Document:

NWL-EX10.30-12.31.12

 
EXHIBIT 10.30

AMENDED AND RESTATED
EMPLOYMENT SECURITY AGREEMENT
This Employment Security Agreement (“Agreement”) is entered into as of the 10th day of December, 2012 by and between Newell Rubbermaid Inc., a Delaware corporation (“Employer”), and James M. Sweet (“Executive”).
WITNESSETH:
WHEREAS, Executive is currently employed by Employer as Executive Vice President, Human Resources and Corporate Communications;
WHEREAS, Employer desires to provide certain security to Executive in connection with Executive’s employment with Employer; and
WHEREAS, Executive and Employer are parties to an Employment Security Agreement dated as of September 30, 2008, which agreement is hereby amended, restated, and replaced in its entirety as set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:
1.    Definitions.  For purposes of this Agreement, the following words shall have the meanings set forth below:
(a)    “Affiliate” shall have the meaning set forth in Rule 12b-2 under the Securities Exchange Act of 1934.
(b)    “Base Salary” shall mean Executive’s annual base salary at the rate in effect on the date of a Change in Control, or if greater, the rate in effect immediately prior to Executive’s termination of employment with Employer.
(c)    “Bonus” shall mean an amount determined by multiplying Executive’s Base Salary by the payout percentage that would apply to Executive based on (i) the job position held by Executive on the date of a Change in Control or the date of Executive’s termination of employment with Employer (whichever position is higher at the time) and (ii) attainment of the targeted performance goals at a one hundred percent (100%) level, as determined under the Management Cash Bonus Plan of Employer, or any prior or successor plan or arrangement covering Executive (such amount to be determined regardless of whether Executive would otherwise be eligible for a Bonus under the terms of any such plan or arrangement or the extent to which the performance goals are actually met).
(d)    “Code” means the Internal Revenue Code of 1986, as amended.
(e)    “Change in Control” shall mean the occurrence of any of the following events:

1311513.3 

		
	(i)
	any individual, partnership, firm, corporation, association, trust, unincorporated organization, or other entity (other than Employer or a trustee or other fiduciary holding securities under an employee benefit plan of Employer), or any syndicate or group deemed to be a person under Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is or becomes the “beneficial owner” (as defined in Rule 13d-3 of the General Rules and Regulations under the Exchange Act), directly or indirectly, of securities of Employer representing twenty-five percent (25%) or more of the combined voting power of Employer’s then outstanding securities entitled to vote generally in the election of directors;

		
	(ii)
	Employer is party to a merger, consolidation, reorganization, or other similar transaction with another corporation or other legal person unless, following such transaction, more than fifty percent (50%) of the combined voting power of the outstanding securities of the surviving, resulting, or acquiring corporation or person or its parent entity entitled to vote generally in the election of directors (or persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of Employer’s outstanding securities entitled to vote generally in the election of directors immediately prior to such transaction, in substantially the same proportions as their ownership, immediately prior to such transaction, of Employer’s outstanding securities entitled to vote generally in the election of directors;

		
	(iii)
	Employer sells all or substantially all of its business and/or assets to another corporation or other legal person unless, following such sale, more than fifty percent (50%) of the combined voting power of the outstanding securities of the acquiring corporation or person or its parent entity entitled to vote generally in the election of directors (or persons performing similar functions) is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners of Employer’s outstanding securities entitled to vote generally in the election of directors immediately prior to such sale, in substantially the same proportions as their ownership, immediately prior to such sale, of Employer’s outstanding securities entitled to vote generally in the election of directors; or

		
	(iv)
	during any period of two (2) consecutive years or less, individuals who at the beginning of such period constituted the Board of Directors of Employer (collectively, the “Board” and individually, 

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a “Director”) (and any new Directors, whose appointment or election by the Board or nomination for election by Employer’s stockholders was approved by a vote of at least two-thirds (2/3) of the Directors then still in office who either were Directors at the beginning of the period or whose appointment, election, or nomination for election was so approved) cease for any reason to constitute a majority of the Board.
(f)    “Good Cause” shall exist if, and only if:
		
	(i)
	Executive willfully engages in misconduct in the performance of his duties that causes material harm to Employer; or

		
	(ii)
	Executive is convicted of a criminal violation involving fraud or dishonesty.

Without limiting the generality of the foregoing, the following shall not constitute Good Cause: the failure by Executive and/or Employer to attain financial or other business objectives; any personal or policy disagreement between Executive and Employer or any member of the Board of Employer; or any action taken by Executive in connection with his duties if Executive acted in good faith and in a manner he reasonably believed to be in, and not opposed to, the best interest of Employer and had no reasonable cause to believe his conduct was improper.  Notwithstanding anything herein to the contrary, in the event Employer terminates the employment of Executive for Good Cause hereunder, Employer shall give Executive at least thirty (30) days’ prior written notice specifying in detail the reason or reasons for Executive’s termination.
(g)    “Good Reason” shall exist if, without Executive's written consent:
		
	(i)
	there is a material change in the nature or the scope of Executive’s authority or duties;

		
	(ii)
	Executive is required to report (A) to an officer with a materially lesser position or title than the officer to whom Executive reported on the date of the Change in Control, if Executive is not the Chief Executive Officer of Employer, or (B) to other than the entire Board, if Executive is the Chief Executive Officer of Employer;

		
	(iii)
	there is a material reduction in Executive’s rate of base salary;

		
	(iv)
	Employer changes by fifty (50) miles or more the principal location in which Executive is required to perform services;

		
	(v)
	Employer terminates or materially amends, or terminates or materially restricts Executive’s participation in, any Incentive Plan or Retirement Plan so that, when considered in the aggregate with any substitute Plan or Plans, the Incentive Plans and Retirement 

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Plans in which he is participating materially fail to provide him with a level of benefits provided in the aggregate by such Incentive Plans or Retirement Plans prior to such termination or amendment, but expressly excluding any reduction in benefits that is both applicable equally to all senior executives of Employer who participate in the affected Incentive Plan(s) or Retirement Plan(s) and either (x) is made in connection with an extraordinary decline in Employer's earnings, share price, or public image, or (y) is undertaken in order to make such Incentive Plan(s) or Retirement Plan(s) consistent with the executive compensation programs of those companies with whom Employer competes for attracting/retaining executive talent; or
		
	(vi)
	Employer materially breaches the provisions of this Agreement;

A termination of Executive's employment by Executive shall not be deemed to be for Good Reason unless (1) Executive gives notice to Employer of the existence of the event or condition constituting Good Reason within thirty (30) days after such event or condition initially occurs or exists; (2) the Employer fails to cure such event or condition within thirty (30) days after receiving such notice; and (3) Executive's “separation from service” within the meaning of Section 409A of the Code occurs not later than ninety (90) days after such event or condition initially occurs or exists (or, if earlier, the last day of the Term).
(h)    “Incentive Plan” shall mean any incentive, bonus, equity-based, or similar plan or arrangement currently or hereafter made available by Employer or an Affiliate in which Executive is eligible to participate.
(i)    “Retirement Plan” shall mean any qualified or supplemental defined benefit retirement plan or defined contribution retirement plan, currently or hereinafter made available by Employer or an Affiliate in which Executive is eligible to participate.
(j)    “Severance Period” shall mean the period beginning on the date Executive’s employment with Employer terminates under circumstances described in Section 3 and ending on the date twenty-four (24) months thereafter.
(k)    “Welfare Plan” shall mean any plan or arrangement providing health, prescription drug, vision, dental, disability, survivor income, or life insurance benefits that is currently or hereafter made available by Employer or an Affiliate in which Executive is eligible to participate.
2.    Term.  The term of this Agreement shall be the period beginning on the date hereof and terminating on the date twenty-four (24) months after the date of Executive’s termination of employment (the “Term”).
3.    Termination of Employment.  If a Change in Control occurs, Executive shall be entitled to the benefits described in Section 4 if at any time during the twenty-four- (24-) month 

