Document:

EX-10.1

 Exhibit 10.1 

 

					
	

	  		  	 P.O.Box 708
 Warsaw, IN 46581-0708
 574 267-6131

 Confidential 
 March 20, 2013 
 Jeffrey B. Paulsen 
 Dear Jeff: 
 This will confirm the termination of your employment by Zimmer, effective
March 20, 2013. This letter and the attached material summarize important issues regarding severance and other benefits you may be eligible to receive as the result of your separation. 
 SEVERANCE 
 Zimmer’s standard severance benefit includes two components: an amount
representing a number of weeks of base pay based on years of service and an amount equal to the cost of continued health insurance coverage (“COBRA coverage”) for a certain number of weeks after your current coverage ends. Under the Zimmer
Holdings, Inc. Restated Severance Plan (“Severance Plan”), dated August 2010, you would be eligible, subject to the terms of the Severance Plan, for a severance benefit of 4.5 weeks of base pay, which would equal $42,188, plus 4.5 weeks of
COBRA subsidy, which would equal $1,520, for a total benefit of $43,708. 
 However, in the interest of a mutually respectful parting of ways,
and taking into account your senior executive status, Zimmer is willing to offer you an enhanced severance benefit as a one-time exception to our policy. This enhanced severance offer totals six months of base pay, which equals $243,750, plus
six months of COBRA subsidy, which equals $8,100, for a total severance offer of $251,850. This total amount, which is in lieu of the standard benefit under the Severance Plan, will be paid to you in a lump sum, less applicable tax withholdings, as
soon as administratively feasible following receipt of the executed General Release that is attached and expiration of a seven-day rescission period, assuming you do not rescind the General Release within that period. This enhanced benefit will be
provided to you in accordance with, and subject to, all terms and provisions of the Severance Plan, with the sole exception from Severance Plan terms and provisions being the calculation of the benefit amount. 

Although the COBRA component is intended to help you with the costs of maintaining health insurance coverage after your separation from employment, it is
not restricted as to use and if you fulfill all conditions of receiving severance benefits as described below, you may use that monetary sum as you see fit. Also, you must still timely complete and return the COBRA enrollment form, and pay premiums
to maintain this coverage. 
 ATTACHMENT I — GENERAL RELEASE 
 You must sign and not rescind the General Release in order to qualify for any severance benefit. Please read this attachment carefully, and consult with an attorney and/or any other advisor of

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 March 20, 2013 

 

 
your choice prior to signing the General Release. In summary, by signing the General Release, you waive all legal claims against Zimmer and its affiliates through the date of your signing, to the
fullest extent permitted by law. Certain rights under the Zimmer Holdings, Inc. 2001, 2006 and 2009 Stock Incentive Plans, if applicable, are also contingent upon your executing the General Release. You have 21 calendar days from the date of this
letter to review, consider, sign and return the General Release, and 7 calendar days thereafter to revoke your signature. Should you revoke the General Release within the time allowed, you will forego any severance benefits as well as any unvested
Zimmer Holdings, Inc. 2001, 2006 and 2009 Stock Incentive Plan stock options. 
 OUTPLACEMENT SERVICES 

Zimmer will provide you with certain outplacement services to assist you in transitioning to other employment, in an amount not to exceed $25,000. The
services will be provided by Right Management. You may contact Right Management at 1-800-966-6880 or via email at rightindianapolis@right.com. 

ATTACHMENT II — VACATION PAY SUMMARY 

You will receive payment for any unused and earned vacation. If applicable, payment will be made in a lump sum as soon as administratively feasible
following your separation date in accordance with applicable state law. Your vacation pay will also include any banked vacation you may have. 

ATTACHMENT III — TERMINATION OF BENEFIT COVERAGES 
 Group medical, dental and vision benefits, if applicable, end as of 11:59 p.m. on the last calendar day of the month during which your employment terminates. All other benefits terminate as of 11:59 p.m.
on your last day of employment. If you have elected a flexible spending account (FSA), expenses incurred after your last day of active employment are not reimbursable from your FSA unless you are eligible for and timely elect applicable COBRA
coverage. Shortly following your termination date, detailed information concerning medical care continuation options that are available to you as a result of your termination of employment will be mailed to your home, as provided by the Consolidated
Omnibus Budget Reconciliation Act of 1985 (“COBRA”). Attachment III sets forth a summary of COBRA premiums, which are subject to change. 
 You must elect COBRA coverage in accordance with the instructions that will be sent to you, and pay all applicable premiums as instructed, to continue medical care coverage. As explained above, although
the severance benefit you are being offered includes an amount intended to subsidize your COBRA premiums for a period of time, it is up to you to decide whether or not to use that money for payment of COBRA premiums. Zimmer will not enroll you for
COBRA coverage or make any COBRA payments on your behalf. 

