Document:

Amended and Restated 2007 Stock Awards and Incentive Plan

 Exhibit 10.1 
 AMENDED AND RESTATED METROCORP BANCSHARES, INC. 
 2007 STOCK AWARDS AND
INCENTIVE PLAN 
 I. PURPOSE 
 The purpose of the AMENDED AND RESTATED METROCORP BANCSHARES, INC. 2007 STOCK AWARDS AND INCENTIVE PLAN (the “Plan”) is to provide a means through which MetroCorp Bancshares, Inc (the
“Company”), and its Affiliates, may attract able persons to enter the employ of the Company and its Affiliates and to provide a means whereby those employees, Directors and consultants, upon whom the responsibilities of the
successful administration and management of the Company and its Affiliates rest, and whose present and potential contributions to the welfare of the Company and its Affiliates are of importance, can acquire and maintain stock ownership, thereby
strengthening their concern for the welfare of the Company and its Affiliates and their desire to remain in the Company’s and its Affiliates’ employ. A further purpose of the Plan is to provide such employees, Directors and consultants
with additional incentive and reward opportunities designed to enhance the profitable growth of the Company. Accordingly, the Plan provides for granting Incentive Stock Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted Stock
Awards, Performance Awards, Phantom Stock Awards, or any combination of the foregoing, as is best suited to the circumstances of the particular employee, Director or consultant as provided herein. 

II. DEFINITIONS 
 The following definitions shall be applicable throughout the Plan unless specifically modified by any paragraph: 
 (a) “Affiliate” means any entity with whom the Company would be considered a single employer under Code Section 414(b) or 414(c); provided, however, that in applying Code
Section 1563(a)(1), (2) and (3) for purposes of determining a controlled group of corporations under Code Section 414(b), the language “at least 50 percent” is used instead of “at least 80 percent” each place
it appears in Code Section 1563(a)(1), (2) and (3), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of determining trades or businesses that are under common control for purposes of Code Section 414(c), the
language “at least 50 percent” is used instead of “at least 80 percent” each place it appears in Section 1.414(c)-2. 
 (b) “Award” means, individually or collectively, any Option, Restricted Stock Award, Phantom Stock Award, Performance Award or Stock Appreciation Right. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Change of Control” means the occurrence of any of the following events: (i) the Company shall not be the
surviving entity in any merger, consolidation or other reorganization (or survives only as a subsidiary of an entity other than a previously wholly-owned subsidiary of the Company), (ii) the Company’s subsidiary bank is merged or
consolidated into, or otherwise acquired by, an entity other than a wholly-owned subsidiary of the Company; (iii) the Company sells, leases or exchanges all or substantially all of its assets to any other person or entity (other than a
wholly-owned subsidiary of the Company), (iv) the Company is to be dissolved and liquidated, (v) any person or entity, including a “group” as contemplated by Section 13(d)(3) of the 1934 Act, acquires or gains ownership or
control (including, without limitation, power to vote) of more than 50% of the outstanding shares of the Company’s voting stock (based upon voting power), or (vi) as a result of or in connection with a contested election of directors, the
persons who were directors of the Company before such election shall cease to constitute a majority of the Board. 

Notwithstanding anything herein to the contrary, and only to the extent that an Award is subject to Section 409A of the Code and
payment of the Award pursuant to the application of the definition of “Change of 

  
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Control” above would cause such Award not to otherwise comply with Section 409A of the Code, payment of an Award may occur upon a “Change of Control” only to the extent that
the event constitutes a “change in the ownership or effective control” of the Company or a “change in the ownership of a substantial portion of the assets” of the Company under Section 409A of the Code and the applicable
Internal Revenue Service and Treasury Department regulations thereunder. 
 (e) “Change of Control Value” shall
mean (i) the per share price offered to stockholders of the Company in any such merger, consolidation, reorganization, sale of assets or dissolution transaction, (ii) the price per share offered to stockholders of the Company in any tender
offer or exchange offer whereby a Change of Control takes place, or (iii) if such Change of Control occurs other than pursuant to a tender or exchange offer, the Fair Market Value per share of the shares into which Awards are exercisable, as
determined by the Committee, whichever is applicable. In the event that the consideration offered to stockholders of the Company consists of anything other than cash, the Committee shall determine the fair cash equivalent of the portion of the
consideration offered which is other than cash. 
 (f) “Code” means the Internal Revenue Code of 1986, as
amended. Reference in the Plan to any section of the Code shall be deemed to include any amendments or successor provisions to any section and any regulations under such section. 

(g) “Committee” means the Board or a committee designated by the Board. If the Company is subject to Section 16 of
the 1934 Act, the Committee shall be composed entirely of not less than two (2) non-employee directors (within the meaning of Rule 16b-3), each of whom shall be an “outside director” for purposes of Code Section 162(m)(4),
and shall be appointed by and serve at the pleasure of the Board. 
 (h) “Company” means MetroCorp Bancshares,
Inc. 
 (i) A “consultant” means an individual (other than a Director) who performs services for the Employer
as an independent contractor. 
 (j) A “covered employee” means an individual described in Code
Section 162(m)(3). 
 (k) “Director” means an individual elected to the Board by the stockholders of the
Company or by the Board under applicable corporate law who is serving on the Board on the date the Plan is adopted by the Board or is elected to the Board after such date. 
 (l) An “employee” means any person (including an officer or a Director) whom the Employer has classified as an employee, regardless of whether such person is retroactively or
prospectively classified as a common law employee by any state or federal governmental agency or court. 
 (m)
“Employer” means the Company or an Affiliate. 
 (n) “Fair Market Value” means, as of any
specified date, the mean of the high and low sales prices of the Stock (i) reported by any interdealer quotation system on which the Stock is quoted on that date or (ii) if the Stock is listed on a national stock exchange, reported on the
stock exchange composite tape on that date; or, in either case, if no prices are reported on that date, on the last preceding date on which such prices of the Stock are so reported. If the Stock is traded over the counter at the time a determination
of its fair market value is required to be made hereunder, its fair market value shall be deemed to be equal to the average between the reported high and low or closing bid and asked prices of Stock on the most recent date on which Stock was
publicly traded. In the event Stock is not publicly traded at the time a determination of its value is required to be made hereunder, the determination of its fair market value shall be made by the Committee in such manner as it deems appropriate.

  
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 Notwithstanding the foregoing, for purposes of establishing the exercise price of Options
and Stock Appreciation Rights, the determination of Fair Market Value in all cases shall be in accordance with Section 409A of the Code and the regulations thereunder, with the intent that Options and Stock Appreciation Rights granted under
this Plan shall not constitute deferred compensation subject to Section 409A of the Code. 
 (o) “Holder”
means an individual who has been granted an Award. 
 (p) “Incentive Stock Option” means an incentive stock
option within the meaning of section 422(b) of the Code. 
 (q) “1934 Act” means the Securities Exchange Act of
1934, as amended. 
 (r) “Nonqualified Stock Option” means an option granted under Article VII of the Plan to
purchase Stock which does not constitute an Incentive Stock Option. 
 (s) “Option” means an Award granted
under Article VII of the Plan and includes both Incentive Stock Options to purchase Stock and Nonqualified Stock Options to purchase Stock. 
 (t) “Option Agreement” means a written agreement between the Company and a Holder with respect to an Option. 
 (u) “Parent Corporation” means a “parent corporation” of the Company within the meaning of Code Section 424(e). 

