Document:

Form of senior debt security -- medium-term note

 Exhibit 4.01 
 LEHMAN BROTHERS HOLDINGS INC. 
 100% Principal Protection Absolute Return Barrier Notes Linked to the SPDR® S&P® Homebuilders ETF Due September 17,
2009 
  

			
	Number R-1	 	$5,250,000
	ISIN US52523J1152	 	CUSIP 52523J115

 See Reverse for Certain Definitions 
 THIS SECURITY (THIS “SECURITY”) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO SUCH DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TO LEHMAN BROTHERS HOLDINGS INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 LEHMAN BROTHERS
HOLDINGS INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the “Company”), for value received, hereby promises to pay to CEDE & CO. or registered assigns, at the
office or agency of the Company in the Borough of Manhattan, The City of New York, on the Maturity Date, in such coin or currency of the United States of America at the time of payment shall be legal tender for the payment of public and private
debts, for each $10 principal amount of the Securities represented hereby, an amount equal to the Payment at Maturity. THE SECURITIES REPRESENTED HEREBY SHALL NOT BEAR ANY INTEREST. 
 Any amount payable hereon on the Maturity Date will be paid only upon presentation and surrender of this Security. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS SECURITY SET FORTH ON THE REVERSE HEREOF WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE
THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
  

 This Security shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 
 “Standard & Poor’s”, “S&P”, “S&P 500” and “Standard & Poor’s 500” are trademarks of The McGraw-Hill Companies, Inc. and, together with certain other trademarks of
The McGraw-Hill Companies, Inc., are expected to be licensed for use by Lehman Brothers Inc. and sub-licensed for use by the Company. The Securities, which are linked to the performance of the SPDR® S&P® Homebuilders ETF, are not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of
investing in the Securities. 
  

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 IN WITNESS WHEREOF, Lehman Brothers Holdings Inc. has caused this instrument to be signed by its
Chairman of the Board, its President, its Vice Chairman, its Chief Financial Officer, one of its Vice Presidents or its Treasurer, by manual or facsimile signature under its corporate seal, attested by its Secretary or one of its Assistant
Secretaries by manual or facsimile signature. 
  
  

							
	Dated: March 19, 2008	 	LEHMAN BROTHERS HOLDINGS INC.	 	
				
	[SEAL]	 	By:	 	  
	 	
		 		 	Vice President	 	
				
		 	Attest:	 	  
	 	
		 		 	Assistant Secretary	 	

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
  

			
	 CITIBANK, N.A.
 as
Trustee

		
	By:	 	  

		 	    Authorized Officer

  

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 Reverse of Security 
 This Security is one of a duly authorized series of Securities of the Company designated as 100% Principal Protection Absolute Return Barrier Notes Linked to the SPDR® S&P® Homebuilders ETF Due September 17, 2009 (herein called the
“Securities”). The Company may, without the consent of the holders of the Securities, create and issue additional securities ranking equally with the Securities and otherwise similar in all respects so that such additional
securities shall be consolidated and form a single series with the Securities; provided that no additional securities can be issued if an Event of Default has occurred with respect to the Securities. This series of Securities is one of an indefinite
number of series of debt securities of the Company, issued and to be issued under an indenture, dated as of September 1, 1987, as amended (herein called the “Indenture”), duly executed and delivered by the Company and Citibank,
N.A., as trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities. 
 The
Payment at Maturity, shall, at the request of the Trustee, be determined by the Calculation Agent pursuant to the Calculation Agency Agreement. The Trustee shall fully rely on the determination by the Calculation Agent of the Payment at Maturity and
shall have no duty to make any such determination. The Calculation Agent will provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, of the Payment at Maturity at or prior to 11:00 a.m. on
the Business Day preceding the Maturity Date. 
 All calculations with respect to the Initial Share Price, any Closing Price of one share of
the Index Fund, the Share Adjustment Factor, the Final Share Price and the Absolute Share Return will be rounded to the nearest one hundred-thousandth, with five one-millionths rounded upward (e.g., .876545 would be rounded to .87655); all
dollar amounts related to determination of the payment per $10 principal amount Security on the Maturity Date will be rounded to the nearest ten-thousandth, with five one hundred-thousandths rounded upward (e.g., .76545 would be rounded up to
..7655); and all dollar amounts paid on the aggregate principal amount of Securities per Holder will be rounded to the nearest cent, with one-half cent rounded upward. 
 This Security is not subject to any sinking fund. 
 If an Event of Default with respect to the Securities
shall occur and be continuing, the amounts payable on all of the Securities may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted under
the Indenture will be equal to the Payment at Maturity calculated as though the date of acceleration were the Maturity Date and the third Business Day immediately preceding the date of acceleration were the Final Valuation Date. If the maturity of
the Securities is accelerated because of an Event of Default, the Company shall, or shall cause the Calculation Agent to, provide written notice to the Trustee at its New York office, on which notice the Trustee may conclusively rely, and to The
Depository Trust Company of the cash amount due with respect to the Securities as promptly as possible and in no event later than two Business Days after the date of acceleration. 
  

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 The Indenture contains provisions permitting the Company and the Trustee, with the consent of the
holders of not less than 66 2/3% in aggregate principal amount of the Outstanding Securities (as defined in the Indenture) of
each series affected by a proposed supplemental indenture (each series voting as a class), evidenced as provided in the Indenture, to execute such supplemental indenture for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, the Indenture or of any supplemental indenture or, modifying in any manner the rights of the holders of the Securities of all such series; provided, however, that no such supplemental indenture
shall, among other things, (i) change the fixed maturity of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, if any, or reduce any premium payable on redemption, or make
the principal thereof, or premium, if any, or interest thereon, if any, payable in any coin or currency other than that hereinabove provided, without the consent of the holder of each Outstanding Security so affected, or (ii) change the place
of payment on any Security, or impair the right to institute suit for payment on any Security, or reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of
the holders of each Security so affected. It is also provided in the Indenture that, prior to any declaration accelerating the maturity of any series of Securities, the holders of a majority in aggregate principal amount of the Securities of such
series Outstanding may on behalf of the holders of all the Securities of such series waive any past default or Event of Default under the Indenture with respect to such series and its consequences, except a default in the payment of interest, if
any, or the principal of, or premium, if any, on any of the Securities of such series, or in the payment of any sinking fund installment or analogous obligation with respect to Securities of such series. Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all future holders and owners of this Security and any Securities which may be issued in exchange or substitution hereof, irrespective of whether or not any notation thereof is
made upon this Security or such other Securities. 
 No reference herein to the Indenture and no provision of this Security or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the Payment at Maturity. 
 The
Securities are issuable in denominations of $10 and any whole multiples thereof. 
 The Company, the Trustee, and any agent of the Company
or of the Trustee may deem and treat the registered holder (the “Holder”) hereof as the absolute owner of this Security (whether or not this Security shall be overdue and notwithstanding any notation of ownership or other writing
hereon), for the purpose of receiving payment hereof, or on account hereof, and for all other purposes and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such
payments made to or upon the order of such registered holder shall, to the extent of the sum or sums paid, effectually satisfy and discharge liability for moneys payable on this Security. 
 No recourse for the payment of the principal of, or premium, if any, on, this Security, or for any claim based hereon or otherwise in respect hereof,
and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness 

  

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represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any
successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by
the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the Corporate Trust Office or agency in a Place of Payment
for this Security, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and
thereupon one or more new Securities of this series or of like tenor and of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Company agrees, and by acceptance of a beneficial ownership interest in the Securities, each Holder will be deemed to have agreed, for United States
federal income tax purposes, (i) to treat the Securities as indebtedness that is subject to Treas. Reg. Sec. 1.1275-4 (the “Contingent Payment Regulations”) and (ii) to be bound by the Company’s determination of the
“comparable yield” and “projected payment schedule,” within the meaning of the Contingent Payment Regulations, with respect to the Securities. The Company has determined that the comparable yield is an annual rate of 2.992%,
compounded semi-annually. Based on the comparable yield, the projected payment schedule per $10 principal amount Security is $10.46 due at maturity. 
 THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Definitions 
 Set forth below are definitions of the terms used in this Security. 
 “Absolute Share Return” as calculated by the Calculation Agent, is the absolute value, of the following: 
  

	
	Final Share Price — Initial Share Price
	Initial Share Price

 “Business Day”, notwithstanding any provision in the Indenture, shall mean any
day that is not a Saturday or Sunday and that is not a day on which banking institutions in the City of New York are authorized or obligated by law to close. 
 “Calculation Agency Agreement” shall mean the Calculation Agency Agreement, dated as of December 21, 2006 between the Company and the Calculation Agent, as amended from time to time, or any
successor calculation agency agreement. 
  

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 “Calculation Agent” shall mean the person that has entered into an agreement with the
Company providing for, among other things, the determination of the Payment at Maturity, which term shall, unless the context otherwise requires, include its successors and assigns. The initial Calculation Agent shall be Lehman Brothers Inc.

 “Closing Price” of one share of the Index Fund (or any Successor Index Fund) or one unit of any other security for which
a Closing Price must be determined on any Trading Day means: 
  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is listed or admitted to trading on a national securities exchange, the last reported
sale price, regular way, of the principal trading session on such day on the principal United States securities exchange registered under the Exchange Act on which the Index Fund (or any such Successor Index Fund or such other security) is listed or
admitted to trading; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is listed or admitted to trading on any national securities exchange but the last
reported sale price is not available pursuant to the preceding bullet point, the last reported sale price of the principal trading session on the over-the-counter market as reported on the OTC Bulletin Board operated by the Financial Industry
Regulatory Authority, Inc. on such day; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund or such other security) is not listed or admitted to trading on any national securities exchange but is included
in the OTC Bulletin Board, the last reported sale price of the principal trading session on the OTC Bulletin Board on such day; 

  

	 	•	 	 if the Index Fund (or any such Successor Index Fund) is de-listed, liquidated or otherwise terminated, the Closing Price calculated pursuant to the alternative
methods of calculation of the Closing Price described below under “Alternative Calculation of Closing Price”; or 

  

	 	•	 	 if, because of a Market Disruption Event or otherwise, the last reported sale price for the Index Fund (or any such Successor Index Fund or such other security) is
not available pursuant to the preceding bullet points, the Calculation Agent’s good faith estimate of the price of a share of the Index Fund (or any such Successor Index Fund or such other security) as of the close of trading on such Trading
Day, in its sole discretion, 

 in each case subject to the provisions of “Alternative Calculation of Closing
Price” below. 
 “Company” shall have the meaning set forth on the face of this Security. 
 “Exchange Act” shall mean the Security Exchange Act of 1934, as amended. 
  