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 March 20, 2013 

 

 Please note that, as long as you are eligible for benefits under Zimmer’s medical plans or dental
plan, you will also continue to be eligible to participate in the Employee Assistance Program. Plan benefits are explained more fully in the summary plan description. 
 Life and Accidental Death and Dismemberment (AD&D) insurance coverage will terminate as of 11:59 p.m. on your last day of active employment. You will have the opportunity to convert or port a portion
of your life insurance benefit into an individual policy as described in Attachment IV, which is an excerpt from the Life Insurance and AD&D Insurance Programs Summary Plan Description. Information regarding this opportunity will be sent to you
from the Zimmer Benefit Service Center. If you have not received that information within 15 days from the date of this letter, please contact the Service Center at 1-877-588-0933. You must elect to convert or port your insurance coverage in a timely
manner to qualify for individual-policy coverage. 
 SAVINGS AND INVESTMENT PROGRAM (401(k))

You are fully vested in your Employee account balance and 60% vested in your Employer account balance. Within four to six weeks following your termination
date, you will receive important information from Fidelity describing your options as an inactive participant in the 401(k) Program. 

BENEFIT EQUALIZATION PLAN OF THE SAVINGS AND INVESTMENT PROGRAM (BEP – SAVINGS PLAN) 
 You elected to participate in the BEP-Savings Plan, which is a non-qualified plan. As with the 401(k) Program, you are fully vested in your Employee account balance and 60% vested in your Employer
account balance. Your vested account balance of December 31, 2012 is estimated to be $58,188.22. Your account balance will be paid to you as a lump sum.
 Because you are an officer of Zimmer and considered a Specified Employee under Section 409A as of your separation date, the vested account balance will be paid to you in a lump sum, less applicable
taxes, on the first payroll period date after six months have elapsed from your date of separation, which we expect will be October 11, 2013. 
 Your BEP-Savings Plan account balance as of December 31, 2012 will be adjusted for investment experience through August 31, 2013. You will continue to receive quarterly Statements of
Account providing you with updated account balance information. Please note that, because this is a non-qualified plan, the distribution may not be rolled into an IRA or other qualified plan. 

Payment of your BEP – Savings Plan account balance will be automatic, so there is no action you must take to initiate payment.

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 March 20, 2013 

 

 TAXATION OF BENEFITS UNDER BEP-SAVINGS PLAN 

As noted above, the amount/value of your benefit payment from the BEP-Savings Plan is considered ordinary income and subject to applicable income
tax withholding.
 You have been paying applicable Social Security and Medicare taxes on your BEP-Savings Plan deferrals and Company match
during each payroll period. Therefore, we do not expect that there will be any additional Social Security and Medicare taxes due on the amount to be distributed to you. Federal, State and Local taxes will be withheld from the
distribution. 
 STOCK OPTIONS 

You have vested stock options that were granted under the 2001, 2006 and/or 2009 Stock Incentive Plans and you are not eligible for retiree treatment.
Consequently, you will have three (3) months from your date of termination to exercise your vested stock options. In addition, you have unvested stock options that were granted under the 2006 and/or 2009 Stock Incentive Plans that you held for
at least one year as of the date of your termination. If you sign and do not rescind the General Release, Zimmer will accelerate the vesting of these options and you will have three (3) months from your date of termination to exercise
these options. Any stock options that you do not exercise within three months of your termination date, including stock options that are not “in-the-money,” will expire. We are unable to extend this 90 day period of time. 

Please remember, even if you are no longer an employee, you may be prohibited from transacting in Zimmer stock during any Company blackout period. Please
plan accordingly. The current blackout period will run from Friday, March 15, 2013 through Friday, April 26, 2013. 
 RESTRICTED
STOCK UNIT AWARDS (RSUs) 
 With respect to RSUs granted prior to 2012, you will receive a pro-rata number (as applicable) of RSUs that you
have held for at least one year in accordance with the applicable Award Agreement(s). 
 Please note that the 2012 performance-based RSUs tied
to three-year iTSR performance will be cancelled. 
 Please contact Jan Zolman, Stock Option Administrator, at (574) 372-4185 if you have
any questions regarding your stock options or RSUs. 

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 March 20, 2013 

 

 CONFIDENTIALITY 
 You are reminded of the continuing nature of your obligation to maintain confidentiality and to not use any information concerning Zimmer’s business or affairs of any nature that is not otherwise a
matter of public record. This obligation, which you acknowledged and agreed to in the non-disclosure, non-competition and non-solicitation agreement that you signed, continues after the termination of your employment. This means, among other things,
that in addition to any restrictions already existing by law, you are contractually prohibited from disclosing or using Zimmer’s confidential, proprietary, and trade secret information. 
 Because you are a Named Executive Officer (an officer named in the Summary Compensation Table of Zimmer’s most recent proxy statement), the material terms of the enhanced severance benefit will be
described in a Form 8-K filed with the Securities and Exchange Commission within four business days of your execution of the General Release. 

NON-DISCLOSURE, NON-COMPETITION AND NON-SOLICITATION AGREEMENT 
 Given that your employment with Zimmer is terminating, we remind you of your continuing obligations under your non-disclosure, non-competition and non-solicitation agreement (“Agreement”) with
Zimmer. In the Agreement, you promised not to engage in certain competitive activities for the period set forth in the Agreement and not to disparage Zimmer. We request that you be mindful of your continuing obligations under the Agreement and that
you strictly comply with them. Please understand that if you do not comply fully with your legal obligations under the Agreement, Zimmer will take all necessary actions to enforce its legal rights, including the forfeiture or clawback of any option
and severance benefits. We trust, however, that you will honor your obligations under the Agreement and that no further action or communication on this subject will be necessary. 
 COMPANY PROPERTY 
 To the extent you still have in your possession or control any Zimmer
property or any materials (including, without limitation, documents, electronic data, computers, PDA’s, cell phones or files in your possession, or any copies thereof) containing any of Zimmer’s confidential, proprietary, or trade secret
information, please immediately deliver all such property to me or coordinate with me regarding the return of such materials. 
 You must also
delete any electronic confidential Zimmer information stored on your personal computer or other electronic device. 

