Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-29

Sealed Air (SEE)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$12,820,613
Patrick Kivits total, FY2024
CEO pay percentile vs peers
CEO-to-median pay ratio
Say-on-pay support, latest vote
Companies that benchmark against SEE
11 companies name SEE as a compensation peer

Each company listed discloses SEE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named SEE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Patrick Kivits$550,000$3,500,000$8,644,012$0$0$0$126,601$12,820,613
Chief Executive Officer
Dustin Semach762,5001,150,0005,227,2850866,629046,2738,052,687
President and Chief Financial Officer
Emile Chammas778,511150,0002,927,2810760,450031,9134,648,155
Senior Vice President and Chief Operating Officer
Steven Flannery164,96202,400,01100015,2592,580,232
President, Food
Jannick Thomsen325,47401,093,753000555,7431,974,970
Former Chief People and Digital Officer
Tobias Grasso224,4770644,087000421,7911,290,355
Former Americas President
Byron Racki347,50060,000534,5470242,130034,8131,218,990
President, Protective
Veronika Johnson340,2250435,8600240,590031,9131,048,588
Chief Accounting Officer and Controller

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Patrick Kivits$12,820,613
Dustin Semach8,052,687
Emile Chammas4,648,155
Steven Flannery2,580,232
Jannick Thomsen1,974,970
Tobias Grasso1,290,355
Byron Racki1,218,990
Veronika Johnson1,048,588

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Byron RackiPSU2024-06-052,4526,53816,345$275,119
Tobias GrassoRSU2024-02-218,355300,780
Dustin SemachRSU2024-08-1555,1811,800,004
Veronika JohnsonPSU2024-02-211,1863,1637,908129,968
Byron RackiRSU2024-06-056,538259,428
Emile ChammasRSU2024-02-2125,000900,000
Patrick KivitsRSU2024-07-01164,1275,600,013
Patrick KivitsRSU2024-07-0143,9631,500,018
Dustin SemachRSU2024-02-2125,000900,000
Dustin SemachRSU2024-08-1545,9851,500,031
Steven FlanneryRSU2024-09-3066,1162,400,011
Dustin SemachPSU2024-02-219,37525,00062,5001,027,250
Jannick ThomsenPSU2024-02-215,32114,18835,470582,985
Jannick ThomsenRSU2024-02-2114,188510,768
Emile ChammasRSU2024-08-1530,6571,000,031
Patrick KivitsPSU2024-07-0116,48643,963109,9081,543,981
Emile ChammasPSU2024-02-219,37525,00062,5001,027,250
Tobias GrassoPSU2024-02-213,1338,35520,888343,307
Veronika JohnsonRSU2024-02-213,163113,868
Veronika JohnsonRSU2024-02-215,334192,024
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Byron Racki$259,428$275,119$051.5%
Tobias Grasso300,780343,307053.3%
Dustin Semach4,200,0351,027,250019.7%
Veronika Johnson305,892129,968029.8%
Emile Chammas1,900,0311,027,250035.1%
Patrick Kivits7,100,0311,543,981017.9%
Steven Flannery2,400,011000.0%
Jannick Thomsen510,768582,985053.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Veronika JohnsonRSU3,162$106,970
Patrick KivitsRSU43,9631,487,268
Veronika JohnsonRSU92031,124
Veronika JohnsonRSU1,43248,445
Dustin SemachRSU45,9851,555,673
Dustin SemachRSU25,000845,750
Emile ChammasRSU13,996473,485
Byron RackiRSU6,538221,181
Emile ChammasRSU2,44682,748
Emile ChammasPSU25,000845,750
Veronika JohnsonRSU3,163107,004
Patrick KivitsRSU164,1275,552,416
Veronika JohnsonRSU56519,114
Dustin SemachRSU17,670591,135
Dustin SemachRSU13,996473,485
Dustin SemachRSU55,1811,866,773
Dustin SemachRSU21,346722,135
Veronika JohnsonRSU5,334180,449
Steven FlanneryPSU66,1162,236,704
Emile ChammasRSU6,415217,019
Emile ChammasRSU30,6571,037,126
Emile ChammasRSU22,450759,484
Emile ChammasRSU25,000845,750
Veronika JohnsonPSU3,163107,004
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to attract, motivate and retain an effective leadership team that will create sustainable, long-term shareholder value. The P&C Committee believes our program should advance a high-accountability, performance-driven culture, encourage behaviors to drive business results and align the interest of our executives with those of our stockholders.

