H.B. Fuller Finalizes Separation Agreement with CEO Al Stroucken
This separation agreement will result in estimated after-tax charges to earnings of $5.9 million in the fourth quarter of the company's fiscal 2006 and $1.5 million in the company's fiscal 2007. These charges will result from amounts to be paid to Stroucken under the separation agreement, the accelerated vesting of certain equity compensation awards, and charges associated with the company's supplemental executive retirement plan. Under the separation agreement, Stroucken received $4 million less in payments and other benefits than he would have received had he instead chosen to leave the company at the expiration of his employment agreement on March 31, 2007.
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