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 March 20, 2013 

 

 SUMMARY 
 This letter is intended to summarize the benefits to which you may be entitled as a result of your separation from Zimmer. Your benefits are governed by the terms of each applicable plan document and/or
award agreement, and if there is a conflict, the terms of the plan document will control. For your reference, we have included a list of service providers and contact information for Zimmer benefit programs (Attachment V). 

Please note that the severance benefit should not be subject to Section 409A of the Internal Revenue Code of 1986, as amended. Zimmer does not
guarantee any tax consequences related to any benefit under severance or non-qualified plans. 

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 March 20, 2013 

 

 Please notify me promptly of any address changes, so that we can ensure that all communication and tax
information is directed to the correct address. If you have any questions concerning this letter or any of the arrangements surrounding your separation from the Company, please feel free to contact me. 

Sincerely, 
 /s/ Bill P. Fisher 

Bill P. Fisher 
 Senior Vice President, Global
Human Resources 
  

	cc:	Vice President, Global Compensation, Benefits and HRIS 

 Attachments: 
 Attachment I - General Release 

Attachment II - Vacation Pay Worksheet 

Attachment III - COBRA Rates 
 Attachment IV -
Excerpt from Life Insurance and AD&D Insurance Programs Summary Plan Description, Regarding Portability and Conversion 
 Attachment V -
Vendor Contact InformationEX-10.1

 EXHIBIT 10.1 
 SEALED AIR CORPORATION PERFORMANCE SHARE UNITS 
 AWARD GRANT

 2013-2015 
 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING 
 SECURITIES THAT
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933. 
 Name: 
 Performance Period: January 1, 2013 through December 31, 2015 
 Grant
Date: February 14, 2013 
 TARGET AWARD 
 You have been granted by Sealed Air Corporation (the “Company”) a target Performance Share Units award under the Company’s 2005 Contingent Stock Plan for the three-year performance period
2013 through 2015, comprised of the following: 
 Target Performance Share Units:
                    units 
 Each
Performance Share Unit (a “Unit”) will be equivalent to one share of Sealed Air Corporation common stock. 
 Your award is subject to
the terms and conditions of the Performance Share Units Program and the Company’s 2005 Contingent Stock Plan (collectively, the “Plan Documents”). If this award agreement varies from the terms of the Plan Documents, the Plan Documents
will control. A copy of the Performance Share Units Program is attached as Appendix A. The 2005 Contingent Stock Plan is included as an attachment to “Information for Recipients of Performance Share Unit Awards Under the 2005 Contingent Stock
Plan of Sealed Air Corporation.” Unless otherwise defined herein, all capitalized terms have the meanings ascribed to them in the Plan Documents. 
 PERFORMANCE GOALS 
 The number of Units you earn will depend on the performance of
the Company relative to certain performance goals for the three-year performance cycle from January 1, 2013 through December 31, 2015 (the “Performance Period”). The performance goals and their relative weightings are attached as
Appendix B hereto. 
 The determination of whether the performance goals have been met will be made by the Organization and Compensation
Committee of the Company’s Board of Directors following the end of the Performance Period. 

 OTHER IMPORTANT INFORMATION 

 

	•	 	 Units earned will receive dividend equivalents paid in cash (without interest) based on the dividend rates in effect during the Performance Period
applied to the number of Units you earn, which will be subject to the performance goals and vesting provisions described above. 

  

	•	 	 You will not earn any Units if the Company’s performance during the Performance Period is below threshold performance for all metrics as set forth
on Appendix B. 

  

	•	 	 If actual performance equals or exceeds threshold performance, the number of Units earned will be based on attainment against the performance goals as
set forth on Appendix B. 

  

	•	 	 In order to receive any Units, you must remain employed with the Company through December 31, 2015, except in the case of death, disability or
retirement as discussed below. If you terminate employment prior to December 31, 2015 for reasons other than death, disability or retirement, you will forfeit all Units. Other special rules apply in case of termination of employment following a
Change in Control, as described below. 

  

	•	 	 Units earned at the end of the Performance Period, if any, will be paid in actual shares of Company common stock, less the number of shares that may be
withheld to satisfy applicable withholding taxes. Shares in settlement for any Units earned will be issued on or before March 15, 2016. Cash dividend equivalents accrued on the earned Units will be paid in cash on or about the same time.

  

	•	 	 If your employment terminates due to your death or Disability (as defined in the 2005 Contingent Stock Plan) or you retire (as defined below) during
the Performance Period, you (or your estate, in the event of your death) will receive a pro rata payout following the end of the Performance Period, based upon the portion of the Performance Period during which you were employed. The actual payout
will not occur until after the end of the Performance Period, at which time the performance and achievements during the Performance Period will be used to determine the number of Units that you would have earned if you had remained employed for the
entire Performance Period prior to applying the pro rata factor. Any payout to you in case of termination of employment during the Performance Period due to death, Disability or retirement will be made at approximately the same time as payouts are
made to Participants who are still employed by the Company. You are considered to have retired if your employment with the Company terminates when you have at least 5 years of service and your combined age and years of service equal at least 70, but
excluding termination of employment due to your death or Disability or termination of employment by the Company for cause. “Cause” for this purpose means any of the following as determined by the Company: (i) an act of gross
negligence or willful misconduct significantly injurious to the Company or any subsidiary, (ii) gross dereliction of duties after notice to you and failure to correct the deficiencies within a thirty (30) day period thereafter, or
(iii) fraud in your capacity as an employee. 

