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SEPARATION AGREEMENT AND RELEASE

Release Agreement

SEPARATION AGREEMENT AND RELEASE | Document Parties: FERRO CORPORATION | DALE G. KRAMER You are currently viewing:
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FERRO CORPORATION | DALE G. KRAMER

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Title: SEPARATION AGREEMENT AND RELEASE
Governing Law: Ohio     Date: 3/31/2006
Industry: Chemical Manufacturing     Sector: Basic Materials

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                                  EXHIBIT 10(n)
                              SEPARATION AGREEMENT
                                   AND RELEASE

     This document is a SEPARATION AGREEMENT AND RELEASE (this "Separation
Agreement"), is dated November 11, 2005, and is between FERRO CORPORATION
("Ferro") and DALE G. KRAMER ("Mr. Kramer").

     For good and valuable consideration, and intending to be legally bound,
Ferro and Mr. Kramer hereby agree as follows:

1.    TERMINATION OF EMPLOYMENT

     A.    Ferro has employed Mr. Kramer since November 29, 1999.

     B.    As of May 14, 2002, Mr. Kramer and Ferro signed an Confidentiality
          Agreement (the "Confidentiality Agreement") with Ferro.

     C.    As of July 1, 2001, Ferro and Mr. Kramer signed a Change in Control
          Agreement (the "Change in Control Agreement").

     D.    Mr. Kramer currently serves as Ferro's Vice President, Performance
          Chemicals.

     E.    Ferro and Mr. Kramer have mutually decided to end Mr. Kramer's
          employment relationship with Ferro on the terms and conditions set
          forth in this Separation Agreement.

2.    NORMAL PACKAGE

     A.    Under Ferro's standard severance policy, if his employment were
          terminated today, Mr. Kramer would be entitled to receive -

          (1)   An amount equal to one week's base pay for each completed year of
               service plus four additional weeks' pay, or $51,057.72 (i.e.,
               $5,673.08 times 9 weeks),

          (2)   Two weeks' pay in lieu of notice, or $11,346.16 (i.e., $5,673.08
               times two weeks), and

          (3)   Health care (i.e., medical and dental) coverage for the month of
               separation plus an additional four months, i.e., coverage through
               February 28, 2006.

     B.    The payments and benefits Mr. Kramer would have been entitled to
          receive under Ferro's standard severance practice are called the
          "Normal Package" below.

<PAGE>

3.    ENHANCED PACKAGE

      In consideration of the agreements and promises made by Mr. Kramer in this
     Separation Agreement, Ferro is prepared to provide Mr. Kramer with, and Mr.
     Kramer hereby elects to receive, the following enhanced separation pay and
     benefits (the "Enhanced Package") in lieu of the Normal Package on and
     subject to the terms and conditions of this Separation Agreement:

     A.    CONTINUATION ON PAYROLL

          Unless he resigns or voluntarily terminates his employment earlier,
          Mr. Kramer will continue on Ferro's payroll at his current salary and
          with his current employee benefits through March 31, 2006, and his
          employment with Ferro will terminate on that date. If Mr. Kramer
          resigns or otherwise voluntarily terminates his employment with Ferro
          before March 31, 2006, then Mr. Kramer will not be eligible for any of
          the separation pay or benefits provided in this numbered paragraph 3
          or the 2005 bonus payment described in numbered paragraph 4.A below.

     B.    SEVERANCE PERIOD

          The "Severance Period" will be the period beginning March 31, 2006,
          and ending the earlier of June 30, 2007, or the date on which Mr.
          Kramer begins employment with another employer.

     C.    SEVERANCE PAYMENTS

          During the Severance Period, Ferro will pay Mr. Kramer as severance
          Mr. Kramer's current base salary of $12,291.66 per twice-monthly pay
          period.

