Separation Agreement Between A.bruce Buchholz

Exhibit 10.3


SETTLEMENT AGREEMENT AND RELEASE
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THIS SETTLEMENT AGREEMENT AND RELEASE ("Agreement") is voluntarily entered into by and between Bruce Buchholz (hereinafter "Mr. Buchholz") and ALLTRISTA CORPORATION (hereafter "ALLTRISTA").


Recitals
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WHEREAS, Mr. Buchholz has heretofore been employed by ALLTRISTA since October 23, 2000 as the President of the Alltrista Thermoformed Products Division;


WHEREAS, Mr. Buchholz and ALLTRISTA have mutually determined it is in the best interest of both parties that the employment relationship should end; and


WHEREAS, Mr. Buchholz and ALLTRISTA desire to amicably and mutually compromise and fully settle, finally and completely, all claims, allegations and assertions that may now or hereafter exist between them, known or unknown.


Agreement
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NOW, THEREFORE, In consideration of the mutual understandings and covenants and the release contained herein, Mr. Buchholz and ALLTRISTA hereby voluntarily agree as follows:


1. Vacation and Separation Pay. Mr. Buchholz acknowledges that his
--------------------------- employment with ALLTRISTA ceased on September 14, 2001. ALLTRISTA has committed to pay Mr. Buchholz all wages accrued and due and owing to him through September 14, 2001. Mr. Buchholz acknowledges he has no earned, unused vacation existing at the time of termination. Mr. Buchholz also acknowledges that he is entitled to two weeks of severance pay upon termination of his employment in the amount of seven thousand eight hundred fifteen and 38/100 ($7,815.38). Such payment shall be subject to deductions and tax withholdings as may be required by applicable federal, state and local laws.


2. Additional Separation Benefits. In addition to the benefits ALLTRISTA
------------------------------ has already agreed to provide to Mr. Buchholz as described above in paragraph 1, ALLTRISTA agrees to provide the following additional consideration to Mr. Buchholz in exchange for Mr. Buchholz' commitments as described in the remaining paragraphs (3-20) of this Agreement:


(a) ALLTRISTA will pay to Mr. Buchholz additional severance pay in the gross amount of forty-two thousand nine hundred eighty-four and 62/100 dollars ($42,984.62), payable in a single lump sum within thirty (30) calendar days after the complete execution of this Agreement. Such payment shall be subject to deductions and tax withholdings as may be required by applicable federal, state and local laws.


(b) Mr. Buchholz's participation in ALLTRISTA-sponsored employee benefit plans shall expire on September 14, 2001. ALLTRISTA shall provide Mr. Buchholz with the


1


opportunity to elect extended medical coverage after September 14, 2001 in accordance with applicable federal law. Provided Mr. Buchholz elects coverage under COBRA, the entire cost of this extended medical coverage shall be paid by Mr. Buchholz.


(c) ALLTRISTA agrees to provide additional consideration to Mr. Buchholz in the amount of one thousand four hundred thirty-five dollars ($1,435.00). Such payment shall be subject to deductions and tax withholdings as may be required by applicable federal, state and local laws.


3. Release. In return for the additional consideration being provided to
------- Mr. Buchholz by ALLTRISTA as set forth in paragraph 2 above, Mr. Buchholz (for himself and his personal representatives, heirs and assigns) HEREBY KNOWINGLY AND VOLUNTARILY WAIVES, RELEASES AND FOREVER DISCHARGES ALLTRISTA and its predecessors, successors, parent company, divisions, subsidiaries and affiliates (and their current or former officers, directors, employees, agents, shareholders, successors and assigns), and any and all employee benefit plans (and any fiduciary of such plans) sponsored by any of them, of and from any and all claims (including, but not limited to, claims for attorneys' fees), demands, losses, damages, agreements, actions, suits, debts, charges, complaints, promises or causes of action (known or unknown) which he now has or may later discover or which may hereafter exist against them, or any of them, in connection with or arising directly or indirectly out of or in any way related to any and all matters, transactions, events or other things occurring prior to the date hereof, including all those arising out of or in connection with his employment with ALLTRISTA or the cessation of his employment or his retirement, or which occurred during the course of his employment with ALLTRISTA or incidental thereto, and whether pursuant to common law, statute, ordinance, regulation or other including claims of fraud or misrepresentation in the making or execution of the Agreement. Claims or action released herein include, but are not limited to, those based on allegations of wrongful discharge and/or breach of contract, those alleging discrimination on the basis of race, color, sex, religion, national origin, age or disability under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Rehabilitation Act of 1973, the Equal Pay Act of 1963, the Americans With Disabilities Act of 1990, the Civil Rights Act of 1991 (all as amended) or any other ...