Sealed Air Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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In the event of a termination without cause or by the CEO for good reason not in connection with a change in control, the CEO will receive:
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cash severance in an amount equal to two (2) times the sum of the CEO’s annual base salary plus target annual bonus, payable in an immediate lump sum;
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a pro rata bonus for the year in which the involuntary termination occurs based on actual performance results for the year and payable at the same time bonuses for the year are otherwise paid; and
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a payment equal to 24 times the then applicable employee cost for monthly premiums for medical, prescription and dental benefits under the Company plans based on the CEO’s then applicable election,
payable in an immediate lump sum.
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In the event of a termination without cause or by the CEO for good reason in connection with a change in control, the CEO will receive
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cash severance in an amount equal to two and one half (2.5) times the sum of the CEO’s annual base salary plus target annual bonus, payable in an immediate lump sum;
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a pro rata bonus for the year in which the involuntary termination occurs, based on the greater of assumed target performance or actual performance measured through the end of the calendar quarter
preceding the change in control, payable in an immediate lump sum;
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a payment equal to 24 times the then applicable employee cost for monthly premiums for medical, prescription and dental benefits under the Company plans based on the CEO’s then applicable election,
payable in an immediate lump sum; and
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full vesting of all outstanding equity compensation awards, consistent with the terms that apply to other participants in the Plan.
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Item 9.01 |
Financial Statements and Exhibits.
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Exhibit
Number
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Description
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Sealed Air Corporation Executive Severance Plan (as amended and restated effective June 1, 2024).
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104
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Cover Page Interactive Data File (formatted as Inline XBRL and embedded within document)
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SEALED AIR CORPORATION
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By:
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/s/ Angel S. Willis
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Name:
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Angel S. Willis
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Title:
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Vice President, General Counsel and Secretary
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(Duly Authorized Officer)
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Date: June 4, 2024
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