CEO STI target (% of salary)120%
CEO LTI target (% of salary)
Independent consultantPearl Meyer
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
09

Board fee structure and ownership guideline

Annual cash retainer$110,000
Annual equity retainer$160,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 0
Stock ownership guideline5x annual cash retainer ($550,000 for other directors; $895,000 for Chair)
10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Sealed Air names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Sealed Air.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Berry Global Group, Inc.2024Kevin Kwilinski$1,029,808$14,071,727$2,879,994$1,535,625$20,017,718
2Dover Corporation2025Richard Tobin1,387,3858,040,7266,562,519018,757,706
3Crown Holdings, Inc.2025Timothy Donahue1,450,0008,627,4754,205,00017,501,363
4Packaging Corporation of America2025Mark Kowlzan1,539,39611,484,12303,100,70016,992,255
5Fortive Corporation2025Olumide Soroye931,7338,196,1253,706,5191,358,10014,405,012
6Ball Corporation2025Daniel Fisher1,269,4625,798,8012,081,2423,676,88613,486,942
7Sealed Air2024Patrick Kivits550,0008,644,0120012,820,613
8Silgan Holdings Inc.2025Adam Greenlee1,155,6609,487,80001,444,57512,229,234
9AptarGroup, Inc.2025Stephan Tanda1,175,0006,096,6701,681,509518,43310,226,911
10Sonoco Products Co.2025R. Howard Coker1,248,1566,872,02201,512,72810,142,078
11Axalta Coating Systems Ltd.2025Chris Villavarayan1,100,0007,389,5520973,3919,551,721
12Avery Dennison Corporation2025Deon Stander1,136,5387,649,4300605,4759,538,375
13Greif, Inc.2025Ole Rosgaard1,042,3086,121,85001,964,2119,439,962
14Ashland Inc.2025Guillermo Novo1,152,3325,233,86301,313,8307,907,423
15Reynolds Consumer Products Inc.2025Scott Huckins1,000,0004,499,98801,080,0006,722,725
16Avient Corporation2025Ashish Khandpur1,128,2693,763,1590753,7775,818,257
Graphic Packaging Holding Companynot in coverage universe
O-I Glass, Inc.not in coverage universe
Minerals Technologies, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Sealed Air122.1%PSU 50 · RSU 50NoPearl Meyer
AptarGroup, Inc.67.9%PSU 50 · RSU 25 · Options 25NoPay Governance
Ashland Inc.90.4%not disclosedYes — Relative Total Shareholder Return (rTSR)Meridian Compensation Partners
Avery Dennison Corporation39%PSU 100Yes — Relative TSRWillis Towers Watson (WTW) and Semler Brossy
Avient Corporation51.6%Cash LTI 60 · RSU 40Yes — Total Shareholder Return Relative to Peer Group (rTSR)Pearl Meyer
Axalta Coating Systems Ltd.71.7%PSU 60 · RSU 40Yes — Relative TSRPearl Meyer
Ball Corporation150%PSU 50 · Options 25 · RSU 25Yes — Relative Total Shareholder Return (rTSR)Farient Advisors LLC
Berry Global Group, Inc.117%PSU 60 · Options 40Yes — Relative TSR vs. Peer GroupPearl Meyer
Crown Holdings, Inc.200%PSU 67 · RSU 33NoNot determinable from source text
Dover Corporation121.7%PSU 40 · Options 40 · RSU 20Yes — 3-Year relative TSRMeridian Compensation Partners, LLC
Fortive Corporationnot disclosedPSU 50 · RSU 25 · Options 25Yes — Relative TSR vs. S&P 500Pearl Meyer
Graphic Packaging Holding Companynot disclosednot disclosednot disclosednot disclosed
Greif, Inc.not disclosedPSU 70 · RSU 30not disclosedWillis Towers Watson
Minerals Technologies, Inc.not disclosednot disclosednot disclosednot disclosed
O-I Glass, Inc.not disclosednot disclosednot disclosednot disclosed
Packaging Corporation of America101%PSU 66 · RSU 33Yes — TSRFW Cook
Reynolds Consumer Products Inc.90%RSU 50 · PSU 50NoPearl Meyer & Partners, LLC
Silgan Holdings Inc.125%RSU 100not disclosednot disclosed
Sonoco Products Co.97.0%PSU 60 · RSU 40NoFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Patrick KivitsDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 12,820,613. Filing ↗machine: t225 · r2 · c22 · span 800254–800264
2Section 01, Dustin SemachDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 8,052,687. Filing ↗machine: t225 · r3 · c22 · span 804544–804553
3Section 01, Emile ChammasDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 4,648,155. Filing ↗machine: t225 · r5 · c22 · span 812876–812885
4Section 01, Steven FlanneryDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 2,580,232. Filing ↗machine: r8 · c22 · span 825101–825110
5Section 01, Jannick ThomsenDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 1,974,970. Filing ↗machine: r11 · c22 · span 839074–839083
6Section 01, Tobias GrassoDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 1,290,355. Filing ↗machine: r14 · c22 · span 851402–851411
