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Severance Agreement Charges
6 Months Ended
Jun. 30, 2011
Severance Agreement Charges  
Severance Agreement Charges

NOTE 12—SEVERANCE AGREEMENT CHARGES

On July 15, 2011 (the "Retirement Date"), the Company's Senior Vice President-General Counsel and Secretary, F. Lee Champion, ceased employment with the Company. In June 2011, the Company and Mr. Champion entered into a retirement agreement and general release (the "Retirement Agreement") setting forth the terms of his departure from the Company. Pursuant to the Retirement Agreement, the Company will make a lump sum payment to Mr. Champion of $143 in January 2012 and monthly payments of $24 for each of the 18 consecutive calendar months beginning in February 2012. All stock options granted by the Company to Mr. Champion became fully vested and exercisable on the Retirement Date and will remain exercisable for 90 days, or if less, for the remaining term of each such option. Restricted stock held by Mr. Champion was also fully vested. Any performance shares awarded to Mr. Champion as part of the Company's 2011 long-term incentive program did not vest and were forfeited on the Retirement Date. The consideration payable to Mr. Champion under the Retirement Agreement was based on the terms of his existing employment agreement. The Company recorded charges of $845 for the three and six months ended June 30, 2011 for the estimated future costs associated with the Retirement Agreement.