Awards under the Plan for a Measurement Period shall be made in a single cash
lump sum as soon as administratively practicable following the end of a Measurement Period, but in no event later than the last day of the immediately following fiscal year of the Company. 

To receive payment of an Award, a Participant must be continuously employed by a Participating Employer through the date the Award is to
be paid, unless the Participant incurs a termination of Employment which the Committee determines is due to Retirement, death, or Disability as provided in Section 5.05. Payment or forfeiture of an Award to a Participant who incurs a
termination of Employment due to Job Elimination prior to the date an Award is to be paid shall be determined in accordance with section 5.05(c). Any other termination of Employment, including voluntary termination or resignation of a
Participant prior to actual payment of an Award, will result in forfeiture of the Award. 
 5.05 Payment of Awards in Special
Circumstances. A Participant who is an Eligible Employee for only a portion of a Measurement Period or a Participant who incurs a termination of Employment prior to the date an Award is to be paid, may be eligible to receive payment of an Award
only as follows: 
 (a) Transfer. If a Participant is transferred into or out of a position as an Eligible Employee
during a Measurement Period, the Participant may be eligible to receive a prorated Award based upon his or her time employed 

  
 A-6

 
as an Eligible Employee within that Measurement Period; provided that the individual continuously remains an Employee through the date of the payment of the Award. 

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

6.01 Amendment. The Committee shall have the right at any time, and from time to time, to amend in whole or in part any or all of
the provisions of the Plan. No such amendment, however, shall materially and adversely affect the rights under the Plan of any Participant with respect to Awards granted prior to such amendment without the approval of such Participant. Any amendment
that results in an acceleration of the time or form of payment shall be invalid if such amendment violates Internal Revenue Code section 409A. 
 6.02 Termination. The Plan shall continue in effect until terminated by resolution of the Committee. All rights or obligations under the Plan with respect to Awards granted on or prior to
termination of the Plan shall continue beyond such termination. 
 6.03 Participants’ Consent. Each Participant, by
acceptance of an offer to participate in the Plan or acceptance of an Award hereunder, shall be deemed to have agreed to be bound by all the terms and conditions of this Plan as presently constituted and as may be amended from time to time.

 6.04 Effect on Other Plans. In no event shall any Award or any payments made under this Plan be included in the
compensation base for computing benefits under any other benefit plan now maintained or hereafter established by the Company, including, but not limited to, pension and 401(k) plans, unless such plan provides otherwise. 

  
 A-7

 6.05 No Effect on Employment. Neither the adoption of the Plan nor its operation
shall in any way affect the right and power of the Company to dismiss or otherwise terminate the employment or change the terms of employment or amount of compensation of any Employee at any time for any reason with or without cause. 

6.06 Withholding of Taxes. The Company shall have the power to withhold, or require a Participant to remit to the Company, an
amount sufficient to satisfy any withholding or other tax due under the tax withholding provisions of the Internal Revenue Code, any state or local tax act or other applicable law, including the laws of foreign jurisdictions, with respect to any
Award made under the Plan. 
 6.07 Severability. If any provision of this Plan or of an Award shall be held illegal or
invalid for any reason, such invalidity or illegality shall not affect the remaining provisions of the Plan or Award, and the Plan or Award shall be construed or enforced as if the invalid provisions had never been set forth therein. 

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

  
 A-8

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

  
 A-9

 Resolutions 
 Authorizing and Approving Specific Actions Involving 
 the
JohnsonDiversey, Inc. Long-Term Cash Incentive Plan 
 WHEREAS, Diversey, Inc. f/k/a JohnsonDiversey, Inc. (the
“Company”) maintains the JohnsonDiversey, Inc. Long-Term Cash Incentive Plan (the “Plan”), a bonus plan for eligible employees; 
 WHEREAS, Section 6.01 of the Plan permits the Compensation and Management Succession Committee of the Board of Directors of the Company (the “Committee”) to amend the Plan at any
time and from time to time; and 
 WHEREAS, the Company wishes to amend 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. Long-Term Cash Incentive Plan. 
 NOW, THEREFORE, BE IT RESOLVED, that the Company adopts, authorizes and approves Amendment No. 1 to the Plan in the form of Exhibit A attached to these Resolutions and incorporated herein
by reference, effective as of the date specified in the Amendment; 
 FURTHER RESOLVED, that the name of the Plan shall
be the Diversey, Inc. Long-Term Cash Incentive Plan; 
 FURTHER RESOLVED, that all references within the Plan to
“JohnsonDiversey, Inc.” shall be changed to “Diversey, Inc.”; 
 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 Plan amendment 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. 