7Section 01, Byron RackiDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 1,218,990. Filing ↗machine: r9 · c22 · span 829895–829904
8Section 01, Veronika JohnsonDEF 14A2025-04-170001140361-25-014374Section “2024 Summary Compensation Table”. As printed: 1,048,588. Filing ↗machine: r10 · c22 · span 834116–834125
9Section 03, Byron Racki PSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards in 2024” · grants of plan-based awards table. Filing ↗machine: t242 · r17 · c25 · span 1005201–1005208
10Section 03, Tobias Grasso RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
11Section 03, Dustin Semach RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
12Section 03, Veronika Johnson PSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards in 2024” · grants of plan-based awards table. Filing ↗machine: t242 · r20 · c25 · span 1018635–1018642
13Section 03, Byron Racki RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t242 · r17 · c16 · span 1003423–1003428
14Section 03, Emile Chammas RSUDEF 14A0001140361-25-014374Section “PSU T” · grants of plan-based awards table. Filing ↗machine: t184 · r4 · c4 · span 669366–669373
15Section 03, Patrick Kivits RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
16Section 03, Patrick Kivits RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t242 · r3 · c16 · span 943112–943118
17Section 03, Dustin Semach RSUDEF 14A0001140361-25-014374Section “PSU T” · grants of plan-based awards table. Filing ↗machine: t184 · r3 · c4 · span 667797–667804
18Section 03, Dustin Semach RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
19Section 03, Steven Flannery RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t242 · r16 · c25 · span 999936–999945
20Section 03, Dustin Semach PSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards in 2024” · grants of plan-based awards table. Filing ↗machine: t242 · r7 · c25 · span 962768–962777
21Section 03, Jannick Thomsen PSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards in 2024” · grants of plan-based awards table. Filing ↗machine: t242 · r24 · c25 · span 1034674–1034681
22Section 03, Jannick Thomsen RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t242 · r24 · c16 · span 1032902–1032908
23Section 03, Emile Chammas RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
24Section 03, Patrick Kivits PSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards in 2024” · grants of plan-based awards table. Filing ↗machine: t242 · r3 · c25 · span 944806–944815
25Section 03, Emile Chammas PSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards in 2024” · grants of plan-based awards table. Filing ↗machine: t242 · r12 · c25 · span 982388–982397
26Section 03, Tobias Grasso PSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards in 2024” · grants of plan-based awards table. Filing ↗machine: t242 · r27 · c25 · span 1048160–1048167
27Section 03, Veronika Johnson RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t242 · r20 · c16 · span 1017157–1017162
28Section 03, Veronika Johnson RSUDEF 14A2025-04-170001140361-25-014374Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗
29Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
30Berry Global Group, Inc., Section 10b CEO totalDEF 14A2025-01-070001104659-25-001507CEO total compensation as printed in Berry Global Group, Inc.'s own proxy. As printed: 20,017,718. Filing ↗machine: r1 · c42 · span 938559–938569
31Dover Corporation, Section 10b CEO totalDEF 14A2026-03-240001193125-26-120708CEO total compensation as printed in Dover Corporation's own proxy. As printed: 18,757,706. Filing ↗machine: t263 · r2 · c35 · span 813120–813130
32Crown Holdings, Inc., Section 10b CEO totalDEF 14A2026-03-230002039852-26-000055CEO total compensation as printed in Crown Holdings, Inc.'s own proxy. As printed: 17,501,363. Filing ↗
33Packaging Corporation of America, Section 10b CEO totalDEF 14A2026-03-270001193125-26-127602CEO total compensation as printed in Packaging Corporation of America's own proxy. As printed: 16,992,255. Filing ↗machine: span 363586–363596
34Fortive Corporation, Section 10b CEO totalDEF 14A2026-04-290001193125-26-189078CEO total compensation as printed in Fortive Corporation's own proxy. As printed: 14,405,012. Filing ↗machine: r5 · c17 · span 4058481–4058492
35Ball Corporation, Section 10b CEO totalDEF 14A2026-03-170001104659-26-029499CEO total compensation as printed in Ball Corporation's own proxy. As printed: 13,486,942. Filing ↗machine: t91 · r4 · c54 · span 1324028–1324038