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 “Final Share Price” shall equal the Closing Price of one share of the Index Fund on the
Final Valuation Date. 
 “Final Valuation Date” shall mean September 14, 2009, provided, however, that if the
scheduled Final Valuation Date is not a Trading Day, or if there is a Market Disruption Event on such day, the Calculation Agent shall postpone the Final Valuation Date and determine the Final Share Price by reference to the Closing Price on the
next Trading Day on which no Market Disruption Event has occurred; provided, however, that if a Market Disruption Event with respect to the Index Fund occurs on each of the eight trading days following the originally scheduled Final Valuation Date,
the Calculation Agent shall determine the Final Share Price of the Index Fund based upon its good faith estimate of the Closing Price of the Index Fund on that eighth scheduled Trading Day, in its sole discretion. 
 “Holder” shall have the meaning set forth on the reverse of this Security. 
 “Indenture” shall have the meaning set forth on the reverse of this Security. 
 “Index Fund” shall mean the SPDR® S&P® Homebuilders ETF, as calculated, published and disseminated by SSgA Funds Management, Inc. 
 “Initial Share Price”, as calculated by the Calculation Agent, shall equal the Closing Price of one share of the Index Fund on the
Pricing Date, divided by the Share Adjustment Factor. The Initial Share Price shall initially be $19.83. 
 “Lower Share
Barrier”, as calculated by the Calculation Agent, shall equal the Initial Share Price × (1 - 30.00%). The Lower Share Barrier shall initially equal $13.88. 
 “Market Disruption Event”, with respect to the Index Fund (or any Successor Index Fund or other security for which a Closing Price must
be determined) shall mean any of the following events has occurred on any day as determined by the Calculation Agent: 
 (1)(A) a
suspension, absence or material limitation of trading of the shares of the Index Fund (or such Successor Index Fund or such other security) on the primary market for such shares (or such Successor Index Fund or such other security) at any time
during the one hour period preceding the close of the principal trading session in such market; or 
 (B) a breakdown or failure in the
price and trade reporting systems of the primary market for the shares of the Index Fund (or such Successor Index Fund or such other security) as a result of which the reported trading prices for such shares (or such Successor Index Fund or such
other security) during the last one hour preceding the close of the principal trading session in such market are materially inaccurate; or 
 (C) a suspension, absence or material limitation of trading on the primary market for trading in futures or options contracts related to the shares of the Index Fund (or such Successor Index Fund or such other security), if available,
during the last one hour period preceding the close of the principal trading session in the applicable market; or 
 (2)(A) a suspension,
absence or material limitation of trading of stocks then constituting 20% or more of the level of the Underlying Index (or the underlying index related to the Successor Index Fund) on the Relevant Exchanges for such stocks at any time during the one
hour period preceding the close of the principal trading session on such Relevant Exchange; or 
  

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 (B) a breakdown or failure in the price and trade reporting systems of the primary market of any
Relevant Exchange as a result of which the reported trading prices for stocks then constituting 20% or more of the level of the Underlying Index (or the underlying index related to the Successor Index Fund) at any time during the one hour period
preceding the close of the principal trading session on such Relevant Exchange are materially inaccurate; or 
 (3) a suspension, absence or
material limitation of trading on any major securities exchange for trading in futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or shares of the Index Fund (or such Successor
Index Fund or such other security) at any time during the one hour period preceding the close of the principal trading session on such exchange; or 
 (4) a decision to permanently discontinue trading in the relevant futures or options contracts; in each case, as determined by the Calculation Agent in its sole discretion. 
 For the purpose of determining whether a Market Disruption Event exists at any time, if trading in a security included in the Underlying Index (or the
underlying index related to the Successor Index Fund) is materially suspended or materially limited at that time, then the relevant percentage contribution of that security to the level of the Underlying Index (or the underlying index related to the
Successor Index Fund) shall be based on a comparison of: 
  

	 	•	 	 the portion of the level of the Underlying Index (or the underlying index related to the Successor Index Fund) attributable to that security relative to

  

	 	•	 	 the overall level of the Underlying Index (or the underlying index related to the Successor Index Fund), 

 in each case immediately before that suspension or limitation. 
 For purposes of determining whether a Market Disruption Event has occurred: 
 (1) a limitation on the hours or number of days of
trading will not constitute a Market Disruption Event if it results from an announced change in the regular business hours of the Relevant Exchange or market; 
 (2) limitations pursuant to the rules of any Relevant Exchange similar to NYSE Rule 80B (or any applicable rule or regulation enacted or promulgated by any other self-regulatory organization or any government agency
of scope similar to NYSE Rule 80B as determined by the Calculation Agent in its sole discretion) on trading during significant market fluctuations will constitute a suspension, absence or material limitation of trading; 
 (3) a suspension of trading in futures or options contracts on the Underlying Index (or the underlying index related to the Successor Index Fund) or
shares of the Index Fund (or such Successor Index Fund or such other security) by the primary securities market trading in such contracts by reason of: 
  

	 	•	 	 a price change exceeding limits set by such exchange or market, 

  

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	 	•	 	 an imbalance of orders relating to such contracts, or 

  

	 	•	 	 a disparity in bid and ask quotes relating to such contracts 

 will, in each such case, constitute a suspension, absence or material limitation of trading in futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or the shares of the
Index Fund (or such Successor Index Fund or such other security); and 
 (4) a “suspension, absence or material limitation of
trading” on any Relevant Exchange or on the primary market on which futures or options contracts related to the Underlying Index (or the underlying index related to the Successor Index Fund) or the shares of the Index Fund (or such Successor
Index Fund or such other security) are traded will not include any time when such market is itself closed for trading under ordinary circumstances. 
 “Maturity Date” shall mean September 17, 2009, unless that day is not a Business Day, in which case the amount equal to the Payment at Maturity will be made on the next succeeding Business Day
following September 17, 2009; provided however, that if due to a non-Trading Day or a Market Disruption Event, the Final Valuation Date is postponed so that it falls fewer than three Business Days prior to the scheduled Maturity Date,
the Maturity Date will be the third Business Day following the Final Valuation Date, as postponed. 
 “NYSE” shall mean The
New York Stock Exchange, Inc. 
 “Observation Period” shall mean the period commencing on (but excluding) the Pricing Date
and ending on (and including) the Final Valuation Date. 
 “OTC Bulletin Board” means the OTC Bulletin Board Service
operated by Financial Industry Regulatory Authority. 
 “Payment at Maturity”, as calculated by the Calculation Agent, for
each $10 principal amount Security, shall equal: 
  

	 	•	 	 If the Closing Price of one share of the Index Fund on any Trading Day during the Observation Period was never above the Upper Share Barrier or below the Lower
Share Barrier, $10 + ($10 × Absolute Share Return). 

  

	 	•	 	 If the Closing Price of one share of the Index Fund on any Trading Day during the Observation Period was above the Upper Share Barrier or below the Lower Share
Barrier, $10. 

 “Place of Payment” shall mean the place or places where the Payment at Maturity on the
Securities is payable. 
 “Pricing Date” shall mean March 14, 2008. 
  

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 “Relevant Exchange” shall mean the primary exchange, quotation system (which includes
bulletin board services) or other market of trading for the shares of the Index Fund (or any Successor Index Fund) or any security (or any combination thereof) then included in the Underlying Index (or any underlying index related to the Successor
Index Fund). 
 “S&P” shall mean Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

 “Securities” shall have the meaning set forth on the reverse of this Security. 
 “Share Adjustment Factor” shall initially equal 1.0, subject to adjustment as described under “Anti-Dilution Adjustments”
below. 
 “Successor Index Fund” shall have the meaning specified under “Alternative Calculation of Closing
Price”. 
 “Trading Day” shall mean a day, as determined by the Calculation Agent, on which trading is generally
conducted on the NYSE, the American Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, the Chicago Mercantile Exchange, the Chicago Board Options Exchange and the over-the-counter market for equity securities in the United
States. 
 “Trustee” shall have the meaning set forth on the reverse of this Security. 
 “Underlying Index” shall mean the S&P® Homebuilders Select Industry
TM Index. 
 “Upper Share
Barrier”, as calculated by the Calculation Agent, shall equal the Initial Share Price × (1 + 52.00%). The Upper Share Barrier shall initially equal $30.14. 
 All terms used but not defined in this Security are used herein as defined in the Calculation Agency Agreement or the Indenture. 
 Calculation Agent 
 The Calculation Agent will
determine, among other things, the Initial Share Price, the Closing Price of the Index Fund on each Trading Day during the Observation Period, the Final Share Price, the Absolute Share Return and the Payment at Maturity. In addition, the Calculation
Agent will also be responsible for determining, among other things, whether a Market Disruption Event has occurred, which exchange traded fund will be substituted for the Index Fund (or Successor Index Fund, if applicable) if the Index Fund (or
Successor Index Fund, if applicable) is de-listed, liquidated or otherwise terminated, whether the Underlying Index (or the underlying index related to a Successor Index Fund) has been changed in a material respect, and whether the Index Fund (or
Successor Index Fund, if applicable) has been modified so that the Index Fund (or Successor Index Fund, if applicable) does not, in the opinion of the Calculation Agent, fairly represent the price of the Index Fund (or Successor Index Fund, if
applicable) had those modifications not been made. All calculations, determinations or adjustments made by the Calculation Agent will be at the sole discretion of the Calculation Agent and will, in the absence of manifest error, be conclusive for
all purposes and binding on 

  

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Holders and on the Company. The Company may appoint a different Calculation Agent from time to time after the date of the original issue of the Securities
without the Holders’ consent and without notifying Holders. 
 Anti-Dilution Adjustments 
 Share Splits and Reverse Share Splits 
 If the shares of the Index Fund are subject to a share split or reverse share split, then once such split has become effective, the Share Adjustment Factor will be adjusted so that it equals the product of: 
  

	 	•	 	 the Share Adjustment Factor before such adjustment, and 

  

	 	•	 	 the number of shares that a holder of one share of the Index Fund before the effective date of the share split or reverse share split would have owned or been
entitled to receive immediately following the applicable effective date. 

 Share Dividends or Distributions

 If the Index Fund is subject to (i) a share dividend, i.e., an issuance of additional shares of the Index Fund that is given
ratably to all or substantially all holders of shares of the Index Fund or (ii) a distribution of shares of the Index Fund as a result of the triggering of any provision of the corporate charter of the Index Fund, then, once the dividend or
distribution has become effective and the shares of the Index Fund are trading ex-dividend, the Share Adjustment Factor will be adjusted so that it equals the Share Adjustment Factor before such adjustment plus the product of: 
  

	 	•	 	 the Share Adjustment Factor before such adjustment, and 

  

	 	•	 	 the number of additional shares issued in the share dividend or distribution with respect to one share of the Index Fund. 

 Non-cash Distributions 
 If the
Index Fund distributes shares of capital stock, evidences of indebtedness or other assets or property of the Index Fund to all or substantially all holders of shares of the Index Fund (other than (i) share dividends or distributions referred to
under “—Share Dividends or Distributions” above and (ii) cash dividends referred to under “—Cash Dividends or Distributions” below), then, once the distribution has become effective and the shares of the Index Fund
are trading ex-dividend, the Share Adjustment Factor will be adjusted so that it equals the product of: 
  

	 	•	 	 the Share Adjustment Factor before such adjustment, and 

  

	 	•	 	 a fraction whose numerator is the Current Market Price of one share of the Index Fund and whose denominator is the amount by which the Current Market Price exceeds
the Fair Market Value of such distribution. 

