Document:

Exhibit 10.21

 

Salary,
Cash Bonus and Other Compensation Arrangements

for Certain Executive Officers of Sealed Air Corporation

Named in Exhibit 10.20

 

The Company’s executive compensation program
consists of salaries, annual cash bonuses tied to both financial and
non-financial performance, and awards under the 2005 Contingent Stock Plan of
Sealed Air Corporation (which, upon approval at the 2005 Annual Meeting of
Stockholders, replaced the Contingent Stock Plan of Sealed Air Corporation that
was approved in 1998). The named executive officers also have other
compensation arrangements described below.

 

Salary.    The Organization and
Compensation Committee of the Board of Directors (the "Compensation
Committee") bases its decisions on salaries principally on the
responsibilities of each executive and on the Compensation Committee’s
evaluation of the market demand for executives of the capability and experience
employed by the Company in relation to the total compensation paid to the
particular executive.

 

Cash Bonuses.    The Compensation Committee
establishes cash bonus objectives for the executive officers, which in all
cases are subject to achievement of pre-established performance goals for the
year set by the Compensation Committee under the Company’s Performance-Based
Compensation Program, as amended. Such goals are described in Exhibit 10.20
to this Annual Report, which also describes the basis upon which individual
cash bonus awards are set assuming that the performance goals for the year are
achieved. Cash bonus awards are also based on the factors mentioned above
applicable to salary decisions.

 

Stock Awards.    Achievement of the
pre-established performance goals for each year set by the Compensation
Committee also applies to awards that may be made during the following year
under the 2005 Contingent Stock Plan of Sealed Air Corporation, as described in
Exhibit 10.20.

 

Other Compensation Arrangements.

 

The executive officers
participate in the Company’s broad-based benefit programs generally available to
its salaried employees, including health, disability and life insurance
programs and retirement plans.

 

The Company pays the premium
for life insurance policies owned by William V. Hickey and Robert A. Pesci in
the amounts of $3,100 and $2,500 per year, respectively.

 

J. Stuart K. Prosser, who is
based in the United Kingdom, has an agreement with the Company under which a
portion of his salary is not “pensionable salary” under the pension plan in
which he participates.

 

Mr. Prosser has the use
of a Company-paid apartment in the Duncan, South Carolina area when he is
working at the Company’s Duncan facility, since rent and utilities for the
apartment are less than the cost of hotel accommodations.

 

David B. Crosier, who joined
the Company in August 2004, has been granted extended temporary living
expenses in the New Jersey area under the Company’s relocation program for a
period ending no later than August 2007.

 

Mr. Hickey, David H.
Kelsey, Mr. Pesci and H. Katherine White are each provided with the use of
a company-leased car (including fuel), the full value of which is taxable
income to each of them. The Company pays each of them $3,600 per year to
reimburse the executive officer for the taxes incurred due to the compensation
attributable to use of the company car. Mr. Crosier and Mr. Prosser
each receives an annual car allowance payable in cash
in lieu of a company-provided car.Exhibit 10.29

 

(Form of)

 

NON-COMPETE AND

CONFIDENTIALITY AGREEMENT

 

The following
agreement between SEALED AIR CORPORATION (“Sealed Air”) and                                                    
(the “Employee”) is voluntarily entered into and replaces all previous
agreements, if any, between the Employee and Sealed Air relating to the
employment of the Employee, to the confidential affairs of Sealed Air and its
subsidiaries (together called the “Company”), to inventions conceived or made
by the Employee and to refraining from competition with the Company.  The Employee’s obligations under this
Agreement are made in consideration of the employment of the Employee by the
Company and the continuation thereof after this date during such time as may be
mutually agreeable to the Company and the Employee, the compensation to be paid
by the Company to the Employee in exchange for the Employee’s services, and the
Company’s agreement to pay severance pay to the Employee under Section 7 of
this Agreement.