36Sealed Air (subject), Section 10b CEO totalDEF 14A2025-04-170001140361-25-014374CEO total compensation as printed in Sealed Air's own proxy. As printed: 12,820,613. Filing ↗machine: t225 · r2 · c22 · span 800254–800264
37Silgan Holdings Inc., Section 10b CEO totalDEF 14A2026-04-160001193125-26-158049CEO total compensation as printed in Silgan Holdings Inc.'s own proxy. As printed: 12,229,234. Filing ↗machine: t67 · r4 · c26 · span 307628–307638
38AptarGroup, Inc., Section 10b CEO totalDEF 14A2026-03-270001104659-26-035722CEO total compensation as printed in AptarGroup, Inc.'s own proxy. As printed: 10,226,911. Filing ↗machine: t187 · r9 · c18 · span 1230224–1230234
39Sonoco Products Co., Section 10b CEO totalDEF 14A2026-03-130001104659-26-027659CEO total compensation as printed in Sonoco Products Co.'s own proxy. As printed: 10,142,078. Filing ↗machine: t76 · r2 · c48 · span 1281982–1281992
40Axalta Coating Systems Ltd., Section 10b CEO totalDEF 14A2026-04-210001193125-26-166838CEO total compensation as printed in Axalta Coating Systems Ltd.'s own proxy. As printed: 9,551,721. Filing ↗machine: r2 · c31 · span 850079–850088
41Avery Dennison Corporation, Section 10b CEO totalDEF 14A2026-03-120001193125-26-102965CEO total compensation as printed in Avery Dennison Corporation's own proxy. As printed: 9,538,375. Filing ↗machine: span 1488950–1488959
42Greif, Inc., Section 10b CEO totalDEF 14A2026-01-090001628280-26-001556CEO total compensation as printed in Greif, Inc.'s own proxy. As printed: 9,439,962. Filing ↗machine: r2 · c27 · span 635921–635930
43Ashland Inc., Section 10b CEO totalDEF 14A2025-12-090001193125-25-312753CEO total compensation as printed in Ashland Inc.'s own proxy. As printed: 7,907,423. Filing ↗machine: t125 · r3 · c21 · span 2021429–2021438
44Reynolds Consumer Products Inc., Section 10b CEO totalDEF 14A2026-03-180001628280-26-019380CEO total compensation as printed in Reynolds Consumer Products Inc.'s own proxy. As printed: 6,722,725. Filing ↗machine: r2 · c42 · span 500547–500556
45Avient Corporation, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021576CEO total compensation as printed in Avient Corporation's own proxy. As printed: 5,818,257. Filing ↗machine: t45 · r2 · c8 · span 748439–748448
46Section 10a, Berry Global Group, Inc. reciprocityDEF 14A0001104659-25-001507Berry Global Group, Inc. names Sealed Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Dover Corporation reciprocityDEF 14A0001193125-26-120708Dover Corporation's most recent proxy was read; its disclosed peer group does not include Sealed Air. Filing ↗
48Section 10a, Silgan Holdings Inc. reciprocityDEF 14A0001193125-26-158049Silgan Holdings Inc. names Sealed Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
49Section 10a, AptarGroup, Inc. reciprocityDEF 14A0001104659-26-035722AptarGroup, Inc. names Sealed Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
50Section 10a, Avery Dennison Corporation reciprocityDEF 14A0001193125-26-102965Avery Dennison Corporation names Sealed Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
51Section 10a, Avient Corporation reciprocityDEF 14A0001628280-26-021576Avient Corporation's most recent proxy was read; its disclosed peer group does not include Sealed Air. Filing ↗
52Section 10a, Axalta Coating Systems Ltd. reciprocityDEF 14A0001193125-26-166838Axalta Coating Systems Ltd.'s most recent proxy was read; its disclosed peer group does not include Sealed Air. Filing ↗
53Section 10a, Ball Corporation reciprocityDEF 14A0001104659-26-029499Ball Corporation's most recent proxy was read; its disclosed peer group does not include Sealed Air. Filing ↗
54Section 10a, Fortive Corporation reciprocityDEF 14A0001193125-26-189078Fortive Corporation's most recent proxy was read; its disclosed peer group does not include Sealed Air. Filing ↗
55Section 10a, Packaging Corporation of America reciprocityDEF 14A0001193125-26-127602Packaging Corporation of America names Sealed Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
56Section 10a, Reynolds Consumer Products Inc. reciprocityDEF 14A0001628280-26-019380Reynolds Consumer Products Inc. names Sealed Air in its own disclosed peer group (read from its most recent proxy). Filing ↗
57Section 10a, Sonoco Products Co. reciprocityDEF 14A0001104659-26-027659Sonoco Products Co. names Sealed Air in its own disclosed peer group (read from its most recent proxy). Filing ↗