  

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 The “Current Market Price” of the Index Fund means the arithmetic average of the Closing
Prices of one share of the Index Fund for the ten Trading Days prior to the Trading Day immediately preceding the ex-dividend date of the distribution requiring an adjustment to the Share Adjustment Factor. 
 The “ex-dividend date” is, with respect to a dividend or distribution on the Index Fund, the first Trading Day on which transactions in the
shares of the Index Fund trade on the Relevant Exchange without the right to receive that dividend or distribution. 
 The “Fair Market
Value” of any such distribution is the value of such distribution on the ex-dividend date for such distribution, as determined by the Calculation Agent. If such distribution consists of property traded on the ex-dividend date on a U.S. national
securities exchange, the Fair Market Value will equal the Closing Price of such distributed property on such ex-dividend date. 
 Cash
Dividends or Distributions 
 If the issuer of any shares of the Index Fund pays dividends or makes other distributions consisting
exclusively of cash to all or substantially all holders of shares of the Index Fund during any fiscal quarter during the term of the Securities, in an aggregate amount that, together with other such dividends or distributions made during such
quarterly fiscal period, exceeds the Dividend Threshold, then, once the dividend or distribution has become effective and the shares of the Index Fund are trading ex-dividend, the Share Adjustment Factor will be adjusted so that it equals the
product of: 
  

	 	•	 	 the Share Adjustment Factor before such adjustment, and 

  

	 	•	 	 a fraction whose numerator is the Current Market Price of one share of the Index Fund and whose denominator is the amount by which such Current Market Price exceeds
the amount in cash per share the Index Fund distributes to holders of shares of the Index Fund in excess of the Dividend Threshold. 

 “Dividend Threshold” shall mean, with respect to the Index Fund, the amount of any cash dividend or cash distribution distributed per share of the Index Fund that exceeds the immediately preceding cash
dividend or other cash distribution, if any, per share of the Index Fund by more than 10% of the Closing Price of the Index Fund on the Trading Day immediately preceding the ex-dividend date. 
 The Calculation Agent will provide information as to any adjustments to either Share Adjustment Factor upon written request by any Holder. 

Alternative Calculation of Closing Price 
 If the
Index Fund (or a Successor Index Fund (as defined below) is de-listed from the American Stock Exchange (or any other Relevant Exchange), liquidated or otherwise terminated, the Calculation Agent will substitute an exchange traded fund that the
Calculation Agent determines, in its sole discretion, is comparable to the discontinued Index Fund (or such successor index fund) (such index fund being referred to herein as a “Successor Index Fund”). If 

  

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the Index Fund (or a Successor Index Fund) is de-listed, liquidated or otherwise terminated and the Calculation Agent determines that no Successor Index Fund
is available, then the Calculation Agent will, in its sole discretion, calculate the appropriate Closing Price of the shares of the Index Fund (or a Successor Index Fund) by a computation methodology that the Calculation Agent determines will as
closely as reasonably possible replicate the Index Fund (or a Successor Index Fund). If a Successor Index Fund is selected or the Calculation Agent calculates the Closing Price by a computation methodology that the Calculation Agent determines will
as closely as reasonably possible replicate the Index Fund (or a Successor Index Fund), that Successor Index Fund or Closing Price, as applicable, will be substituted for the Index Fund (or such Successor Index Fund) or the Index Fund’s Closing
Price for all purposes of the Securities. 
 If at any time: 
  

	 	•	 	 the Underlying Index (or the underlying index related to a Successor Index Fund) is changed in a material respect, or 

  

	 	•	 	 the Index Fund (or a Successor Index Fund) in any other way is so modified that it does not, in the opinion of the Calculation Agent, fairly represent the Closing
Price of the shares of the Index Fund (or such Successor Index Fund) in the absence of those changes or modifications, 

 then, from and
after that time, the Calculation Agent shall make such calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a Closing Price of an exchange traded fund comparable to the Index
Fund (or such Successor Index Fund) as if those changes or modifications had not been made, and the Calculation Agent shall calculate the Closing Price with reference to the shares of the Index Fund (or such Successor Index Fund), as adjusted. The
Calculation Agent also may determine that no adjustment is required by the modification of the method of calculation. 
 The Calculation
Agent will provide information as to the method of calculating the Closing Price of the shares of the Index Fund (or such Successor Index Fund) upon written request by any Holder. 
  

 11 

 The following abbreviations, when used in the inscription on the face of the within Security, shall be
construed as though they were written out in full according to applicable laws or regulations: 
  

							
	TEN COM -	  	as tenants in common	  	UNIF GIFT MIN ACT - _________ Custodian ________
		  		  	                          (Cust)             
      (Minor)

	TEN ENT -	  	as tenants by the entireties	  	Under Uniform Gifts to Minors
	JT TEN -	  	as joint tenants with right of	  	Act	  	  

		  	Survivorship and not as tenants in common	  		  	(State)

 Additional abbreviations may also be used though not in the above list. 
                                       
                   
 FOR VALUE RECEIVED, the
undersigned hereby sells, assigns and transfers unto 
 PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF ASSIGNEE 

			
		
		 	
	 	 	
	 	 	
	 	 	

  
  

	
	
	 

 (Name and Address of Assignee, including zip code, must be printed or typewritten.) 
  

	
	 

 the within Security, and all rights thereunder, hereby irrevocably constituting and appointing 
  

	
	 

 to transfer the said Security on the books of the Company, with full power of substitution in the premises.

 Dated: 
 _______________________________________ 
 NOTICE: The signature to this assignment must correspond with the name as it appears
upon the face of the within Security in every particular, without alteration or enlargement or any change whatever. 
 Signature(s) Guaranteed: 

_________________________ 
 THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN
ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED MEDALLION SIGNATURE GUARANTEE PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15. 
  

 12Agreement

 Exhibit (10)q 
 AGREEMENT 
 This Agreement (“Agreement”) is made and entered into between Steven R.
Kalmanson (“Mr. Kalmanson“) and 
 Kimberly-Clark Corporation (“K-C”). 
 1. SEVERANCE. Mr. Kalmanson and Kimberly-Clark Worldwide, Inc. (“KCW”) have agreed to end their employment relationship in a
manner such that Mr. Kalmanson will remain on KCW’s payroll as an employee and perform full-time services as an Executive Vice President through June 30, 2008, and thereafter, Mr. Kalmanson will remain on KCW’s payroll at 50
percent of his prior salary and bonus under the terms of the Executive Officer Achievement Award Program (“EOAAP”), and will continue to perform services as a part-time employee at a level that is 50 percent of the level of service
performed previously by Mr. Kalmanson, through his retirement from KCW on December 31, 2008. 
  

	 	(a)	Mr. Kalmanson will continue to report to Thomas J. Falk (“Mr. Falk”), Chief Executive Officer, through the end of the employment relationship.

  

	 	(b)	Mr. Kalmanson will cooperate with and assist in an orderly transition of his duties, as requested by Mr. Falk or his designee(s). 

  

	 	(c)	If requested, Mr. Kalmanson may be called upon to perform other services similar in nature to those he performed prior to March 2008. 

  

	 	(d)	Mr. Kalmanson shall devote his attention and best efforts to the satisfactory performance of the work assigned to him. 

  

	 	(e)	Mr. Kalmanson will comply with K-C rules and policies, including, without limitation, the K-C Code of Conduct. 

  

	 	(f)	Mr. Kalmanson will resign as an officer and director of K-C and all subsidiaries and affiliated companies for which he is an officer or director as requested by K-C and take
all other actions to transfer any interest he may have, in any subsidiaries and affiliated companies. 

 2.
CONSIDERATION. In consideration of his decision to enter into this Agreement, along with other good and valuable consideration, K-C will provide Mr. Kalmanson with the following: 
  

	 	(a)	Mr. Kalmanson shall remain an employee of KCW, receiving full-time pay and all benefits to which he may otherwise be entitled, through June 30, 2008, and thereafter,
receiving 50 percent of his prior salary and EOAAP bonus through December 31, 2008. 

  

	 	(b)	 Mr. Kalmanson will be offered a “Reaffirmation Agreement” at the end of the employment period. The form of the Reaffirmation Agreement is attached as
Exhibit A. As a condition of receiving any severance benefit Mr. Kalmanson shall execute and deliver the Reaffirmation Agreement to K-C within the time specified in the Reaffirmation Agreement. Upon his retirement, and provided he timely

	 	 
signs and returns the Reaffirmation Agreement and does not revoke it in accordance with its terms, K-C will provide Mr. Kalmanson the following
severance benefits: 

  

	 	(i)	An unreduced pension benefit payable in any form permitted under the Kimberly-Clark Corporation Pension Plan commencing as of Mr. Kalmanson’s retirement
date.

  

	 	(ii)	A lump sum cash payment of $10,000 from the Company payable as soon as administratively feasible after Mr. Kalmanson’s retirement date. 

  

	 	(iii)	Mr. Kalmanson will be offered COBRA medical continuation coverage under Mr. Kalmanson’s current medical plan and will receive up to the first six (6) months of
such coverage without payment of the applicable premium if he elects coverage. If Mr. Kalmanson is eligible for COBRA medical coverage beyond six (6) months, Mr. Kalmanson must pay the applicable premiums for further coverage.

  

	 	(iv)	Mr. Kalmanson will be eligible for a prorated portion of any year 2008 award he would otherwise be provided under the terms of the EOAAP. Any award provided to
Mr. Kalmanson under EOAAP will be prorated and paid according to the terms of the EOAAP program. 

  

	 	(v)	Executive outplacement services provided by the firm Right Management and in a manner determined solely by 

	 	    	K-C for a period of six months beginning in January 2009. 

  

	 	(vi)	Employee Assistance Program (EAP) services provided by K-C’s current EAP provider for a period of three (3) months beginning in January 2009. 

  

	 	(c)	Mr. Kalmanson will be engaged at the end of the employment period to provide consulting services to K-C as a consultant and perform such other work as requested from time to
time by Kimberly-Clark Corporation’s Chief Executive Officer pursuant to the terms of the attached Agreement. The services shall be performed solely by Mr. Kalmanson. As a condition of receiving any payout pursuant to these agreements,
Mr. Kalmanson shall execute and deliver the Consulting Agreement to K-C within the time specified in the Consulting Agreement. The Consulting Agreement is attached as Exhibit B. 

 Tax withholdings may be applied to the above payments as determined by K-C in its sole discretion. All above payments will be made as soon as administratively feasible
after the payment date under the applicable plan or policy, but such payments will not be payable any earlier than the last date of Mr. Kalmanson’s employment or the date this Agreement becomes binding and effective pursuant to Paragraph
14 below, whichever is later. 
  