(v) “Performance Award” means an Award granted under Article X of the Plan. 

(w) “Performance Award Agreement” means a written agreement between the Company and a Holder with respect to a
Performance Award. 
 (x) “Phantom Stock Award” means an Award granted under Article XI of the Plan.

 (y) “Phantom Stock Award Agreement” means a written agreement between the Company and a Holder with respect
to a Phantom Stock Award. 
 (z) “Plan” means the Amended and Restated MetroCorp Bancshares, Inc. 2007 Stock
Awards and Incentive Plan, as amended from time to time. 
 (aa) “Restricted Stock Agreement” means a written
agreement between the Company and a Holder with respect to a Restricted Stock Award. 
 (bb) “Restricted Stock
Award” means an Award granted under Article IX of the Plan. 
 (cc) “Rule 16b-3” means SEC Rule
16b-3 promulgated under the 1934 Act, as such may be amended from time to time, and any successor rule, regulation or statute fulfilling the same or a similar function. 
 (dd) “Spread” means, in the case of a Stock Appreciation Right, an amount equal to the excess, if any, of the Fair Market Value of a share of Stock on the date such right is exercised
over the exercise price of such Stock Appreciation Right. 
 (ee) “Stock” means the common stock, $1.00 par
value, of the Company. 
 (ff) “Stock Appreciation Right” means an Award granted under Article VIII of the
Plan. 

  
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 (gg) “Stock Appreciation Rights Agreement” means a written agreement
between the Company and a Holder with respect to an Award of Stock Appreciation Rights. 
 (hh) “Subsidiary
Corporation” means a “subsidiary corporation” of the Company within the meaning of Code Section 424(f). 

III. EFFECTIVE DATE AND DURATION OF THE PLAN 
 This Plan shall be effective on the date of its adoption by the Board, subject to the approval of the Plan by the Company’s stockholders within twelve months after such adoption. The Plan will have
no fixed expiration date; provided, however, that no Incentive Stock Options may be granted more than 10 years after the later of (a) the Plan’s adoption by the Board, or (b) the adoption by the Board of any amendment to the Plan that
constitutes the adoption of a new plan for purposes of Code Section 422. 
 IV. ADMINISTRATION 

(a) Committee. The Plan shall be administered by the Committee. 

(b) Powers. Subject to the provisions of the Plan, and in the case of a committee, subject to the specific duties delegated by the
Board to such committee, the Committee shall have the authority, in its discretion: 
 i. to determine the Fair
Market Value; 
 ii. to select the employees, Directors and consultants to whom Awards may be granted hereunder;

 iii. to determine whether and to what extent Awards or any combination thereof, are granted hereunder;

 iv. to determine the number of shares of Stock or equivalent units to be covered by each Award granted
hereunder; 
 v. to approve forms of agreement for use under the Plan; 

vi. to reduce the exercise price of an Award to the then current Fair Market Value if the Fair Market Value of the Stock
covered by such Award shall have declined since the date the Award was granted, provided that such action shall first have been approved by a vote of the stockholders of the Company; 

vii. to determine or modify the terms and conditions, not inconsistent with the terms of the Plan or applicable law, of
any Award granted hereunder. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Options or Stock Appreciation Rights may be exercised or other Awards vest (which may be based on performance
criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any Award or the shares of Stock relating thereto, based in each case on such factors as the Committee, in its sole discretion,
shall determine; 
 viii. to construe and interpret the terms of the Plan and Awards and to reconcile any
inconsistency, correct any defect and/or supply any omission in the Plan or Award agreement; 
 ix. to prescribe,
amend and rescind rules and regulations relating to the Plan; 
 x. to modify or amend each Award, subject to
Article XIII; 
 xi. to authorize any person to execute on behalf of the Company any instrument required to
effect the grant of an Award previously granted by the Committee; 
 xii. to determine the terms and restrictions
applicable to Awards; and 
 xiii. to make all other determinations deemed necessary or advisable for
administering the Plan. 
 The determinations of the Committee on the matters referred to in this Article IV shall be
conclusive. 
 (c) Expenses. All expenses and liabilities incurred by the Committee in the administration of this Plan
shall be borne by the Company. The Committee may employ attorneys, consultants, accountants or other persons to assist the Committee in the carrying out of its duties hereunder. 

  
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 V. STOCK SUBJECT TO THE PLAN 

(a) Stock Grant and Award Limits. The Committee may from time to time grant Awards to one or more employees, Directors or
consultants determined by it to be eligible for participation in the Plan in accordance with the provisions of Article VI. Subject to Article XII, the maximum aggregate number of shares of Stock that may be issued under the Plan after (and
subject to) approval by the shareholders at the 2012 annual meeting of shareholders is (a) 556,696 shares (consisting of the 56,696 shares remaining available for grant under the Plan as of March 13, 2012 plus the 500,000 shares subject to
approval by the shareholders at the 2012 annual meeting), less (b) shares covered by any grants made after March 13, 2012 and prior to the 2012 annual meeting under the Plan as in effect prior to the 2012 annual meeting, plus (c) any
shares returned or otherwise made available under the Plan as a result of any forfeitures, expirations or other terminations of Awards issued under the Plan. All shares reserved for issuance under this Plan may be issued through Incentive Stock
Options. 
 Shares of Stock shall be deemed to have been issued under the Plan only to the extent actually issued and delivered
pursuant to an Award. To the extent that an Award lapses, expires or is canceled or the rights of its Holder terminate or the Award is settled in cash, any Stock subject to such Award shall again be available for grant under an Award. Any shares of
Stock which may remain unissued and which are not subject to outstanding Awards at the termination of this Plan shall cease to be reserved for the purpose of this Plan, but until termination of this Plan or the termination of the last of the Awards
granted under this Plan, whichever last occurs, the Company shall at all times reserve a sufficient number of shares to meet the requirements of this Plan. Separate stock certificates shall be issued by the Company for those shares acquired pursuant
the exercise of an Incentive Stock Option and for those shares acquired pursuant to the exercise of a Nonqualified Stock Option. No fractional shares of Stock shall be delivered, nor shall any cash in lieu of fractional shares be paid. 

