Employment and Severance Arrangement with Michael Berry, Senior Vice President, Reynolds Services Group

Summary

This agreement outlines the employment terms for Michael Berry as Senior Vice President of Reynolds Services Group. Mr. Berry will receive a $250,000 annual base salary and is eligible for company executive compensation programs, including bonuses and equity plans. If, within his first 24 months, his role or pay is materially reduced, or he is relocated over 50 miles from Dayton, Ohio, after a change in control, he will receive severance equal to one year’s base salary.

EX-10.1 2 l06914aexv10w1.txt EXHIBIT 10.1 EXHIBIT 10.1 ARRANGEMENT WITH MR. MICHAEL BERRY, SENIOR VICE PRESIDENT, REYNOLDS SERVICES GROUP Mr. Michael Berry was recently hired to serve as Senior Vice President, Reynolds Services Group and is an executive officer of the company. Pursuant to the terms of his employment, Mr. Berry is entitled to receive an annual base salary of $250,000 and is entitled to participate in the company's executive compensation arrangements described in the company's Proxy Statement filed with the SEC on December 30, 2003, including, without limitation, bonus programs and equity compensation plans. In addition, Mr. Berry is entitled to a severance package equal to one (1) times his annual base salary following his separation from the company within the first twenty-four (24) months of his employment, as a result of a material adverse change in his roles and responsibilities, a reduction in his base compensation, or a job relocation more than 50 miles from Dayton, Ohio, following a change in control of the company. 24