Document:

Retirement Agreement between JohnsonDiversey, Inc. and JoAnne Brandes

 Exhibit 10.39 
 RETIREMENT AGREEMENT BETWEEN 
 JOHNSONDIVERSEY, INC. AND JOANNE BRANDES 
  

					
	 Date:
	  	January 5, 2007	  	
			
	 From:
	  	Curt Johnson	  	PERSONAL & CONFIDENTIAL
			
	 To:
	  	JoAnne Brandes	  	

 The following sets forth our mutual agreement (“Agreement”) regarding your separation
from the Company: 
 1. Salary Continuation. Your last day of work will be January 31, 2007 (“Termination Date”). The
Company will pay you an amount equal to one times the sum of your annual base salary ($460,000) and performance bonus objective (“PBO”) at your 2006 target rate ($299,000) as salary continuation for 12 months following the Termination
Date. Payments of this salary continuation amount of $759,000 will be paid in equal installments at the times and in the manner consistent with Company payroll practices for executive employees. Payments will have all federal, state and local taxes
deducted, as applicable. 
 2. Health Benefits. The medical, dental and vision coverage you elected under the JohnsonDiversey Choice
Benefits Program will cease on your Termination Date. At your option, you may continue your coverage for a period of 18 months under COBRA. Please contact the JDI Service Center at (866) 391-0760 for more detailed information. At the end of the
18-month period, you will be eligible for retiree medical benefits as provided under our plan as in effect from time to time. Your retiree medical premiums will be based on your age as of your Termination Date. The Company will pay you a cash lump
sum payment of $30,500 within 30 days following your Termination Date to cover the sum of the present value of the estimated difference in retiree medical premiums that you will be required to pay based on your age as of your Termination Date and
those that you would have paid had you been age 55 at your Termination Date and the estimated tax consequences of the payment. 
 3. COBRA
Assistance. If you elect COBRA, the Company will subsidize the medical, vision and dental rates for the 18 months’ coverage period so that for the same coverage you will pay the same amount of contribution as if you were an active employee.

 4. Retiree Medical Savings Account (RMSA). You will retain any RMSA Employee and Company Accounts to be used for payment of
healthcare expenses. 
 5. Life Insurance. You will receive Company-paid retiree life insurance of $15,000 and you will have the
option of purchasing additional retiree life as provided under our plan as in effect from time to time. For options regarding retiree life insurance and on converting any additional life insurance coverage, please contact the JDI Service
Center. 

 6. Choice Benefits. As with the health benefits, the coverage you elected will cease on your
Termination Date. 
 7. Service Recognition Award. In recognition of your career with the Company, the Company will pay you $1,130,000
in cash, one-half to be paid on the first anniversary of the Termination Date and one-half on the second anniversary of the Termination Date. 
 8. Supplemental Executive Retirement Plan. As of the first day of the month following your Termination Date, you will be paid under the JohnsonDiversey, Inc. Supplemental Executive Retirement Plan a cash lump sum payment equal to the
actuarial equivalent value of a $50,000 annual retirement benefit commencing at attainment of age 55 on a single-life basis. 
 9. 2006
PBO. You will receive a 2006 PBO payment based on actual performance. This payment will be made on or before March 31, 2007 at the time the Company pays such bonuses to other participants. 
 10. 2006-08 Cash LTIP. You will receive a prorated Cash LTIP payment for the 2006-08 performance cycle based on actual performance, with your
prorated entitlement to be one-third of the otherwise earned benefit. This payment will be made after the end of the 2006-08 performance cycle and on or before March 31, 2009 at the time the Company pays awards for the 2006-08 performance cycle
to other participants. 
 11. 2006 Transition Performance Award. You will receive a 2006 transition performance award payment based on
actual performance. The final payment of such award will be made during June 2007 at the time the Company makes final payments of such awards to other participants. 
 12. 2006 Profit Hunt Incentive Award. You will receive a 2006 profit hunt incentive award based on actual performance. This payment will be made on or before March 31, 2007 at the time the Company pays
such bonuses to other participants. 
 13. JohnsonDiversey Retirement Plan/Non-qualified Retirement Plan. Your vested benefits under
these plans at your Termination Date will be available to you pursuant to their terms. You will receive more detailed information. 
 14.
401(k) Plan. You will continue to participate in the 401(k) Plan based on your base salary up to your Termination Date. Your Plan account will be based on the date of distribution of your account to you. To access your 401(k) account, please
call Fidelity at (800) 890-4015. 
 15. Outplacement Assistance. For one year following your Termination Date, the Company will
provide the services of the outplacement firm of Right Management to assist you in your effort to secure other employment. 
 16.
Separation Pay. You will be entitled following your Termination Date to 14 weeks’ of your base salary (the annual rate of which is $460,000) as provided under the Company’s formal separation pay policy. 
  