 

The parties agree
as follows:

 

1.             During employment with the Company,
employees may have access to and become acquainted with information of a
confidential, proprietary or secret nature which is or may be related in some
way to the present or future business of the Company.  For example, trade secret information
includes, but is not limited to, information of a technical nature, such as
“know how,” formulae, secret processes or machines, inventions, and research
projects, and matters of a business nature, such as information about costs,
profits, markets, sales, lists of customers and vendors, and any other
information of similar nature to the extent not available to the public, and
plans for future development.  The
Employee agrees that he or she will keep secret all confidential matters of the
Company, including information received in confidence by the Company from
others, and agrees not to disclose them to anyone outside the Company, either
during or after employment with the Company, except upon written consent of the
President or a corporate Vice President of Sealed Air.  The Employee further agrees to deliver
promptly to the Company on termination of his or her employment with the
Company, or at any time the Company may so request, all memoranda, notes,
records, reports, manuals, drawings, blueprints, and any other documents and
computer-accessible records of a confidential nature belonging to the Company,
including all copies of such materials that the Employee may then possess or
have under his or her control.

 

2.             Any and all discoveries,
improvements and inventions, whether or not patentable (“Inventions”), that the
Employee may conceive or make solely or jointly with others during the period
of his or her employment with the Company or within one year thereafter shall
be the sole and exclusive property of the Company, provided that such
Inventions grew out of the Employee’s work with the Company, are related in any
manner to the business (commercial or experimental) of the Company or are
conceived or made on the Company’s time or with the use of the Company’s
facilities or materials.  The Employee
will promptly and fully disclose to the Company in writing all information he
or she may possess relating to any and all such Inventions.

 

 

3.             The Employee agrees that any and
all copyrightable works that the Employee may create in the course of providing
services to the Company shall be the sole and exclusive property of the
Company.

 

4.             The Employee will, whenever
requested to do so by the Company during employment by the Company or
thereafter, at the expense of the Company, render such reasonable assistance
and execute and assign patent applications, patents, copyrights, copyright
registrations and other instruments as the Company shall deem necessary or
advisable in order to apply for, obtain and from time to time enforce United
States patents or patents in foreign countries covering any such Inventions and
to place in the Company or its nominees, the sole and exclusive right in and to
such Inventions, patent applications, patents and copyrights.

 

5.             It is agreed and affirmed that the
Employee is not bringing or disclosing to the Company, and will not in future
bring or disclose, the secret or confidential information of others, including
former employers, which he has agreed or is otherwise bound not to disclose.

 

6.             While employed, and during and for
two years following termination of the Employee’s employment by the Company,
the Employee shall not, without the written consent of the President or a
corporate Vice President of Sealed Air, (i) either directly or indirectly
compete with or in any way engage his or her talents for the benefit of a
competitor of the Company in any capacity related directly or indirectly to any
aspect of his or her past, present or future employment with the Company or
(ii) act as an officer, director, employee, consultant, partner or stockholder
owning more than five percent of a corporation, business or enterprise that is
in the business of designing, developing, manufacturing, selling, servicing or
promoting a product that competes with any of the products manufactured, sold
or under development by the Company during the Employee’s employment by the
Company.  The Employee acknowledges and
represents that his or her background and experience adequately qualify him or
her to engage in other profitable lines of endeavor and that he or she will not
be subject to undue hardship by reason of this non-competition commitment.  The Company, at its sole discretion, may
elect to release the Employee from his or her obligations under this Section 6
after termination of employment by the Company, which election shall be
provided in writing signed by the President or a corporate Vice President of
Sealed Air no later than 60 days after the termination of the Employee’s
employment with the Company.

 

7.             If the Employee’s employment with
the Company is terminated by the Company for any reason other than gross
misconduct after he or she has been employed by the Company for a period of two
months or more, the Employee shall be entitled, upon such termination, to
severance pay equal in amount to (i) one-twelfth of the annual salary rate at
which he or she was paid immediately preceding such termination, if such
termination occurs within the first year of employment, or (ii) one-sixth of
the annual salary rate at which he or she was paid immediately preceding such
termination, if such termination occurs thereafter.  If the Company elects to release the
Employee’s obligations described in Section 6 after termination of the
Employee’s employment with the Company, however, then the Company shall have no
obligation to pay to the Employee any severance pay under this Section 7.

