Fred H. Geyer Severance Arrangement Summary Agreement (True Temper Corporation)
This agreement outlines the severance terms for Fred H. Geyer, Senior Vice President & Chief Operating Officer of True Temper Corporation, following his termination on February 19, 2007. He will receive his base salary, medical and dental benefits, and auto allowance through February 29, 2008. He is eligible for the 2006 bonus program but not for 2007. Stock benefits are subject to the company's 2004 Equity Incentive Plan. The company will provide executive outplacement support for at least six months and positive references from the CEO and Board.
Exhibit 10.11
Fred H. Geyer, Senior Vice President & Chief Operating Officer
Summary of Severance Arrangement
| Termination Date: | February 19, 2007 |
| Base Salary Continuance: | Base salary continues through February 29, 2008 (the “Severance Period”) |
| Bonus: | Eligible for 2006 calendar year program (based on company performance, it is not anticipated that any bonus payments will be distributed for the 2006 calendar year) |
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| Not eligible for 2007 calendar year program |
| Benefit Continuance: | Medical and dental benefits will be continued at normal contribution rates for Severance Period |
| Auto Allowance: | Continued through the Severance Period. |
| Stock: | As governed by the True Temper Corporation 2004 Equity Incentive Plan, and as directed by the True Temper Corporation Board of Directors |
| Outplacement Support: | Executive level outplacement provided for at least six months |
| References: | Positive CEO and Board of Director references and recommendations will be provided |
