Document:

Unassociated Document

    Exhibit
      10r-8

    

    

    AMENDMENT
      NO. 8 TO SUMMARY OF DIRECTOR AND EXECUTIVE OFFICER

    COMPENSATION

    

    As
      of May
      4, 2007 

    

    

    Summary
      of
      Director and Executive Officer Compensation, filed with the Securities and
      Exchange Commission on March 18, 2005, and amended as of May 9, 2005, August
      10,
      2005, February 22, 2006, March 31, 2006, May 12, 2006, November 20, 2006, and
      February 27, 2007, is hereby amended and restated in its entirety:

     

    
      	I.	
              DIRECTOR
                COMPENSATION.

            

    

    

    The
      following table sets forth the rates of compensation for non-management
      directors that became effective on April 1, 2006.

     

    Annual
      Retainer

     

    
      	
              Audit
                Committee Chairperson* 

            	
              $45,000

            
	
              Compensation
                and Organization Committee Chairperson 

            	
              $42,500

            
	
              Lead
                Director* 

            	
              $50,000

            
	
              Nominating
                and Governance Committee Chairperson 

            	
              $40,000

            
	
              Finance
                Committee Chairperson 

            	
              $40,000

            
	
              Safety
                and Environment Committee Chairperson 

            	
              $38,500

            
	
              Each
                Other Non-Management Director 

            	
              $35,000

            

    

     

    *
      Robert
      G. Paul, who is Chairperson of the Audit Committee as well as Lead Director,
      on
      an annualized basis, receives an annual retainer of $60,000 ($35,000 as a
      Non-Management Director, an additional $10,000 as Chairperson of the Audit
      Committee, and an additional $15,000 as Lead Director). 

     

    
      
        	
                Board
                  Meeting Attendance Fees

              	 
	 	 
	
                Non-Management
                  Directors

              	
                $1,500

              
	 	 
	
                Committee
                  Meeting Attendance Fees

              	 
	 	 
	
                Committee
                  Chairpersons

              	
                $1,500

              
	
                Committee
                  Members

              	
                $1,000

              
	 	 
	
                Telephone
                  Meetings

              	
                50%
                  of the fee entitled had the meeting been
                  
                  held
                    in person

                

              

      

    

     

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

     

    Under
      the
      2005 Equity Compensation Plan (the “2005 Plan”), the annual retainer for
      non-management directors was paid semi-annually in shares of Rogers Corporation
      (“Rogers”) capital stock, with the number of shares of stock granted based on
      their then fair market value (pro-rated to reflect directors joining or leaving
      the Board after the beginning of the year). However, beginning on January 1,
      2007, non-management directors will receive the annual retainer semi-annually
      in
      cash unless they choose to receive Rogers capital stock. Stock options are
      also
      granted to each non-management director twice a year. Currently, such
      semi-annual stock option grants are for 2,250 shares (also pro-rated for a
      director joining or leaving the Board after the beginning of the year), each
      with an exercise price equal to the fair market value of a share of Rogers
      capital stock as of the date of grant. Such options are immediately exercisable
      and expire ten years from the date of grant even if the individual is no longer
      serving as a Rogers director.

     

    On
      a
      yearly basis, non-management directors can choose whether to receive their
      meeting fees in cash, stock or a combination thereof. In addition, under Rogers’
non-qualified deferred compensation plan for non-management directors, such
      individuals may elect to defer all or a portion of their annual retainer and
      meeting fees, regardless of whether such amounts would have been paid in cash
      or
      in Rogers capital stock.

     

    For
      2007,
      certain of Rogers’ current non-management directors made the following
      elections:

     

    Gregory
      B.
      Howey: Defer receipt of Rogers stock for the annual retainer. Receive meeting
      fees in Rogers stock, but defer receipt.

     

    Carol
      R.
      Jensen: Receive the annual retainer in Rogers stock on a current basis.

     

    Eileen
      S.
      Kraus: Receive meeting fees in Rogers stock on a current basis. 

     

    Rogers’
      other non-management directors, Leonard M. Baker, Charles M. Brennan, III,
      Walter E. Boomer, Leonard R. Jaskol, and Robert G. Paul, by not making any
      such
      special election, will receive cash for the 2007 annual retainer on a current
      basis (as will Ms. Kraus) and will receive their meeting fees in cash on a
      current basis (as will Dr. Jensen). 

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	II.	
              EXECUTIVE
                COMPENSATION. 

            

    

    

    The
      table
      below sets forth the base salaries provided to the following executive officers
      of Rogers as of the dates shown below.