 - 2 - 

 17. Flexible Spending Account. You will be entitled on July 1, 2007 to a payment of up to
$10,000 for reimbursement of retirement/financial planning service expenses incurred after January 1, 2007 and prior to July 1, 2007. 
 18. All Other Benefits. All other benefits not specifically mentioned above cease as of your Termination Date,
and you will not be entitled to any awards under our annual or long-term bonus or incentive plans (including PBO, cash/equity LTIP, and profit hunt incentive awards) for 2007 or later years. Your 2001 special restricted stock grant with a grant date
of December 10, 2001 (including the added cash benefit under a SERP providing for a payment thereunder equal to the difference between the value of the restricted stock at the time of vesting and the value if the shares were valued at $139.25
per share) will be forfeited on your Termination Date in accordance with its terms. You will be paid for unused 2006 vacation days plus 1/12th of your 2007 vacation in accordance with Company policy and the requirements of Wisconsin law. 
 19. Corporate
Credit Card. You agree to file all expense reports on your Mastercard Corporate Credit Card on or before your Termination Date. If any amount remains outstanding, you agree that the Company will withhold said amount from any monies due you under
this Agreement. 
 20. Return of Company Property. As soon as reasonably practicable but in no event later than your Termination Date,
you shall return all Company-owned property in your possession, including but not limited to all keys to buildings or property, credit cards, files, equipment, software and computers, documents and papers (including but not limited to reports,
Rolodexes, sales data, product lists, business plans, financial information, corporate governance materials, notebook entries, and files), telephone cards, cellular telephone(s), all Confidential Information, as defined herein, and all other Company
property in accordance with Company guidelines. 
 21. Release. In consideration of the Company’s provision for the severance
payments provided above, you agree, on behalf of yourself, your spouse or any former spouse, dependents, heirs, attorneys, successors and assigns, to release, hold harmless and forever discharge JOHNSONDIVERSEY, INC., as well as its parent
companies, subsidiaries, affiliates, successors, predecessors, employees, agents, directors and officers, past and present, stockholders and estates in their individual and business capacities, jointly and severally, (collectively referenced herein
as “the Released Parties”), from any and all claims, damages, fees, costs or other equitable, legal, statutory or common law relief for any causes of action, obligations, contracts, torts, claims, costs, penalties, fines, liabilities,
attorneys’ fees, demands or suits, of whatever kind or character, known or unknown, fixed or contingent, liquidated or unliquidated, whether asserted or unasserted, arising out of or related to your prior employment with the Company, your
termination from employment with the Company, any employment agreements, policies or practices governing terms of your employment, and any acts or omissions by the Company or any of the Company’s current and former officers, directors,
shareholders, principals, attorneys, agents, employees, affiliates, parent companies, subsidiaries, successors and assigns, at any time up through the Effective Date of this Agreement. This Agreement shall specifically apply to, but shall not be
limited to, claims for violation of civil rights, including violations of Title VII of the Civil Rights Act of 1964, the Equal Pay Act, the Americans With Disabilities Act, the Age 

  

