This excerpt taken from the BGC 8-K filed Dec 21, 2007.
Item 5.02 (e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
The information provided under Item 1.02 above is incorporated herein by reference.
On December 18, 2007, General Cables Board of Directors on recommendation of the Boards Compensation Committee adopted the General Cable Corporation Executive Officer Severance Benefit Plan effective January 1, 2008 (Severance Plan). The Severance Plan generally covers employees of General Cable Corporation with the position of Executive Vice President or above and any person who is a named executive officer under the proxy regulations of the Securities and Exchange Commission. Participants will include Mr. Kenny, Mr. Siverd, Mr. Robinson and other U.S.-based Executive Vice Presidents. The Severance Plan provides for cash severance and other benefits in case of a defined involuntary termination or a change-in-control as set forth in the Severance Plan document. Mr. Kennys and Mr. Siverds potential benefits under the Severance Plan reflect a reduction from the comparable benefits provided in their employment and change-in-control agreements, which they are voluntarily agreeing to terminate. In addition, the Severance Plan may generally be amended or terminated at any time by General Cable with the approval of the Boards Compensation Committee.
This summary of the material terms of the Severance Plan is qualified in its entirety by the terms of the Severance Plan, a copy of which is filed as Exhibit 10.4 hereto and incorporated herein by reference.
9.01 Financial Statements and Exhibits
Gregory B. Kenny Termination Agreement, dated December 19, 2007
Robert J. Siverd Termination Agreement dated December 19, 2007
Brian J. Robinson Novation Agreement dated December 19, 2007
General Cable Corporation Executive Officer Severance Benefit Plan effective January 1, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GENERAL CABLE CORPORATION
December 21, 2007
By: /s/ Robert J. Siverd
Robert J. Siverd
Executive Vice President
General Counsel and Secretary