  
 1 

 Exhibit A 
 JOHNSONDIVERSEY, INC. 
 LONG-TERM CASH INCENTIVE PLAN 

AMENDMENT NO. 1 
 The JohnsonDiversey, Inc. Long-Term Cash Incentive Plan (the “Plan”) is amended effective as of December 31, 2010 as follows: 

1. All references to JohnsonDiversey, Inc., including the name of the Company, as specified in the Sections 1.01 and as defined in
Section 2.04, shall be changed to Diversey, Inc. 
 2. The name of the Plan, as defined in Section 2.17 shall be
changed to Diversey, Inc. Long-Term Cash Incentive Plan. 
 3. Section 4.02 of the Plan is amended by deleting
“November 1” and inserting “October 1” wherever it appears. 
 4. Section 5.04 of the Plan is amended
in its entirety to provide as follows: 
 5.04 Conditions on Payment of Awards. Payment of Awards under
the Plan for a Measurement Period shall be made in a single cash lump sum as soon as administratively practicable following the end of a Measurement Period, but in no event later than the last day of the immediately following fiscal year of the
Company. 
 To receive payment of an Award, a Participant must have 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 the respective Measurement Period. 
 To receive payment of an Award, a Participant must be continuously employed by a Participating Employer through and including the January 1 immediately following the last day of the Measurement
Period with respect to which the Award is to be paid, unless the Participant incurs a termination of Employment after March 31 and prior to the January 1 immediately following the last day of the Measurement Period which the Committee
determines is due to Retirement, death, or Disability as provided in Section 5.05. 

  
 A-1

 
Payment or forfeiture of an Award to a Participant who incurs a termination of Employment due to Job Elimination prior to the January 1 immediately following the last day of the Measurement
Period shall be determined in accordance with section 5.05(c). Any other termination of Employment, including voluntary termination prior to the January 1 immediately following the end of the respective Measurement Period, will result in
forfeiture of the Award. 
 The Company has caused this Amendment to be executed by a duly elected officer this 15th day of
December, 2010. 
  

			
	DIVERSEY, INC.
		
	By:	 	 /s/ Scott D. Russell

		 	Scott D. Russell
	Its:	 	 Senior Vice President, General Counsel

  
 A-2Diversey, Inc. Profit Sharing Plan

 Exhibit 10.4 

 

 

 JOHNSONDIVERSEY, INC. 
 PROFIT SHARING PLAN 
  
 Effective January 1, 2007 
  
      

  
 B-1

 JOHNSONDIVERSEY, INC. 
 PROFIT SHARING PLAN 
 TABLE OF CONTENTS 

 

					
	 	    	 	  	 Page

			
		    	ARTICLE 1	  	
			
		    	ADOPTION OF PLAN AND PURPOSE	  	
			
	 1.01
	    	Adoption of Plan	  	1
	 1.02
	    	Purpose of Plan	  	1
			
		    	ARTICLE 2	  	
			
		    	DEFINITIONS	  	
			
	 2.01
	    	Definitions	  	1
			
		    	ARTICLE 3	  	
			
		    	ADMINISTRATION OF THE PLAN	  	
			
	 3.01
	    	Administration of the Plan	  	4
			
		    	ARTICLE 4	  	
			
		    	ELIGIBILITY AND PARTICIPATION	  	
			
	 4.01
	    	Eligible Employees	  	4
	 4.02
	    	Commencement of Participation	  	5
	 4.03
	    	Termination of Participation	  	5
	 4.04
	    	Reemployment	  	5
	 4.05
	    	No Guaranteed Award	  	5

  
 i 

					
			
	 	    	ARTICLE 5	  	 
			
		    	AWARDS	  	
			
	 5.01
	    	General	  	5
	 5.02
	    	Basis for Awards	  	5
	 5.03
	    	Allocable Profit Sharing Pool	  	6
	 5.04
	    	Allocation of Awards from Allocable Profit Sharing Pool	  	6
	 5.05
	    	Payment of Awards	  	6
			
		    	ARTICLE 6	  	
			
		    	MISCELLANEOUS	  	
			
	 6.01
	    	Amendment	  	7
	 6.02
	    	Termination	  	7
	 6.03
	    	Participants’ Consent	  	7
	 6.04
	    	Effect on Other Plans	  	7
	 6.05
	    	No Effect on Employment	  	7
	 6.06
	    	Withholding of Taxes	  	7
	 6.07
	    	Severability	  	8
	 6.08
	    	Successors	  	8
	 6.09
	    	Construction of Plan	  	8
	 6.10
	    	Gender and Headings	  	8
	 6.11
	    	Compliance with Code Section 409A	  	8

									
			
	     Exhibit A
	 	 Non-participating Subsidiaries
	  			
	     Exhibit B
	 	 Eligible Earnings
	  			

  
 ii 

 JohnsonDiversey, Inc. 

