Rayovac 2008 Annual Report Download - page 234
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coverage after the end of the period during which Spectrum would be required to provide continuation coverage under Code section 4980B, reimbursements will
be made no later than the last day of the calendar year after the year in which the reimbursable expense is incurred by Yoder or her dependents.
3. Restricted Stock. Any restrictions still in effect with respect to any outstanding shares of restricted stock previously awarded to Yoder will lapse in
accordance with the provisions of the Restricted Stock Award Agreements evidencing the awards of such restricted stock. Notwithstanding any restrictions on
the transferability of these shares in effect at any relevant time, Spectrum will retain that number of shares having an aggregate fair market value as of Effective
Date (and on any subsequent date as of which Yoder is considered to have received income as a result of the lapsing of the substantial risk of forfeiture on any
restricted shares) equal to the amount of Federal, state and local income, employment and other taxes required to be withheld on the relevant date. For this
purpose, the fair market value of the shares on any date will be the average of the high and low trading prices of the shares on that date.
4. D&O Insurance. Yoder shall be entitled to indemnification from Spectrum to the maximum extent provided by law, but not for any action, suit, arbitration or
other proceeding (or portion thereof) initiated by Yoder, unless authorized or ratified by the Board. Such indemnification shall be covered by the terms of
Spectrum’s policy of insurance for directors and officers in effect from time to time (the “D&O Insurance”). Copies of Spectrum’s charter, by-laws and D&O
Insurance will be made available to Yoder upon request.
5. Company Car. Yoder will continue to receive her current monthly car allowance of $1500 per month until January 30, 2010.
6. Outplacement Services. Spectrum will provide Yoder with outplacement services for six months beginning on October 8, 2008 through an outplacement firm
selected by Yoder and Spectrum to the extent that the cost to Spectrum of these outplacement services does not exceed $12,000.00.
6
Source: Spectrum Brands, Inc, 10-K, December 10, 2008