 - 3 - 

 
Discrimination in Employment Act or any other state or federal statute (or constitution), including but not limited to any claim based upon race, sex,
national origin, ancestry, religion, age, mental or physical disability, marital status, sexual orientation or denial of Family and Medical Leave; claims arising under the Employee Retirement Income Security Act (“ERISA”), or pertaining to
ERISA-regulated benefits; claims arising under the Fair Labor Standards Act, including any claims for wages, vacation pay, severance pay, bonus compensation, commissions, deferred compensation, other remuneration of any kind or character; claims for
violations of any federal, state or local laws governing employment or labor relations; claims for any obligations, agreements, express or implied contracts; claims for defamation, invasion of privacy, assault and battery, intentional or negligent
infliction of emotional distress, negligence, gross negligence, estoppel, conspiracy or misrepresentation; express or implied duties of good faith and fair dealing; wrongful discharge, violations of public policy; and/or torts for any and all
alleged acts, omissions or events up through the Effective Date of this Agreement. 
 22. Older Worker Benefit Protection Act. This
Agreement is intended to comply with the terms of the Older Workers’ Benefit Protection Act. Accordingly, you acknowledge that you have been advised of the following rights: 
 a. You understand that state and federal laws, including the AGE DISCRIMINATION IN EMPLOYMENT ACT, prohibit employment discrimination
based upon age, sex, martial status, race, color, national origin, ethnicity, religion, sexual orientation, veteran’s status and disability. You further acknowledge and agree that, by signing this Agreement, you agree to waive any and all such
claims, and release the Company as well as the other Released Parties from any and all such claims. 
 b. You acknowledge that
you have been advised in writing to consult with an attorney and have been provided with a reasonable opportunity to consult with an attorney prior to signing this Agreement, which contains a general release and waiver of claims. 
 c. You acknowledge that the consideration required to be paid pursuant to the terms of this Agreement includes certain payments to which
you otherwise would not be entitled, and that you are being paid these additional payments in consideration for signing this Agreement. 
 d. You acknowledge that you have been provided with a minimum of TWENTY-ONE (21) DAYS after receiving this Agreement, up to and including January 26, 2007 to consider whether to sign this Agreement.

 e. You have been informed that, in the event that you sign this Agreement, you have another SEVEN (7) DAYS to revoke
it. To revoke, you agree to deliver a written notice of revocation to Edward F. Lonergan, President and Chief Executive Officer, (with a cc to Todd Blazei, Vice President, Total Rewards), JohnsonDiversey, Inc., 8310 16th Street, P.O. Box 902,
Sturtevant, WI 53177-0902, prior to 5 PM on the seventh day after signing. THIS AGREEMENT DOES NOT BECOME EFFECTIVE UNTIL EXPIRATION OF THIS SEVEN DAY PERIOD. 
  

 - 4 - 

 f. The consideration required to be paid under this Agreement will not be paid until the
aforesaid rescission period has expired without you exercising your right of rescission and all terms of this Agreement are fulfilled. 
 23.
Confidential Information. You agree to keep strictly confidential, and will not disclose to any third party in any manner, directly or indirectly, any Confidential Information. You agree that all such information shall be held in strictest
confidence and not published or otherwise disclosed in any manner or to any degree. You further agree that you will not, for your own behalf or on behalf of any other person or entity, use any Confidential Information for the purpose of engaging in
any business activity similar to that in which you engaged during your employment with the Company. 
 a. For purposes of this
Agreement, “Confidential Information” shall mean all information, whatever its nature and form and whether obtained orally, by observation, from written materials, or otherwise obtained by you during or as a result of your employment with
the Company or in connection with your affiliation with any entity which has been acquired by or merged into the Company, and relating to any research, technical, manufacturing, business or commercial activities or plans of the Company, whether made
or conceived by you or otherwise, or any information regarding any business, and/or personal affairs of any present or former directors, officers, stockholders and/or employees of the Company or any affiliate or subsidiary companies of the Company
to which you have been privy during the time that you were an employee of this Company, except such information as is generally available to the public. By way of illustration, but without limitation, “Confidential Information” includes
formulas, systems, methods, programs, processes, compilations of technical and non-technical information, inventions, discoveries and improvements, designs, drawings, blueprints, software, product ideas, concepts, prototypes, features, techniques,
procedures, and all ideas related to actual or anticipated business or research and development of the Company, whether patented or patentable, and business and customer information including but not limited to product announcement dates, marketing
objectives and strategies, financial projections, planned product or services offerings, advertising and promotional materials, forms, patterns, lists of past, present or prospective licenses, licensees, clients and customers, and their addresses,
needs, personnel, characteristics, and the like, and data prepared for, stored in, processed by or obtained from an automated information system belonging to or in the possession of the Company. 
 b. If you are required by order of a court or other governmental authority to disclose any Confidential Information, you agree to promptly
notify the Company in advance of any disclosure so that the Company may attempt to obtain an appropriate protective order. 
 c. As a material term of this Agreement, you agree to comply in all respects with the terms of the Agreement to Respect Proprietary Rights and Non-Compete (the “Non-Compete”) that you signed. You acknowledge and agree that the
Non-Compete remains in full force and effect notwithstanding the termination of your employment with the Company. The terms of the Non-Compete are hereby incorporated by reference. You reaffirm the terms of the Non-Compete and agree that (a) by
executing this 