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period following the Change in Control (i) the employment of Executive with Employer is terminated by Employer for any reason other than Good Cause, or (ii) Executive terminates his employment with Employer for Good Reason.
4.    Benefits Upon Termination of Employment.  Upon termination of Executive’s employment with Employer under circumstances described in Section 3 above:
(a)    Subject to Section 14 hereof, Employer shall pay Executive, in a lump sum within thirty (30) days following Executive’s termination of employment, the sum of:
		
	(i)
	two (2) times the sum of Executive’s Base Salary and Executive’s Bonus; plus

		
	(ii)
	Executive's Bonus for the year of termination multiplied by a fraction, the numerator of which is the number of days in the fiscal year in which the date of termination occurs that have elapsed through the date of termination and the denominator of which is three hundred sixty-five (365).

(b)    Subject to Section 14 hereof, Executive shall be entitled to receive any and all benefits accrued under any other Incentive Plans to the date of termination of employment, the amount, entitlement to, form, and time of payment of such benefits to be determined by the terms of such Incentive Plans.  For purposes of calculating Executive's benefits under the Incentive Plans, Executive’s employment shall be deemed to have terminated by reason of retirement under circumstances that have the most favorable result for Executive thereunder.
(c)    Subject to Section 14 hereof, (i) Executive's benefits accrued or credited through the date of termination of employment under the Newell Rubbermaid Supplemental Executive Retirement Plan, or its successor (“SERP”) and the Newell Rubbermaid Inc. 2008 Deferred Compensation Plan, or its successor (the “2008 Deferred Compensation Plan”) that are not vested as of the date of termination of employment shall be fully vested and paid in accordance with the terms of the applicable plan (subject to any forfeiture provisions applicable to the plans); and (ii) Employer shall also pay to Executive, in a lump sum within thirty (30) days following Executive’s termination of employment, an amount equal to Executive's benefits accrued or credited through the date of termination of employment under the Employer’s qualified defined contribution plans that are not vested as of the date of termination of employment.
(d)    If upon the date of termination of Executive’s employment, Executive holds any awards with respect to securities of Employer, (i) all such awards that are options shall immediately become exercisable upon such date and shall be exercisable thereafter until the earlier of the third (3rd) year anniversary of Executive’s termination of employment or the expiration of the term of the options; (ii)  all restrictions on any awards of restricted securities shall terminate or lapse; and (iii) subject to Section 14 hereof, all performance goals applicable to any performance-based awards shall be deemed satisfied at the “target” level and paid in accordance with the terms of the applicable award agreement.

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(e)    During the Severance Period, Executive and his spouse and eligible dependents shall be eligible for coverage under the Welfare Plans as follows:
		
	(i)
	Coverage during the Severance Period under any Welfare Plan that is a group health plan as defined in Title I, Part 6, of the Employee Retirement Income Security Act of 1974, as amended, and Section 4980B of the Code (“COBRA”), shall be provided under COBRA, except that the maximum coverage period shall be extended from eighteen (18) to twenty-four (24) months.  If Executive, his spouse, and/or his dependents elect COBRA coverage under any such Welfare Plan for the first eighteen (18) months, Employer shall pay a portion of the COBRA premiums.  The portion to be paid by Employer shall equal the amount necessary so that the total of the COBRA premiums paid by Executive, his spouse, and/or his dependents is equal to the premium that would have been paid by Executive for such coverage as an active employee immediately prior to the Change in Control.  For the final six (6) months of COBRA coverage, if continued by Executive, his spouse, and/or his dependents, as applicable, Employer shall reimburse a portion of the COBRA premiums on an after-tax basis.  The portion reimbursed by Employer shall equal the amount necessary so that the total of the COBRA premiums paid by Executive, his spouse, and/or his dependents after reimbursements is equal to the premium that would have been paid by Executive for such coverage as an active employee immediately prior to the Change in Control.

		
	(ii)
	Executive and his spouse and eligible dependents shall continue to be covered by all other Welfare Plans in which he, his spouse, or eligible dependents were participating immediately prior to the date of his termination of employment, upon the terms and subject to the conditions of those Welfare Plans as in effect immediately prior to the Change in Control or, if more favorable to Executive, as in effect generally at any time thereafter with respect to other senior executives of Employer, as if he continued to be an active employee of Employer; and Employer shall reimburse the costs of such coverage under such Welfare Plans so that the cost to Executive is the same as is applicable to active employees covered thereunder as in effect immediately prior to the Change in Control; provided that, if participation in any one or more of such Welfare Plans is not possible under the terms thereof, Employer shall provide substantially similar benefits and reimburse the same proportion of costs.

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The coverage provided under this Section 4(e) shall cease if and when Executive obtains employment with another employer during the Severance Period and becomes eligible for coverage under any substantially similar plan provided by his new employer.
(f)    Executive shall be entitled to payment for any accrued but unused vacation in accordance with Employer’s policy in effect at Executive’s termination of employment in a lump sum within thirty (30) days following such termination.  Executive shall not be entitled to receive any payments or other compensation attributable to vacation he would have earned had his employment continued during the Severance Period, and Executive waives any right to receive such compensation.
(g)    Employer shall, at Employer’s expense, provide Executive with six (6) months of executive outplacement services with a professional outplacement firm selected by Employer; provided that the outplacement services must be used by Executive by no later than the end of the second (2nd) calendar year following the calendar year in which the termination of employment occurred.
(h)    Executive shall not be entitled to reimbursement for fringe benefits during the Severance Period, including but not limited to dues and expenses related to club memberships, automobile, cell phone, expenses for professional services, and other similar perquisites, except as specifically provided herein.
5.    Setoff.  Employer's obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right, or action which Employer or any of its affiliated companies may have against Executive or others.  In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and such amounts shall not be reduced whether or not Executive obtains other employment, except as expressly provided in Section 4(e).
6.    Death.  If Executive dies during the Severance Period, all amounts payable hereunder to Executive shall, to the extent not paid, be paid to his surviving spouse or his designated beneficiary, or if none, then to his estate.  Executive’s surviving spouse and eligible dependents shall continue to be covered under all applicable Welfare Plans during the remainder of the Severance Period.  On the death of the surviving spouse and eligible dependents, no further Welfare Plan coverage shall be provided (other than any coverage required pursuant to COBRA), and no further benefits shall be paid, except for benefits accrued under any Incentive Plans and Retirement Plans to the date of Executive’s termination of employment, to the extent such benefits continue following Executive’s death pursuant to the term of such Plans.
7.    Certain Reductions in Payments.
(a)     Anything in this Agreement to the contrary notwithstanding, in the event that an independent, nationally recognized accounting firm designated by Employer prior to a Change in Control (the “Accounting Firm”) shall determine that receipt of all payments, 