     D.    SEVERANCE BENEFITS

           During the Severance Period, Ferro will continue to provide Mr. Kramer
          coverage under Ferro's employee health plans (i.e., medical, dental,
          and vision care and flexible spending account) offered to Corporate
          Lakeside employees, consistent with Mr. Kramer's current elections or
          subsequent elections made by Mr. Kramer during Ferro's normal annual
          enrollment process. Ferro will pay the employer's portion of Mr.
          Kramer's premium costs under such plans during the Severance Period.

     E.    COMPANY AUTOMOBILE

          On or before December 31, 2005, Mr. Kramer will be entitled to
          purchase his company automobile in accordance with standard Ferro
          policy applicable to corporate officers. Mr. Kramer will be entitled
          to the


                                       -2-

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          use of such automobile (together with gasoline, normal maintenance,
          and insurance) until such date.

     F.    CELLULAR TELEPHONE

           Mr. Kramer will be entitled to the continued use of his company
          cellular telephone until December 31, 2005. Ferro will cooperate with
          Mr. Kramer is transferring his company cellular telephone number to a
          personal cellular telephone service of Mr. Kramer's choosing.

     G.    COMPANY COMPUTER

          On or before December 31, 2005, Mr. Kramer will deliver his company
          computer to Ferro. Ferro will then delete from the computer's hard
          drive any and all Ferro confidential and proprietary information. When
          Ferro has completed the deletion process, Ferro will return the
          company computer to Mr. Kramer and Mr. Kramer will be entitled to
          retain the company computer at no cost to Mr. Kramer. Mr. Kramer will
          not use any information or data remaining on such computer in any
          manner that is inconsistent with his obligations under numbered
          paragraph 7 below.

     H.    OTHER BENEFITS

          Mr. Kramer's rights with respect to other Ferro employee benefits,
          including his rights with respect to Ferro's supplemental defined
          contribution and defined benefit plans and deferred compensation plan,
          will be governed by the terms and conditions of such plans.

4.    ANNUAL INCENTIVE PLAN

     A.    Mr. Kramer is a participant in the Ferro annual incentive plan and is
          eligible for a bonus payment under such plan for the year 2005.

     B.    Mr. Kramer's 2005 bonus will be determined in accordance with standard
          Ferro policy. Ferro will add to the amount so determined the gross sum
          of $6,000.00. Mr. Kramer's 2005 bonus will be paid on or before April
          30, 2006.

     C.    Mr. Kramer will not be eligible for a bonus payment for the year 2006
          or any year thereafter.

5.    STOCK OPTIONS

     A.    Mr. Kramer has been awarded the following as-yet-unexercised options
          under Ferro's 1985 Employee Stock Option Plan and Ferro's 2003
           Long-Term Incentive Compensation Plan:


                                       -3-

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          (1)   5,500 Non-Qualified Stock Options granted February 11, 2000, with
               an option exercise price of $18.50 per share,

          (2)   15,000 Incentive Stock Options granted February 9, 2001, with an
               option exercise price of $23.60 per share,

          (3)   5,271 Incentive Stock Options granted February 11, 2002, with an
               option exercise price of $25.50 per share,

          (4)   39,729 Non-Qualified Stock Options granted February 11, 2002,
               with an option exercise price of $25.50 per share,

          (5)   4,705 Incentive Stock Options granted February 28, 2003, with an
               option exercise price of $21.26 per share,

          (6)   50,295 Non-Qualified Stock Options granted February 28, 2003,
               with an option exercise price of $21.26 per share,

          (7)   4,151 Incentive Stock Options granted February 9, 2004, with an
               option exercise price of $26.26 per share,

          (8)   50,849 Non-Qualified Stock Options granted February 9, 2004, with
               an option exercise price of $26.26 per share,

          (9)   5,157 Incentive Stock Options granted February 7, 2005, with an
               option exercise price of $19.39 per share, and

          (10) 38,843 Non-Qualified Stock Options granted February 7, 2005, with
               an option exercise price of $19.39 per share.

          Mr. Kramer will not be awarded any further options under any Ferro
          stock option plan.

     B.    Subject to any trading b


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