  

	•	 	 There is no automatic vesting of your Units upon a “Change in Control” (as defined in the 2005 Contingent Stock Plan). However, the 2005
Contingent Stock Plan provides for pro 

  
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rata vesting of your Units if within two years following the Change in Control your employment is terminated either by the Company without Cause or by you for “Good Reason” (also as
defined in the 2005 Contingent Stock Plan). 

  

	•	 	 The Organization and Compensation Committee retains the right in extraordinary circumstances to reduce any award which would otherwise be payable,
unless there has been a Change in Control, as defined in the 2005 Contingent Stock Plan. 

  

	•	 	 This award is subject to the Company’s Policy on Recoupment of Incentive Compensation, a current copy of which is attached as Appendix C.

  

	•	 	 By accepting this award, you acknowledge and agree that this award is subject to the provisions regarding data privacy and additional
acknowledgments set forth in Appendix D. Please review the provisions of Appendix D carefully, as this award will be null and void absent your acceptance of such provisions. The Company reserves the right to impose other requirements on the award to
the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the award and to require you to sign any additional agreements or undertakings that may be necessary to accomplish
the foregoing. 

  

	•	 	 By accepting this award, you acknowledge and agree that you accept your current position, compensation package and other terms of employment.

  

	•	 	 The validity, construction and effect of this award agreement (including all appendices) and the Plan Documents are governed by, and subject to, the
laws of the State of Delaware and the laws of the United States, as provided in the 2005 Contingent Stock Plan. For purposes of litigating any dispute that arises directly or indirectly from the relationship of the parties evidenced by this grant or
this award agreement, the parties hereby submit to and consent to the exclusive jurisdiction of the State of New Jersey and agree that such litigation shall be conducted solely in the courts of Bergen County, New Jersey or the federal courts for the
United States for the District of New Jersey, where this grant is made and/or to be performed, and no other courts. 

FOR MORE INFORMATION. 
 If you
have any questions about your award or Units or need additional information, contact Guy Chayoun at 201-703-4184. 
 IN WITNESS WHEREOF, the
Company has caused this Award Grant to be executed by its duly authorized officer, and you have hereunto set your hand, effective as of the Grant Date stated above. 
  

							
	SEALED AIR CORPORATION	  		  	EMPLOYEE
				
	 By:
	 	  
	  		  	  

		 	Name:	  		  	
		 	Title:	  		  	

  
 3 

 APPENDIX A 
 SEALED AIR CORPORATION 
 PERFORMANCE SHARE UNITS PROGRAM 

PURPOSE 
 The Sealed Air
Corporation Performance Share Units Program (the “Program”) has been established effective as of January 1, 2008 (the “Effective Date”) to provide long-term incentive compensation to key employees who are in a position to
influence the performance of Sealed Air Corporation and its subsidiaries (the “Company”), and thereby enhance shareholder value over time. The Program provides a significant additional financial opportunity and complements other parts of
the Company’s total compensation program for key employees (base salary, annual incentive plan, and benefits). 
 ELIGIBILITY AND
PERFORMANCE PERIODS 
 The Committee (as defined in the “Program Administration” section of the Program) will
determine which employees of the Company are eligible to participate in the Program from time to time. Participants will be selected within 90 days after the beginning of each multi-year performance cycle (“Performance Period”). Each
Performance Period will be of two or more years duration as determined by the Committee and will commence on January 1 of the first year of the Performance Period. A new Performance Period will commence each year unless the Committee determines
otherwise. 
 TARGET AWARDS 
 At the time a Participant is selected for participation in the Program for a Performance Period, the Committee will assign the Participant a Performance Share Units Target Award to be earned if the
Company’s target performance levels are met for the Performance Period (the “Target Award”). The Target Award will be expressed as a number of Performance Share Units under the Company’s 2005 Contingent Stock Plan and will be
evidenced by a Performance Share Units award grant consistent with the provisions of the 2005 Contingent Stock Plan. 
 MAXIMUM AND THRESHOLD
AWARDS 
 At the time a Participant is selected for participation in the Program for a Performance Period, the Participant
will be assigned maximum and threshold award levels, expressed as a percentage of the Target Award. Maximum award level represents the maximum percentage of the Target Award that may be paid to a Participant for a Performance Period based on
performance above target performance levels. Threshold award level represents the minimum percentage of the Target Award that may be paid to a Participant for a Performance Period based on performance below target performance levels. Performance
below the threshold performance award level will earn no incentive payments. 
 Any award of Performance Shares hereunder shall
be subject to the individual award limit applicable under the 2005 Contingent Stock Plan. 