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benefits, or distributions by Employer or its affiliates in the nature of compensation to or for Executive’s benefit, whether paid or payable pursuant to this Agreement or otherwise (a “Payment”) would (after taking into account any value attributable to the non-competition covenant in Section 8), subject Executive to the excise tax under Section 4999 of the Code, the Accounting Firm shall determine whether to reduce any of the Payments paid or payable pursuant to this Agreement (the “Agreement Payments”) to the Reduced Amount (as defined below in Section 7(d)).  The Agreement Payments shall be reduced to the Reduced Amount only if the Accounting Firm determines that Executive would have a greater Net After-Tax Receipt (as defined below in Section 7(d)) of aggregate Payments if Executive’s Agreement Payments were reduced to the Reduced Amount.  If instead the Accounting Firm determines that Executive would not have a greater Net After-Tax Receipt of aggregate Payments if Executive’s Agreement Payments were reduced to the Reduced Amount, Executive shall receive all Agreement Payments to which Executive is entitled under this Agreement.  Notwithstanding anything to the contrary, in no event shall the value (if any) attributable to the non-competition covenant in Section 8 be taken into account for purposes of the Accounting Firm’s determination if it would reduce the Agreement Payments to be paid to Executive, it being understood that any such valuation is intended solely to reduce the amounts that are considered “parachute payments” and therefore reduce any excise tax under Section 4999 of the Code.  Any valuation of the non-competition covenant in Section 8 shall be determined by the Accounting Firm (or, if the Accounting Firm is not able to make such determination, an independent third-party valuation specialist, selected by Employer), and Employer shall cooperate in good faith in connection with any such valuation process.  In no event shall this Section 7 or any other provision of this Agreement be construed to require the Employer to provide any tax gross-up for Executive’s excise tax liability, if any, under Section 4999 of the Code.
(b)     If the Accounting Firm determines that aggregate Agreement Payments should be reduced to the Reduced Amount, Employer shall promptly give Executive notice to that effect and a copy of the detailed calculation thereof.  All determinations made by the Accounting Firm (or, with respect to the valuation of the non-competition covenant in Section 8, to the extent applicable, the independent third-party valuation specialist) under this Section 7 shall be binding upon Employer and Executive and shall be made within thirty (30) days after a termination of Executive’s employment.  The reduction of the Agreement Payments to the Reduced Amount, if applicable, shall be made by reducing the Agreement Payments under the following sections (and no other Payments) in the following order: (i) Section 4(a); (ii) Section 4(c); and (iii) Section 4(g).  All fees and expenses of the Accounting Firm and the independent third-party valuation specialist (if any) shall be borne solely by Employer.
(c)    As a result of the uncertainty in the application of Sections 280G and 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by Employer to or for the benefit of Executive pursuant to this Agreement which should not have been so paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by Employer to or for the benefit of Executive pursuant to this Agreement could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder.  In the event that the Accounting Firm, based upon the assertion of a 

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deficiency by the Internal Revenue Service against either Employer or Executive which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, Executive shall pay any such Overpayment to Employer together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code; provided, however, that no amount shall be payable by Executive to Employer if and to the extent such payment would not either reduce the amount on which Executive is subject to tax under Sections 1 and 4999 of the Code or generate a refund of such taxes.  In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by Employer to or for the benefit of Executive (subject to Section 14) together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.
(d)     For purposes hereof, the following terms have the meanings set forth below:
		
	(i) 
	“Net After-Tax Receipt” shall mean the present value (as determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of the Code) of a Payment net of all taxes imposed on Executive with respect thereto under Sections 1, 3101, and 4999 of the Code and under applicable state and local laws, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied to Executive’s taxable income for the immediately preceding taxable year, or such other rate(s) as Executive certifies, in good faith, as likely to apply to Executive in the relevant tax year(s).

		
	(ii) 
	“Reduced Amount” shall mean the greatest amount of Agreement Payments that can be paid that would not result in the imposition of the excise tax under Section 4999 of the Code if the Accounting Firm determines to reduce Agreement Payments pursuant to Section 7(a).

8.    Restrictive Covenants.  During the Term of this Agreement, Executive shall not be associated, directly or indirectly, as an employee, proprietor, stockholder, partner, agent, representative, officer, or otherwise, with the operation of any business that is competitive with any line of business of Employer or any Affiliate for which Executive has provided substantial services without the prior written consent of Employer, which shall not unreasonably be withheld, except that Executive’s ownership (or that of his wife and children) of publicly traded securities of any such business having a cost of not more than two hundred fifty thousand dollars ($250,000) shall not be considered a violation of this Section 8.  For purposes of the preceding sentence, Executive shall be considered as the “stockholder” of any equity securities owned by his spouse and all relatives and children residing in Executive’s principal residence.
9.    No Solicitation of Representatives and Employees.  Executive agrees that he shall not, during the Term of this Agreement, directly or indirectly, in his individual capacity or otherwise, induce, cause, persuade, or attempt to do any of the foregoing in order to cause any 

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representative, agent, or employee of Employer or any Affiliate to terminate such person’s employment relationship with Employer or any Affiliate, or to violate the terms of any agreement between said representative, agent, or employee and Employer or any Affiliate.
10.    Confidentiality.  Executive acknowledges that preservation of a continuing business relationship between Employer or its Affiliates and their respective customers, representatives, and employees is of critical importance to the continued business success of Employer and that it is the active policy of Employer and its Affiliates to guard as confidential the identity of its customers, trade secrets, pricing policies, business affairs, representatives, and employees.  In view of the foregoing, Executive agrees that he shall not, during the Term of this Agreement and thereafter, without the prior written consent of Employer (which consent shall not be withheld unreasonably), disclose to any person or entity any information concerning the business of, or any customer, representative, agent, or employee of, Employer or its Affiliates which was obtained by Executive in the course of his employment by Employer.  This Section 10 shall not be applicable if and to the extent Executive is required to testify in a legislative, judicial, or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge.
11.    Executive Assignment.  No interest of Executive or his spouse or any other beneficiary under this Agreement, or any right to receive any payment or distribution hereunder, shall be subject in any manner to sale, transfer, assignment, pledge, attachment, garnishment, or other alienation or encumbrance of any kind, nor may such interest or right to receive a payment or distribution be taken, voluntarily or involuntarily, for the satisfaction of the obligations or debts of, or other claims against, Executive or his spouse or other beneficiary, by operation of law or otherwise, other than pursuant to the terms of a qualified domestic relations order to which Executive is a party.
12.    Funding.
(a)    Prior to a Change in Control, all rights of Executive and his spouse or other beneficiary under this Agreement shall at all times be entirely unfunded and no provision shall at any time be made with respect to segregating any assets of Employer for payment of any amounts due hereunder.  Neither Executive nor his spouse or other beneficiary shall have any interest in or rights against any specific assets of Employer, and Executive and his spouse or other beneficiary shall have only the rights of a general unsecured creditor of Employer.
(b)    No later than five (5) days following a Change in Control, Employer shall establish an irrevocable grantor trust, substantially in the form of the model trust agreement set forth in Internal Revenue Service Revenue Procedure 92-64, or any subsequent Revenue Procedure, and shall make a contribution to the trust in an amount equal to the cash payments that would be made to Executive pursuant to Sections 4 and 7 upon a termination of his employment under circumstances described in Section 3, such amount to be determined as if Executive’s termination of employment occurred on the date of the Change in Control.  At six- (6-) month intervals commencing from the date of the Change in Control, Employer shall recalculate the amount necessary to fully fund the above-described benefits and, if the amount exceeds the fair market value of the assets then held in the trust, Employer shall promptly deposit 

