Addendum to Offer Letter Between Ferro Corporation and Jeffrey L. Rutherford Regarding Bonus Reimbursement
This addendum to the February 16, 2012 offer letter between Ferro Corporation and Jeffrey L. Rutherford states that if Mr. Rutherford resigns from Park-Ohio Holdings and loses his earned bonus as a result, Ferro will reimburse him for the documented amount of the forfeited bonus, up to $150,000. The reimbursement will be made within the first 120 days of his employment with Ferro. This provision is intended to protect Mr. Rutherford from financial loss due to his transition to Ferro.
Exhibit 10.5
FERRO
| James F. Kirsch | ||||
| Chairman, President and Chief Executive Officer |
February 24, 2012
PERSONAL & CONFIDENTIAL
Addendum to February 16. 2012 Offer Letter
Jeffrey L. Rutherford
14784 River Glen Drive
Novelty, Ohio 44072
Dear Jeff:
The following provision is hereby added to the offer letter dated February 16, 2012:
Should your resignation from Park-Ohio Holdings result in the forfeiture of your earned bonus, Ferro will reimburse you for the documented amount of the forfeited bonus up to a maximum of $150,000, within the first 120 days of employment with Ferro.
If you have any questions, please give Ann Killian or me a call.
Sincerely,
James F. Kirsch
Chairman, President and Chief Executive Officer
Ferro Corporation | 6060 Parkland Boulevard | Mayfield Heights, Ohio 44124 | USA
p ###-###-#### f ###-###-#### www.ferro.com