 2 

 3. VACATION PAY. Whether or not Mr. Kalmanson executes this Agreement, he will be paid
for any unused vacation due to him according to the K-C vacation policy, which is described in the “Time Off” benefits booklet. 
 4. SEVERANCE PAY PLAN. Mr. Kalmanson agrees and understands that the consideration described in Paragraph 2(b) of this Agreement is provided through KCC’s Global Business Plan Severance Pay Plan (the
“Plan”), which also requires the execution of this Agreement as a condition to the payment of benefits under the Plan. 
 5. FULL AND FINAL RELEASE. In consideration of the payments being provided to him above, Mr. Kalmanson, for himself, his attorneys, heirs, executors, administrators, successors and assigns, fully, finally and forever
releases and discharges KCW, K-C, all subsidiary and/or affiliated companies, as well as its and their successors, assigns, officers, owners, directors, agents, representatives, attorneys, and employees (all of whom are referred to throughout this
Agreement as “KCC”), of and from all claims, demands, actions, causes of action, suits, damages, losses, and expenses, of any and every nature whatsoever, as a result of actions or omissions occurring through the effective date of this
Agreement. Specifically included in this waiver and release are, among other things, any and all claims of alleged employment discrimination, either as a result of the separation of Mr. Kalmanson’s employment or otherwise, any claims under
any KCC severance pay plan, under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Worker Adjustment and Retraining Notification (WARN) Act, the Uniformed Services
Employment and Reemployment Rights Act (USERRA), any other federal, state or local statute, rule, ordinance, or regulation, as well as any claims for alleged wrongful discharge, negligent or intentional infliction of emotional distress, breach of
contract, fraud, defamation, or any other unlawful behavior, the existence of which is specifically denied by KCC. Nothing in this Agreement, however, is intended to waive Mr. Kalmanson’s entitlement to vested benefits under any
pension, 401(k) plan or other benefit plan provided by KCC. Finally, the above release does not waive claims that Mr. Kalmanson could make, if available, for unemployment or workers’ compensation and also excludes any other claim which
cannot be released by private agreement. 
 6. NO CLAIMS. Mr. Kalmanson represents that he has not filed, nor assigned to
others the right to file, nor are there currently pending, any complaints, charges or lawsuits against KCC with any governmental agency or any court, including any such complaints, charges or lawsuits for actions or omissions covered by the release
in Paragraph 5 above. 
 7. NON-DISPARAGEMENT. Mr. Kalmanson agrees that he has not and will not make statements to
clients, customers and suppliers of KCC or to other members of the public that are in any way disparaging or negative towards KCC, KCC’s products or services, or KCC’s board, representatives or employees. K-C agrees that any requests for
information or requests for references regarding Mr. Kalmanson that are forwarded to Mr. Thomas J. Falk will be answered such that Mr. Falk’s references about Mr. Kalmanson shall not disparage in any way
Mr. Kalmanson or his performance during his employment with K-C. 
 8. NON-ADMISSION OF LIABILITY OR WRONGFUL CONDUCT.
This Agreement shall not be construed as an admission by KCC of any liability or acts of wrongdoing or discrimination, nor shall it be considered to be evidence of such liability, wrongdoing, or discrimination. 
  

 3 

 9. TERMINATION OF EMPLOYMENT RELATIONSHIP. Except as set forth above, Mr. Kalmanson
and KCC agree as a matter of intent that, except for vested benefits under any pension, 401(k) plan or other benefit plan provided by KCC unless otherwise provided, this Agreement terminates all aspects of the employment relationship between
them. Mr. Kalmanson therefore acknowledges that he does not and will not seek reinstatement, future employment, or return to active employee status with KCC or any subsidiary or affiliated companies for one year from the last date of
Mr. Kalmanson’s employment or the date this Agreement becomes binding and effective pursuant to Paragraph 14 below, whichever is later. Mr. Kalmanson further acknowledges that KCC shall not be under any obligations whatsoever to
consider him for reinstatement, employment, re-employment, or other similar status at any time. This provision will not preclude Mr. Kalmanson from contracting with KCC, either on behalf of another company that has employed him or for Maxair,
Inc. a company he owns. It also will not preclude KCC in the future from considering Mr. Kalmanson for a position, either upon request or otherwise, although KCC cannot be compelled to consider or provide Mr. Kalmanson for or with any
position at any time. 
 10. GOVERNING LAW. This Agreement shall be interpreted under the laws of the State of Florida.

 11. SEVERABILITY. The provisions of this Agreement are severable, and if any part of this Agreement is found by a
court of law to be unenforceable, the remainder of the Agreement will continue to be valid and effective. 
 12. SOLE AND ENTIRE
AGREEMENT. This Agreement sets forth the entire agreement between the parties. Any prior agreements between or directly involving the parties to the Agreement are superseded by the terms of this Agreement and thus are rendered null and void.
However, any noncompetition, confidentiality, nonsolicitation and/or assignment of business ideas agreements or any prior agreements between the parties related to inventions, business ideas, and confidentiality of corporate information remain
intact, including, but not limited to, those attached as Exhibit C. 
 13. NO OTHER PROMISES. Mr. Kalmanson affirms that
the only consideration for his signing this Agreement is that set forth in Paragraph 2, that no other promise or agreement of any kind has been made to or with him by any person or entity to cause him to execute this document, and that he fully
understands the meaning and intent of this Agreement, including but not limited to, its final and binding effect. 
 14. ADVICE OF
COUNSEL. Mr. Kalmanson acknowledges that he has been advised by KCC to consult with an attorney in regard to this matter, and that he has consulted with an attorney of his choosing. He further acknowledges that he has been given
twenty-one (21) days from the time that he receives this Agreement to consider whether to sign it. If Mr. Kalmanson has signed this Agreement before the end of this twenty-one (21) day period, it is because he freely choses to do so
after carefully considering its terms. Finally, Mr. Kalmanson shall have seven (7) days from the date he signs this Agreement to change his mind and revoke the Agreement. If Mr. Kalmanson does not revoke this Agreement within seven
(7) days of his 

  

 4 

 
signing, this Agreement will become final and binding on the day following such seven (7) day period. If Mr. Kalmanson elects not to sign this
Agreement within twenty-one (21) days from the time that he receives this Agreement, this Agreement shall expire automatically. 
 15. LEGALLY BINDING AGREEMENT. Mr. Kalmanson understands and acknowledges: (1) that this is a legally binding release; (2) that by signing this Agreement, he is hereafter barred from instituting claims against
KCC in the manner and to the extent set forth in Paragraph 5 and Paragraph 6 above; and (3) that this Agreement is final and binding. 
 16. ACKNOWLEDGEMENTS. 
 (a) Mr. Kalmanson acknowledges, understands and agrees that he has been notified of his
rights under the Family and Medical Leave Act (FMLA) and state leave laws. Mr. Kalmanson further acknowledges, understands and agrees that he has not been denied any leave requested under the FMLA or applicable state leave laws and that, to the
extent applicable, he has been returned to his job, or an equivalent position, following any FMLA or state leave taken pursuant to the FMLA or state laws. Mr. Kalmanson further acknowledges, understands and agrees that the notification of his
rights under the FMLA and state leave laws were made available to him in the workplace. 
 (b) Mr. Kalmanson acknowledges, understands
and agrees that it is his obligation to make a timely report, in accordance with the procedures in place at the KCC facility where he worked, of any work related injury or illness. Mr. Kalmanson further acknowledges, understands and agrees that
he has reported to KCC management personnel any work related injury or illness that occurred up to and including Mr. Kalmanson’s last day of employment. 
 (c) Mr. Kalmanson acknowledges that he has no knowledge of any actions or inactions by KCC that he believes could possibly constitute a basis for a claimed violation of any federal, state, or local law, any
common law or any rule promulgated by an administrative body. 
  

									
	Date:	 	March 14, 2008	 		 	 /s/ Steven R. Kalmanson
	 	
		 		 		 	Steven R. Kalmanson	 	
					
		 		 		 	For: Kimberly-Clark Corporation	 	
					
	Date:	 	March 17, 2008	 		 	 /s/ Thomas J. Falk
	 	
		 		 		 	Thomas J. Falk	 	
		 		 		 	Chief Executive Officer	 	

  

 5 

 Exhibit A 
 Reaffirmation Agreement 
 This Reaffirmation Agreement represents the understanding between
Steven R. Kalmanson (“Mr. Kalmanson“) and 
 Kimberly-Clark Corporation (“K-C”) pursuant to the Agreement (“the
Agreement”), which was executed by K-C and Mr. Kalmanson on the          day of
                                , 2008. 
 By signing, Mr. Kalmanson agrees that in exchange for the following severance benefits, he is reaffirming the Agreement in its entirety, including,
but not limited to the full and final release set forth in the Agreement: 
  

	 	(a)	An unreduced pension benefit payable in any form permitted under the Kimberly-Clark Corporation Pension Plan commencing as of Mr. Kalmanson’s retirement
date.

  

	 	(b)	A lump sum cash payment of $10,000 from the Company payable as soon as administratively feasible after Mr. Kalmanson’s retirement date. 

  

	 	(c)	Mr. Kalmanson will be offered COBRA medical continuation coverage under Mr. Kalmanson’s current medical plan and will receive up to the first six (6) months of
such coverage without payment of the applicable premium if he elects coverage. If Mr. Kalmanson is eligible for COBRA medical coverage beyond six (6) months, Mr. Kalmanson must pay the applicable premiums for further coverage.

  

	 	(d)	Mr. Kalmanson will be eligible for a prorated portion of any year 2008 award he would otherwise be provided under the terms of the Executive Officer Achievement Award Program
(“EOAAP”). Any award provided to Mr. Kalmanson under EOAAP will be prorated and paid according to the terms of the EOAAP program. 

  

	 	(e)	Executive outplacement services provided by the firm Right Management and in a manner determined solely by 

	 	    	K-C for a period of six months beginning in January 2009. 

  

	 	(f)	Employee Assistance Program (EAP) services provided by K-C’s current EAP provider for a period of three (3) months beginning in January 2009. 

  

	 	(g)	Mr. Kalmanson will be engaged at the end of the employment period to provide consulting services to K-C as a consultant and perform such other work as requested from time to
time by Mr. Falk. The services shall be performed solely by Mr. Kalmanson. As a condition of receiving any payout pursuant to this item, Mr. Kalmanson shall execute and deliver the Consulting Agreement to K-C within the time specified
in this Reaffirmation Agreement. This Consulting Agreement is attached as Exhibit A. 