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an amount equal to such excess.  Employer shall not terminate the trust until the Term of the Agreement has ended and all cash payments described in Sections 4 and 7 to which Executive is entitled have been made to Executive.  Employer shall provide Executive with written confirmation of the establishment of the trust and the deposit of the required amount on his behalf, including a written accounting of the calculation of such amounts.  Employer’s failure to establish a trust and provide such written notice shall constitute a material breach of this Agreement.  Notwithstanding the foregoing, this Section 12(b) shall be construed and applied in a manner so as to avoid the application of Section 409A(b)(2) of the Code.
13.    Legal Expenses.  Employer shall pay as incurred (within ten (10) calendar days following Employer's receipt of an invoice from Executive) Executive’s out-of-pocket expenses, including attorneys’ fees, incurred by Executive at any time from the date of this Agreement through Executive's remaining lifetime or, if longer, through the twenty- (20-) year anniversary of the date of the Change of Control, in connection with any action taken to enforce this Agreement or construe or determine the validity of this Agreement or otherwise in connection herewith, including any claim or legal action or proceeding, whether brought by Executive or Employer or another party, and whether or not Executive is successful with respect to such action taken; provided, that Executive shall have submitted an invoice for such fees and expenses at least fifteen (15) calendar days before the end of the calendar year next following the calendar year in which such fees and expenses were incurred.  The amount of such legal fees and expenses that Employer is obligated to pay in any given calendar year shall not affect the legal fees and expenses that Employer is obligated to pay in any other calendar year, and Executive’s right to have Employer pay such legal fees and expenses may not be liquidated or exchanged for any other benefit.  Employer's obligation to pay Executive's eligible legal fees and expenses under this Section 13 shall not be conditioned upon Executive's termination of employment.
14.    Section 409A.
(a)    The amounts payable pursuant to Section 4 above are intended to be separate payments that are exempt from Section 409A of the Code by reason of the “short-term deferral” exception or the involuntary separation pay exception (also known as the two- (2-) times rule) set forth in Section 1.409A-1(b)(9)(iii) or certain other separation pay exceptions set forth in Section 1.409A-1(b)(9)(v) of the Treasury Regulations.  Notwithstanding the foregoing, no payment shall be made until the end of the thirty- (30-) day determination period under Section 7(b); provided that such determination shall not preclude application of the Code Section 409A short-term deferral exception.  To the extent that an amount payable under Section 4 does not comply with any of the foregoing exceptions or other exceptions or exemptions from Code Section 409A, including but not limited to the de minimis exception, the exception for certain indemnification and liability insurance plans, and the like under the Treasury Regulations, then the amount shall be subject to the following rules:
		
	(i)
	Notwithstanding anything contained in this Agreement to the contrary, if on the date of his termination of employment Executive is a “specified employee,” within the meaning of Section 409A of the Code and Employer's policy for determining specified 

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employees, then to the extent required in order to comply with Section 409A of the Code, all payments, benefits, or reimbursements paid or provided under this Agreement that constitute a “deferral of compensation” within the meaning of Section 409A of the Code, that are provided as a result of a “separation from service” within the meaning of Section 409A and that would otherwise be paid or provided during the first six (6) months following the date of such termination of employment shall be accumulated through and paid or provided (together with interest at the applicable federal rate under Section 7872(f)(2)(A) of the Code in effect on the date of termination of employment) within thirty (30) days after the first business day following the six- (6-) month anniversary of such termination of employment (or, if Executive dies during such six- (6-) month period, within thirty (30) days after Executive's death).
		
	(ii)
	The benefits described in paragraphs (e), (f), and (g) of Section 4 that are taxable benefits (and that are not disability pay or death benefit plans within the meaning of Section 409A of the Code) are intended to comply, to the maximum extent possible, with the exception to Section 409A of the Code set forth in Section 1.409A-1(b)(9)(v) of the Treasury Regulations.  To the extent that any of those benefits either do not qualify for that exception or are provided beyond the applicable COBRA time periods set forth in Section 1.409A-1(b)(9)(v) of the Treasury Regulations, then they shall be subject to the following additional rules: (1) any reimbursement of eligible expenses shall be paid within sixty (60) calendar days following Executive's written request for reimbursement or such later date set forth in Section 14(a)(i);  provided that Executive provides written notice no later than seventy-five (75) calendar days prior to the last day of the calendar year following the calendar year in which the expense was incurred so that Employer can make the reimbursement within the time periods required by Section 409A of the Code; (2) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefits to be provided, during any other calendar year; (3) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit; and (4) each payment shall be treated as a separate payment.

(b)    For purposes of this Agreement, the phrase “termination of employment” or words or phrases of similar import shall mean a “separation from service” with the Employer within the meaning of Section 409A of the Code.  In this regard, Employer and Executive shall 

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take all steps necessary (including with regard to any post-termination services by Executive) to ensure that (i) any termination of employment under this Agreement constitutes a “separation from service” within the meaning of Section 409A of the Code, and (ii) the date on which such separation from service takes place shall be the date of the termination of employment for purposes of this Agreement.
(c)    It is intended that the payments and benefits provided under this Agreement shall either be exempt from the application of, or comply with, the requirements of Section 409A of the Code.  This Agreement shall be construed, administered, and governed in a manner that effects such intent, and the Employer shall not take any action that would be inconsistent with such intent.  Without limiting the foregoing, the payments and benefits provided under this Agreement may not be deferred, accelerated, extended, paid out, or modified in a manner that would result in the imposition of an additional tax under Section 409A of the Code upon Executive.  Although Employer shall use its best efforts to avoid the imposition of taxation, interest, and penalties under Section 409A of the Code, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed.  Neither Employer, its Affiliates, nor their respective directors, officers, employees, or advisers shall be held liable for any taxes, interest, penalties, or other monetary amounts owed by Executive or other taxpayers as a result of the Agreement.
15.    Waiver.  No waiver by any party at any time of any breach by any other party of, or compliance with, any condition or provision of this Agreement to be performed by any other party shall be deemed a waiver of any other provisions or conditions at the same time or at any prior or subsequent time.
16.    Applicable Law.  This Agreement shall be construed and interpreted pursuant to the laws of Delaware.
17.    Entire Agreement.  This Agreement contains the entire Agreement between Employer and Executive and supersedes any and all previous agreements, written or oral, between the parties relating to severance benefits in the event of a Change in Control, including any previous Employment Security Agreement between Executive and Employer.  No amendment or modification of the terms of this Agreement shall be binding upon the parties hereto unless reduced to writing and signed by Employer and Executive.
18.    No Employment Contract.  Nothing contained in this Agreement shall be construed to be an employment contract between Executive and Employer.  Executive is employed at will, and Employer and Executive may terminate Executive’s employment at any time, with or without cause.
19.    Severability.  In the event any provision of this Agreement is held illegal or invalid, the remaining provisions of this Agreement shall not be affected thereby.
20.    Employment with an Affiliate.  If Executive is employed by Employer and an Affiliate, or solely by an Affiliate, on the date of termination of employment of Executive under circumstances described in Section 3, then (a) employment or termination of employment as 