Notwithstanding any provision in the Plan to the contrary, no more than 200,000 shares of Stock may be subject to Options granted under
the Plan to any one individual during any calendar year, no more than 200,000 shares of Stock may be subject to Stock Appreciation Rights granted under the Plan to any one individual during any calendar year, and no more than 100,000 shares of Stock
may be granted under the Plan as a Restricted Stock Award to any one individual during any calendar year. The number of shares of Stock that may be issued to individuals as set forth in the preceding sentence shall be subject to adjustment in the
same manner as provided in Article XII hereof with respect to shares of Stock subject to Options, Stock Appreciation Rights or Restricted Stock Awards then outstanding. The limitations set forth in this paragraph shall be applied in a manner which
will permit compensation generated under the Plan with respect to “covered employees” to constitute “performance-based” compensation for purposes of Section 162(m) of the Code, including, without limitation, counting against
such maximum number of shares of Stock, to the extent required under Section 162(m) of the Code and applicable interpretive authority thereunder, any shares of Stock subject to Options or Stock Appreciation Rights that expire, are canceled or
repriced or Restricted Stock Awards that are forfeited. 
 (b) Stock Offered. The stock to be offered pursuant to the
grant of an Award may be authorized but unissued Stock or Stock previously issued and outstanding and reacquired by the Company. 

VI. ELIGIBILITY 
 The Committee, in its sole discretion, shall determine who shall receive Awards under the Plan. Awards other than Incentive Stock Options may be granted to all employees, directors and consultants of the
Company or its Affiliates, including Affiliates that become such after adoption of the Plan. Incentive Stock Options may be granted to all employees of the Company, a Parent Corporation or a Subsidiary Corporation, including an entity that becomes a
Parent Corporation or a Subsidiary Corporation after adoption of the Plan. A recipient of an Award must be an employee, Director or consultant at the time the Award is granted. An Award may be granted on more than one occasion to the same person and
may include an Incentive Stock Option or a Nonqualified Stock Option, a Stock Appreciation Right, a Restricted Stock Award, a Performance Award, a Phantom Stock Award or any combination thereof. 

  
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 VII. STOCK OPTIONS 

(a) Option Period. The term of each Option shall be as specified by the Committee at the date of grant. 

(b) Limitations on Exercise of Option. An Option shall be exercisable in whole or in such installments and at such times as
determined by the Committee. 
 (c) Special Limitations on Incentive Stock Options. Except as otherwise provided under
the Code or applicable regulations, to the extent that the aggregate Fair Market Value (determined at the time the option is granted) of the Stock with respect to which Incentive Stock Options (determined without regard to this sentence) are
exercisable for the first time by any Holder during any calendar year under all plans of the Company and its Parent Corporation or Subsidiary Corporations exceeds $100,000, such options shall be treated as Nonqualified Stock Options. The Committee
shall determine, in accordance with applicable provisions of the Code, Treasury Regulations and other administrative pronouncements, which of a Holder’s Incentive Stock Options will not constitute Incentive Stock Options because of such
limitation and shall notify the Holder of such determination as soon as practicable after such determination. No Incentive Stock Option shall be granted to an individual if, at the time the Option is granted, such individual owns stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or of its Parent Corporation or Subsidiary Corporation, within the meaning of section 422(b)(6) of the Code, unless (i) at the time such Option is
granted the exercise price is at least 110% of the Fair Market Value of the Stock subject to the Option and (ii) such Option by its terms is not exercisable after the expiration of five years from the date of grant. 

(d) Option Agreement. Each Option shall be evidenced by an Option Agreement in such form and containing such provisions not
inconsistent with the provisions of the Plan as the Committee from time to time shall approve, including, without limitation, provisions to qualify an Incentive Stock Option under section 422 of the Code. An Option Agreement may provide for the
payment of the exercise price, in whole or in part, by (i) cash, cashier’s check, bank draft, or postal or express money order payable to the order of the Company, (ii) subject to the approval by the Committee, certificates
representing shares of Stock theretofore owned by the Holder duly endorsed for transfer to the Company, or (iii) any combination of the preceding, equal in value to the full amount of the exercise price. Each Option shall specify the effect of
termination of employment or service as a Director or consultant (by retirement, disability, death or otherwise) on the exercisability of the Option. An Option Agreement may also include, without limitation, provisions relating to (i) vesting
of Options, subject to the provisions hereof accelerating such vesting on a Change of Control, (ii) tax matters (including provisions (y) permitting the delivery of additional shares of Stock or the withholding of shares of Stock from
those acquired upon exercise to satisfy federal or state income tax withholding requirements and (z) dealing with any other applicable employee wage withholding requirements), and (iii) any other matters not inconsistent with the terms and
provisions of this Plan that the Committee shall in its sole discretion determine. The terms and conditions of the respective Option Agreements need not be identical. 
 (e) Exercise Price and Payment. The price at which a share of Stock may be purchased upon exercise of an Option shall be determined by the Committee, but (i) such exercise price shall never be
less than the Fair Market Value of Stock on the date the Option is granted and (ii) such exercise price shall be subject to adjustment as provided in Article XII. The Option or portion thereof may be exercised by delivery of an irrevocable
notice of exercise to the Company. The exercise price of the Option or portion thereof shall be paid in full in the manner prescribed by the Committee. Notwithstanding the foregoing, an Option may be granted with a per share exercise price of less
than 100% of the Fair Market Value per share of Stock if such Option is granted pursuant to an assumption or substitution for another option in a manner satisfying the provisions of Sections 409A and 424(a) of the Code and the regulations
thereunder. 
 (f) Stockholder Rights and Privileges. The Holder shall be entitled to all the privileges and rights of a
stockholder only with respect to such shares of Stock as have been purchased under the Option and for which certificates of stock have been registered in the Holder’s name. 

  
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 (g) Options and Rights in Substitution for Stock Options Granted by Other
Corporations. Options and Stock Appreciation Rights may be granted under the Plan from time to time in substitution for stock options held by individuals employed by corporations who become employees as a result of a merger or consolidation of
the employing corporation with the Company, an Affiliate, or any Subsidiary Corporation, or the acquisition by the Company, an Affiliate or a Subsidiary Corporation of the assets of the employing corporation, or the acquisition by the Company, an
Affiliate or a Subsidiary Corporation of stock of the employing corporation with the result that such employing corporation becomes a Subsidiary Corporation. 
 (h) All Options granted under this Plan are subject to, and may not be exercised before, the approval of this Plan by the stockholders of the Company prior to the first anniversary date of the Board
meeting held to approve this Plan, by the affirmative vote of the holders of a majority of the outstanding shares of the Company present, or represented by proxy, and entitled to vote at a meeting at which a quorum is present, or by written consent
in accordance with the laws of the State of Texas. 
 VIII. STOCK APPRECIATION RIGHTS 

