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CCC > SEC Filings for CCC > Form 8-K on 14-Oct-2009All Recent SEC Filings

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Form 8-K for CALGON CARBON CORPORATION


14-Oct-2009

Change in Directors or Principal Officers


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

On September 2, 2009, Dennis M. Sheedy left the employ of Calgon Carbon Corporation (the "Company"). Mr. Sheedy had been the Vice President, General Counsel and Secretary of the Company. A Form 8-K for this matter was filed with the Securities and Exchange Commission on September 8, 2009.

On October 14, 2009, the terms of a Separation Agreement and Release (the "Agreement") between the Company and Mr. Sheedy became effective. In general, the Agreement contains certain customary terms and conditions entered into between a company and an executive in connection with termination of employment, such as releases, cooperation, return of documents and confidentiality provisions. In the Agreement, the Company confirms the payment of certain amounts which were otherwise payable to Mr. Sheedy pursuant to the terms of his employment agreement, which are (i) $322,950 for base pay severance, (ii) $118,250 for cash incentive plan severance, (iii) $14,077 for unused vacation time, and (iv) amounts necessary to continue coverage under medical and dental plans for eighteen months. The Company also agreed to extend the time in which Mr. Sheedy could exercise certain already issued and vested stock options for 13,050 shares of Company stock, and to pay for life insurance coverage for Mr. Sheedy for a period of eighteen months.


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