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SUP > SEC Filings for SUP > Form 8-K on 22-Aug-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statem

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

(b) and (e)

Robert A. Earnest, Vice President, General Counsel and Corporate Secretary of Superior Industries International, Inc. (the "Company") resigned as a result of a departmental reorganization effected on August 16, 2013, which eliminated his position. In connection with his resignation, on August 22, 2013, Mr. Earnest and the Company entered into a separation agreement (the "Separation Agreement"). The following is a brief description of the terms and conditions of the Separation Agreement:

(i) Payment to Mr. Earnest of accrued salary and payment for unused vacation time through September 13, 2013, on which date his employment with the Company ends; for the two years thereafter Mr. Earnest has agreed to cooperate with the Company on matters in which he was involved during his employment.

(ii) A severance payment to Mr. Earnest in the amount of $220,000, payable in a lump sum less applicable withholdings.

(iii) A customary release of claims by Mr. Earnest, subject to limited exceptions.

(iv) Provisions concerning non-disparagement, proprietary information and non-participation in actions against the Company.

The Separation Agreement will become effective within seven days of Mr. Earnest signing it, provided that he does not revoke it prior to such time pursuant to his right to do so under the terms of the Separation Agreement.

The payments and benefits described above are the only amounts to which Mr. Earnest is entitled under the Separation Agreement. He also remains entitled to any vested benefits he has as of the separation date under other benefit plans or programs maintained by the Company and to which Mr. Earnest is a party or participant, subject to the terms and conditions of such plans and programs.

The foregoing is a brief description of the terms of the Separation Agreement and is qualified in its entirety by reference to the Separation Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits
(d) Exhibits
10.1 Separation Agreement between the Company and Robert A. Earnest, dated August 22, 2013

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