  
 4 

 PERFORMANCE MEASURES 
 Performance measures that may be used under the Program will be those “Performance Measures” defined in the 2005 Contingent Stock Plan. 
 PERFORMANCE GOALS 
 The Committee will designate, within 90 days of the
beginning of each Performance Period: 
  

	 	•	 	 The performance measures and calculation methods to be used for the Performance Period; 

 

	 	•	 	 A schedule for each performance measure relating achievement levels for the performance measure to incentive award levels as a percentage of
Participants’ Target Awards; and 

  

	 	•	 	 The relative weightings of the performance measures for the Performance Period. 

The performance goals established by the Committee for a Performance Period are intended to satisfy the “objective compensation
formula” requirements of Treasury Regulations Section 1.162-27(e)(2). 
 PERFORMANCE CERTIFICATION 

As soon as practicable following the end of each Performance Period and prior to any award payments for the Performance Period, the
Committee will certify the Company’s performance with respect to each performance measure used for that Performance Period. 
 AWARD
CALCULATION AND PAYMENT 
 For each Performance Period, individual incentive awards will be calculated and paid to each
Participant who is still employed with the Company (subject to the special provisions below for employees who terminate employment due to death, disability or retirement) as soon as practicable following the Committee’s certification of
performance for the Performance Period. The amount of a Participant’s incentive award to be paid based on each individual performance measure will be calculated based on the following formula: 

 

													
	Participant’s Target Award	  	X	  	Percentage of target award to be paid based on performance measure results	  	X	  	Relative weighting of performance measure	  	=	  	Amount of incentive award based on performance measure results

 The incentive amounts to be paid to the Participant based on each performance measure will be summed to arrive at the
Participant’s total incentive award payment for the Performance Period. 

  
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 Payments from the Program to a Participant, if any, will be made in the form of one share
of the Company’s common stock for each Unit earned (rounded up to the nearest whole share if such calculation otherwise would result in issuance of a fractional share). A Participant receiving an award under the Program will also receive a cash
payment equal to the dividends that would have been paid during the Performance Period on the Units earned by the Participant had the Units been actual shares of Company common stock. 
 TERMINATION OF EMPLOYMENT DUE TO DEATH, DISABILITY, RETIREMENT 
 If a
Participant’s employment terminates due to the Participant’s death or disability (as defined in the 2005 Contingent Stock Plan) or retirement (as defined below) during the Performance Period, the Participant (or the Participant’s
estate, in the event of the Participant’s death) will receive a pro rata payout following the end of the Performance Period, based upon the portion of the Performance Period during which the Participant was employed. The actual payout will not
occur until after the end of the Performance Period, at which time the performance and achievements during the Performance Period will be used to determine the number of Units that the Participant would have earned if the Participant had remained
employed for the entire Performance Period prior to applying the pro rata factor. Payouts to Participants whose employment terminates during the Performance Period due to death, disability or retirement will be made at approximately the same time as
payouts are made to Participants who are still employed by the Company. A Participant is considered to have retired if the Participant’s employment with the Company terminates when the Participant has at least 5 years of service and the
Participant’s combined age and years of service equals at least 70, but excluding termination of employment due to the Participant’s death or disability or termination of employment by the Company for cause. “Cause” for this
purpose means any of the following as determined by the Company: (i) an act of gross negligence or willful misconduct significantly injurious to the Company or any subsidiary, (ii) gross dereliction of duties after notice to the
Participant and failure to correct the deficiencies within a thirty (30) day period thereafter, or (iii) fraud in the Participant’s capacity as an employee. 
 OTHER TERMINATION OF EMPLOYMENT 
 If a Participant’s employment
terminates prior to the end of a Performance Period for any reason (whether voluntary or involuntary) other than death, disability or retirement, the Participant will forfeit all rights to compensation under the Program, except for any special
provisions under the 2005 Contingent Stock Plan in connection with certain terminations of employment following a Change in Control or unless the Committee determines otherwise. 
 NEW HIRES OR PROMOTIONS INTO ELIGIBLE POSITIONS 
 Participants will become
eligible for participation in the Program at their new position level beginning with the Performance Period which begins on the January 1 immediately following their hire or promotion date. No new performance awards or adjustments to awards for
Performance Periods that commenced prior to a Participant’s hire or promotion date will be made unless the Committee determines otherwise. 

  
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 IMPACT OF A CHANGE IN CONTROL 

Any special vesting or payment rules with respect to awards under the Program in connection with a Change in Control will be determined
under the provisions of the 2005 Contingent Stock Plan. 
 PROGRAM ADMINISTRATION 

The Program will be administered by the Organization and Compensation Committee of the Company’s Board of Directors in accordance
with the terms of the 2005 Contingent Stock Plan. 
 MISCELLANEOUS 

(i) Amendment and Termination. The Committee may amend, modify, or terminate the Program at any time, provided that no amendment,
modification or termination of the Program shall reduce the amount payable to a Participant under the Program as of the date of such amendment, modification or termination. 
 (ii) Incorporation of 2005 Contingent Stock Plan. The terms and provisions of the 2005 Contingent Stock Plan are incorporated herein by reference. In case of any conflict between this Program and
the 2005 Contingent Stock Plan, the 2005 Contingent Stock Plan will control. 
 (iii) Coordination With Other Company Benefit
Plans. Payments under the Program will be taken into account for purposes of the Company’s employee benefit plans and programs only to the extent provided under the terms of such plans and programs. 

