Sealed Air President Americas Grasso steps down; CEO severance plan amended

SEALED AIR CORP/DE

Tobias Grasso, Jr., President Americas, steps down as executive officer June 4, 2024; advisory role through July 1, 2024.
No change to Grasso's severance benefits under the existing Executive Severance Plan.
CEO severance amended: 2x base+bonus for non-change-in-control termination, 2.5x for change-in-control.
Amended plan provides pro-rata bonus and full equity vesting for CEO upon change-in-control termination.
Severance provisions for non-CEO participants remain unchanged.

item 5.02 item 9.01

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Departed

Tobias Grasso, Jr.

President, Americas

SEALED AIR CORP/DE

Effective: 2024-06-04
Filed: June 4, 2024, 7:59 PM ET

On May 30, 2024, Sealed Air Corporation (the “Company”) and Tobias Grasso, Jr., President, Americas of the Company, mutually agreed that Mr. Grasso will be stepping down from his current position as an executive officer effective June 4, 2024, and continue to serve in an advisory role through July 1, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Tobias Grasso, Jr. departed as President, Americas at SEALED AIR CORP/DE.

Action: stepping down
Role: President, Americas

Exact text from the filing

On May 30, 2024, Sealed Air Corporation (the “Company”) and Tobias Grasso, Jr., President, Americas of the Company, mutually agreed that Mr. Grasso will be stepping down from his current position as an executive officer effective June 4, 2024, and continue to serve in an advisory role through July 1, 2024.

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Source: SEC EDGAR

accession 0001140361-24-028719

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