Exhibit 10.17
KEY MANAGEMENT SEVERANCE AGREEMENT
This Severance Agreement (the “Agreement”) is made as of December 1, 2008 by and between OWENS CORNING, a
Delaware corporation and its subsidiaries (the “Company”), and Sheree L. Bargabos , an officer of the Company (“Executive”).
WHEREAS the Company desires to provide Executive with certain severance pay and benefits, and to expose Executive to
confidential Company information, each in exchange for Executive’s commitment to keep such information confidential and to
not engage in competitive activities with the Company for the duration of Executive’s employment and for two years thereafter;
WHEREAS the Compensation Committee of the Board of Directors of the Company (the “Committee”) has approved this
Severance Agreement to provide Executive with certain severance pay, benefits and privileges on the termination of Executive’s
employment as described below;
NOW THEREFORE , the parties hereto agree as follows:
1.
Company Initiated Termination For Reasons Other than Cause and Unsatisfactory Performance . If the Company
terminates Executive’s employment for any reason other than Unsatisfactory Performance or Cause (as defined in
paragraphs 10(g) and 10(b), respectively), or Executive voluntarily terminates Executive’s employment under circumstances
involving a Constructive Termination, as defined in paragraph 10(d), Executive will be entitled to the following
compensation, provided that Executive executes a Release and Non-Competition Agreement satisfactory to the Company:
a.
Severance payment in an amount equal to Base Pay, as defined in paragraph 10(a); and
b.
Separation Incentive Payment, as defined in paragraph 10(e).
2.
Company Initiated Termination For Unsatisfactory Performance . If the Company terminates Executive’s employment for
Unsatisfactory Performance, as defined in paragraph 10(g), Executive will be entitled only to the following compensation,
provided that Executive executes a Release and