Second Amendment to Newell Rubbermaid Inc. Management Cash Bonus Plan
This amendment updates the Newell Rubbermaid Inc. Management Cash Bonus Plan, effective February 10, 2010, for bonuses paid for plan years starting January 1, 2010. It revises the maximum and target bonus percentages based on employee participation categories and performance levels, and sets a cap so that no participant can receive more than $2,900,000 in bonus awards per year. The amendment is executed by the company through its authorized officer.
EXHIBIT 10.4
SECOND AMENDMENT TO THE
NEWELL RUBBERMAID INC.
MANAGEMENT CASH BONUS PLAN
The Newell Rubbermaid Inc. Management Cash Bonus Plan (the “Plan”), is further amended, effective as of February 10, 2010, with respect to bonuses paid for plan years beginning on or after January 1, 2010, as follows:
| 1. | Section 6(c) of the Plan is hereby amended to read in its entirety as follows: |
(c) Maximum Bonus Payment. The target and maximum annual bonus award payable to a Participant for a Plan Year is a percentage of his Salary, based on the Participant’s participation category and the level of achievement of the performance goals, as set forth below:
| Participation Category | Bonus as a Percentage of Salary if | Maximum Bonus as a Percentage | ||
| A/A/A | 130.0% | 260.0% | ||
| A/A | 75.0% | 150.0% | ||
| A/B | 65.0% | 130.0% | ||
| A/C | 55.0% | 110.0% | ||
| A | 45.0% | 90.0% | ||
| B/C | 35.0% | 70.0% | ||
| B | 33.5% | 67.0% | ||
| C | 16.75% | 33.5% | ||
| D | 8.375% | 16.75% |
Performance below the target levels will result in a lower or no bonus award.
In no event, however, shall any Participant be paid a bonus award for any Plan Year that exceeds $2,900,000.
This Amendment has been executed by the Corporation, by its duly authorized officer, as of this 10 th day of February, 2010.
| NEWELL RUBBERMAID INC. | ||
| By: | /s/ James M. Sweet | |
| Title: | Executive Vice President – Human Resources and Corporate Communications | |