(a) Stock Appreciation Rights. A Stock Appreciation Right is the right to receive an amount equal to the Spread with respect to a
share of Stock upon the exercise of such Stock Appreciation Right. Stock Appreciation Rights may be granted in connection with the grant of an Option, in which case the Option Agreement will provide that exercise of Stock Appreciation Rights will
result in the surrender of the right to purchase the shares under the Option as to which the Stock Appreciation Rights were exercised. Alternatively, Stock Appreciation Rights may be granted independently of Options in which case each Award of Stock
Appreciation Rights shall be evidenced by a Stock Appreciation Rights Agreement which shall contain such terms and conditions as may be approved by the Committee. The Spread with respect to a Stock Appreciation Right may be payable either in cash,
shares of Stock with a Fair Market Value equal to the Spread or in a combination of cash and shares of Stock. With respect to Stock Appreciation Rights that are subject to Section 16 of the 1934 Act, however, the Committee shall, except as
provided in Article XII(c), retain sole discretion (i) to determine the form in which payment of the Stock Appreciation Right will be made (i.e., cash, securities or any combination thereof) or (ii) to approve an election by a
Holder to receive cash in full or partial settlement of Stock Appreciation Rights. Each Stock Appreciation Rights Agreement shall specify the effect of termination of employment or service as a Director or consultant (by retirement, disability,
death or otherwise) on the exercisability of the Stock Appreciation Rights. 
 (b) Other Terms and Conditions. At the
time of such Award, the Committee may, in its sole discretion, prescribe additional terms, conditions or restrictions relating to Stock Appreciation Rights. Such additional terms, conditions or restrictions shall be set forth in the Stock
Appreciation Rights Agreement made in conjunction with the Award. Such Stock Appreciation Rights Agreements may also include, without limitation, provisions relating to (i) vesting of Awards, subject to the provisions hereof accelerating
vesting on a Change of Control, (ii) tax matters (including provisions covering applicable wage withholding requirements), and (iii) any other matters not inconsistent with the terms and provisions of this Plan, that the Committee shall in
its sole discretion determine. The terms and conditions of the respective Stock Appreciation Rights Agreements need not be identical. 
 (c) Exercise Price. The exercise price of each Stock Appreciation Right shall be determined by the Committee, but such exercise price (i) shall never be less than the Fair Market Value of a
share of Stock on the date the Stock Appreciation Right is granted (or such greater exercise price as may be required if such Stock Appreciation Right is granted in connection with an Incentive Stock Option that must have an exercise price equal to
110% of the Fair Market Value of the Stock on the date of grant pursuant to Article VII(c)) and (ii) shall be subject to adjustment as provided in Article XII. 
 (d) Exercise Period. The term of each Stock Appreciation Right shall be as specified by the Committee at the date of grant. 

  
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 (e) Limitations on Exercise of Stock Appreciation Right. A Stock Appreciation Right
shall be exercisable in whole or in such installments and at such times as determined by the Committee. 
 IX. RESTRICTED
STOCK AWARDS 
 (a) Forfeiture Restrictions to be Established by the Committee. Shares of Stock that are the subject
of a Restricted Stock Award shall be subject to restrictions on disposition by the Holder and an obligation of the Holder to forfeit and surrender the shares to the Company under certain circumstances (the “Forfeiture
Restrictions”). The Forfeiture Restrictions shall be determined by the Committee in its sole discretion and set forth in the Restricted Stock Agreement, and the Committee may provide that the Forfeiture Restrictions shall lapse upon
(i) the attainment of one or more performance goals established by the Committee that are based on Earnings Per Share goal attainment, Efficiency Ratio goal attainment, Non-Performing Loan goal attainment, and/or Asset Growth goal attainment
(ii) the Holder’s continued employment with the Employer for a specified period of time, or (iii) a combination of the factors listed in clauses (i) and (ii) of this sentence. Each Restricted Stock Award may have different
Forfeiture Restrictions, in the discretion of the Committee. The Forfeiture Restrictions applicable to a particular Restricted Stock Award shall not be changed except as permitted by Article IX(b) or Article XII. 

(b) Other Terms and Conditions. Stock awarded pursuant to a Restricted Stock Award shall be represented by a stock certificate
registered in the name of the Holder of such Restricted Stock Award. Unless otherwise provided in the Restricted Stock Agreement, the Holder shall have the right to receive dividends with respect to Stock subject to a Restricted Stock Award, to vote
Stock subject thereto and to enjoy all other stockholder rights, except that (i) the Holder shall not be entitled to delivery of the stock certificate until the Forfeiture Restrictions shall have expired, (ii) the Company shall retain
custody of the Stock until the Forfeiture Restrictions shall have expired, (iii) the Holder may not sell, transfer, pledge, exchange, hypothecate or otherwise dispose of the Stock until the Forfeiture Restrictions shall have expired, and
(iv) a breach of the terms and conditions established by the Committee pursuant to the Restricted Stock Agreement shall cause a forfeiture of the Restricted Stock Award. The Committee may provide in a Restricted Stock Agreement that payment of
dividends with respect to a Restricted Stock Award shall be subject to the attainment of one or more performance goals established by the Committee that are based on the criteria set forth in paragraph (a) above. 

At the time of such Award, the Committee may, in its sole discretion, prescribe additional terms, conditions or restrictions relating to
Restricted Stock Awards, including, but not limited to, rules pertaining to the termination of employment or service as a Director or consultant (by retirement, disability, death or otherwise) of a Holder prior to expiration of the Forfeiture
Restrictions. Such additional terms, conditions or restrictions shall be set forth in a Restricted Stock Agreement made in conjunction with the Award. Such Restricted Stock Agreement may also include, without limitation, provisions relating to
(i) vesting of Awards, subject to any provisions hereof accelerating vesting on a Change of Control, (ii) tax matters (including provisions (y) covering any applicable employee wage withholding requirements and (z) prohibiting an
election by the Holder under section 83(b) of the Code), and (iii) any other matters not inconsistent with the terms and provisions of this Plan that the Committee shall in its sole discretion determine. The terms and conditions of the
respective Restricted Stock Agreements need not be identical. 
 (c) Payment for Restricted Stock. The Committee shall
determine the amount and form of any payment for Stock received pursuant to a Restricted Stock Award, provided that in the absence of such a determination, a Holder shall not be required to make any payment for Stock received pursuant to a
Restricted Stock Award, except to the extent otherwise required by law. 
 (d) Agreements. At the time any Award is made
under this Article IX, the Company and the Holder shall enter into a Restricted Stock Agreement setting forth each of the matters as the Committee may determine to be appropriate. The terms and provisions of the respective Restricted Stock
Agreements need not be identical. 

  
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 (e) Acceleration. The Committee at any time may accelerate the time or conditions
under which the Forfeiture Restrictions lapse. 
 (f) Certification. With respect to a Restricted Stock Award granted to
a “covered employee,” if the lapse of the Forfeiture Restrictions imposed upon such Restricted Stock Award, or the payment of dividends with respect to such Restricted Stock Award, is conditioned in whole or in part on the attainment of
performance goals, such Forfeiture Restrictions shall not lapse and such dividends shall not be paid unless and until the Committee certifies in writing that such performance goals and any other conditions on the lapse of Forfeiture Restrictions or
payment of dividends have been satisfied. 
 X. PERFORMANCE AWARDS 

(a) Performance Period. The Committee shall establish, with respect to and at the time of grant of each Performance Award, a
performance period over which the performance of the Holder shall be measured. 
 (b) Performance Awards. Each
Performance Award shall have a maximum value established by the Committee at the time of such Award. 
 (c) Performance
Measures. Prior to or upon the commencement of each performance period (or at such later time as may be permitted for qualified performance-based compensation under Section 162(m) and the regulations thereunder), the Committee shall
establish written performance goals for each Performance Award granted to a Holder for such performance period. The performance goals shall be based on one or more of the following criteria: Earnings Per Share goal attainment, Efficiency Ratio goal
attainment, Non-Performing Loan goal attainment, and/or Asset Growth goal attainment. 
 At the time of establishing the
performance goals, the Committee shall specify (i) the formula to be used in calculating the compensation payable to a Holder if the performance goals are obtained, and (ii) the individual employee or class of employees to which the
formula applies. The Committee may also specify a minimum acceptable level of achievement of the relevant performance goals, as well as one or more additional levels of achievement, and a formula to determine the percentage of the Performance Award
deemed to have been earned by the Holder upon attainment of each such level of achievement, which percentage may exceed 100%. The performance goals and amount of each Performance Award need not be the same as those relating to any other Performance
Award, whether made at the same or a different time. Notwithstanding the terms of any Performance Award, the maximum payout under this Plan pursuant to a Performance Award to any individual for any calendar year shall not exceed $2,000,000.