- 13 -
1311513.3 

used in this Agreement shall mean employment or termination of employment of Executive with Employer and such Affiliate, or with such Affiliate, as applicable, and related references to Employer shall also include the Affiliate, as applicable, and (b) the obligations of Employer hereunder shall be satisfied by Employer and/or such Affiliate as Employer, in its discretion, shall determine; provided that Employer shall remain liable for such obligations to the extent not satisfied by such Affiliate.
21.    Successors.  This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, and successors. Any reference in this Agreement to Employer shall be deemed a reference to any successor (whether direct or indirect, by purchase of stock or assets, merger or consolidation, or otherwise) to all or substantially all of the business and/or assets of Employer; provided that Executive’s employment by a successor Employer shall not be deemed a termination of Executive’s employment with Employer (unless otherwise required in order to comply with the definition of “separation from service” under Section 409A of the Code).
22.    Non-Exclusivity.  Except with respect to agreements regarding severance payments described in Section 17, the provisions of this Agreement shall not reduce any amounts otherwise payable, or in any way diminish Executive’s existing rights, or rights which would accrue solely as a result of the passage of time, under any other employment agreement, or other contract, plan, or arrangement with Employer or an Affiliate.
23.    Notice.  Notices required under this Agreement shall be in writing and sent by registered mail, return receipt requested, to the following addresses or to such other address as the party being notified may have previously furnished to the others by written notice.
If to Employer:    Newell Rubbermaid Inc.
3 Glenlake Parkway
Atlanta, Georgia  30328
Attention:  General Counsel
If to Executive:    James M. Sweet
                                        
                                        
24.    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed an original.

- 14 -
1311513.3 

IN WITNESS WHEREOF, the parties have executed this Amended and Restated Employment Security Agreement on the actual date(s) specified below, but effective as of the day and year written above.
NEWELL RUBBERMAID INC.
By:/s/ John K. Stipancich
Name: John K. Stipancich     
		
	Title: 
	Executive Vice President, General Counsel and Corporate Secretary and EMEA Executive Leader  

EXECUTIVE

/s/ James M. Sweet                                        
James M. Sweet

- 15 -
1311513.3NWL-EX10.38-12.31.12

EXHIBIT 10.38

November 2, 2012
Paul Boitmann

Re:    Separation Agreement and General Release
Dear Paul:
This letter when signed by you will constitute the full agreement between you and Newell Rubbermaid Inc. (the “Company”) on the terms of your separation from employment (“Agreement”). By entering into this Agreement, neither you nor the Company makes any admission of any failing or wrongdoing.  Rather, the parties have merely agreed to resolve amicably any existing or potential disputes arising out of your employment with the Company and the separation thereof.
1.Your employment with the Company will be terminated effective March 31, 2013 (“Separation Date”), which shall be your “separation from service” date within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Code”), and the guidance issued thereunder by the U.S. Department of Treasury and the Internal Revenue Service (collectively, “Section 409A”).
2.In consideration of your acceptance of this Agreement, you will be entitled to the following items:
(a)The Company will, subject to the provisions of this Agreement, provide you with sixty-one (61) consecutive weeks of severance pay at your present base salary, less applicable deductions and tax withholdings.  The severance pay will continue until you commence (i) other full-time employment (at least 30 hours per week); or (ii) self-employment ((i) and (ii) collectively, “Alternative Employment”) or until May 31, 2014, whichever event occurs first (the “Salary Continuation Period”).  The severance pay payments will be made as provided in Section 19 of this Agreement.
(b)As of the Separation Date, you shall no longer be eligible to participate in the Company’s health and dental insurance plans as an active employee participant and your Separation Date shall be considered a “qualifying event” for purposes of triggering your right to continue your group health and dental insurance pursuant to federal law (commonly referred to as “COBRA”).  However, as additional consideration for your acceptance of this Agreement, the Company will continue throughout the Salary Continuation Period to offer group health and dental insurance benefits to you and, if applicable, your dependents, at the same cost it charges its active employees if you elect this COBRA benefit, pay the applicable premiums in a timely manner, and remain eligible for COBRA continuation coverage.  Thereafter, you will have the right to continue COBRA coverage at your own expense for the duration of the applicable COBRA period, 

1311204.3 

Paul Boitmann    
November 2, 2012
Page 2

if any.  You will receive, under separate cover, information regarding your rights to such continuation coverage.
(c)Except as noted below, all non-vested stock options and all non-vested restricted stock units or other awards granted under any Newell Rubbermaid Inc. employee stock plan will be forfeited as of the Separation Date except: (i) those restricted stock unit grants awarded to you in  2011 that would have vested between the Separation Date and February 28, 2014; and (ii) those stock options granted to you in  2011 that would have vested between the Separation Date and February 28, 2014; all of which will vest on the original vesting dates, subject to any performance criteria.  You will have from the date of vesting through June 30, 2013 to exercise those stock options granted to you in 2010 and from the date of vesting through June 30, 2014 to exercise those stock options granted to you in 2011.  For any stock options held by you which were vested prior to the Separation Date, you shall have until June 30, 2013 to exercise such options.
(d)Except as provided above, all other non-vested stock options, restricted shares or other awards granted under the 2003, 2010 or other Stock Plan will be forfeited as of the Separation Date.
(e)If applicable, you will be allowed to continue to use your Company-leased car pursuant to the terms of the leased automobile program through the Salary Continuation Period, less applicable deductions and tax withholdings.  You may purchase said vehicle at any time prior thereto at the buy-out price as established by said program.  If you have not been provided a Company-leased car but are instead provided with a car allowance, where applicable, you will continue to receive your car allowance through the Salary Continuation Period, less applicable deductions and tax withholdings.
(f)In lieu of Company-provided outplacement services, within thirty (30) days of your Separation Date you will be provided a stipend of Thirty-Five Thousand Dollars ($35,000) for you to utilize for outplacement services to be paid in a lump sum, less applicable tax withholdings.
(g)Except as stated above, all other benefits, bonuses and compensation end on the Separation Date.  However, this Agreement does not affect any existing vested rights that you may have in the Company’s bonus, deferred compensation, pension, retirement and/or 401(k) plans as of the Separation Date.  You will receive, under separate cover, information regarding your rights and options, if any, under said plans.  Notwithstanding the above you shall receive a 2012 management bonus, if payable to other senior executives, calculated with respect to you on the same basis as that which applies for the other senior executives in the Company.  Such bonus, if earned, will be paid in cash at the same time that active senior executives receive said bonus.  Notwithstanding the above, and assuming you execute and abide by this 