  

 - 5 - 

 
Agreement you are agreeing to all of the terms of the Non-Compete as if you signed that document anew, and (b) the payments you are receiving and/or are
to receive under this Agreement is consideration for the obligations you have under the Non-Compete. 
 24. Non-Solicitation. For a
period of three (3) years after your termination, you shall not in any manner, directly or indirectly, induce or attempt to induce any employee of the Company to quit or abandon his or her employment with the Company, or any parent company,
subsidiary or affiliate. 
 25. Confidentiality. The Parties agree that neither party, nor anyone acting in on her/its behalf shall
initiate or cause to be initiated any publicity or any oral or written communication whatsoever concerning the terms of this Agreement and, with the exceptions stated herein below, shall forever hold confidential and not make public to anyone, in
particular, current and past employees of the Company, whether by oral or written communications or otherwise, said terms, except only: (a) as may be required by the Company to comply with securities laws and regulations; (b) to the extent
as may be absolutely necessary to accomplish financial planning, tax planning and the filing of income tax returns; (c) to the extent as may be absolutely necessary to enforce the terms of this Agreement; (d) to the extent as may be
compelled by court order; or (e) to spouses or immediate family members. Any breach of this section shall be considered a material breach of the Agreement. 
 26. Non-Disparagement. You agree that you will not make any disparaging or derogatory remarks or statements about the Company, or the Company’s current and former officers, directors, shareholders,
principals, attorneys, agents or employees, or your prior employment with the Company. The Company agrees that it will not make any disparaging or derogatory remarks or statements about you or your prior employment with the Company. In the event a
prospective employer contacts the Company by any means to verify your prior employment, the only information that the Company, and its agents or employees will provide will be your hire date, date of resignation and last position held. 

27. Breach of Agreement. The Company shall have the right to terminate any and all payments to be made to you under this Agreement in the event
of your breach of any of your obligations under this Agreement or under the Non-Compete. 
 28. Miscellaneous. 
 a. In the event that the Company is involved in any investigation, litigation, arbitration or administrative proceeding subsequent to the
Termination Date, you agree that, upon request, you will provide reasonable cooperation to the Company and its attorneys in the prosecution or defense of any investigation, litigation, arbitration or administrative proceeding, including
participation in interviews with the Company’s attorneys, appearing for depositions, testifying in administrative, judicial or arbitration proceedings, or any other reasonable participation necessary for the prosecution or defense of any such
investigation, litigation, arbitration or administrative proceeding. The Company agrees to reimburse you for your reasonable expenses in participating in the prosecution or defense of any investigation, litigation, arbitration or administrative
proceeding, provided that you submit acceptable documentation of all such expenses. 
  