 Notwithstanding the terms of any Performance Award, the Committee, in its sole and absolute discretion, may reduce the amount
of the Performance Award payable to any Holder for any reason, including the Committee’s judgment that the performance goals have become an inappropriate measure of achievement, a change in the employment status, position or duties of the
Holder, unsatisfactory performance of the Holder, or the Holder’s service for less than the entire performance period. Notwithstanding the foregoing, the reduction of a Performance Award payable to a Holder may not result in an increase in the
amount of a Performance Award payable to another Holder. 
 (d) Awards Criteria. In determining the value of Performance
Awards, the Committee shall take into account a Holder’s responsibility level, contributions, performance, potential, other Awards and such other considerations as it deems appropriate. 

(e) Certification. Promptly after the date on which the necessary information for a particular performance period becomes
available, the Committee shall determine, and certify in writing (with respect to each Holder who is a “covered employee”), the extent to which the Performance Award for such performance period has been earned, through the achievement of
the relevant performance goals, by each Holder for such performance period. 

  
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 (f) Payment. As soon as administratively feasible after the Committee has determined
and certified in writing (if required with respect to a “covered employee”) the extent to which a Performance Award has been earned, but in no event later than March 15 of the calendar year immediately following the calendar year in
which the performance period ends, the Holder of a Performance Award shall be entitled to receive payment of an amount, not exceeding the maximum value of the Performance Award, based on the achievement of the performance measures for such
performance period, as determined by the Committee. Payment of a Performance Award may be made in cash, Stock or a combination thereof, as determined by the Committee. Payment shall be made in a lump sum. Any payment to be made in Stock shall be
based on the Fair Market Value of the Stock on the payment date. 
 (g) Agreements. At the time any Award is made under
this Article X, the Company and the Holder shall enter into a Performance Award Agreement with the Company setting forth each of the matters contemplated hereby, and, in addition, such matters as the Committee may determine to be appropriate,
including, but not limited to, rules pertaining to the termination of a Holder’s employment or service as a Director or consultant. The terms and provisions of the respective agreements need not be identical. 

XI. PHANTOM STOCK AWARDS 
 (a) Phantom Stock Awards. Phantom Stock Awards are rights to receive shares of Stock (or cash in an amount equal to the Fair Market Value thereof), or rights to receive an amount equal to any
appreciation in the Fair Market Value of Stock (or portion thereof) over a specified period of time, which vest over a period of time or upon the occurrence of an event (including without limitation a Change of Control) as established by the
Committee, without payment of any amounts by the Holder thereof (except to the extent otherwise required by law) or satisfaction of any performance criteria or objectives. Each Phantom Stock Award shall have a maximum value established by the
Committee at the time of such Award. 
 (b) Award Period. The Committee shall establish, with respect to and at the time
of each Phantom Stock Award, a period over which or the event upon which the Award shall vest with respect to the Holder. 
 (c)
Awards Criteria. In determining the value of Phantom Stock Awards, the Committee shall take into account an employee’s responsibility level, performance, potential, other Awards and such other considerations as it deems appropriate.

 (d) Payment. Following the end of the vesting period for a Phantom Stock Award, the Holder of a Phantom Stock Award
shall be entitled to receive payment of an amount, not exceeding the maximum value of the Phantom Stock Award, based on the then vested value of the Award. Payment of a Phantom Stock Award may be made in cash, Stock or a combination thereof as
determined by the Committee. Payment shall be made in a lump sum. Any payment to be made in Stock shall be based on the Fair Market Value of the Stock on the payment date. Cash dividend equivalents may be paid during or after the vesting period with
respect to a Phantom Stock Award, as determined by the Committee. 
 (e) Agreements. At the time any Award is made under
this Article XI, the Company and the Holder shall enter into a Phantom Stock Award Agreement setting forth each of the matters contemplated hereby and, in addition, such matters as the Committee may determine to be appropriate, including, but
not limited to, rules pertaining to the termination of a Holder’s employment or service as a Director or consultant. The terms and provisions of the respective agreements need not be identical. 

XII. RECAPITALIZATION OR REORGANIZATION 
 (a) In the event of changes in the outstanding Stock or in the capital structure of the Company by reason of any stock or extraordinary cash dividend, recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of shares of Stock or other securities of 

  
 10 

 
the Company, or other change in the corporate structure of the Company affecting the shares of Stock, then the Committee shall, in an equitable manner and to the extent necessary to preserve the
economic intent of Awards, adjust the number and class of shares which may be delivered under the Plan, the number, class, and exercise price of shares covered by each outstanding Award, and the maximum number of shares with respect to which any one
person may be granted Awards during any period. Any adjustments to the shares covered by each outstanding Award shall be consistent with any adjustments to the shareholders of outstanding Stock. Any adjustments under this Section XII shall be made
in a manner which does not adversely affect the exemption provided pursuant to Rule 16b-3 or otherwise result in a violation of Code Section 409A or the disqualification of any Incentive Stock Option. Further, with respect to Awards intended to
qualify as “performance-based compensation” under Code Section 162(m), such adjustments or substitutions shall be made only to the extent that the Committee determines that such adjustments or substitutions shall be made. 