(iv) Participant’s Rights. A Participant’s rights and interests under the Program may not be assigned or transferred by
the Participant. To the extent the Participant acquires a right to receive payments from the Company under the Program, such right shall be no greater than the right of any unsecured general creditor of the Company. Nothing contained herein shall be
deemed to create a trust of any kind or any fiduciary relationship between the Company and the Participant. Designation as a Participant in the Program for a Performance Period shall not entitle or be deemed to entitle the Participant to be
designated as a Participant for any subsequent Performance Periods or to continued employment with the Company. 

  
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 APPENDIX B 
 Name: 
 Target Award:
                    Performance Share Units 
 Performance Goals Summary (details below): 
  

																	
	  	  	Metrics	 
	  	TSR	 	 	Cons. Adj. EBITDA Margin	 
	 	  	(weighted 35%)	 	 	(weighted 65%)	 
	 Goal Achievement
	  	Result	 	 	% earned	 	 	Result	 	 	% earned	 
	 Below Threshold
	  	 	< 25	th percentile 	 	 	0	% 	 	 	<13.5	% 	 	 	0	% 
	 Threshold
	  	 	25	th percentile 	 	 	25	% 	 	 	13.5	% 	 	 	50	% 
	 Target
	  	 	50	th percentile 	 	 	100	% 	 	 	14.0	% 	 	 	100	% 
	 Maximum*
	  	
 	375	th
 percentile 	 	 	200	% 	 	 	314.5	% 	 	 	200	% 

  

	*	Subject to the maximum under section 3 of the 2005 Contingent Stock Plan as currently in effect. 

 Performance Goals: The percentage of the Target Award that will be earned will be based on the results of two performance metrics over the three year period. The performance metrics are:

  

	 	a.	Total Shareholder Return (TSR), weighted 35% 

  

	 	b.	Consolidated Adjusted EBITDA Margin, weighted 65% 

 Each metric will be calculated separately based on the targets set forth below. The results of each metric will determine the number of shares earned for that metric. The total award will be the addition
of the total number of shares earned for each of the two performance metrics. 
 Total Shareholder Return (TSR): 

The total shareholder return metric measures the percent change in share price from the beginning of the performance period to the end of the performance
period and assumes immediate reinvestment of dividends when declared at the closing share price on the date declared. 
 The beginning share
price will be calculated as an average of 31 data points: the closing share price on January 2, 2013 and the closing share price +/- 15 trading days from January 2, 2013. The ending share price will be calculated as an average of 31 data
points: the closing share price on December 31, 2015 and the closing share price +/- 15 trading days from December 31, 2015. 
 The performance of this metric will be assessed in comparison of the percentile rank to the approved peer group of companies (listed at the end of this Appendix B) . The lowest ranked company will be the
0% rank, the middle ranked company will be the 50th
percentile rank and the top ranked company will be the
100th percentile rank. If a company is acquired or
otherwise is no longer publicly traded and their share price no longer available, they will be excluded from the peer group. 

 The three year relative TSR percentile rank at threshold, target and maximum for the performance period
follows: 
  

					
	 Achievement
	  	 TSR Percentile Rank
	  	 % of Target Earned

	 Below Threshold
	  	Below 25th percentile	  	0%
	 Threshold
	  	25th percentile	  	25%
	 Target
	  	50th percentile	  	100%
	 Maximum
	  	75th percentile and above	  	200%

 Award levels based on three year relative TSR percentile rank between any two of these levels would
be based on a pro-rata calculation of the number of shares earned, except that no shares for this metric will be earned for three year relative TSR percentile rank below 25th percentile. 

Consolidated Adjusted EBITDA Margin: 

The Consolidated Adjusted EBITDA Margin metric measures 2015 Consolidated Adjusted EBITDA as a percentage of 2015 Net Sales. For this purpose,
(i) “2015 Consolidated Adjusted EBITDA” is the Company’s earnings before interest, taxes, depreciation and amortization for calendar year 2015, derived from the Company’s U.S. GAAP net earnings and adjusted as provided
below; and (ii) “2015 Net Sales” is the Company’s “net sales” for 2015 as reported in the Company’s Annual Report on Form 10-K for 2015. 
 2015 Consolidated Adjusted EBITDA Margin at threshold, target and maximum for the performance period, subject to the exclusions set forth below, follows: 

 

					
	 Achievement
	  	 2015 Consolidated

Adjusted EBITDA Margin
	  	 % of Target Earned

	 Below Threshold
	  	Less than 13.5%	  	0%
	 Threshold
	  	13.5%	  	50%
	 Target
	  	14.0%	  	100%
	 Maximum
	  	14.5% and above	  	200%

 Award levels based on 2015 Consolidated Adjusted EBITDA Margin between any two of these levels would be based on a
pro-rata calculation of the number of shares earned, except that no shares for this metric will be earned for 2015 Consolidated Adjusted EBITDA Margin below 13.5%. 
 Exclusions for calculation of 2015 Consolidated Adjusted EBITDA Margin: 
  

	 	a.	All restructuring charges reported or accounted for in the 2013 through 2015 consolidated financial statements as “restructuring charges”, and restructuring
programs (including all unbudgeted charges, all restructuring related expense such as termination benefits and equipment relocation and if approved by the Board of Directors no later than December 31, 2015. This exclusion shall include all
restructuring charges approved by the Board of Directors before 2015 that are recorded during 2015. For any restructuring programs approved during 2013 through 2015 for which charges have been excluded, any expense estimate accruals that are
reversed once actual expenses are known related to such programs will also be excluded. 

