Huntsman (HUN) EVP, General Counsel, and Secretary Samuel Scruggs to Resign

December 29, 2009 8:44 AM EST
On December 28, 2009, Huntsman Corporation (NYSE: HUN) entered into a Separation and Release Agreement with Samuel D. Scruggs. Pursuant to the terms of the Agreement, Mr. Scruggs will resign from his position as Executive Vice President, General Counsel and Secretary of the Company and his employment relationship with the Company will terminate effective December 31, 2009.

Under the Agreement, Mr. Scruggs will receive the following payments and benefits: (a) a lump sum payment of $884,000, equal to 24 months of his base compensation; (b) a lump sum of $18,501 if he is eligible for, and elects, COBRA continuation health care coverage; (c) outplacement services for a period of 12 months after the Separation Date; (d) immediate vesting of the 192,513 previously granted but unvested shares of restricted stock of the Company and payment of $92,697.20 of accrued dividends on such shares; and (e) immediate vesting of previously granted but unvested options to acquire 404,235 shares of common stock of the Company and the extension of the expiration of the options from six months following the date of separation from the Company to the earlier of the original expiration date of the applicable option or December 31, 2014.

The Agreement also contains a standard general release of claims and non-disparagement provisions.

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