Profit Sharing Plan 
 ARTICLE 1 
 Adoption of Plan and Purpose 

1.01 Adoption of Plan. Effective as of January 1, 2007, JohnsonDiversey, Inc., a Wisconsin corporation, adopted this Profit
Sharing Plan. Under this Plan, the Participating Employers intend to make profit sharing awards to eligible employees subject to the terms, conditions and restrictions set forth in the Plan. This Plan supersedes all previous profit sharing plans,
programs and agreements of the Company for Eligible Employees. 
 1.02 Purpose of Plan. The purpose of the Plan is to
enhance the ability of Participating Employers to attract and retain employees who are expected to make substantial contributions to the earnings and success of the Participating Employers. This Plan provides a method whereby eligible employees may
participate in the performance of the Participating Employers, thereby giving such persons an additional incentive to remain employed by the Participating Employers and to work for and contribute to the growth and success of the Participating
Employers. The Plan is intended to meet all applicable requirements of section 409A of the Internal Revenue Code of 1986, as amended, (the “Code”) and applicable regulations as in effect from time to time. 

ARTICLE 2 

Definitions 
 2.01 Definitions. 
 (a) Actual Global EBITDA. The total of the
Company’s and all Subsidiaries’ actual earnings before interest, taxes, depreciation and amortization, as determined and, if deemed appropriate, adjusted by the Committee for a Plan Year. 

(b) Allocable Profit Sharing Pool. The total allocable amount of the Profit Sharing Pool for a Plan Year determined pursuant to
section 5.03 of the Plan. 
 (c) Award. The portion of the Allocable Profit Sharing Pool allocated to a Participant
for any Plan Year as granted under the Plan. 

  
 B-1

 (d) Board of Directors. The Board of Directors of the Company. 

(e) Budgeted Global EBITDA. The total of the Company’s and all Subsidiaries’ budgeted earnings before interest, taxes,
depreciation and amortization, as determined and, if deemed appropriate, adjusted by the Committee for a Plan Year. 
 (f)
Committee. The Compensation and Management Succession Committee of the Board of Directors of the Company. 
 (g)
Company. JohnsonDiversey, Inc., a Wisconsin corporation, and any successor thereto. The Committee shall act on behalf of the Company for purposes of the Plan. 
 (h) Disability. For purposes of this Plan, “Disability” means the inability to perform the responsibilities of a Participant’s Employment due to physical or mental incapacity in
circumstances in which the Participant qualifies for benefits under a Participating Employer’s long-term disability plan and has qualified for such benefits for a continuous period of at least 26 weeks. 

(i) Eligible Earnings. The base salary of a Participant from all Participating Employers determined as of the last day of the Plan
Year by the Committee using the exchange rates applicable to the Company’s year-end balance sheet reporting. The Committee, in its sole discretion, may determine what constitutes base salary separately for Participants of any Participating
Employer and shall identify any such base salary differences on Exhibit B of the Plan. In determining Eligible Earnings in the initial Plan Year in which an Employee becomes an Award-Eligible Participant, the Committee shall include Eligible
Earnings for the entire Plan Year. 
 (j) Effective Date. The effective date of this Plan shall be January 1, 2007.

 (k) Employee. Any common law employee of a Participating Employer, excluding any individual who the Participating
Employer classifies as an independent contractor or temporary employee. 
 (l) Employment. Employment as an Employee with
a Participating Employer. The Committee may determine in specific instances whether or not a leave of absence results in a termination of Employment under the Plan. 

  
 2 

 (m) Job Elimination. For reasons other than the Employee’s unsatisfactory
performance, the participating Employer’s total elimination of the Employee’s position, after which the Employee is not offered ongoing Employment in a comparable position, as determined by the Committee. 

(m) Participant. An Employee who satisfies the participation requirements of Article 4 of the Plan. 