Paul Boitmann    
November 2, 2012
Page 3

Agreement, any non-vested SERP as of the Separation Date will become fully vested, and shall be paid on a date consistent with the plan documents.  In or about March 2013, the Company will credit your retirement savings contribution to your SERP cash account for your salary and short term bonus paid to you in 2012.
Severance pay and benefits provided under this Agreement are intended to be exempt from, or comply with, Section 409A, which is the law that regulates severance pay.  This Agreement shall be construed, administered, and governed in a manner that effects such intent, and the Company shall not take any action that would be inconsistent with such intent.  Without limiting the foregoing, the payments and benefits provided under this Agreement may not be deferred, accelerated, extended, paid out or modified in a manner that would result in a the imposition of additional tax under Section 409A.  Each installment payment of severance pay shall be deemed to be separate payments distinct from each other and every other payment for purposes of Section 409A.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the Separation Date”), the actual date of payment within the specified period shall be within the sole discretion of the Company, unless Section 409A requires otherwise.  With respect to any payment constituting nonqualified deferred compensation subject to Section 409A:  (A) all expenses or other reimbursements provided herein shall be payable in accordance herewith (or if the payment date is unstated, in accordance with the Company’s policies and plans in effect from time to time), but in any event shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by you; (B) no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year; (C) your right to reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit and (D) to the extent required to comply with Section 409A, your rights to reimbursements of expenses pursuant to this Agreement will expire at the end of the ten (10) years after the Separation Date.  Although the Company shall use its best efforts to avoid the imposition of taxation, interest and penalties under Section 409A, the tax treatment of the benefits provided under this Agreement is not warranted or guaranteed.  Neither the Company nor its affiliates nor its or their directors, officers, employees or advisers shall be held liable for any taxes, interest, penalties or other monetary amounts owed by you or any other taxpayer as a result of this Agreement.
3.In consideration of the payments and benefits provided to you above, to which you are not otherwise entitled and the sufficiency of which you hereby acknowledge, you do, on behalf of yourself and your heirs, administrators, executors and assigns, hereby fully, finally and unconditionally release and forever discharge the Company and its parent, subsidiary and affiliated entities and its and their former and present officers, directors, shareholders, employees, trustees, fiduciaries, administrators, attorneys, consultants, agents, and other representatives, and all their respective predecessors, successors and assigns (collectively “Released Parties”), in their corporate, personal and representative capacities, from any and all obligations, rights, claims, damages, costs, attorneys’ fees, suits and demands, of any and every kind, nature and character, known or unknown, liquidated or unliquidated, absolute or contingent, in law and in equity, waivable and/or enforceable under any local, state, federal, or foreign common law, constitution, statute or ordinance which arise from or relate to your employment with the Company or the termination 

Paul Boitmann    
November 2, 2012
Page 4

thereof, or any past actions or omissions of the Company or any of the Released Parties through the date you sign this Agreement.  Specifically included in this release is a general release which releases the Released Parties from any claims, including without limitation claims under:  (1) Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991 (race, color, religion, sex, and national origin discrimination); (2) the Americans with Disabilities Act, as amended (disability discrimination); (3) 42 U.S.C. § 1981 (race discrimination); (4) the Age Discrimination in Employment Act (29 U.S.C. §§ 621-624) (age discrimination); (5) 29 U.S.C. § 206(d)(1) (equal pay); (6) Executive Order 11246 (race, color, religion, sex and national origin discrimination); (7) Executive Order 11141 (age discrimination); (8) Section 503 of the Rehabilitation Act of 1973 (disability discrimination); (9) Employee Retirement Income Security Act of 1974, as amended; (10) the Occupational Safety and Health Act; (11) the Ledbetter Fair Pay Act; (12) the Family and Medical Leave Act; (13) the Genetic Information and Non-Discrimination Act; (14) the Uniform Service Employment and Reemployment Rights Act; (15) the Worker Adjustment and Retraining Notification Act; and (16) other similar federal, state and local anti-discrimination and other employment laws, including those of the State of Georgia and where applicable, any rights and claims arising under the law and regulations administered by California’s Department of Fair Employment and Housing.  You further acknowledge that you are releasing, in addition to all other claims, any and all claims based on any retaliation, tort, whistle-blower, personal injury, defamation, invasion of privacy, retaliatory discharge, constructive discharge or wrongful discharge theory; any and all claims based on any oral, written or implied contract or on any contractual theory; any and all claims based on any public policy theory; any and all claims for severance pay, supplemental unemployment pay or other separation pay, including but not limited to claims under the Company’s Supplemental Unemployment Pay Plan and Excess Severance Pay Plan; any and all claims related to the Company’s use of your image, likeness or photograph; and any and all claims based on any other federal, state or local Constitution, regulation, law (statutory or common), or other legal theory, as well as any and all claims for punitive, compensatory, and/or other damages, back pay, front pay, fringe benefits and attorneys’ fees, costs or expenses.  Nothing in this Agreement and release, however, is intended to waive your entitlement to vested benefits under any 401(k) plan or other benefit plan provided by the Company, any claim or cause of action to enforce any of your rights under this Agreement and release or any right to indemnification pursuant to the Company’s Articles of Incorporation, Bylaws or, if greater, applicable law, or any right arising under the Company’s directors’ and officers’ liability insurance policies or other insurance policies and self-insurance programs for acts or omissions during your period of employment.  Finally, the above release does not waive claims that you could make, if available, for unemployment compensation, workers’ compensation or claims that cannot be released by private agreement.
You further acknowledge and agree that you have not filed, assigned to others the right to file, reported or provided information to a government agency, nor are there pending, any complaints, charges or lawsuits by or on your behalf against the Company or any Released Party with any governmental agency or any court.  Nothing herein is intended to or shall preclude you from filing a complaint and/or charge with any appropriate federal, state, or local government agency, reporting or providing information to said agency, or cooperating with said agency in its investigation; however, you understand and agree that you shall not be entitled to and expressly waive any right to personally recover against any Released Party in any action brought against any Released Party by any governmental agency, you give up the opportunity to obtain compensation, damages or other 

Paul Boitmann    
November 2, 2012
Page 5

forms of relief for yourself other than that provided in this Agreement, without regard as to who brought said complaint or charge and whether the compensation, damages or other relief is recovered directly or indirectly on your behalf, and you understand and agree that this Agreement shall serve as a full and complete defense by the Company and the Released Parties to any such claims.
4.Non-Competition and Non-Solicitation
(a)The Company.  The Company is a global marketer and manufacturer of consumer and commercial products.
(b)Your Job Duties.  You agree that your job duties during your tenure with the Company included the following:  Chief Customer Development Officer.
(c)Your Obligations. From the date hereof through September 30, 2014:
		
	(i)
	Non-Competition.  You agree that you will not perform within the United States or Canada the same or substantially the same job duties on behalf of a business or organization that competes with the Company in any of the businesses in which the Company participates as of the date hereof.

		
	(ii)
	Non-Solicitation.  You agree that you will not directly or indirectly, individually or on behalf of any person or entity, solicit or induce, or assist in any manner in the solicitation or inducement of:  (i) employees of the Company, other than those in clerical or secretarial positions; (ii) customers of the Company to purchase from another person or entity products that compete with those offered and provided by the Company (“Competitive Products”) (this restriction is limited to customers with whom you have material contact through performance of your job duties and responsibilities or through otherwise performing services on behalf of the Company); or (iii) suppliers of the Company to supply another person or entity providing Competitive Products to the exclusion or detriment of the Company (this restriction is limited to suppliers with whom you have had material contact through performance of your job duties and responsibilities or through otherwise performing services on behalf of the Company.)

