SEC Contract Filing

Filing Date: 2025-07-28

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex101employmentagreement_p.htm
<DESCRIPTION>EX-10.1
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<title>Document</title></head><body><div id="i9fd5757cc8d84f2a80db1c98cf32a209_37"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.1</font></div></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">May 20, 2025<br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:120%">Paul Joachimczyk</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Dear Paul, </font></div><div><font><br></font></div><div style="text-indent:-40.5pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%"> &#160;&#160;&#160;&#160;It is my pleasure to confirm our offer to you for the position of Chief Financial Officer,</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%"> </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">located in Hartsville, South Carolina. This is a regular, full-time position with an initial annual salary of $750,000, paid monthly. You will be reporting directly to Howard Coker, President and Chief Executive Officer. Your anticipated start date will be July 1, 2025.</font></div><div><font><br></font></div><div style="text-indent:-40.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%"> You will receive a sign-on bonus of $1,000,000 less taxes to be paid within thirty days of your start date. This bonus will not be considered as &#34;compensation&#34; for the purpose of determining any benefits provided under any pension, savings or other benefit plan maintained by Sonoco. Should you voluntarily resign from Sonoco or if you are terminated for cause within twenty-four months of your hire date, you agree to reimburse Sonoco the total amount of the sign-on bonus within thirty days of your termination date. Your signature on this letter acknowledges your agreement to this.</font></div><div><font><br></font></div><div style="text-indent:-40.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%"> You will be eligible to participate in our Annual incentive plan. This incentive plan pays a target incentive of 85% of your actual earned base salary for the plan year. The actual incentive payment you earn will vary based on actual results achieved, as described in the enclosed incentive plan brochure. Actual payout can range from 0% to 200% of target. Additional details will be provided to you.</font></div><div><font><br></font></div><div style="text-indent:-40.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%"> Beginning in 2026, you will be eligible to participate in our annual equity compensation program which currently consists of restricted stock units (RSUs) and performance contingent stock units (PCSUs), as described in the attached Long-Term Incentive brochure. Actual awards may vary in accordance with your individual contribution and performance, in 2026 we anticipate an approximate target level of $2,000,000. Our annual grants are typically made in February of each year. You must be actively employed by December 31st of the prior year to be considered for an equity award. </font></div><div><font><br></font></div><div style="text-indent:-40.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%"> Upon your start date you will receive a one-time restricted stock grant in the amount of $1,000,000. Thirty-three (33%) percent of this grant will vest on the 1</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.8pt;font-weight:400;line-height:107%;position:relative;top:-4.2pt;vertical-align:baseline">st </font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%">and 2</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.8pt;font-weight:400;line-height:107%;position:relative;top:-4.2pt;vertical-align:baseline">nd</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%"> anniversaries of your start date, with the remaining Thirty-four (34%) percent vesting on the 3</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:7.8pt;font-weight:400;line-height:107%;position:relative;top:-4.2pt;vertical-align:baseline">rd</font><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%"> anniversary of your start date. These units will vest solely by the continuation of your employment as the Chief Financial Officer of Sonoco over the restriction period. Details of this grant will follow in a separate letter. </font></div><div><font><br></font></div><div style="text-indent:-40.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:107%"> Additionally, as an Executive Officer of Sonoco you are eligible to receive certain Executive Compensation and Benefits as outlined below. </font></div><div><font><br></font></div><div style="text-indent:-40.3pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:1