 FULL AND FINAL RELEASE. In consideration
of the payments being provided to him above, Mr. Kalmanson, for himself, his attorneys, heirs, executors, administrators, successors and assigns, fully, finally and forever releases and discharges K-C, all subsidiary and/or affiliated
companies, Kimberly-Clark Worldwide, Inc., as well as its and their successors, assigns, officers, owners, directors, agents, representatives, attorneys, and employees (all of whom are collectively referred to throughout this Reaffirmation Agreement
as “KCC”), of and from all claims, demands, actions, causes of action, suits, damages, losses, and expenses, of any and every nature whatsoever, as a result of actions or omissions occurring through the effective date 

 
of this Reaffirmation Agreement. Specifically included in this waiver and release are, among other things, any and all claims of alleged employment
discrimination, either as a result of the separation of Mr. Kalmanson’s employment or otherwise, any claims under any KCC severance pay plan, under the Age Discrimination in Employment Act, Title VII of the Civil Rights Act of 1964, the
Americans with Disabilities Act, the Worker Adjustment and Retraining Notification (WARN) Act, the Uniformed Services Employment and Reemployment Rights Act (USERRA), any other federal, state or local statute, rule, ordinance, or regulation, as well
as any claims for alleged wrongful discharge, negligent or intentional infliction of emotional distress, breach of contract, fraud, defamation, or any other unlawful behavior, the existence of which is specifically denied by KCC. Nothing in this
Reaffirmation Agreement, however, is intended to waive Mr. Kalmanson’s entitlement to vested benefits under any pension, 401(k) plan or other benefit plan provided by KCC. Finally, the above release does not waive claims that
Mr. Kalmanson could make, if available, for unemployment or workers’ compensation and also excludes any other claim which cannot be released by private agreement. 
 ADVICE OF COUNSEL. Mr. Kalmanson acknowledges that he has been advised by KCC to consult with an attorney in regard to this matter,
and that he has consulted with an attorney of his choosing. He further acknowledges that he has been given twenty-one (21) days from December 18, 2008, which is more that twenty one (21) days from the time that he received this
Reaffirmation Agreement to consider whether to sign this Reaffirmation Agreement. If Mr. Kalmanson has signed this Reaffirmation Agreement before the end of this twenty-one (21) day period, it is because he freely chose to do so after
carefully considering its terms. This Reaffirmation Agreement shall be automatically cancelled if Mr. Kalmanson has not signed and returned the Reaffirmation Agreement to K-C on or before the end of this twenty-one (21) day period.
Finally, Mr. Kalmanson shall have seven (7) days from the date he signs this Reaffirmation Agreement to change his mind and revoke the Reaffirmation Agreement. If Mr. Kalmanson does not revoke this Reaffirmation Agreement within seven
(7) days of his signing, this Reaffirmation Agreement will become final and binding on the day following such seven (7) day period. 
 GOVERNING LAW. This Reaffirmation Agreement shall be interpreted under the Laws of the state of Florida. 
  

									
	Date:	 	  
	 		 	  
	 	
		 		 		 	Steven R. Kalmanson	 	
					
		 		 		 	For: Kimberly-Clark Corporation	 	
					
	Date:	 	  
	 		 	  
	 	
		 		 		 	Thomas J. Falk	 	
		 		 		 	Chief Executive Officer	 	

 Exhibit B 
  
  
 CONSULTING AGREEMENT 
  
  
 Between 
 Kimberly-Clark Corporation 
 (K-C) 
 and 
 Steven R. Kalmanson 
 (Mr. Kalmanson) 
 Made as of the first day of January, 2009 

 CONSULTING AGREEMENT 
 THIS CONSULTING AGREEMENT (the “Consulting Agreement”) made as of the day and year first set forth above, by and between Kimberly-Clark Corporation, a Delaware corporation, with offices at 351 Phelps Drive,
Irving, Texas 75038 (“K-C”) and Steven R. Kalmanson (“Mr. Kalmanson”) of
                                        
                                        
                                        
                . 
 WITNESSETH 
 WHEREAS, K-C and its various business units have employed Mr. Kalmanson for years in various upper-management level positions in which
Mr. Kalmanson has obtained knowledge of and full access to the full range of the confidential, proprietary information of K-C that is competitively valuable, much of which constitutes trade secrets; and 
 WHEREAS, both K-C and Mr. Kalmanson acknowledge that Mr. Kalmanson’s knowledge of K-C’s trade secrets and other confidential
proprietary information is thorough, both in terms of the breadth (i.e. information from K-C’s various business units and regarding K-C’s various products), and in terms of depth (i.e. the level of detail, and information about K-C’s
prior, current and future activities); and 
 WHEREAS, both K-C and Mr. Kalmanson acknowledge that because of Mr. Kalmanson’s
expansive and thorough knowledge of K-C’s trade secrets and other confidential proprietary information, and its business plans and strategies, K-C would suffer serious competitive harm if Mr. Kalmanson were to perform any services for a
substantial competitor of K-C in which Mr. Kalmanson made or influenced any business decisions of that competitor; and 
 WHEREAS, both
K-C and Mr. Kalmanson acknowledge that if Mr. Kalmanson were to perform services for a substantial competitor of K-C in which Mr. Kalmanson made or influenced 

  

 2 

 
any business decisions of the competitor, Mr. Kalmanson would inevitably use for the benefit of the competitor and to the competitive detriment of K-C
his knowledge of some K-C trade secrets or other competitively valuable confidential information: and 
 WHEREAS, K-C wishes to continue to
retain Mr. Kalmanson’s services as a senior executive consultant after his retirement. 
 NOW, THEREFORE, in consideration of the
mutual promises contained herein, and specifically the payment described in Article 3 below, the parties hereto agree as follows: 
 ARTICLE I

 CONSULTING SERVICES 
 Mr. Kalmanson shall provide K-C consulting services (the “Services”) and such other work as requested from time to time by K-C’s Chief Executive Officer, or any other officers its Chief Executive Officer may designate.
The Services shall be performed solely by Mr. Kalmanson. Mr. Kalmanson agrees that during the term of this Consulting Agreement, he will not have the authority to act on behalf of K-C in any situation that may arise during the performance
of duties assigned to him. Further, Mr. Kalmanson agrees he will have no access to any K-C information and/or computer systems, including but not limited to electronic mail, software, mainframe, and other forms of information collection,
without the express permission of K-C’s Chief Executive Officer. It is anticipated that the consulting services will primarily be performed from K-C’s headquarters in Dallas, Texas or from Mr. Kalmanson’s place of residence.

 ARTICLE 2 
 TERM AND
TERMINATION 
 The Services to be performed by Mr. Kalmanson pursuant to this Consulting Agreement shall commence on January 1,
2009, and continue for a period of two years until December 31, 2010 (hereinafter referred to as the “Term”). Notwithstanding the expected Term hereof, K-C or 

  

 3 

 
Mr. Kalmanson may terminate the Services at any time in the event of the failure of the other party to comply with any of the provisions hereunder after
receiving written notice of such failure and not curing the same within 30 calendar days. This Consulting Agreement also shall terminate on the death or incapacity of Mr. Kalmanson except for Articles 4 through 13. In the event of early
termination because of a breach of the Consulting Agreement by Mr. Kalmanson, Mr. Kalmanson shall provide K-C with written summaries of the Services performed through the date of cancellation and K-C shall compensate Mr. Kalmanson
through the date of such termination in accordance with the terms hereof and K-C shall owe no further monies to Mr. Kalmanson. In the event of early termination without cause by K-C, Mr. Kalmanson shall provide K-C with written summaries
of the Services performed through the date of cancellation and K-C shall continue to compensate Mr. Kalmanson as provided in Article 3 through the remainder of the Term. In the event of termination of this Consulting Agreement, for any reason
whatsoever, with or without cause, the provisions of Articles 4 through 13 and any other provisions of this Consulting Agreement necessary to give efficacy thereto shall continue in full force and effect following such termination. 
 ARTICLE 3 
 COMPENSATION 
 In consideration of his decision to enter into this Consulting Agreement, K-C will pay Mr. Kalmanson $50,000 per quarter for a period of two years
to be paid on the first day of each quarterly period, commencing on January 2, 2009 with the final payment occurring on October 1, 2010. Mr. Kalmanson shall be available to provide Services for a maximum of 200 hours per year at such
time as can reasonably be agreed by the parties. In the event that K-C requests Mr. Kalmanson to provide services in excess of 200 hours per year, Mr. Kalmanson shall be compensated at a rate to be agreed upon by the parties. K-C shall
reimburse Mr. Kalmanson for all necessary travel and other expenses incurred in connection with the Services provided that such expenses have been incurred with K-C’s prior approval and further, provided that Mr. Kalmanson supports
such expenses with appropriate documentation. Tax withholdings may be applied to the above payments as determined by K-C in its sole discretion. 
  

 4 

 ARTICLE 4 
 DEFINITIONS 
  

	 	a)	“Area” as used in this Agreement means the United States of America. 

  

	 	b)	“Business” as used in this Consulting Agreement means the development, production, sales and/or marketing of health, hygiene and/or other products of the type developed,
produced, sold and/or marketed by K-C. 

  

	 	c)	“Competitor” as used in this Consulting Agreement means another business, whether a person, entity or organization, that is in the same or substantially the same Business
as K-C anywhere in the United States, including specifically Procter & Gamble, Johnson & Johnson, Koch Industries, Playtex Products, Inc., SCA Tissue, Tyco International, Inc., UniCharm Corporation, Cardinal Health, Inc. and
Medline Industries Inc. and any subsidiary or corporate affiliate of these companies in the same or substantially the same Business as K-C. 

  

	 	d)	“Confidential Information” as used in this Consulting Agreement means all information, knowledge and data relating to the Business which is or has been disclosed to
Mr. Kalmanson or of which Mr. Kalmanson became aware as a consequence of or through either Mr. Kalmanson’s prior employment with K-C or his performance of Services under the Consulting Agreement, and which has value to K-C and is
not generally known to its competitors. Confidential Information shall not include any information, knowledge or data that has been voluntarily disclosed to the public by the Company (except where such disclosure has been made by Mr. Kalmanson
without authorization) or that has been independently developed and disclosed to the general public by others, or otherwise entered the public domain through lawful means. 

  

 5 

	 	e)	“K-C” or the “Company” as used in this Consulting Agreement includes Kimberly-Clark Corporation and any subsidiary of Kimberly-Clark Corporation of which 50% or
more of the voting shares are owned directly or indirectly by 

	 	    	Kimberly-Clark Corporation. 

  

	 	f)	“K-C Information” as used in this Consulting Agreement means Confidential Information and Trade Secrets, collectively, as defined below. 

  

	 	g)	“Trade Secrets” as used in this Consulting Agreement means information of K-C, without regard to form, including, but not limited to, technical or nontechnical data,
formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product or service plans or lists of actual or potential customers or suppliers which is not commonly known by or
available to the public and which information (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its
disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 

 ARTICLE 5 
 CONFIDENTIAL INFORMATION 
 Mr. Kalmanson shall not disclose, publish or disseminate any K-C Information or use any K-C Information for the benefit of any person or entity other than K-C, except as specifically required to perform Services
for K-C or as otherwise specifically authorized by K-C. With respect to Confidential Information that does not constitute Trade Secrets, the confidentiality obligations described herein shall continue throughout the Term of this Consulting Agreement
and for a period of two years after this Consulting Agreement terminates (regardless of the reason or manner of termination). With respect to Trade Secrets, the confidentiality obligations set forth herein shall continue even after the termination
of this Consulting Agreement 

  

 6 

 
(regardless of the reason or manner of termination) for so long as the information at issue remains a Trade Secret under applicable law. Mr. Kalmanson
agrees that, with the execution of this Consulting Agreement, he has returned to K-C all confidential and proprietary information and all other Company property, as well as all copies or excerpts of any property, files or documents obtained as a
result of his employment with K-C, except those items K-C specifically agrees in writing to permit Mr. Kalmanson to retain. This Article is not intended to preclude Mr. Kalmanson from testifying truthfully in any court of law or before an
administrative agency, although Mr. Kalmanson agrees that he will testify as to K-C matters only if served with a lawfully executed subpoena. 
 ARTICLE 6 
 NON-SOLICITATION 
 Mr. Kalmanson shall not, at any time during the Term of this Consulting Agreement, in the Area, directly or indirectly, take any action which would cause, serve to encourage, solicit or induce any employee of K-C with whom
Mr. Kalmanson has material contact prior to or during the Term of this Consulting Agreement, to leave K-C’s employ for employment with a Competitor. 
 ARTICLE 7 
 NON-COMPETITION 
 During the Term of this Agreement, Mr. Kalmanson shall not, without the written consent of K-C, within the Area, either directly or indirectly, undertake for a Competitor to perform services that are the same or
substantially similar to those Services he has undertaken for K-C, relating to the production, sales and/or marketing of any K-C product. The parties agree that Mr. Kalmanson’s acceptance of a position as a member of a board of directors
would not be considered the same or similar services as Mr. Kalmanson performed for K-C unless such position would necessarily implicate Mr. Kalmanson’s knowledge of Confidential Information, and that Mr. Kalmanson shall not,
without the written consent of K-C, accept a position as a member of a board of directors of a Competitor. 
  

