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FOE > SEC Filings for FOE > Form 8-K on 19-Oct-2012All Recent SEC Filings

Show all filings for FERRO CORP

Form 8-K for FERRO CORP


Change in Directors or Principal Officers, Financial Statements and Exhibits

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

(e) On October 16, 2012, Ferro Corporation (the "Company") disclosed that Michael J. Murry, Vice President of the Electronic, Color and Glass Materials business group, will be leaving the employment of the Company effective October 19, 2012. Pursuant to the Company's Executive Separation Policy (the "Separation Policy"), on October 16, 2012, the Company and Mr. Murry entered into a Separation Agreement and Release (the "Separation Agreement"). In accordance with applicable law, if Mr. Murry does not revoke the Separation Agreement during the statutory seven-day revocation period, it will be fully effective the day after the expiration of the revocation period.

Consistent with the Separation Policy, the Separation Agreement contains the following terms. Mr. Murry will receive a cash payment of $612,000, which is equal to 18 months salary and a cash payment of $367,200, which is equal to 1.5 times the annual incentive that Mr. Murry would have earned under the Company's annual incentive plan for 2012, assuming that performance had been attained at the "target" level. These cash payments will be made in two installments with $500,000 to be paid within 30 days of the effective date of the Separation Agreement and the remainder to be paid within 30 days after the first day of the seventh month following the effective date of the Agreement. Mr. Murry will also receive a pro rata payment equal to the annual incentive (if any) that Mr. Murry would have earned under the Company's annual incentive plan for 2012 if he were employed by the Company on the last day of 2012, based on the actual level of performance attained. In addition, Mr. Murry will be entitled to continued participation in the medical and dental plans for the earlier of 18 months or the date Mr. Murry becomes eligible for coverage provided through another employer, and outplacement services for 12 months in an amount not to exceed $10,000. The Separation Agreement also contains a release of claims and certain restrictive covenants, including confidentiality, non-competition, non-solicitation, and non-disparagement obligations.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the text of the Separation Agreement, which is filed as Exhibit 10.1 and is incorporated, herein, by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 10.1: Separation Agreement and Release, dated October 16, 2012, between Ferro Corporation and Michael Murry

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