(d)Reasonableness.  You hereby acknowledge and agree that:  (i) the restrictions provided in this section are reasonable in time and scope in light of 

Paul Boitmann    
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the necessity for the protection of the business and good will of the Company and the consideration provided to you under this Agreement; and (ii) your ability to work and earn a living will not be unreasonably restrained by the application of these restrictions.
(e)Injunctive Relief.  You also recognize and agree that should you fail to comply with the restrictions set forth above regarding Non-Competition and/or Non-Solicitation, which restrictions you recognize are vital to the success of the Company’s business, the Company would suffer substantial damage for which there is no adequate remedy at law due to the impossibility of ascertaining exact money damages.  Therefore, you agree that in the event of the breach or threatened breach by you of any of the terms and conditions of this Agreement, the Company shall be entitled, in addition to any other rights or remedies available to it, to institute proceedings in a federal or state court and to secure immediate temporary, preliminary and permanent injunctive relief.  In the event the enforceability of any of the covenants in this section are challenged in court by you (or any party or representative on your behalf), the applicable time period as to such covenant shall be deemed tolled upon the filing of the lawsuit challenging the enforceability of this Agreement until the dispute is finally resolved and all periods of appeal have expired.
5.You understand and agree that this Agreement contemplates and memorializes an unequivocal, complete and final dissolution of your employment relationship with the Company, and that, therefore, you have no right to be reinstated to employment with or rehired by the Company, and that in the future, the Company and its affiliated and related entities and their successors and assigns shall have no obligation to consider you for employment.
6.You further understand and agree that should another Newell Rubbermaid Inc. entity offer you employment and you accept the same and commence employment within the Salary Continuation Period, the Company will discontinue the remaining severance payments and benefits without affecting the release and covenant not to sue or any other provision of this Agreement.
7.You agree to return to the Company all of the Company’s property, including, without limit, any electronic or paper documents and records and copies thereof that you received or acquired during your employment containing confidential Company information and/or regarding the Company’s practices, procedures, trade secrets, customer lists, or product marketing, and that you will not use the same for your own purpose.  You further agree to return to Joe Ketter any and all hard copies of any documents which are the subject of a document preservation notice or other legal hold and to notify Joe Ketter of the location of any electronic documents which are subject to a legal hold. Unless required or otherwise permitted by law, you further agree that while you are considering this Agreement and for five (5) years following your Separation Date (or in the case of Company trade secrets, for so long as the trade secret information qualifies as a trade secret under controlling law), you will not disclose to any person, firm, or corporation or use for your own benefit any information regarding the following:

Paul Boitmann    
November 2, 2012
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Any secret or confidential information obtained or learned by you in the course of your employment with Company with regard to the operational, financial, business or other affairs of Company or its subsidiaries, divisions, or parent companies including, without limitation, proprietary trade “know how” and secrets, financial information and models, customer lists, business, marketing, sales and acquisition plans, identity and qualifications of Company’s employees, sources of supply, pricing policies, proprietary operational methods, product specifications or technical processes.
Notwithstanding the foregoing, you shall be permitted to disclose secret or confidential information to the extent necessary in connection with any proceeding to enforce or defend your rights under this Agreement.
8.When permitted by applicable law, you agree that in the event that you breach any of your obligations set forth in this Agreement, the Company is entitled to stop any of the payments or other consideration to be provided to you pursuant to Section 2 above, including but not limited to, your severance payments and equity awards which vest after the Separation Date, and to recover any of the severance payments already paid you.  In addition, when allowed by applicable law, you will return any severance pay and the value of other benefits already paid to you pursuant to this Agreement prior to your proceeding with any claim in court against any of the Released Parties with respect to the claims released by you herein.  Notwithstanding the forgoing, in the event of an actual or alleged breach of your obligations set forth in Section 4 of this Agreement, the Company shall first provide you written notice of such breach, and only upon your failure to cure such breach within ten (10) days of written notice the Company may pursue all rights and remedies against you, including those set forth in this Section 8.  You further agree that the Company shall be entitled to obtain any and all other relief provided by law or equity including the payment of its attorney’s fees and costs if there is an ultimate determination by a court of competent jurisdiction that you have breached your obligations of this Agreement. You shall have no duty to mitigate damages by seeking other employment.
9.It is agreed that neither you nor the Company, nor any of its officers, directors or employees, make any admission of any failing or wrongdoing or violation of any local, state or federal law by entering into this Agreement, and that the parties have entered into this Agreement simply to resolve your employment relationship in an amicable manner.  While considering this Agreement and at all times thereafter, you agree to act in a professional manner and not intentionally make any disparaging statements regarding the Company or its affiliated companies and its and their employees, officers and directors, or its and their products.  Nothing herein shall be deemed to prevent any company you are affiliated with from making presentations about its products and plans in the ordinary course of business.
10.Throughout the Salary Continuation Period and for a period of three (3) years thereafter, you agree, upon reasonable notice and provided such assistance does not conflict with your duties or obligations to any employer, to advise and assist the Company and its counsel in preparing such operational, financial and other reports, or other filings and documents, as the Company may reasonably request (and in this respect you shall be indemnified the same as senior executive officers of the Company with respect to claims arising from, or relating to, such reports 

Paul Boitmann    
November 2, 2012
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and other filings and documents), and through the Separation Date shall otherwise cooperate with the Company and its affiliates with any request for information or any request for assistance with the transition of your matters to other Company employees.  Subject to your personal and business commitments and provided such cooperation is not adverse to your legal interests, you also agree during the Salary Continuation Period and at any time in the future to assist the Company and its counsel in prosecuting or defending against any litigation, complaints or claims against or involving the Company or its affiliates of which you have knowledge. After the Separation Date, your cooperation under this Section shall not exceed five (5) full days per calendar year.  The Company shall pay your necessary travel costs and expenses (including reasonable legal fees to the extent you reasonably believe that separate representation is warranted and obtain the Company’s consent in writing, which consent shall not be unreasonably withheld) in the event it requires you to assist it under this Section.
11.You acknowledge and agree that this Agreement sets forth the entire understanding between the parties concerning the matters discussed herein, that no promise or inducement has been offered to you to enter into this Agreement except as expressly set forth herein, that the provisions of this Agreement are severable such that if any part of the Agreement is found to be unenforceable, the other parts shall remain fully valid and enforceable, and that a court is authorized to amend the relevant provisions of the Agreement to carry out the intent of the parties to the extent legally permissible.  This Agreement shall be binding upon, and inure to the benefit of, the parties successors, assigns and heirs.  If you should die while any payment or benefit is due to you hereunder, such payment or benefit shall be paid to your designated beneficiary (or if there is no designated beneficiary, to your estate).  If any successor to the Company fails to assume this Agreement (either contractually or as a matter of law), the Company agrees to make appropriate arrangements before the consummation of such transaction to ensure that you receive the payments and benefits set forth herein.
12.Any Employment Security Agreement or Change in Control Agreement, or other agreement, policy or practice relating to severance benefits or monies to be paid to you upon your termination from employment with the Company is expressly rendered null and void by this Agreement.  The Company acknowledges that the payments made to you pursuant to this Agreement are not being made in connection with any change in control of the Company.  The parties agree to use reasonable efforts to rebut any presumption that the termination of your employment was in connection with a change in control.
13.Any equity grant agreement(s) that you have previously entered into with the Company or its affiliated or related entities that by its terms, extends past your Separation Date, remains in full force and effect as modified by this Agreement.  Notwithstanding the forgoing, any terms of such agreements or any other agreements or policies which relate to your obligations of non-competition and/or non-solicitation shall be rendered null and void and Section 4(c) of this Agreement shall be the only obligations of non-competition and/or non-solicitation to the Company.
14.You shall continue to be indemnified and advanced expenses with respect to claims arising from, or relating to, your services to the Company during your employment (or as otherwise required under Section 10 of this Agreement) to the maximum extent provided under the Company’s 

