Exhibit 10.29
(Form of)
NON-COMPETE AND
CONFIDENTIALITY AGREEMENT
The following agreement between
SEALED AIR CORPORATION (“Sealed Air”) and
(the “Employee”) is voluntarily entered into and
replaces all previous agreements, if any, between the Employee and
Sealed Air relating to the employment of the Employee, to the
confidential affairs of Sealed Air and its subsidiaries (together
called the “Company”), to inventions conceived or made
by the Employee and to refraining from competition with the
Company. The Employee’s obligations under this
Agreement are made in consideration of the employment of the
Employee by the Company and the continuation thereof after this
date during such time as may be mutually agreeable to the Company
and the Employee, the compensation to be paid by the Company to the
Employee in exchange for the Employee’s services, and the
Company’s agreement to pay severance pay to the Employee
under Section 7 of this Agreement.
The parties agree as
follows:
1.
During employment with the Company, employees may have access to
and become acquainted with information of a confidential,
proprietary or secret nature which is or may be related in some way
to the present or future business of the Company. For
example, trade secret information includes, but is not limited to,
information of a technical nature, such as “know how,”
formulae, secret processes or machines, inventions, and research
projects, and matters of a business nature, such as information
about costs, profits, markets, sales, lists of customers and
vendors, and any other information of similar nature to the extent
not available to the public, and plans for future
development. The Employee agrees that he or she will keep
secret all confidential matters of the Company, including
information received in confidence by the Company from others, and
agrees not to disclose them to anyone outside the Company, either
during or after employment with the Company, except upon written
consent of the President or a corporate Vice President of Sealed
Air. The Employee further agrees to deliver promptly to the
Company on termination of his or her employment with the Company,
or at any time the Company may so request, all memoranda, notes,
records, reports, manuals, drawings, blueprints, and any other
documents and computer-accessible records of a confidential nature
belonging to the Company, including all copies of such materials
that the Employee may then possess or have under his or her
control.
2.
Any and all discoveries, improvements and inventions, whether or
not patentable (“Inventions”), that the Employee may
conceive or make solely or jointly with others during the period of
his or her employment with the Company or within one year
thereafter shall be the sole and exclusive property of the Company,
provided that such Inventions grew out of the Employee’s work
with the Company, are related in any manner to the business
(commercial or experimental) of the Company or are conceived or
made on the Company’s time or with the use of the
Company’s facilities or materials. The Employee will
promptly and fully disclose to the Company in writing all
information he or she may possess relating to any and all such
Inventions.