 - 6 - 

 b. This Agreement is made in the State of Wisconsin, and shall in all respects be
interpreted, enforced and governed under the laws of the State of Wisconsin (exclusive of any rules pertaining to choice of law), or by Federal law where applicable. 
 c. The provisions of this Agreement may not be modified by any subsequent agreement unless the modifying agreement is: (i) in
writing; (ii) specifically references this Agreement; (iii) is signed by you; and (iv) is signed and approved by an authorized officer of the Company. 
 d. This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof; the Parties have
executed this Agreement based upon the terms set forth herein; the Parties have not relied on any prior agreement or representation, whether oral or written, which is not set forth in this Agreement; no prior agreement, whether oral or written,
shall have any effect on the terms and provisions of this Agreement; and all prior agreements, whether oral or written, are expressly superseded and/or revoked by this Agreement unless otherwise provided herein. 
 e. Each provision of this Agreement shall be enforceable independently of every other provision. Furthermore, in the event that any
provision is deemed to be unenforceable for any reason, the remaining provisions shall remain effective, binding and enforceable. The Parties further acknowledge and agree that the failure of any party to enforce any provision of this Agreement
shall not constitute a waiver of that provision, or of any other provision of this Agreement. 
 f. The Effective Date of this
Agreement shall be seven (7) calendar days after the date that you sign this Agreement. The date that representatives of the Company sign this Agreement shall not affect the Effective Date for any purpose under this Agreement. 
 g. You agree and understand that this Agreement sets forth and contains all of the obligations the Company has to you and that you are not
entitled to any other compensation of any kind or description. 
 h. We advise you to consult an attorney prior to signing
this Agreement, especially in relation to the release stated above. However, each party will bear their own attorney’s fees and costs in connection with drafting and negotiation of this Agreement. 
 i. This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall
constitute an effective, binding agreement on the part of each of the undersigned. 
 j. The Company may withhold from any
amounts payable under this Agreement all federal, state and local taxes as the Company is required to withhold pursuant to any law or government regulation or ruling. 
 29. Resignation From Positions. Effective as of the Termination Date, you hereby resign from all your positions with the Company, its subsidiaries and its affiliates, including as an employee, officer,
director, or member of any committee or board thereof, which you currently hold or in which you currently serve. From and after the Termination Date, you shall no longer be an employee, 

  

 - 7 - 

 
officer or director of the Company or any of its subsidiaries or affiliates. 
 If you are in agreement with all of the terms stated in this Agreement, please sign both copies where provided below and return one copy to me. 
  

			
	 /s/ Curt Johnson

	Curt Johnson

 Accepted and agreed to this 25th day of 
 January, 2007 
  

			
	 /s/ JoAnne Brandes

	 JoAnne Brandes

  

 - 8 -Amended and Restated Performance Bonus Opportunity

 Exhibit 10.46 
 CONFIDENTIAL 
 JOHNSONDIVERSEY, INC. 
 AMENDED AND RESTATED 
 PERFORMANCE BONUS OPPORTUNITY PLAN 
 FOR KEY EXECUTIVES AND OFFICERS 
 EFFECTIVE AS
OF OCTOBER 21, 2002 
 UPDATED DECEMBER 2004 
  

	I.	ADOPTION OF PLAN. 

 The Board of Directors (the
“Board”) of JohnsonDiversey, Inc., a Delaware corporation (the “Company”), adopts this Amended and Restated Performance Bonus Opportunity Plan (the “Plan”) effective October 21, 2002 for certain key executives
and officers of the Company. The awards for all key executives under this Plan shall be made only if authorized by the Compensation and Management Succession Committee (the “CMSC”) of the Board of the Company or by the Chief Executive
Officer of the Company, as applicable, in accordance with this Plan. Awards for all corporate officers shall be made under this Plan only if authorized by the CMSC. Corporate officers and key executives are collectively referred to in this Plan as
“Participants.” This Plan incorporates and supercedes all previous performance bonus opportunity plans previously adopted by the Company. This Plan shall be ongoing until terminated by action of the Board at any time. The chairman of the
CMSC is authorized to act for the CMSC between regular meetings of the CMSC. 
  

	II.	PURPOSES OF THE PLAN. 

 This Plan is aimed at building the
general management capabilities of Participants of the Company as well as stimulating and rewarding outstanding individual performance. Specifically, the purposes of the Plan are to: 
  

	 	A.	Contribute to the on-going development of the Company’s management resources by recognizing and rewarding outstanding performance, achievements and contributions to fiscal year
results by individual Participants. 

  

	 	B.	Direct efforts of Participants to specific challenges and opportunities that warrant extraordinary attention. 

	 	C.	Motivate Participants to develop maximum resourcefulness and resiliency in planning and directing their organizations in the faces of changing competitive, economic, political and
other conditions. 

  

	 	D.	Provide an incentive for Participants to constructively assist other organizations in the Company to meet current and future challenges. 

  

	 	E.	Encourage Participants to develop realistic yet challenging short-range key objectives that will stretch their organizations’ capabilities. 