 7 

 ARTICLE 8 
 NON-DISPARAGEMENT 
 Mr. Kalmanson agrees that he has not and will not make statements to clients,
customers and suppliers of K-C or to other members of the public that are in any way disparaging or negative towards K-C, K-C’s products or services, or K-C’s board, representatives or employees. K-C agrees that any requests for
information or requests for references regarding Mr. Kalmanson that are forwarded to Mr. Thomas J. Falk will be answered such that Mr. Falk’s references about Mr. Kalmanson shall not disparage in any way
Mr. Kalmanson or his performance during his employment with K-C. 
 ARTICLE 9 
 NON-ADMISSION OF LIABILITY OR WRONGFUL CONDUCT 
 This Consulting Agreement shall not be
construed as an admission by K-C of any liability or acts of wrongdoing or discrimination, nor shall it be considered to be evidence of such liability, wrongdoing, or discrimination. 
 ARTICLE 10 
 COPYRIGHTS 
 Mr. Kalmanson and Mr. Kalmanson’s employees, if any, agree to grant, license, release and assign to K-C all right, title and interest in
all copyrights arising out of the Services. All work for authorship created by Mr. Kalmanson while providing the Services shall be “works made for hire.” Upon request, Mr. Kalmanson shall provide K-C with whatever documents,
information or materials are in Mr. Kalmanson’s possession or reasonably available to Mr. Kalmanson to enable K-C to protect its copyrights in any materials produced pursuant to this Consulting Agreement. 
  

 8 

 ARTICLE 11 
 INVENTIONS AND IDEAS 
 Mr. Kalmanson shall promptly disclose and assign to K-C any and all ideas and
inventions, patentable or unpatentable, of or relating to anything done in connection with this Consulting Agreement or made or conceived which may result from or be suggested by the Services performed. All such ideas and inventions shall be and
become the exclusive property of K-C, whether or not patent applications are filed thereon, and Mr. Kalmanson shall at any time and from time to time, upon request, at the expense of K-C, make application through representatives of K-C or its
nominees for patents of the United States or any foreign jurisdiction. Mr. Kalmanson shall promptly provide all reasonable assistance and shall furnish, execute and deliver any and all documents necessary to do any and all acts in securing for
K-C or K-C’s benefit patents in any and all countries. Termination of this Consulting Agreement shall not release Mr. Kalmanson from Mr. Kalmanson’s obligations hereunder as to any inventions which, by this Consulting Agreement,
Mr. Kalmanson has agreed to assign. 
 ARTICLE 12 
 INDEPENDENT CONTRACTOR 
 For the period from January 1, 2009 until December 31, 2010,
Mr. Kalmanson shall be an independent contractor, and not an employee, and as such is not entitled to any employee benefits arising from performance under this Consulting Agreement. Mr. Kalmanson shall not become the agent, representative,
employee or servant of K-C in the performance of the Services or any part thereof, and no express or implied representations to the contrary shall be made. 
  

 9 

 ARTICLE 13 
 WARRANTY AND INDEMNITY 
 Mr. Kalmanson warrants and guarantees that: (a) the terms of this
Consulting Agreement do not violate any existing agreements or other obligations to which Mr. Kalmanson is bound; (b) the best technical practices, procedures, skill, care and judgment shall be employed in the performance of the Services;
(c) the Services shall be performed in the most expeditious and economical manner consistent with K-C’s best interests; and (d) Mr. Kalmanson shall at all times cooperate with K-C so as to further the best interests of K-C.
Mr. Kalmanson shall defend, indemnify and hold K-C harmless from and against all claims, damages, costs and expenses (including attorneys’ fees) suffered or incurred because of any injury (including death) or property damage, or both,
caused by or due to the negligence of Mr. Kalmanson, Mr. Kalmanson’s employees or agents or otherwise arising out of or in connection with Mr. Kalmanson’s performance of the Services. 
 ARTICLE 14 
 NOTICES 
 All notices or other communications required or permitted to be given under this Consulting Agreement shall be in writing and shall be deemed to have
been sufficiently given when delivered in person, transmitted by facsimile, or when deposited with the United States Postal Service, first class registered or certified mail, postage prepaid, as follows: 
  

			
	If to Mr. Kalmanson:	  	Steven R. Kalmanson
		  	_____________________
		  	_____________________
		  	_____________________
		
	If to K-C:	  	Kimberly-Clark Corporation
		  	351 Phelps Drive
		  	Irving, TX 75038
		  	Attention: General Counsel

 Or to such other address or individual as either party may specify from time to time in writing. 
  

 10 

 ARTICLE 15 
 ASSIGNMENT 
 Mr. Kalmanson shall not assign, subcontract or otherwise transfer this Consulting
Agreement or any payments due or to become due hereunder without K-C’s prior written approval. 
 ARTICLE 16 
 ADVICE OF COUNSEL 
 Mr. Kalmanson
acknowledges that he has been advised by K-C to consult with an attorney in regard to this matter, and that he has consulted with an attorney of his choosing. He further acknowledges that he has been given twenty-one days from December 18,
2008, which is more than twenty-one (21) days from the time that he received this Consulting Agreement, to consider whether to sign it. If Mr. Kalmanson has signed this Consulting Agreement on or before the end of this twenty-one
(21) day period, it is because he freely chose to do so after carefully considering its terms This Consulting Agreement shall be automatically cancelled if Mr. Kalmanson has not signed and returned the Consulting Agreement to K-C on or
before the end of this twenty-one (21) day period. Finally, Mr. Kalmanson shall have seven (7) days from the date he signs this Consulting Agreement to change his mind and revoke the Consulting Agreement. If Mr. Kalmanson does
not revoke this Consulting Agreement within seven days of his signing, this Consulting Agreement will become final and binding on the day following such seven-day period. 
 ARTICLE 17 
 ACKNOWLEDGEMENTS 
 Mr. Kalmanson acknowledges that he has been advised by K-C to consult with an attorney in regard to this matter. Mr. Kalmanson further acknowledges that he understands the terms of this Consulting Agreement,
and that he undertakes the obligations described in this Consulting Agreement of his own choice and without any duress or coercion. Additionally, Mr. 

  

 11 

 
Kalmanson agrees that if K-C enforces any aspect of this Consulting Agreement in a court of competent jurisdiction, he shall be liable to reimburse K-C for
all expenses incurred in such enforcement activity, including attorneys’ fees if K-C’s legal action results in a decision in its favor. 
 ARTICLE 18 
 ENTIRE AGREEMENT; AMENDMENT 
 This Consulting Agreement constitutes the entire understanding between the parties with respect to the provision of Services and the obligations of Mr. Kalmanson defined by this Consulting Agreement. No waiver,
modification or amendment of any term of this Consulting Agreement shall be valid unless made in writing specifying such waiver, modification, or amendment and signed by the parties hereto. However, any noncompete agreements or prior agreements
between the parties related to inventions, business ideas, and confidentiality of corporate information remain intact. 
 ARTICLE 19

 DIVISIBILITY AND PARTIAL ENFORCEMENT 
 If a court of competent jurisdiction determines that any aspects of the obligations imposed on Mr. Kalmanson hereunder are unenforceable, the parties desire that all remaining obligations shall be divisible from any unenforceable
provision, and shall remain in full force and effect. The parties further desire that the court enforce any part of any unenforceable provision to the full extent permitted by law. 
  

 12 

 ARTICLE 20 
 GOVERNING LAW 
 THIS CONSULTING AGREEMENT SHALL BE CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS IN
THE STATE OF FLORIDA WITHOUT REGARD FOR ITS CONFLICT OF LAWS PROVISIONS. 
 IN WITNESS WHEREOF, this Consulting Agreement has been executed
on behalf of each party as of the day and year first set forth above. 
  

			
	  

	Steven R. Kalmanson
	
	KIMBERLY-CLARK CORPORATION
		
	By:	 	  

	Name:	 	Thomas J. Falk
	Title:	 	Chief Executive Officer

  

 13 

 Exhibit C 
 NONCOMPETITION AND CONFIDENTIALITY AGREEMENT 
 THIS AGREEMENT RELATES TO IMPORTANT LEGAL RIGHTS AND
OBLIGATIONS. YOU SHOULD READ IT CAREFULLY AND YOU SHOULD SEEK INDEPENDENT LEGAL ADVICE IF YOU HAVE ANY QUESTIONS. 
 In consideration of my initial
and/or ongoing at-will employment with Kimberly-Clark Corporation or one of its subsidiary companies, and the compensation and benefits provided to me, the Company’s agreement to provide me with access to the Company’s Confidential
Information and Trade Secrets, access to its customers, participation in the Kimberly-Clark Corporation 2001 Equity Participation Plan (“Plan) and the grant of an award under the plan, and the other promises made below, I enter into the
following Noncompetition and Confidentiality Agreement: 
  

	 	1.	Definitions. 

 (a) “Area” as used in this
Agreement means the United States of America. 
 (b) “Business” as used in this Agreement means the development, production, sales
and/or marketing of health or hygiene products of the type developed, produced, sold and/or marketed by Kimberly-Clark. 
 (c) “Business
Ideas” as used in this Agreement means all ideas, concepts, innovations, inventions, data, developments, and works of authorship, whether or not patentable, both technical and business, which I originate, conceive or develop, either alone or in
conjunction with others, at any time during my employment with the Company, except those which satisfy all three of the following criteria: i) unrelated to the Company’s business; ii) not originated, conceived or developed during my working
hours; and iii) not originated, conceived or developed by use of any Company property such as tools, supplies, equipment, materials, facilities or other Company employees. Any idea, concept, innovation, invention, data, development or work of
authorship that I originate, conceive or develop at any time within six (6) months after my employment with the Company terminates (for any reason) will be presumed to be a Business Idea unless I can prove otherwise by clear and convincing
evidence. 
 (d) “Company Information” as used in this Agreement means Confidential Information and Trade Secrets, collectively, as
defined below. 
 (e) “Competitor” as used in this Agreement means another business, whether a person, entity or organization, that
is in the same or substantially the same Business as Kimberly-Clark anywhere in the United States. 
 (f) “Confidential
lnformation” as used in this Agreement means all information, knowledge and data relating to the Business which is or has been disclosed to me or of which I became aware as a consequence of or through my employment with the Company, and which
has value to the Company and is not generally known to its competitors. Confidential Information shall not include any information, knowledge or data that has been voluntarily disclosed to the public by the Company (except where such disclosure has
been made by me without authorization) or that has been independently developed and disclosed to the general public by others, or otherwise entered the public domain through lawful means. 
 (g) “Kimberly-Clark” or the “Company” as used in this Agreement includes Kimberly-Clark Corporation and any subsidiary of
Kimberly-Clark Corporation of which 50% or more of the voting shares are owned directly or indirectly by 
 Kimberly-Clark Corporation. 
 (h) “Trade Secrets” as used in this Agreement means information of the Company, without regard to form, including, but not limited to,
technical or nontechnical data, formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product or service 

  

 -1- 
  

			
	NONCOMPETITION AND CONFIDENTIALITY AGREEMENT	  	MAY 2005

 
plans or lists of actual or potential customers or suppliers which is not commonly known by or available to the public and which information (i) derives
economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are
reasonable under the circumstances to maintain its secrecy. 
  

