Rayovac 2008 Annual Report Download - page 110

Table of Contents
Index to Financial Statements
In connection with Ms. Yoder’s separation agreement she received or is entitled to receive the following cash amounts:
• $500,000, in 15 monthly installments of $33,333.33 which began on November 30, 2008 and have continued and will continue thereafter on the
15th day of each succeeding month until and including January 30, 2010; and
• $114,000, in 15 monthly installments of $7,600 which began on November 30, 2008 and have continued and will continue thereafter on the 15th day
of each succeeding month until and including January 30, 2010; and
• $114,000, in November 2008, representing the 2008 MIP award for Ms. Yoder for Fiscal 2008, based on the actual performance of the Company for
Fiscal 2008.
• $250,000, paid in November 2008, representing the 2008 cash-based LTIP award for Ms. Yoder for Fiscal 2008, based on the actual performance of
the Company for Fiscal 2008 and the guaranteed cash-based LTIP payment level for Fiscal 2008 described above under “Long Term Incentive Plan”
starting on page 78.
• $225,000, to be paid on or before December 31, 2008.
In addition, Ms. Yoder received or is receiving the non-cash benefits set forth below:
• For the 15-month period which began on November 1, 2008, Ms. Yoder has been and will be permitted to continue participating in the following
plans at the same levels as those provided to Ms. Yoder and her dependents by the Company prior to her termination, with the cost of each such
benefit for any plan year to be borne by Ms. Yoder and the Company in the same proportions as they are borne by then-current Executive
Committee members and the Company for such plan year: (i) medical and dental insurance; (ii) life insurance; (iii) supplemental executive life
insurance; (iv) long-term disability insurance; and (v) supplemental long-term disability insurance.
• Any restrictions still in effect with respect to any outstanding shares of restricted stock previously awarded to Ms. Yoder will lapse in accordance
with the provisions of the restricted stock award agreements evidencing the awards of such restricted stock.
• Ms. Yoder will continue to receive her monthly car allowance of $1500 per month until January 30, 2010.
• Outplacement services through April 8, 2009, up to a maximum cost to the Company of $12,000.
Ms. Yoder’s separation agreement includes a covenant not to sue and incorporates the covenant not to compete, which extends for a period of one year
following her termination, and the covenant to maintain the confidentiality of secret processes and confidential information, which extends generally for a period
of two years following her termination, included in her employment agreement. Were Ms. Yoder to violate any of these provisions, the Company would be
permitted to discontinue or seek to recover all of the payments, benefits and other rights provided in exchange for acceptance of Ms. Yoder’s separation
agreement.
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Source: Spectrum Brands, Inc, 10-K, December 10, 2008