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

On August 16, 2012, John R. Van Zile announced his retirement as Senior Vice President, General Counsel and Secretary of Checkpoint Systems, Inc. (the "Company"), effective as of September 7, 2012.

In connection with Mr. Van Zile's retirement, on August 16, 2012, the Company and Mr. Van Zile entered into a Confidential Separation Agreement and General Release (the "Agreement"). Under the Agreement, Mr. Van Zile will conclude his service as an executive officer of the Company on September 7, 2012 (the "Retirement Date"), and will receive all earned salary and all unused earned vacation pay through the Retirement Date. In accordance with the Company's Termination Policy for Executives, as more fully described in the Company's 2012 Proxy Statement filed with the Securities and Exchange Commission on April 23, 2012, Mr. Van Zile will receive severance payments and continued benefits for twenty-four months following the Retirement Date. Mr. Van Zile has also agreed not to compete with the Company for a period of twenty-four months following the Retirement Date.

The Company and Mr. Van Zile are also in the process of negotiating a separate consulting agreement under which Mr. Van Zile will provide certain consulting services to the Company upon its request for a period of up to one year from the Retirement Date and will be paid an hourly or daily rate for such consulting services.

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