	 	2.	Noncompetition. 

 During the term of my employment,
and for a period of two (2) years following the termination of my employment, regardless of the reason for or manner of termination, I shall not, without the written consent of the Company, within the Area, either directly or indirectly,
undertake for a Competitor to perform duties and responsibilities that are the same or substantially similar to those duties and responsibilities I have undertaken for the Company, relating to the research, development, production, sales and/or
marketing of any health or hygiene product competitive with any health or hygiene product for which I had research, development, production, sales and/or marketing responsibility during my employment with Kimberly-Clark, unless such product is no
longer produced or sold by Kimberly-Clark. 
  

	 	3.	Confidentiality Obligations. 

 (a) The Company
agrees to provide me with Company Information. In exchange for the Company’s agreement to provide me with Company Information, as well as the other mutual promises contained in this Agreement and access to its customers, I shall not disclose,
publish or disseminate any Company Information, or use any Company Information for the benefit of any person or entity other than the Company, except as specifically required to perform my job duties for the Company or as otherwise specifically
authorized by the Company. I understand and agree that one of my important duties as an employee, and even after my employment terminates, regardless of the reason for or manner of termination, is to use my best efforts to safeguard the
confidentiality of the Company Information. With respect to Confidential Information that does not constitute Trade Secrets, my confidentiality obligations described herein shall continue for a period of two (2) years after my employment with
the Company terminates (regardless of the reason for or manner of termination). With respect to Trade Secrets, my confidentiality obligations described herein shall continue even after my employment with the Company terminates (regardless of the
reason for or manner of termination) and for so long as the information at issue remains a Trade Secret under applicable law. 
 (b) I
further agree that all Company Information is the exclusive property of the Company and that I have no rights in or to the Company Information upon the termination of my employment. Upon termination of my employment, regardless of the reason for or
manner of termination, I agree to immediately deliver to the Company all originals and all electronic and paper copies of all documents, records and property of any nature whatsoever which are in my possession, custody or control, and which are the
property of the Company or which relate to the Company Information or Business Ideas, including, but not limited to, business activities, customers or prospective customers of the Company, whether prepared by me or others. After returning any
electronic copies of such documents to the Company, any remaining electronic versions shall be destroyed. 
  

	 	4.	Notice Obligations. 

 (a) During the period of two
(2) years following termination of my employment with Kimberly-Clark, I agree to notify Kimberly-Clark in writing prior to accepting new employment, or engaging in any other activity which may violate this Agreement, and I agree to provide in
such notice information concerning my anticipated new employment or activity, including, but not limited to: name of employer; address of employer; name of new team leader; job title; and scope and responsibilities of my new position. I recognize
that such duty of notification is absolute and is not affected by my belief that such employment may perhaps not violate this Agreement or otherwise be unfairly competitive with Kimberly-Clark. My written notice should be addressed to General
Counsel, Attention: Noncompetition and Confidentiality Agreement, Kimberly-Clark Corporation, 351 Phelps Drive, Irving, TX 75038. 
  

 -2- 
  

			
	NONCOMPETITION AND CONFIDENTIALITY AGREEMENT	  	MAY 2005

 (b) During the period of two (2) years following termination of my employment with Kimberly-Clark, I
shall provide a copy of this Noncompetition and Confidentiality Agreement to each new employer before starting in any new employment. 
  

	 	5.	Enforcement. 

 (a) Whenever possible, each provision
of this Agreement will be interpreted in such manner as to be effective, valid and enforceable under applicable law. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect by a court of competent
jurisdiction, such provision shall be deemed to be severed from the Agreement, and such invalidity, illegality or unenforceability will not affect any other provision of the Agreement, all of which shall remain valid and enforceable. Notwithstanding
the foregoing, if a court of competent jurisdiction determines that the covenants contained in Sections 2 or 3 are unenforceable because they are overbroad in some respect; to the full extent permitted by applicable law, the court should revise or
reform any aspect of Sections 2 or 3 so as to make the scope of such Sections as broad as can be enforced under applicable law. 
 (b) In the
event of an anticipated or actual breach by me of Sections 2 or 3, I acknowledge and agree that damages would not be an adequate remedy to compensate Kimberly-Clark for the harm to the business of the Company and in such event I agree that
Kimberly-Clark shall be entitled to a temporary restraining order and to temporary injunctive relief to prevent or terminate such anticipated or actual breach, provided, however, that nothing in this Agreement shall be construed to limit any
permanent relief to which Kimberly-Clark may be entitled or the damages otherwise recoverable by Kimberly-Clark in any such event. 
 (c) If
I violate any aspect of this Agreement, or any duty of loyalty or confidentiality imposed by law, in addition to any damages that I may be required to pay, I understand and agree that I shall be required to reimburse the Company for all its costs
incurred to enforce the Agreement, including but not limited to, all attorneys’ fees. 
  

	 	6.	Code of Conduct. 

 I acknowledge that I have
received, reviewed and agree to abide by the Company’s Code of Conduct. 
  

	 	7.	Miscellaneous. 

 (a) I am not a party to any
agreement with any other company containing a nondisclosure or noncompetition provision or other restriction that relates to the Business, which I have not already disclosed to the Company in writing. I understand that I am prohibited from
disclosing or using during my employment with the Company any confidential information that I acquired from any previous employer. 
 (b)
This Agreement shall inure to the benefit of and be enforceable by any successors or assigns of Kimberly-Clark, but is not assignable by me. 
 (c) This Agreement represents the full and complete agreement of the parties and supersedes and replaces any prior agreements on the same subject matters as addressed in this Agreement, including but not limited to the “Noncompete
Agreement.” This Agreement is not, however, intended to supersede, replace, or alter the terms of the “Confidentiality, Nonsolicitation and Assignment of Business Ideas Agreement” that I may have executed prior to or contemporaneously
with this Agreement. 
  

 -3- 
  

			
	NONCOMPETITION AND CONFIDENTIALITY AGREEMENT	  	MAY 2005

 (d) No waiver, modification or amendment of any term of this Agreement shall be valid unless made in
writing specifying such waiver, modification, or amendment and signed by an officer of the Company. 
 (e) Nothing in this Agreement will
prevent me, after my employment terminates, from using skills and knowledge of a general and non-confidential nature gained while I was employed at Kimberly-Clark or earlier. 
 (f) I hereby acknowledge that I have had the opportunity to discuss with a lawyer of my choosing any questions I may have regarding this Agreement, that
I fully understand its provisions, and that I have signed it on my own free will in order to enjoy the benefits of employment with Kimberly-Clark and the other consideration recited above, and to gain access to the Company Information and
Kimberly-Clark’s customers. I understand and acknowledge that the Company would not provide me with access to its Company Information or its customers but for my covenants contained in this Agreement. 
 (g) This Agreement does not constitute a guarantee or contract of employment for a specific term. All employment with the Company is terminable at
will, by either the employee or the Company, for any reason, at any time. 
 Signed at Neenah, WI, this 15th day of
June, 2005. 
  

									
		 		 	KIMBERLY-CLARK CORPORATION
				
	 /s/ Steve Kalmanson
	 		 	By:	 	 /s/ Thomas J. Falk

	(Employee’s Signature) Steve Kalmanson	 		 	Title:	 	Chairman of the Board and Chief Executive Officer
					
	Witness:	 	 /s/ Stacey Krake
	 		 		 	

  

 -4- 
  

			
	NONCOMPETITION AND CONFIDENTIALITY AGREEMENT	  	MAY 2005

 CONFIDENTIALITY, NONSOLICITATION AND 
 ASSIGNMENT OF BUSINESS IDEAS AGREEMENT 
 THIS AGREEMENT RELATES TO IMPORTANT LEGAL
RIGHTS AND OBLIGATIONS. YOU SHOULD READ IT CAREFULLY AND YOU SHOULD SEEK INDEPENDENT LEGAL ADVICE IF YOU HAVE ANY QUESTIONS. 
 In consideration of my
initial and/or ongoing at-will employment with Kimberly-Clark Corporation or one of its subsidiary companies, and the compensation and benefits provided to me, the Company’s agreement to provide me with access to the Company’s Confidential
Information and Trade Secrets, access to its customers, and the other promises made below, I enter into the following Confidentiality, Nonsolicitation, and Assignment of Business Ideas Agreement: 
  

	 	1.	Definitions. 

 (a) “Business” as used in
this Agreement means the development, production, sales and/or marketing of health and hygiene products of the type developed, produced, sold and/or marketed by Kimberly-Clark. 
 (b) “Business Ideas” as used in this Agreement means all ideas, concepts, innovations, inventions, data, developments, and works of authorship,
whether or not patentable, both technical and business, which I originate, conceive or develop, either alone or in conjunction with others, at anytime during my employment with the Company, except those which satisfy all three of the following
criteria: i) unrelated to the Company’s business; ii) not originated, conceived or developed during my working hours; and iii) not originated, conceived or developed by use of any Company property such as tools, supplies, equipment, materials,
facilities or other Company employees. Any idea, concept, innovation, invention, data, development or work of authorship that I originate, conceive or develop at any time within six (6) months after my employment with the Company terminates
(for any reason) will be presumed to be a Business Idea unless I can prove otherwise by clear and convincing evidence. 
 (c) “Company
Information” as used in this Agreement means Confidential Information and Trade Secrets, collectively, as defined below. 
 (d)
“Competitor” as used in this Agreement means another business, whether a person, entity or organization, that is in the same or substantially the same Business as Kimberly-Clark anywhere in the United States. 
 (e) “Confidential Information” as used in this Agreement means all information, knowledge and data relating to the Business which is or has
been disclosed to me or of which I became aware as a consequence of or through my employment with the Company, and which has value to the Company and is not generally known to its competitors. Confidential Information shall not include any
information, knowledge or data that has been voluntarily disclosed to the public by the Company (except where such disclosure has been made by me without authorization) or that has been independently developed and disclosed to the general public by
others, or otherwise entered the public domain through lawful means. 
 (f) “Kimberly-Clark” or the “Company” as used in
this Agreement includes Kimberly-Clark Corporation and any subsidiary of Kimberly-Clark Corporation of which 50% or more of the voting shares are owned directly or indirectly by 
 Kimberly-Clark Corporation. 
  