  

	 	F.	Ensure that goals, specific plans for attaining them, accomplishments and the basis for measuring them are fully discussed and agreed upon by superiors and subordinates on a regular
basis. 

  

	 	G.	Motivate and reward Participants to build a longer term management perspective and commitment and achieve long-range strategic objectives for business units and the Company.

  

	III.	COMPONENTS OF THE PLAN. 

  

	 	A.	Eligibility. All Participants of the Company are eligible to receive awards under the Plan; provided that eligibility of a Participant in a given year is not a guarantee that
a payout will be made to that Participant for that year. Participants will be notified of their selection prior to the beginning of the fiscal year. Additional Participants may be added during the fiscal year by the CMSC, Chief Executive Officer or
by a senior officer to whom the Chief Executive Officer designates authority, as applicable, either by the CMSC’s own action or upon the recommendation of the Chief Executive Officer or his designee. 

  

	 	B.	Administration of the Plan. 

  

	 	1.	Basis for Awards. Individual awards to each Participant shall be based on the base salary of such Participant as of the end of the last day of the fiscal year. If a
Participant has been with the Company for less than the full fiscal year, such Participant’s base salary, for purposes of this section, shall be prorated based on the number of full months the Participant has worked for the Company during the
applicable fiscal year. For this purpose, the term “base salary” shall not include profit sharing, allowances or any other payments or benefits, whether legally required or not. 

  

 2 

 Target awards for all corporate officers will be established by the CMSC and target awards for all other
Participants will be established and approved by the Chief Executive Officer before the start of each fiscal year. These target award levels are not intended to limit the CMSC’s and/or Chief Executive Officer’s complete flexibility in
exercising its/his discretion in any way. 
  

	 	2.	Factors Considered in Determining Individual Awards. Primary factors to be considered in determining individual awards shall include: 

  

	 	•	 	 results against all annual objectives; 

  

	 	•	 	 retrospective evaluation of the degree of stretch required to achieve the objectives; 

  

	 	•	 	 retrospective evaluation of the changes in business circumstances, shifts in strategic direction and external factors beyond the influence of the Participant;

  

	 	•	 	 overall performance; 

  

	 	•	 	 cooperation with/assistance to other corporate units. 

  

	 	(a)	Annual Objectives. In judging results against annual objectives, performance of the appropriate organizational business unit (or for officers, up to three organizational
business units) of which a Participant is a member may be weighed. Those organizational business units may include: 

  

	 	(i)	The business unit to which the individual key executive provides primary support (as determined by the officer to whom the key executive reports and his/her respective senior
officer) or which an individual officer personally directs. 

  

	 	(ii)	The region or operation of which the officer is a member and has an impact (e.g., North America; Europe). 

  

	 	(iii)	The guideline percentages of target awards that relate to organizational business unit performance will be set out in the target recommendation to be adopted each fiscal year by the
CMSC and/or Chief Executive Officer. 

  

 3 

 Such percentages are intended to assure that consideration is given to all applicable elements. However,
they are not in any way intended to restrict or bind the CMSC and/or Chief Executive Officer from exercising discretion in determining the amount of any award or whether an award is made. 
  

	 	(b)	Cooperation and Assistance to Overall Company. All Participants will, at various times, have an opportunity to help the Company achieve its goals by cooperating or assisting
other units within the corporate structure. When those opportunities occur, the degree of cooperation and assistance will be considered as a factor in determining the individual Participant’s award. 

  

	 	(c)	Termination Prior to Payout. 

  

	 	(i)	Should the employment of a Participant terminate due to death, disability, retirement or elimination of job before an award under this Plan is made, [a] where such termination
occurs during the first three months of the fiscal year, the Participant shall receive no payout amount; and [b] where such termination occurs after the first three months of the fiscal year, the payout for such Participant shall be prorated on
the actual amount multiplied by the number of full months worked during the fiscal year. 

  

	 	(ii)	Should the employment of a Participant terminate due to termination by the Company for cause or resignation of employment by Participant prior to attainment of age 55 and
10 years of service with the Company before an award under this Plan is made, then the Participant shall receive no payout amount. 