(b) In the event of a Change of Control, all outstanding Awards shall immediately vest and become exercisable or satisfiable, as
applicable, and the Committee, in its discretion, may take any other action with respect to outstanding Awards that it deems appropriate, which action may vary among Awards granted to individual Holders; provided, however, that such action shall not
reduce the value of an Award. In particular, with respect to Options, the actions the Committee may take upon a Change of Control include, but are not limited to, the following: (i) accelerating the time at which Options then outstanding may be
exercised so that such Options may be exercised in full for a limited period of time on or before a specified date (before or after such Change of Control) fixed by the Committee, after which specified date all unexercised Options and all rights of
Holders thereunder shall terminate, (ii) requiring the mandatory surrender to the Company by selected Holders of some or all of the outstanding Options held by such Holders (irrespective of whether such Options are then exercisable) as of a
date, before or after such Change of Control, specified by the Committee, in which event the Committee shall thereupon cancel such Options and the Company shall pay to each such Holder an amount of cash per share equal to the excess, if any, of the
Change of Control Value of the shares subject to such Option over the exercise price(s) under such Options for such shares, (iii) make such adjustments to Options then outstanding as the Committee deems appropriate to reflect such Change of
Control (provided, however, that the Committee may determine in its sole discretion that no adjustment is necessary to Options then outstanding), or (iv) provide that the number and class of shares of Stock covered by an Option theretofore
granted shall be adjusted so that such Option shall thereafter cover the number and class of shares of Stock or other securities or property (including, without limitation, cash) to which the Holder would have been entitled pursuant to the terms of
the agreement of merger, consolidation or sale of assets and dissolution if, immediately prior to such merger, consolidation or sale of assets and dissolution, the Holder had been the holder of record of the number of shares of Stock then covered by
such Option. The provisions contained in this paragraph shall not terminate any rights of the Holder to further payments pursuant to any other agreement with the Company following a Change of Control. Notwithstanding anything herein to the contrary,
in the event of a Change of Control described in Article II(d)(ii), the Committee may determine, in its discretion, that the treatment of Awards as described in this paragraph shall apply only to Awards granted to employees, Directors or consultants
of the affected bank. 
 (c) The existence of the Plan and the Awards granted hereunder shall not affect in any way the right or
power of the Board or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or its business, any merger or consolidation of the Company, any
issue of debt or equity securities ahead of or affecting Stock or the rights thereof, the dissolution or liquidation of the Company or any sale, lease, exchange or other disposition of all or any part of its assets or business or any other corporate
act or proceeding. 
 (d) Any adjustment provided for in Subparagraphs (a) or (b) above shall be subject to any
required stockholder action. 
 (e) Except as hereinbefore expressly provided, the issuance by the Company of shares of stock of
any class or securities convertible into shares of stock of any class, for cash, property, labor or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares of obligations of the

  
 11 

 
Company convertible into such shares or other securities, and in any case whether or not for fair value, shall not affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares of Stock subject to Awards theretofore granted or the exercise price per share, if applicable. 
 XIII.
AMENDMENT AND TERMINATION OF THE PLAN 
 The Board in its discretion may terminate the Plan at any time with respect to any
shares for which Awards have not theretofore been granted. The Board shall have the right to alter or amend the Plan or any part thereof from time to time; provided that, except as provided herein or in an agreement governing an Award, no change in
any Award theretofore granted may be made which would impair the rights of the Holder without the consent of the Holder (unless such change is required in order to cause the benefits under the Plan to qualify as performance-based compensation within
the meaning of section 162(m) of the Code, if applicable, and applicable interpretive authority thereunder, or otherwise comply with applicable law), and provided, further, that the Board may not, without approval of the stockholders, amend the
Plan if such approval is required to comply with Rule 16b-3, if applicable, any rule promulgated by the exchange on which Stock is tradable, or Sections 162(m) or 422 of the Code or any successor provisions, if applicable, or any other
applicable law. 
 XIV. MISCELLANEOUS 
 (a) No Right to An Award. Neither the adoption of the Plan by the Company nor any action of the Board or the Committee shall be deemed to give an employee any right to be granted an Award to
purchase Stock, a right to a Stock Appreciation Right, a Restricted Stock Award, a Performance Award or a Phantom Stock Award or any of the rights hereunder except as may be evidenced by an Award or by an Option Agreement, Stock Appreciation Rights
Agreement, Restricted Stock Agreement, Performance Award Agreement or Phantom Stock Award Agreement on behalf of the Company, and then only to the extent and on the terms and conditions expressly set forth therein. The Plan shall be unfunded. The
Company shall not be required to establish any special or separate fund or to make any other segregation of funds or assets to assure the payment of any Award. 
 (b) Employees’ Rights Unsecured. The right of an employee to receive Stock, cash or any other payment under this Plan shall be an unsecured claim against the general assets of the Company. The
Company may, but shall not be obligated to, acquire shares of Stock from time to time in anticipation of its obligations under this Plan, but a Holder shall have no right in or against any shares of Stock so acquired. All Stock shall constitute the
general assets of the Company and may be disposed of by the Company at such time and for such purposes as it deems appropriate. 

(c) No Employment Rights Conferred. Nothing contained in the Plan shall (i) confer upon any employee any right with respect
to continuation of employment with any Employer or (ii) interfere in any way with the right of any Employer to terminate an employee’s employment at any time. 
 (d) Other Laws. The Company shall not be obligated to issue any Stock pursuant to any Award granted under the Plan at any time when the shares covered by such Award have not been registered under
the Securities Act of 1933 and such other state and federal laws, rules or regulations as the Company or the Committee deems applicable and, in the opinion of legal counsel for the Company, there is no exemption from the registration requirements of
such laws, rules or regulations available for the issuance and sale of such shares. Unless the Awards and Stock covered by this Plan have been registered under the Securities Act of 1993, or the Company has determined that such registration is
unnecessary, each Holder exercising an Award under this Plan may be required by the Company to give representation in writing that such Holder is acquiring such shares for his or her own account for investment and not with a view to, or for sale in
connection with, the distribution of any part thereof. 
 (e) Clawbacks. Notwithstanding any other provisions in this
Plan, any Award which is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions 

  
 12 

 
and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any such law,
government regulation or stock exchange listing requirement). 
 (f) Withholding. To the extent provided by the terms of
an Award Agreement and subject to the discretion of the Committee, a Holder may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Stock under an Award by any of the following means (in addition
to the Company’s right to withhold from any compensation paid to the Holder by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold shares of Stock from the shares of
Stock otherwise issuable to the Holder as a result of the exercise or acquisition of Stock under the Award, provided, however, that no shares of Stock are withheld with a value exceeding the minimum amount of tax required to be withheld by law; or
(c) delivering to the Company previously owned and unencumbered shares of Stock. 
 (g) No Restriction on Corporate
Action. Nothing contained in the Plan shall be construed to prevent the Company, an Affiliate or any Subsidiary from taking any corporate action which is deemed by the Company, an Affiliate or any Subsidiary to be appropriate or in its best
interest, whether or not such action would have an adverse effect on the Plan or any Award made under the Plan. No employee, beneficiary or other person shall have any claim against the Company, an Affiliate or any Subsidiary as a result of any such
action. 
 (h) Restrictions on Transfer. An Award shall not be transferable otherwise than by will or the laws of descent
and distribution and shall be exercisable during the Holder’s lifetime only by such Holder or the Holder’s guardian or legal representative. 
 (i) Beneficiary Designation. Each Holder may name, from time to time, any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be
paid in case of his or her death before he or she receives any or all of such benefit. Each designation will revoke all prior designations by the same Holder, shall be in a form prescribed by the Committee, and will be effective only when filed by
the Holder in writing with the Committee during his lifetime. In the absence of any such designation, benefits remaining unpaid at the Holder’s death shall be paid to his estate. 