Paul Boitmann    
November 2, 2012
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Articles of Incorporation or Bylaws or, if greater, under applicable law and on a basis no less favorable to you than the basis on which any other employee is so indemnified and advanced expenses for the same or similar claim.  In addition, you shall continue to be covered under the Company’s directors’ and officers’ insurance policies with respect to claims relating to, or arising from, your services to the Company during your employment until such time that suits or claims can no longer be brought against you as a matter of law.
15.You agree to notify the Company within seventy-two (72) hours after accepting Alternative Employment.
16.You acknowledge and agree that the Company’s Supplemental Unemployment Pay Plan and Excess Severance Pay Plan do not apply to the severance pay payable to you pursuant to this Agreement, and that you will not receive payments under those plans.
17.You acknowledge and agree that the releases set forth above are in accordance with and shall be applicable to, without limitation, any claims under the Age Discrimination in Employment Act and the Older Workers Benefit Protection Act, and that in accordance with these laws, you are hereby advised in writing to consult an attorney prior to accepting and executing this Agreement.  You acknowledge that you have forty-five (45) days from your receipt of this letter to consider whether you accept the terms of this Agreement.  You may accept and execute this Agreement within those forty-five (45) days.  You agree that if you elect to sign this Agreement before the end of this forty-five (45) day period, it is because you freely chose to do so after carefully considering its terms.
18.Pursuant to federal law, you are being provided with information regarding the class, unit or groups of individuals covered by the exit incentive or other employment termination program and offered a package in consideration of signing a waiver as of the date of this letter; the eligibility factors for such program, if any; the time limits applicable to such program; the job titles and ages of all individuals eligible or selected for the termination program; and the ages of the individuals in the same job classification or organizational unit who are not eligible or selected for the termination program.  This information is located in Exhibit A, which is attached hereto and incorporated herein.  Exhibit A identifies the applicable decisional unit, eligibility factors, and selection criteria considered in connection with this program and also includes a list of individuals by job title and age in two groups:  (i) individuals selected for participation in the program; and (ii) individuals not selected for participation in the program.  If you believe that the information in Exhibit A is not complete, if you would like additional information, or if you have other questions regarding Exhibit A, please let me know.
19.Severance pay under Section 2(a) of this Agreement shall be composed of two parts namely, (1) Basic Severance Pay, and (2) Additional Severance Pay.   
“Basic Severance Pay” means an amount equal to the lesser of the following (i) or (ii): 
		
	(i)
	two (2) times the lesser of the following (A) or (B):

Paul Boitmann    
November 2, 2012
Page 10

		
	(A)
	your annualized compensation based upon your base salary for the 2012 calendar taxable year, minus the Company’s contributions, if any, for COBRA under Section 2(b) hereof; or 

		
	(B)
	the maximum amount that may be taken into account under a tax-qualified retirement plan pursuant to Code Section 401(a)(17) for 2013 (i.e., $255,000) minus the Company’s contributions, if any, for COBRA under Section 2(b) hereof; or

		
	(ii)
	the amount of severance pay under Section 2(a) hereof, minus the Company’s contributions, if any, for COBRA under Section 2(b) hereof.

“Additional Severance Pay” means the amount of severance pay payable under Section 2(a) of this Agreement minus the Basic Severance Pay.  
For purposes of this Agreement, each installment payment shall be treated as a separate payment for purposes of Section 409A.
The Basic Severance Pay portion of severance pay under Section 2(a) hereof will be paid by the Company to you in installments beginning within sixty (60) days after the Separation Date; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of such sixty- (60-) day period and have not revoked such Agreement and release within such sixty- (60-) day period; and provided further that if such sixty- (60-) day period begins in one (1) calendar year and ends in a second (2nd) calendar year, in accordance with Section 409A, payment shall always be made in the second (2nd) calendar year.  To the extent that, as a result of the timing of your return of a signed copy of this Agreement and release to the Company, any payroll date following the Separation Date has elapsed without a payment being made, the missed installment payment(s) shall be made together with the first permitted installment payment of Basic Severance Pay hereunder (without interest), and any coverage under COBRA shall be made retroactive to the Separation Date or such other date, as applicable.  If you commence Alternative Employment prior to May 31, 2014, you will receive fifty percent (50%) of the unpaid Basic Severance Pay, with the unpaid amount determined as if you had not commenced Alternative Employment, within thirty (30) days after you commence Alternative Employment.
The Additional Severance Pay portion of severance pay under Section 2(a) of this Agreement will be paid in a lump sum between January 1 and March 15, 2014; provided that you have returned a signed copy of this Agreement and the release to the Company before the end of the sixty- (60-) day period following the Separation Date and have not revoked such Agreement and release.  In addition, if you commence Alternative Employment prior to the payment of the Additional Severance Pay, you will receive fifty percent (50%) of the Additional Severance Pay (determined as if you had not commenced Alternative Employment), within thirty (30) days after you commence Alternative Employment but in all events no later than March 15, 2014.
20.Nothing contained in this Agreement shall restrict the Company’s ability to seek recoupment of any form of compensation (except that set forth in Section 2(a)) paid to you prior to or after the Separation Date pursuant to the Newell Rubbermaid Inc. Policy Regarding Executive 

Paul Boitmann    
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Incentive Compensation Recoupment, or any such successor policy (the “Recoupment Policy”), and you hereby expressly agree to be subject to the Recoupment Policy notwithstanding your termination of employment; provided that the Recoupment Policy shall be applied to you in the same manner as it is applied to the senior executives of the Company including the compensation subject to such recoupment.
If you accept the terms of this Agreement, please date and sign this letter and return it to me.  Once you execute this Agreement, you have seven (7) days in which to revoke in writing your acceptance by providing the same to me, and such revocation will render this Agreement null and void.  If you do not revoke your acceptance in writing and provide it to me by midnight on the seventh day, this Agreement shall be effective the day after the seven-day revocation period has elapsed (“Effective Date”); provided that the Company shall not be entitled to revoke its consent to this Agreement unless you revoke your acceptance in accordance with this Section.
Sincerely,
/s/ James M. Sweet
James M. Sweet
Executive Vice President and 
Chief Human Relations Officer

By signing this letter, I represent and warrant that I have not been the victim of age or other discrimination or wrongful treatment in my employment and the termination thereof.  I further acknowledge that the Company advised me in writing to consult with an attorney, that I had at least forty-five (45) days to consider this Agreement, that I received all information necessary to make an informed decision and I had the opportunity to request and receive additional information, that I understand and agree to the terms of this Agreement, that I have seven (7) days in which to revoke my acceptance of this Agreement, and that I am signing this Agreement voluntarily with full knowledge and understanding of its contents.

Dated: November 6, 2012            Name:/s/ Paul Boitmann
Paul Boitmann

Paul Boitmann    
November 2, 2012
Page 12

EXHIBIT A TO
AGREEMENT AND GENERAL RELEASE
The decisional unit is comprised of all positions comprising the Executive Leadership Team Reporting to the Chief Executive Officer with the exception of the following roles:  Chief Legal Officer (General Counsel), Chief Human Resources Officer, Chief Information Officer, Chief Financial Officer and the Chief Design and R&D Officer.  All persons included in the program and offered consideration in exchange for signing a release agreement have been selected based on the following selection/eligibility criteria: skills, abilities, qualifications, experience, overall job performance, seniority, years of service and business needs of the Company.
All such individuals are being offered consideration under a release agreement and must sign the agreement and return it to the Company.
The job titles and ages of all individuals eligible and selected or not selected for the termination program are the following:

	
				
	Job Title
	Age
	Selected for Program
	Not Selected for Program

	SVP, Chief Customer Development Officer
	51
	X
	 

	President – Newell Professional Group
	52
	 
	X

	President – Newell Consumer Group
	51
	X
	 

	SVP, Chief Marketing Officer
	51
	X

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