(n) Participating Employer. The Company and each Subsidiary, unless designated by the Company on Exhibit A of the Plan as a
non-participating employer for purposes of the Plan. 
 (o) Plan. This Plan, the JohnsonDiversey, Inc. Profit Sharing
Plan, as herein set forth and as amended from time to time. 
 (p) Plan Year. The period beginning on the Effective Date
and ending on December 28, 2007, and each 12-consecutive month fiscal period thereafter ending on the last Friday of December. 
 (q) Profit Sharing Pool. The total approved pool of profit sharing funds determined for each Plan Year by the Committee. 
 (r) Retirement. Termination of Employment on or after attaining age 55 and completing ten Years of Service. 
 (s) Subsidiary. Any entity, including, without limitation, a corporation or partnership, wholly owned by the Company, including entities located outside the United States. 

(t) Year of Service. A 12-consecutive month period, beginning on the date an Employee first performs an hour of service for a
Participating Employer or Subsidiary, during which an Employee is employed by the Participating Employer or Subsidiary. 

ARTICLE 3 

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

  
 3 

 (b) To adopt, amend or rescind any rules and regulations as necessary or advisable for the
operation of this Plan and to take such other actions as may be required for the proper administration of this Plan. 
 (c) To
construe and interpret the Plan and any agreements entered into pursuant to the Plan. 
 (d) The Committee may delegate any of
its powers, duties and rights set forth in paragraphs (a), (b) and (c) above, to the Chairperson of the Board of Directors. The Committee or the Chairperson of the Board of Directors may designate any other individual or individuals to
carry out ministerial duties hereunder. 
 (e) Each action taken and decision made by the Committee or its designees within its
authority shall be final, binding and conclusive on all Participants and their legal representatives. The members and designees of the Committee may rely upon any information, reports or opinions supplied to them by an officer of the Company or by
the Company’s counsel, independent public accountants or other advisors, and shall be fully protected in relying upon any such information and advice. If the Committee cannot act for any reason, the Board of Directors of the Company shall act
in its place. 
 ARTICLE 4 
 Eligibility and Participation 
 4.01 Eligible Employees. An Employee
of a Participating Employer is eligible to participate in the Plan if the Employee: (a) has been designated as eligible to participate in the Plan by the Committee, (b) is not designated by a Participating Employer as employed in
Tiers 1 through 10, and (c) is not a member of a collective bargaining unit unless participation in this Plan has been agreed to through good faith bargaining with a Participating Employer. Employees defined as “Tolling
Employees” in the Asset and Equity Interest Purchase Agreement dated May 1, 2006 to which the Company is a party, shall not be eligible to participate in the Plan. An Employee who satisfies the requirements of this section 4.01 shall
be referred to as an “Eligible Employee.” 

  
 4 

 4.02 Commencement of Participation. An Eligible Employee shall participate in the
Plan as of the later of the Effective Date, the date the Employee completes one Year of Service, or the date the Employee satisfies the requirements to become an Eligible Employee. 

4.03 Termination of Participation. A Participant’s participation under the Plan shall cease as of the earlier of the
termination of the Participant’s Employment, death, Disability, or the date the Participant is no longer an Eligible Employee pursuant to section 4.01. 
 4.04 Reemployment. A Participant who terminates Employment and is then rehired by a Participating Employer as an Eligible Employee pursuant to section 4.01 shall be immediately eligible to
again participate in the Plan. If a former Employee who was not a Participant at the time of the Employee’s termination of employment is rehired as an Eligible Employee pursuant to section 4.01, the rehired Employee’s service prior to
the termination of Employment shall not be recognized for purposes of the Employee’s completion of one Year of Service as required for participation in the Plan pursuant to section 4.02. 

4.05 No Guaranteed Award. Eligibility of a Participant in a given Plan Year is not a guarantee that an Award will be made to that
Participant for that Plan Year. 
 ARTICLE 5 
 Awards 
 5.01 General. The Committee shall determine the Awards to
be made to each Participant and shall approve the terms and conditions of each Award. 
 5.02 Basis for Awards. Awards
for a specific Plan Year shall be based on that Plan Year’s Eligible Earnings of a Participant, Budgeted Global EBITDA, Actual Global EBITDA and the Profit Sharing Pool. 