(j) Rule 16b-3. It is intended that the Plan and any grant of an Award made to a person subject to Section 16 of the 1934 Act
meet all of the requirements of Rule 16b-3. If any provision of the Plan or any such Award would disqualify the Plan or such Award under, or would otherwise not comply with, Rule 16b-3, such provision or Award shall be construed or deemed
amended to conform to Rule 16b-3. 
 (k) Section 162(m). If the Company is subject to Section 162(m) of
the Code, it is intended that the Plan comply fully with and meet all the requirements of Section 162(m) of the Code so that Awards may, if intended, constitute “performance-based” compensation within the meaning of such section. If
any provision of the Plan would disqualify the Plan or would not otherwise permit the Plan to comply with Section 162(m) as so intended, such provision shall be construed or deemed amended to conform to the requirements or provisions of
Section 162(m); provided that no such construction or amendment shall have an adverse effect on the economic value to a Holder of any Award previously granted hereunder. With respect to any Restricted Stock Awards or Performance Awards granted
to a “covered employee,” if the lapsing of the Forfeiture Restrictions of such Restricted Stock Awards, or the payment of such Performance Award, is contingent on the satisfaction of performance goals, (i) such performance goals shall
be established in writing by the Committee not later than ninety (90) days after the commencement of the period of service to which the performance goals relate; provided, however, that the performance goals must be established before twenty-
five percent (25%) of such period of service has elapsed, and (ii) the Forfeiture Restrictions shall not lapse, and/or the Performance Award shall not be paid, unless the shareholder approval requirements under Treasury Regulation
§ 1.162-27(e)(4) have been satisfied. The performance goals shall comply with the requirements of Treasury Regulation § 1.162-27(e)(2). 

  
 13 

 (l) Section 409A. The Plan is intended to comply with Section 409A of the
Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral
period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless Applicable Laws require otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required to avoid accelerated
taxation and tax penalties under Section 409A of the Code, amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following a Holder’s
“separation from service” within the meaning of Section 409A of the Code shall instead be paid on the first payroll date after the six-month anniversary of the Holder’s separation from service. 

(m) TARP. Notwithstanding anything in this Plan to the contrary, in the event the Company has debt or equity securities issued and
outstanding to the United States Department of Treasury (“Treasury”) pursuant to the Troubled Asset Relief Program Capital Purchase Program (“CPP”) of Treasury, any grants of Awards or payments to Holders (including, but not
limited to, acceleration of the exercisability or payment of Awards) shall be limited to the extent required under Section 111(b) of the Emergency Economic Stabilization Act of 2008 (“EESA”), as amended by the American Recovery and
Reinvestment Act of 2009, and as implemented by guidance or regulation thereunder (the “CPP Guidance”). This paragraph shall be in effect only until such time as Treasury no longer owns any debt or equity securities of the Company acquired
pursuant to the CPP, except to the extent required by Section 111 of EESA. 
 (n) Indemnification. Each person who
is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him in connection with or
resulting from any claim, action, suit, or proceeding to which he may be a party or in which he may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him in settlement
thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such action, suit, or proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend the same
before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be exclusive of any other rights or indemnification to which such persons may be entitled under the Company’s Articles of
Incorporation or Bylaws, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless. 
 (o) Governing Law. This Plan shall be construed in accordance with the laws of the State of Texas. 

  
 14 

 IN WITNESS WHEREOF, and as conclusive evidence of the adoption of the foregoing by the
Board, MetroCorp Bancshares, Inc. has caused this document to be duly executed in its name and behalf by its proper officer thereunto duly authorized as of this 26th day of March, 2012. 

By:        /s/ Don J.
Wang                             

Name:   Don J.
Wang                               

Title:     Chairman of the
Board                 

  
 15Form of Performance Share Units Award Grant 2012-2014

 Exhibit 10.1 
 SEALED AIR CORPORATION PERFORMANCE SHARE UNITS 
 AWARD GRANT

 2012-2014 
 THIS DOCUMENT CONSTITUTES PART OF A PROSPECTUS COVERING 
 SECURITIES THAT
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 
 1933. 
 Name: 
 Performance Period: January 1, 2012 through December 31, 2014

 Grant Date: March 27, 2012 
 TARGET AWARD 
 You have been granted by Sealed Air Corporation (the
“Company”) a target Performance Share Units award under the Company’s 2005 Contingent Stock Plan for the three-year performance period 2012 through 2014, comprised of the following: 

Target Performance Share Units:             units 

Each Performance Share Unit (a “Unit”) will be equivalent to one share of Sealed Air Corporation common stock. 

Your award is subject to the terms and conditions of the Performance Share Units Program and the Company’s 2005 Contingent Stock Plan (collectively,
the “Plan Documents”). If this award agreement varies from the terms of the Plan Documents, the Plan Documents will control. A copy of the Performance Share Units Program is attached as Appendix A. The 2005 Contingent Stock Plan is
included as an attachment to “Information for Recipients of Performance Share Unit Awards Under the 2005 Contingent Stock Plan of Sealed Air Corporation.” 
 PERFORMANCE GOALS 
 The number of Units you earn will depend on the performance of
the Company relative to certain performance goals for the three-year performance cycle from January 1, 2012 through December 31, 2014 (the “Performance Period”). The performance goals and their relative weightings are attached as
Appendix B hereto. 
 The determination of whether the performance goals have been met will be made by the Organization and Compensation
Committee of the Company’s Board of Directors following the end of the Performance Period. 

 OTHER IMPORTANT INFORMATION 

 

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

  

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

  

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

  

	•	 	 In order to receive any Units, you must remain employed with the Company through December 31, 2014, except in the case of death, disability or
retirement as discussed below. If you terminate employment prior to December 31, 2014 for reasons other than death, disability or retirement, you will forfeit all Units. Other special rules apply in case of termination of employment following a
Change in Control, as described below. 

  

	•	 	 Units earned at the end of the Performance Period, if any, will be paid in actual shares of Company common stock, less the number of shares that may be
withheld to satisfy applicable withholding taxes. Shares in settlement for any Units earned will be issued on or before March 15, 2015. Cash dividend equivalents accrued on the earned Units will be paid in cash on or about the same time.

  

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

  

	•	 	 There is no automatic vesting of your Units upon a “Change in Control” (as defined in the 2005 Contingent Stock Plan). However, the 2005
Contingent Stock Plan provides for pro rata vesting of your Units if within two years following the Change in Control your employment is terminated either by the Company without Cause or by you for “Good Reason” (also as defined in the
2005 Contingent Stock Plan). 

  
 2 

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

  

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

  

	•	 	 Payments will be taken into account for purposes of the Company’s employee benefit plans and programs only to the extent provided under the terms
of such plans and programs. 

 FOR MORE INFORMATION. 
 If you have any questions about your award or Units or need additional information, contact H. Katherine White at 201-703-4145. 
 IN WITNESS WHEREOF, the Company has caused this Award Grant to be executed by its duly authorized officer, and you have hereunto set your hand, effective as of the Grant Date stated above. 