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	CONFIDENTIALITY, NONSOLICITATION AND ASSIGNMENT OF BUSINESS IDEAS AGREEMENT	  	MAY 2005

 (g) “Trade Secrets” as used in this Agreement means information of the Company, without regard
to form, including, but not limited to, technical or nontechnical data, formulas, patterns, compilations, programs, devices, methods, techniques, drawings, processes, financial data, financial plans, product or service plans or lists of actual or
potential customers or suppliers which is not commonly known by or available to the public and which information (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper
means by, other persons who can obtain economic value from its disclosure or use; and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy. 
  

	 	2.	Confidentiality Obligations. 

 (a) The Company
agrees to provide me with Company Information. In exchange for the Company’s agreement to provide me with Company Information, as well as the other mutual promises contained in this Agreement and access to its customers, I shall not disclose;
publish or disseminate any Company Information or use any Company Information for the benefit of any person or entity other than the Company, except as specifically required to perform my job duties for the Company or as otherwise specifically
authorized by the Company. I understand and agree that one of my important duties as an employee, and even after my employment terminates, regardless of the reason for or manner of termination is to use my best efforts to safeguard the
confidentiality of the Company Information. With respect to Confidential lnformation that does not constitute Trade Secrets, my confidentiality obligations described herein shall continue for a period of two (2) years after my employment with
the Company terminates (regardless of the reason for or manner of termination). With respect to Trade Secrets, my confidentiality obligations described herein shall continue even after my employment with the Company terminates (regardless of the
reason for or manner of termination) and for so long as the information at issue remains a Trade Secret under applicable law. 
 (b) I
further agree that all Company Information is the exclusive property of the Company and that I have no rights in or to the Company Information upon the termination of my employment. Upon termination of my employment, regardless of the reason for or
manner of termination, I agree to immediately deliver to the Company all originals and all electronic and paper copies of all documents, records and property of any nature whatsoever which are in my possession, custody or control, and which are the
property of the Company or which relate to the Company Information or Business Ideas, including, but not limited to, business activities, customers or prospective customers of the Company, whether prepared by me or others. After returning any
electronic copies of such documents to the Company, any remaining electronic versions shall be destroyed. 
  

	 	3.	Nonsolicitation Obligations. 

 During the term of my
employment by the Company and for a period of two (2) years following the termination of such employment, regardless of the reason for or manner of termination, I shall not, either directly or indirectly: 
 (a) on behalf of a Competitor, solicit any customer or specifically identified prospective customer of the Company (except those no longer pursued by the
Company), with whom I had material contact during the last twelve (12) months of my employment with the Company, for the purpose of selling a product or service competitive with a product or service offered by the Company for which I had
research, development, production, sales or marketing responsibility during my employment with the Company; or 
  

 -2- 

			
	CONFIDENTIALITY, NONSOLICITATION AND ASSIGNMENT OF BUSINESS IDEAS AGREEMENT	  	MAY 2005

 (b) within the United States, solicit or encourage any person employed by the Company, with whom I had
material contact during the last twelve (l2) months of my employment with the Company, to leave the Company’s employment. 
  

	 	4.	Assignment of Business Ideas. 

 (a) The Company
shall own all rights in all Business Ideas. Therefore, I hereby assign and agree to assign to the Company all Business Ideas. I shall promptly execute all documents which the Company may reasonably require to perfect, maintain and protect its
patent, copyright and other rights to such Business Ideas throughout the world, and shall provide other reasonable assistance and cooperation as may be necessary for the Company to investigate, perfect, maintain and protect those rights, including
assistance and cooperation with litigation relating to any Business Ideas. 
 (b) Even after my employment terminates, I agree to promptly
assign, and hereby assign, to the Company all rights I may have in Business Ideas, and shall promptly execute all documents which the Company may reasonably require to investigate, perfect, maintain and protect its patent and other rights to such
information throughout the world. Even after my employment terminates, I will continue to make myself reasonably available to assist the Company with its efforts to investigate, perfect, maintain and protect rights in any Business Ideas, including
assistance with litigation relating to any Business Ideas. 
  

	 	5.	Code of Conduct. 

 I acknowledge that I have
received, reviewed and agree to abide by the Company’s Code of Conduct. 
  

	 	6.	Notice Obligations. 

 (a) If I leave the Company,
and if requested by the Company, I agree to provide the Company with the following information: name of employer; address of employer; name of new team leader; job title; and scope and responsibilities of my new position. 
 (b) I agree that, for a period of two (2) years following termination of my employment with the Company, prior to accepting employment with any new
employer, I will provide a copy of this Agreement to the potential new employer. 
  

	 	7.	Enforcement. 

 (a) Whenever possible, each provision
of this Agreement will be interpreted in such manner as to be effective, valid and enforceable under applicable law. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect by a court of competent
jurisdiction, such provision shall be deemed to be severed from the Agreement, and such invalidity, illegality or unenforceability will not affect any other provision of the Agreement, all of which shall remain valid and enforceable. Notwithstanding
the foregoing, if a court of competent jurisdiction determines that the covenants contained in Sections 2, 3 or 4 are unenforceable because they are overbroad in some respect, to the full extent permitted by applicable law, the court should revise
or reform any aspect of Sections 2, 3 or 4 so as to make the scope of such Sections as broad as can be enforced under applicable law. 
 (b)
In the event of an anticipated or actual breach by me of Sections 2, 3 or 4, I acknowledge and agree that damages would not be an adequate remedy to compensate Kimberly-Clark for the harm to the business of the Company and, in such event, I agree
that Kimberly-Clark shall be 

  

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	CONFIDENTIALITY, NONSOLICITATION AND ASSIGNMENT OF BUSINESS IDEAS AGREEMENT	  	MAY 2005

 
entitled to a temporary restraining order and to temporary injunctive relief to prevent or terminate such anticipated or actual breach, provided, however,
that nothing in this Agreement shall be construed to limit any permanent relief to which Kimberly-Clark may be entitled or the damages otherwise recoverable by Kimberly-Clark in any such event. 
 (c) If I violate any aspect of this Agreement, or any duty of loyalty or confidentiality imposed by law, in addition to any damages that I may be
required to pay, I understand and agree that I shall be required to reimburse the Company for all its costs incurred to enforce the Agreement, including but not limited to, all attorneys’ fees. 
  

	 	8.	Miscellaneous. 

 (a) I am not a party to any
agreement with any other company containing a confidentiality or noncompetition provision or other restriction that relates to the Business which I have not already disclosed to the Company in writing. I understand that I am prohibited from
disclosing or using during my employment with the Company any confidential information or trade secrets that I acquired from any previous employer. 
 (b) This Agreement shall inure to the benefit of and be enforceable by any successors or assigns of the Company, but is not assignable by me. 
 (c) This Agreement represents the full and complete agreement of the parties and supersedes and replaces any prior agreements on the same subject matters as addressed in this Agreement, including but not limited to
the “Confidential Information and Business Ideas, Inventions and Developments Agreement.” This Agreement is not, however, intended to supersede, replace, or alter the terms of the “Noncompetition and Confidentiality Agreement” or
“Noncompete Agreement” that I may have executed prior to or contemporaneously with this Agreement. 
 (d) Nothing in this Agreement
will prevent me, after my employment terminates, from using skills and knowledge of a general and non-confidential nature gained while I was employed at Kimberly-Clark or earlier. 
 (e) No waiver, modification or amendment of any term of this Agreement shall be valid unless made in writing specifying such waiver, modification, or
amendment, and signed by an officer of the Company. 
 (f) I hereby acknowledge that I have had the opportunity to discuss with a lawyer of
my choosing any questions I may have regarding this Agreement, that I fully understand its provisions, and that I have signed it of my own free will in order to enjoy the benefits of employment with Kimberly-Clark and the other consideration recited
above, and to gain access to the Company Information and Kimberly-Clark’s customers. I understand and acknowledge that the Company would not provide me with access to its Company Information or its customers but for my covenants contained in
this Agreement. 
 (g) FOR EMPLOYEES NOT PARTY TO A COLLECTIVE BARGAINING AGREEMENT: This Agreement does not constitute a guarantee or
contract of employment for a specific term. All employment with the Company is terminable at will, by either the employee or the Company, for any reason, at any time. 
  

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	CONFIDENTIALITY, NONSOLICITATION AND ASSIGNMENT OF BUSINESS IDEAS AGREEMENT	  	MAY 2005

 (h) FOR CALIFORNIA EMPLOYEES: Notice under California Labor Code Section 2870. I have been
notified and understand that the provisions of Sections 4 and 5 of this Agreement do not apply to any Work Product that constitutes an invention that fully qualifies under the provisions of Section 2870 of the California Labor Code, which
states as follows: 
 (A) ANY PROVISION IN AN EMPLOYMENT AGREEMENT WHICH PROVIDES THAT AN EMPLOYEE SHALL ASSIGN, OR OFFER TO ASSIGN, ANY OF HIS OR HER RIGHTS
IN AN INVENTION TO HIS OR HER EMPLOYER SHALL NOT APPLY TO AN INVENTION THAT THE EMPLOYEE DEVELOPED ENTIRELY ON HIS OR HER OWN TIME WITHOUT USING THE EMPLOYER’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION EXCEPT FOR THOSE
INVENTIONS THAT EITHER: (I) RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION TO THE EMPLOYER’S BUSINESS, OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE EMPLOYER; OR (II) RESULT FROM ANY WORK
PERFORMED BY THE EMPLOYEE FOR THE EMPLOYER. 
 (B) TO THE EXTENT A PROVISION IN AN EMPLOYMENT AGREEMENT PURPORTS TO REQUIRE AN EMPLOYEE TO ASSIGN AN
INVENTION OTHERWlSE EXCLUDED FROM BEING REQUIRED TO BE ASSIGNED UNDER SUBDIVISION (A), THE PROVISION IS AGAINST THE PUBLIC POLICY OF THIS STATE AND IS UNENFORCEABLE. 
 Signed at Neenah, WI, this 1st day of June, 2005. 
  

									
		 		 	KIMBERLY-CLARK CORPORATION
				
	 /s/ Steve Kalmanson
	 		 	By:	 	 /s/ Thomas J. Falk

	(Employee’s Signature)	 		 	Title:	 	Chairman of the Board and Chief Executive Officer
					
	Witness:	 	 /s/ LuAnn Zimmerman
	 		 		 	

  

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	CONFIDENTIALITY, NONSOLICITATION AND ASSIGNMENT OF BUSINESS IDEAS AGREEMENT	  	MAY 2005

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