  

	 	(iii)	Should the employment of a Participant terminate due to termination by the Company without cause before an award under this Plan is made, the CMSC and/or Chief Executive Officer
will consider the circumstances of the Participant’s termination and may, in its or his sole discretion, adjust or eliminate such award as it or he deems appropriate. 

  

 4 

	 	(d)	Awards Fully Discretionary. It is expected that individual awards will vary and that overall performance differences will be reflected in differing awards. There is neither a
fixed formula nor a guarantee that awards will be made to eligible Participants under this Plan; nor is there any commitment whatsoever by the Company that it shall make any payments in a given year. 

  

	 	3.	Detailed Plan Administration. 

  

	 	(a)	Approvals. Two levels of approvals are normally required for Plan objectives and awards including a signature of a senior officer. Awards for corporate officers require
approval of the CMSC. Awards for all other Participants require approval of the Chief Executive Officer. Awards for other Participants require the final approval only of the Chief Executive Officer or other senior officer to whom he designates
authority. 

  

	 	(b)	Process for Preparing And Securing Approval of Objectives. Participants and their superiors establish annual objectives for the next fiscal year in conjunction with the
adoption of the annual budget for that year. 

 The format for objective setting is distributed to Participants by their
superiors prior to the start of the fiscal year. Each Participant drafts his/her objectives and then discusses them with the superior; together they reach a mutual agreement on the Participant’s objectives. These objectives receive final
approval from the senior officer to whom the Participant reports and/or the Chief Executive Officer, as applicable. Following such approval, the finally approved objectives are then returned to Participant. 
  

	 	(c)	Reviewing Year End Results. At the close of the fiscal year, the superior evaluates the Participant’s performance against annual objectives. This information is
discussed with the Participant, who is given an opportunity to provide additional information or evidence of completion. The superior submits his/her evaluation of performance against objectives and assessment of overall performance to the next
level of management. 

  

 5 

	 	(d)	Recommended Awards. Award recommendations are made to the CMSC and/or Chief Executive Officer by the officer to whom the Participant reports. In the absence of the
appropriate officer to recommend an award, the Chief Executive Officer can act. 

  

	 	(e)	Approval of Recommended Awards. Final approval of award recommendations is made for each Participant by the CMSC and/or Chief Executive Officer. 

 The CMSC shall have final authority to approve or change any individual awards recommended to it; it may, at its sole discretion, reduce, eliminate or
increase such recommended awards, regardless of anything contained in this Plan. 
  

	IV.	RELATIONSHIP OF THIS PLAN TO OTHER PLANS. 

 The Plan is
fully discretionary in its application and is not related to other compensation plans of the Company, including, for example, merit increase programs, cash and deferred profit sharing, special awards, incentive certificate plan, restricted stock
plan, stock purchase plan and benefit programs and other similar plans. Notwithstanding the foregoing, funding for this Plan will be derived in part from the Company’s cash profit sharing plan as set forth in the U.S. Plan (Section 8) and
in the plans of the Company’s Subsidiaries. 
  

	V.	PAYMENT AND HANDLING OF AWARDS. 

 A. Award Payment.
All Participants who are U.S. employees of the Company will have their award paid in U.S. dollars. All other Participants will normally have their award paid to them in the currency of the country in which the Participant worked during the
fiscal year and charged to that company. If a Participant worked in more than one country during the fiscal year, the award will be equitably apportioned between or among various companies and the awards will be charged to various companies as an
expense on the same basis. In making such apportionment, consideration may be given to various relevant factors such as: length of service, job levels, and performance at each company. Exceptions require the approval of a senior officer to whom the
Participant reports. All of the foregoing is subject to the requirements of local laws. 
  

 6 

 B. Distribution from Legacy Deferred Accounts. 
 Upon retirement from the company, our Deferred Compensation Administrator will begin account distributions based upon the Method of Payment as elected by
the Participant. Upon termination from the company for cause or by resignation of the Participant, all funds within any Legacy Deferred Compensation Plans will be paid out in a lump sum as soon as administratively feasible notwithstanding any
election by the Participant to the contrary. 
  

	VII.	MANAGEMENT’S AUTHORITY. 

 Nothing in this entire Plan
shall affect the traditional authority of management to establish the compensation of employees other than elected officers. 
  

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]