 

							
	SEALED AIR CORPORATION	 		 	EMPLOYEE
				
	By:	 	  
	 		 	  

		 	Name:	 		 	
		 	Title:	 		 	

  
 3 

 APPENDIX A 
 SEALED AIR CORPORATION 
 PERFORMANCE SHARE UNITS PROGRAM 

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

  
 4 

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

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

 

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

  

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

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

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

 

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

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

  
 5 

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

  
 6 

 IMPACT OF A CHANGE IN CONTROL 

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

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

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

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

  
 7 

 APPENDIX B 
 Name: 
 Target Award:
                     Performance Share Units 
 Threshold Award Level: 12  1/2 % of Target Award for first performance metric, 25% of Target Award for second performance metric and
6  1/4% of Target Award for third performance
metric 
 Maximum Award Level: 200% of Target Award* 

 

	*	excluding any increase due to achievement of the Additional Goal and subject to the maximum under section 3 of the 2005 Contingent Stock Plan as currently in effect

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

	 	a.	Growth of Net Trade Sales weighted 25% 

	 	b.	Return On Invested Capital (ROIC) weighted 50% 

	 	c.	Total Shareholder Return weighted 25% 

 Each
metric will be calculated separately based on the targets set forth below. The results of each metric will determine the number of shares earned for that metric. The total award will be the addition of the total number of shares earned for each of
the three performance metrics. 
 Growth of Net Trade Sales: 
 The growth of net trade sales excludes the effects of foreign currency translation. 
 The growth of
net trade sales excludes any impacts on net trade sales from the acquisition(s) or disposition(s) of a business or product. 
  

	 	•	 	 For example, should an acquisition be made in any of the target years 2012 through 2014, then the amount of sales related to the acquired business(es)
or product(s) will be excluded from the targets in net trade sales in the years 2012 through 2014. 

  

	 	•	 	 Also, should a disposition(s) be made in any of the target years 2012 through 2014, then the amount of sales related to the business(es) or product(s)
disposed of will be excluded from the targets in net trade sales in the years 2012 through 2014 and the 2011 net trade sales results (base year) will be adjusted to exclude the amount of net trade sales from the disposed business(es) or product(s)
using the 2011 (base year) exchange rates. For the purpose of this adjustment, the threshold, target and maximum goals have been set as three year cumulative growth percentages above the 2011 (base year) reported net trade sales using 2011 (base
year) reported exchange rates. 

 The cumulative three year growth over proforma 2011 (base year) at threshold, target and maximum for the
performance period follows: 
  

							
	 Achievement
	  	Growth of Net Trade Sales	  	% of Target Earned	 
	 Below Threshold
	  	Less than 6.4%	  	 	0	% 
	 Threshold
	  	6.4%	  	 	50	% 
	 Target
	  	12.8%	  	 	100	% 
	 Maximum
	  	19.2% and above	  	 	200	% 

 Award levels based on cumulative growth of net trade sales between any two of these levels would be based on a pro-rata
calculation of the number of shares earned, except that no shares for this metric will be earned for three years cumulative growth below 6.4%. 

Return On Invested Capital (ROIC): 
 The
ROIC metric measures the average cumulative adjusted net operating profit after core tax, (Adjusted NOPAT) divided by average invested capital during the three year performance period. 
 The core tax represents the effective tax rate adjusted for any exclusions described on below. 

Invested Capital equals: 
 Total
Debt 
 + (Plus) Settlement liability and related accrued interest 

+ (Plus) Total stockholders’ equity 
 +/- (Plus) or (Minus) Accumulated other comprehensive income 
 - (Minus) Cash and
Cash equivalents 
 The three year average ROIC at threshold, target and maximum for the performance period, subject to the exclusions set forth
below, follows: 
  

							
	 Achievement
	  	ROIC	  	% of Target Earned	 
	 Below Threshold
	  	Less than 7.2%	  	 	0	% 
	 Threshold
	  	7.2%	  	 	50	% 
	 Target
	  	9.0%	  	 	100	% 
	 Maximum
	  	10.8% and above	  	 	200	% 

 Award levels based on three year average ROIC between any two of these levels would be based on a pro-rata calculation of
the number of shares earned, except that no shares for this metric will be earned for three year average ROIC below 7.2%. 
 Exclusions for
calculation of ROIC: 
  

	 	a.	 All restructuring charges reported or accounted for in the 2012 through 2014 consolidated financial statements as “restructuring charges”,
and restructuring programs (including all unbudgeted charges, all restructuring related expense such as termination benefits and equipment relocation and if approved by the Board of Directors no later than December 31, 2014. This exclusion
shall include all restructuring charges approved by the Board of Directors before 2012 that are recorded during 2012 through 2014. For any restructuring programs approved during

  
 9 

	 	
2012 through 2014 for which charges have been excluded, any expense estimate accruals that are reversed once actual expenses are known related to such programs will also be excluded.

  

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

 

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

  

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

  

	 	e.	The effect (including related expenses) of any acquisition or disposition transactions, whether or not closed during 2012 through 2014, provided that, as to
transactions closed during 2012 through 2014 that were large enough to require Board of Directors approval, the Board of Directors has approved such transactions. However, the effect of any acquisition or disposition that closed prior to 2012 shall
not be excluded. 

  

	 	f.	The effect of any accounting changes implemented during 2012 through 2014, such as IFRS or the discontinuance of the Last-in, First-out (LIFO) method for calculating
the value of inventory in the United States. 

 Total Shareholder Return: 

The total shareholder return metric measures the percent change in share price from the beginning of the performance period to the end of the performance
period and assumes immediate reinvestment of dividends when declared at the closing share price on the date declared. 
 The beginning share
price will be calculated as an average of 31 data points: the closing share price on January 3, 2012 and the closing share price +/- 15 trading days from January 3, 2012. The ending share price will be calculated as an average of 31 data
points: the closing share price on December 31, 2014 and the closing share price +/- 15 trading days from December 31, 2014. 
 The performance of this metric will be assessed in comparison of the percentile rank to the approved peer group of companies. The lowest ranked company will be the 0% rank, the middle ranked company will
be the 50th percentile rank and the top ranked company
will be the 100th percentile rank. If a company is
acquired or otherwise is no longer publicly traded and their share price no longer available, they will be excluded from the peer group. 

  
 10 

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

							
	 Achievement
	  	 TSR Percentile Rank
	  	% of Target Earned	 
	 Below Threshold
	  	Below 25th percentile	  	 	0	% 
	 Threshold
	  	25th percentile	  	 	25	% 
	 Target
	  	50th percentile	  	 	100	% 
	 Maximum
	  	75th percentile and above	  	 	200	% 

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

Additional Goal: If any of the above threshold levels is achieved, then the number of shares earned for each participant can be increased (if the
following Additional Goal is achieved) or decreased (if the following Additional Goal is not achieved) by up to 10% of the target amount for that participant at the discretion of the Organization and Compensation Committee: 

 

	 	•	 	 2014 safety result (TRIR) of 0.90 or better for all currently wholly-owned operations 

Fractional Shares: 
 Fractional shares
earned based on the Growth of Net Trade Sales goal, the Return on Invested Capital goal, the Total Shareholder Return goal and, if applicable, the Additional Goal will be rounded up to the nearest whole share. No fractional shares will be issued.

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

  
 11 

 APPENDIX C 
 SEALED AIR CORPORATION 
 POLICY ON RECOUPMENT OF INCENTIVE COMPENSATION 

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

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

  

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

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

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

  
 12

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