 

8.             {Note:  The following provision appears in the
agreement as signed by Mr. Crosier:  This Agreement
shall be governed by the laws of the state in which the Company facility is
located where the Employee reported upon termination or, if still employed,
where the Employee presently reports, without reference to principles of
conflicts of law, regardless of the

 

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jurisdiction in which any
action or proceeding may be instituted. 
If the Employee is an expatriate, this Agreement shall be governed by
the laws of the state of New Jersey.} {Note:  The following provision appears in the
agreement as signed by Mr. Kelsey:  This Agreement and performance hereunder and
all suits and proceedings hereunder shall be construed in accordance with and
under the substantive laws of the state in which the Company facility is
located where the Employee will work initially (or, if the Employee does not
work at a Company facility, to which the Employee reports initially) without
reference to principles of conflicts of law, regardless of the jurisdiction in
which any action or proceeding may be instituted.}  If any of the provisions of this Agreement
are held to be invalid or unenforceable, such holding shall not affect the
remainder of the provisions of this Agreement, which shall be given full effect
without regard to the invalid portions. 
If the Employee should violate any of these provisions, then along with
any other rights and remedies that the Company may have, the Company also shall
be entitled to refuse to pay any separation pay that remains to be paid and to
recover from the Employee any separation pay that has already been paid.

 

9.             The existence of any claim or cause
of action which the Employee may have against the Company, whether related to
this Agreement or otherwise, shall not constitute a defense to the enforcement
by the Company of the covenants in this Agreement.

 

10.           This Agreement shall inure to the
benefit of the Company’s successors and assigns.

 

11.           This Agreement constitutes the entire
understanding concerning the subject matter in it, and it shall not be changed
or terminated, in whole or in part, except by a written document duly executed
on behalf of the Company by the President or a corporate Vice President of
Sealed Air.

 

12.           This Agreement is being executed in
duplicate originals and the Employee acknowledges receipt of one such duplicate
original.

 

13.           THE EMPLOYEE UNDERSTANDS AND AGREES
THAT EMPLOYMENT WITH THE COMPANY MAY BE TERMINATED AT WILL AND THAT THERE IS NO
OBLIGATION ON THE PART OF THE EMPLOYEE TO WORK FOR THE COMPANY NOR FOR THE
COMPANY TO EMPLOY THE EMPLOYEE FOR ANY FIXED PERIOD OF TIME.  THE EMPLOYMENT OF THE EMPLOYEE MAY BE
TERMINATED AT ANY TIME WITH OR WITHOUT CAUSE. 
NO EXPECTANCY OF CONTINUED EMPLOYMENT IS CREATED REGARDLESS OF THE
LENGTH OF OR SATISFACTORY SERVICE BY THE EMPLOYEE.  NOTHING HAS BEEN EXPRESSED OR IMPLIED TO THE
EMPLOYEE TO THE CONTRARY BY THE COMPANY. 
ANY CHANGE IN THE “AT WILL” STATUS OF THE EMPLOYEE CONTRARY TO THIS
SECTION 13 MUST BE IN WRITING AND SIGNED BOTH BY THE EMPLOYEE AND BY EITHER THE
PRESIDENT OR A CORPORATE VICE PRESIDENT OF SEALED AIR.

 

	
   

  	
   

  	
  SEALED AIR CORPORATION

  
	
  Employee’s name

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Employee’s signature

  	
   

  
	
   

  	
  Title: 

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
   

  	
   

  
	
  Date

  	
   

  

 

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NOTICE TO EMPLOYEES IN THE STATE OF CALIFORNIA

 

The provisions of
Sections 2 and 4 of this confidentiality agreement requiring you to disclose to
the Company and assign rights to certain Inventions to the Company do not apply
to any invention which qualifies fully under the provisions of Section 2870 and
2871 of the California Labor Code.  The
provisions of Section 6 of this agreement shall become effective in California
and be enforceable only to the extent permitted by Section 16600 of the
Business and Professions Code.

 

NOTICE TO EMPLOYEES IN THE STATE OF WASHINGTON

 

The provisions of
Sections 2 and 4 of this agreement do not apply to any invention for which no
equipment, supplies, facility, or trade secret information of the employer was
used and which was developed entirely on your own time, unless

 

(a) the invention
relates (i) directly to the business of the employer, or (ii) to the employer’s
actual or demonstrably anticipated research or development, or

 

(b) the invention
results from any work performed by you for the employer.

 

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