  
 9 

	 	b.	All charges related to impairment of goodwill and intangibles in the calculation of operating expense or operating profit. 

 

	 	c.	All expenses (including litigation-related costs and expenses), liabilities and accruals related to or arising from: (i) any liabilities that W.R. Grace &
Co. or any of its subsidiaries had agreed to assume or as to which any of them indemnified the Corporation or any of its subsidiaries under any of the agreements entered into in connection with the Cryovac Transaction (as defined in the
Corporation’s Financial Statements included in the Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2002); (ii) any claim or lawsuit alleging that the Corporation or any of its subsidiaries is or
may be liable for any liabilities of W.R. Grace & Co., Fresenius Medical Care Holdings, Inc., or any of their respective affiliates under any legal theory, including without limitation any claim based on fraudulent transfer, fraudulent
conveyance, successor liability or contractual obligation; (iii) any costs incurred to settle the aforementioned liabilities, claims and lawsuits: (iv) any payment that the Corporation or any of its subsidiaries may be required to make to
any trust fund established under federal law providing for the resolution of claims for bodily injury caused by asbestos exposure. 

  

	 	d.	All expenses related to capital markets transactions authorized by the Board of Directors. Such transactions will include the repurchase of bonds and stocks to the
extent included in the calculation of operating expense or operating profit. 

  

	 	e.	The effect (including related expenses) of any acquisition or disposition transactions, whether or not closed during 2013 through 2015, provided that, as to
transactions closed during 2013 through 2015 that were large enough to require Board of Directors approval, the Board of Directors has approved such transactions. However, the effect of any acquisition or disposition that closed prior to 2013 shall
not be excluded. 

  

	 	f.	The effect of any accounting changes implemented during 2013 through 2015, such as IFRS or the discontinuance of the Last-in, First-out (LIFO) method for calculating
the value of inventory in the United States. 

 Fractional Shares: 
 Fractional shares earned based on the Total Shareholder Return goal and the Consolidated Adjusted EBITDA Margin goal will be rounded up to the nearest whole share. No fractional shares will be issued.

 Discretion: 
 Regardless of
any provision of the 2005 Contingent Stock Plan to the contrary, the Organization and Compensation Committee will not exercise its discretion to adjust any award downward below the amount that would otherwise be payable except in extraordinary
circumstances. 

  
 10 

 Peer Group (for TSR): 

 

					
	 Agrium Inc.

Air Products & Chemicals, Inc.

Ashland Inc.
 Avery Dennison Corporation
 Ball Corporation

Bemis Company, Inc.

Celanese Corporation

Crown Holdings, Inc.

Eastman Chemical Company

Ecolab Inc.
	  	 Huntsman Corporation

MeadWestvaco Corporation
 Monsanto
Company
 The Mosaic Company

Owens-Illinois, Inc.
 PPG Industries,
Inc.
 Praxair, Inc.
 The
Sherwin-Williams Company
 Sonoco Products Co.
	  	

  
 11 

 APPENDIX C 
 SEALED AIR CORPORATION 
 POLICY ON RECOUPMENT OF INCENTIVE COMPENSATION 

FROM EXECUTIVES IN THE EVENT OF CERTAIN RESTATEMENTS 
 As amended for performance periods beginning on or after January 1, 2010 
 The Organization
and Compensation Committee of the Board of Directors has approved the policy that the Company will, to the extent permitted by governing law, require reimbursement to the Company of all or a portion of any annual incentive compensation (whether
payable in cash or by an award under the 2005 Contingent Stock Plan) and any Performance Share Units awards under the 2005 Contingent Stock Plan awarded to any executive officer of the Company or to the leader of any business unit or function of the
Company for performance periods beginning on or after January 1, 2010, where: 
  

	 	(a)	the payment or award was predicated upon the achievement of certain financial results that were subsequently the subject of a restatement due to error or misconduct
(regardless of the executive officer’s or leader’s responsibility for such error or misconduct), and 

  

	 	(b)	either no payment or award, or a lower payment or award, would have been made to the officer or leader based upon the restated results. 

In each case, upon a determination to seek recovery by the Board of Directors, the Company will, to the extent practicable, seek to recover the amount by
which the officer’s or leader’s annual incentive compensation and/or Performance Share Units award for the relevant period exceeded the lower amount that would have been paid or awarded (or the entire amount, if nothing would have been
paid or awarded). This may include the cancellation of all or a portion of unvested awards or unpaid awards (or a delay in payment of any such awards while financial results are under review by the Company). 