  
 5 

 5.03 Allocable Profit Sharing Pool. As of the last day of each Plan Year, and unless
and until changed by the Committee, the Allocable Profit Sharing Pool for a Plan Year shall be equal to an amount determined in accordance with the following chart: 
  

			
	 Percent of

Actual Global EBITDA to
Budgeted Global EBITDA
	  	 Percent of Profit Sharing Pool

Paid in Awards

	 100% or more
	  	100%
	 99%
	  	95%
	 98%
	  	90%
	 97%
	  	85%
	 96%
	  	80%
	 95%
	  	75%
	 94%
	  	70%
	 93%
	  	65%
	 92%
	  	60%
	 91%
	  	55%
	 90%
	  	50%
	 89%
	  	45%
	 88%
	  	40%
	 87%
	  	35%
	 86%
	  	30%
	 85%
	  	25%
	 84% or less
	  	0%

 5.04 Allocation of
Awards from Allocable Profit Sharing Pool. A Participant shall be eligible for an Award from the Allocable Profit Sharing Pool for a Plan Year in accordance with the following paragraphs (a) and (b): 

(a) The Participant must be in active Employment as of the last day of the Plan Year or terminate Employment after March 31 and
prior to the last day of the Plan Year due to Retirement, death, Disability or Job Elimination. For purposes of this section 5.04, a Participant who satisfies this requirement shall be referred to as an “Award-Eligible Participant.”

 (b) An Award-Eligible Participant shall be eligible for an Award equal to the amount determined by multiplying the Allocable
Profit Sharing Pool by a fraction the numerator of which is an Award-Eligible Participant’s Eligible Earnings for the Plan Year and the denominator of which is the total Eligible Earnings of all Award-Eligible Participants for the Plan Year.

 5.05 Payment of Awards. Awards shall be paid to Award-Eligible Participants who remain employed by a Participating
Employer as of the actual payment date of the Award or who terminated Employment prior to the actual payment date due to Retirement, death, Disability or Job Elimination. Awards 

  
 6 

 
shall be paid in a single cash lump sum as soon as administratively practicable following the Plan Year relating to the Award, but in no event later than the last day of the immediately following
Plan Year. 
 ARTICLE 6 
 Miscellaneous 
 6.01 Amendment. The Board of Directors 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. No such amendment, however, shall materially and adversely affect the rights under the Plan of any
Participant with respect to Awards granted prior to such amendment without the approval of such Participant. Any amendment that results in an acceleration of the time or form of payment shall be invalid if such amendment violates Code
section 409A. 
 6.02 Termination. The Plan shall continue in effect until terminated by resolution of the Board of
Directors 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 Participants’ Consent. Each Participant, by Participant’s acceptance of an Award hereunder, shall be deemed to have
agreed to be bound by all the terms and conditions of this Plan as presently constituted and as may be amended from time to time. 
 6.04 Effect on Other Plans. In no event shall any Award or any payments made under this Plan be included in the compensation base for computing benefits under any other benefit plan now maintained
or hereafter established by a Participating Employer, unless such Plan expressly provides otherwise. 
 6.05 No Effect on
Employment. Neither the adoption of the Plan nor its operation shall in any way affect the right and power of a Participating Employer to dismiss or otherwise terminate the Employment or change the terms of Employment or amount of compensation
of any Employee at any time for any reason with or without cause. 
 6.06 Withholding of Taxes. 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 Award made under the Plan. 

  
 7 

 6.07 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. 

6.08 Successors. This Plan shall be binding upon and inure to the benefit of and be enforceable by the respective successors and
assigns of the Participating 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. 
 6.09 Construction of Plan. This Plan shall be construed according to the laws of the State of Wisconsin and all provisions hereof shall be administered according to, and its validity shall be
determined under, the laws of such state without regard to its conflicts of laws. 
 6.10 Gender and Headings. Wherever
any words are used herein in the masculine gender they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be
construed as though they were also used in the plural form in all cases where they would so apply. Headings of numbered sections and numbered paragraphs of this Plan are inserted for convenience of reference and are not part of this Plan and are not
to be considered in the construction hereof. 
 6.11 Compliance with Code Section 409A. This Plan is intended to
comply with the provisions of Internal Revenue Code section 409A and applicable guidance and its provisions shall be interpreted in accordance with that intent. No provision of this Plan shall be interpreted to permit the acceleration of the
time of any payment scheduled to be paid under the Plan in any manner which is impermissible pursuant to Internal Revenue Code section 409A. 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 

 EXHIBIT A 
 Non-participating Companies 
 JohnsonDiversey Mexico, S.A. de C.V. 

