Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 2, 2009, Bernard Gremillet (Executive Vice President, Global Customer Management) notified Checkpoint Systems, Inc. (the "Company") that he will retire on April 6, 2010.

In connection with Mr. Gremillet's retirement, on September 2, 2009, the Company and Mr. Gremillet entered into a Confidential Termination Agreement and Release (the "Agreement"). Under the Agreement, Mr. Gremillet will conclude his service to the Company on April 6, 2010 (the "Retirement Date"), and Mr. Gremillet will receive all earned salary and all unused earned vacation pay through the Retirement Date. In addition, Mr. Gremillet will receive severance benefits, which include €12,500 per month for the first twelve months after the Retirement Date and €4,167 per month for the second twelve months after the Retirement Date, as a retainer to provide transition services (for up to 80 hours of services per month during the first twelve months after the Retirement Date, and 25 hours per month for the second twelve months after the Retirement Date), €100 per hour for each hour worked during the two year period following the Retirement Date, and any MBO bonus earned in 2009.

For a period of twelve months following the Retirement Date, Mr. Gremillet may not compete with the Company or solicit or hire any employee or consultant who is employed or has been employed within the past 12 months by the Company.

---