In addition, any person who is subject to forfeiture of compensation or profits from the sale of the Company’s securities under Section 304 of
the Sarbanes-Oxley Act of 2002 shall reimburse the Company the amount of such compensation and profits. 
 In addition to these reimbursements,
the Company may take any other actions that it deems appropriate to remedy any fraud or misconduct related to the restatement based on a consideration of the relevant facts and circumstances. These remedies would be in addition to any actions
imposed by law enforcement agencies, regulators, or other authorities. 
 2/18/2010 

  
 12 

 APPENDIX D 
  

	1.	DATA PRIVACY 

 By
accepting the this award, you hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by and among, as applicable, your employer and the
Company and its Subsidiaries for the exclusive purpose of implementing, administering and managing the Units. 
 You
understand that the Company and your employer hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary,
nationality, job title, any shares of stock or directorships held in the Company, details of any entitlement to shares of stock or equivalent benefits awarded, canceled, vested, unvested or outstanding in your favor (“Data”), for the
purpose of implementing, administering and managing the Units. You understand that Data may be transferred to any third parties assisting in the implementation, administration and management of the Units, that these recipients may be located in your
country or elsewhere, and that the recipient’s country may have different data privacy laws and protections from your country. You understand that you may request a list with the names and addresses of any potential recipients of the Data by
contacting your local human resources representative. You authorize the recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Units. You
understand that Data will be held only as long as is necessary to implement, administer and manage the Units. You understand that you may, at any time, view Data, request additional information about the storage and processing of Data, require any
necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. Further, you understand that you are providing the consents herein on a purely
voluntary basis. If you do not consent, or if you later seek to revoke your consent, your employment status or service and career with your employer will not be adversely affected; the only adverse consequence of refusing or withdrawing your consent
is that the Company would not be able to grant you Units or other awards or administer or maintain such awards. Therefore, you understand that refusing or withdrawing your consent may affect your ability to benefit from the Units. For more
information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative. 
  

	2.	ADDITIONAL ACKNOWLEDGEMENTS 

 By entering into this award agreement and accepting the grant of Units evidenced hereby, you acknowledge, understand and agree that: 

(a) the Units are granted voluntarily by the Company, are discretionary in nature and may be modified, suspended or terminated by the
Company at any time; 

 (b) the grant of Units is voluntary and occasional and does not create any contractual or
other right to receive future awards of Units or benefits in lieu of Units, even if such awards have been awarded in the past; 

(c) all decisions with respect to future awards, if any, will be at the sole discretion of the Company; 

(d) the grant of Units shall not create a right to further employment with your employer and shall not interfere with the ability of your
employer to terminate your employment relationship at any time, with or without Cause; 
 (e) you are voluntarily accepting the
grant of Units; 
 (f) the Units and any payment made pursuant to the Units are not part of normal or expected compensation or
salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension or retirement benefits or welfare benefits or similar
payments, and in no event should be considered as compensation for, or in any way relating to, past services for the Company or any of its Subsidiaries; 
 (g) in accepting the grant of Units, you expressly recognize that the Units are an award made solely by the Company, with principal offices at 200 Riverfront Boulevard, Elmwood Park, New Jersey, U.S.A.;
the Company is solely responsible for the administration of the Plan Documents and your participation in the Plan Documents; in the event that you are an employee of a Subsidiary, the Units and your participation in the Plan Documents will not be
interpreted to form an employment contract or relationship with the Company; furthermore, the Units will not be interpreted to form an employment contract with any Subsidiary; 
 (h) the future value of the Company shares which may be delivered in settlement of the Units (to the extent earned) is unknown and cannot be predicted with certainty; 

(i) no claim or entitlement to compensation or damages shall arise from forfeiture of the Units resulting from failure to achieve
performance goals as set forth in Appendix B, termination of your employment by the Company or your employer (for any reason whatsoever and regardless of whether or not such termination is later found to be invalid or in breach of the employment
laws in the jurisdiction where you are employed or the terms of your employment agreement, if any) or recoupment of all or any portion of any payment made pursuant to the Units as provided by the Company’s Policy on Recoupment of Incentive
Compensation (current policy set forth in Appendix C) and, in consideration of the grant of the Units to which you are not otherwise entitled, you irrevocably agree never to institute any claim against the Company or your employer, waive your
ability, if any, to bring any such claim, and release the Company and your employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the 2005 Contingent
Stock Plan, you shall be deemed irrevocably to have agreed not to pursue such claim, and you agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; 

  
 14 

 (j) for purposes of the Units, your employment will be considered terminated as of the date
you are no longer actively employed and providing services to the Company or one of its Subsidiaries, and your right, if any, to earn and be paid any portion of the Units (and any related dividend equivalents) pursuant to this award agreement after
such termination of employment (for any reason whatsoever and regardless of whether or not such termination is later found to be invalid or in breach of the employment laws in the jurisdiction where you are employed or the terms of your employment
agreement, if any) will be measured by the date you cease to be actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden leave” or similar
period mandated under the employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); the Company, in its sole discretion, shall determine when you are no longer actively employed for purposes of
the Units (including whether you may still be considered actively employed while on an approved leave of absence); 
 (k) you
are solely responsible for investigating and complying with any exchange control laws applicable to you in connection with any payment made pursuant to Units and/or the payment of cash dividend equivalents, if any; 

(l) unless otherwise provided in the Plan Documents or by the Company in its discretion, the Units and the benefits evidenced by this
award agreement do not create any entitlement to have the Units or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the
Company’s common stock; 
 (m) neither your employer, the Company nor any of its Subsidiaries shall be liable for any
foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Units or any payment made pursuant to the Units; and 

(n) the Company is not providing any tax, legal, or financial advice, nor is the Company making any recommendations regarding the Units.
You are hereby advised to consult with your personal tax, legal and financial advisors regarding the Units before taking any action in relation thereto. 
  

	3.	LANGUAGE 

 If you have
received this award agreement or any other document related to the Plan Documents translated into a language other than English and if the meaning of the translated version differs from the English version, the English version shall control.

  
 15

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