JohnsonDiversey Brasil, Ltda. 
 JohnsonDiversey Venezuela, S.A. 
 JohnsonDiversey Centroamerica S.A. 

  
 A-1

 FINAL 12/15/2010 

EXHIBIT B 

Eligible Earnings 

  
 B-1

 Resolutions 
 Authorizing and Approving Specific Actions Involving 
 the
JohnsonDiversey, Inc. Profit Sharing Plan 
 WHEREAS, Diversey, Inc. f/k/a JohnsonDiversey, Inc. (the
“Company”) maintains the JohnsonDiversey, Inc. Profit Sharing Plan (the “Plan”), a bonus plan for eligible employees; 
 WHEREAS, Section 6.01 of the Plan permits the Compensation and Management Succession Committee of the Board of Directors of the Company (the “Committee”) to amend the Plan at any
time and from time to time; and 
 WHEREAS, the Company wishes to amend 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. Profit Sharing Plan. 
 NOW, THEREFORE, BE IT RESOLVED, that the Company adopts, authorizes and approves Amendment No. 1 to the Plan in the form of Exhibit A attached to these Resolutions and incorporated herein
by reference, effective as of the date specified in the Amendment; 
 FURTHER RESOLVED, that the name of the Plan shall
be the Diversey, Inc. Profit Sharing Plan; 
 FURTHER RESOLVED, that all references within the Plan to
“JohnsonDiversey, Inc.” shall be changed to “Diversey, Inc.”; 
 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 Plan amendment 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. 

  
 1 

 Exhibit A 
 JOHNSONDIVERSEY, INC. PROFIT SHARING PLAN 
 AMENDMENT NO. 1

 The JohnsonDiversey, Inc. Profit Sharing Plan (the “Plan”) is amended effective as of December 31,
2010 as follows: 
 1. All references to JohnsonDiversey, Inc., including the name of the Company, as specified in the Sections 1.01 and as
defined in Section 2.01(g), shall be changed to Diversey, Inc. 
 2. Section 2.01(i) is amended in its entirety to provide as follows:

 (i) Eligible Earnings. The base salary of a Participant from all Participating Employers determined as
of the last day of the Plan Year by the Committee using the exchange rates applicable to the Company’s year-end balance sheet reporting. The Committee, in its sole discretion, may determine what constitutes base salary separately for
Participants of any Participating Employer and shall identify any such base salary differences on Exhibit B of the Plan. In determining Eligible Earnings in the initial Plan Year in which an Employee becomes an Award-Eligible Participant, the
Committee shall pro rate the Employee’s Eligible Earnings in the initial Plan Year based on the number of full calendar months during the Plan Year during which the Employee is a Participant. 

3. The name of the Plan, as defined in Section 2.01(o) shall be changed to Diversey, Inc. Profit Sharing Plan. 

4. Section 4.02 of the Plan is amended in its entirety to provide as follows: 

4.02 Commencement of Participation. An Eligible Employee shall participate in the Plan as of the later of the
Effective Date or immediately upon being employed in or promoted to a position classified by the Committee as an Eligible Employee; provided, however, if employed in or promoted to such a position after October 1 in any calendar year, the
Eligible Employee shall participate in the Plan as of the immediately following January 1. 

  
 A-1

 5. Section 4.04 of the Plan is amended by deleting the second sentence thereof. 

6. Section 5.04(a) of the Plan is amended in its entirety to provide as follows: 

(a) The Participant must be in active Employment as of the January 1 immediately following the last day of the Plan
Year or terminate Employment after March 31 and prior to the January 1 immediately following the last day of the Plan Year due to Retirement, death, Disability or Job Elimination. For purposes of this Plan, a Participant who satisfies this
requirement shall be referred to as an “Award-Eligible Participant.” 
 7. Section 5.05 of the Plan is amended in its entirety to
provide as follows: 
 5.05 Payment of Awards. Awards shall be paid only to Award-Eligible Participants.

 7. Exhibit A attached to the Plan is hereby amended by adding Diversey Deutschland Management GmbH (“Diversey Germany”) and
Diversey S.p.A. (“Diversey Italy”) thereto. 
 The Company has caused this Amendment to be executed by a duly elected
officer this 15th day of December, 2010. 
  

			
	DIVERSEY, INC.
		
	By:	 	 /s/ Scott D. Russell

		 	Scott D. Russell
	Its:	 	 Senior Vice President, General Counsel

  
 A-2

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"}]]