     

    
      	Executive
              Officer 	 	
              Annual

              Salary

              5/29/06(1)

            	 	
              Annual

              Salary

              Effective

              3/19/07

            	 
	 	 	 	 	 	 
	
              Robert
                D. Wachob 

            	 	
              $

            	
              433,004

            	 	
              $

            	
              475,020

            	 
	
              President
                and Chief Executive Officer

            	 	 	

            	 	 	 	 
	
               

            	 	 	

            	 	 	 	 
	
              Dennis
                M. Loughran 

            	 	 	

            	 	 	 	 
	
              Vice
                President Finance and Chief Financial Officer

            	 	
              $

            	
              260,000

            	 	
              $

            	
              273,000

            	 
	
               

            	 	 	

            	 	 	 	 
	
              Robert
                C. Daigle 

            	 	
              $

            	
              225,524

            	 	
              $

            	
              242,502

            	 
	
              Vice
                President, R&D and 

            	 	 	

            	 	 	 	 
	
              Chief
                Technology Officer

            	 	 	

            	 	 	 	 
	
               

            	 	 	

            	 	 	 	 
	
              John
                A. Richie 

            	 	
              $

            	
              201,032

            	 	
              $

            	
              215,436

            	 
	
              Vice
                President, Human Resources

            	 	 	

            	 	 	 	 
	
               

            	 	 	

            	 	 	 	 
	
              Frank
                J. Gillern

              Vice
                President, Advanced

              Circuit
                Materials Division

            	 	
              $

            	
              202,462

            	 	
              $

            	
              212,602

            	 
	
               

            	 	 	

            	 	 	 	 
	
              Paul
                B. Middleton 

            	 	
              $

            	
              186,056

            	 	
              $

            	
              193,596

            	 
	
              Corporate
                Controller

            	 	 	 	 	 	

            	 

    

     

    (1)
      Effective May 29, 2006, the annual base salaries of Messrs. Daigle, Richie,
      Gillern and Middleton were increased to offset a decrease in their automobile
      and gasoline allowance. The other salaries listed in this column were effective
      as of 3/20/06.

     

    Executive
      Officers are also eligible to receive a bonus each year under the Rogers Annual
      Incentive Compensation Plan. The Annual Incentive Compensation Plan has target
      bonuses of 60% to 75% of base salary for the CEO, and between 25% and 45% for
      the other executive officers. Actual bonuses may vary from 0% to 300% of the
      target bonuses depending on performance relative to annual profit improvement
      objectives. These amounts are determined by the performance of Rogers (Net
      Income Per Share) versus the annual objectives. In general, the broader the
      responsibility of the executive, the larger the portion of his or her award
      which is based upon corporate, rather than divisional results; the corporate
      portion is 100% of the consideration for the executive officers listed below
      (except for Mr. Gillern, whose target is based 50% on corporate performance
      and
      50% on business unit performance). For 2006, overall corporate performance
      exceeded the 300% target amount, and, as a result, all of the following
      executive officers received a bonus at the 300% level except for Mr. Gillern.
      

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    
      	Executive
              Officer	 	
              Bonus

              Amount
                at

              300%
                Level (1) 

            	 
	 	 	 	 
	
              Robert
                D. Wachob 

            	 	
              $

            	
              909,308

            	 
	
              President
                and Chief Executive Officer

            	 	 	

            	 
	
               

            	 	 	

            	 
	
              Dennis
                M. Loughran

            	 	
              $

            	
              312,000

            	 
	
              Vice
                President Finance and

            	 	 	

            	 
	
              Chief
                Financial Officer

            	 	 	

            	 
	
               

            	 	 	

            	 
	
              Robert
                C. Daigle 

            	 	
              $

            	
              271,939

            	 
	
              Vice
                President, R&D and

            	 	 	

            	 
	
              Chief
                Technology Officer

            	 	 	

            	 
	
               

            	 	 	

            	 
	
              John
                A. Richie 

            	 	
              $

            	
              211,384

            	 
	
              Vice
                President, Human Resources

            	 	 	

            	 
	
               

            	 	 	

            	 
	
              Frank
                J. Gillern

              Vice
                President, Advanced

              Circuit
                Materials Division

            	 	
              $

            	
              118,258

            	 
	
               

            	 	 	

            	 
	
              Paul
                B. Middleton (2)

            	 	
              $

            	
              139,601

            	 
	
              Corporate
                Controller

            	 	 	

            	 

    

    

    (1)
      With
      respect to Mr. Gillern, Rogers’ Advanced Circuit Materials Division’s financial
      performance earned him a bonus of 54% of his target bonus for business unit
      performance. As stated above, Mr. Gillern’s target bonus is based 50% on
      corporate performance and 50% on business unit performance. 

    

    (2)
      None
      of the above executive officers received a bonus for 2005, except for Mr.
      Middleton, as bonus performance targets were not achieved in 2005. However,
      Mr.
      Middleton was awarded a $20,000 bonus for 2005 in recognition of his
      contributions as Acting Chief Financial Officer for ten months. 

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    
      	III.	
              A.
                EXECUTIVE OFFICER STOCK OPTION GRANTS.

            

    

    

    Executive
      officers of Rogers are eligible to receive stock option grants each year, based
      on the individual's level in the organization and, the same performance criteria
      used to determine salary adjustments. These criteria are not weighted. Options
      generally have an exercise price equal to at least the fair market value of
      the
      Rogers stock as of the date of grant. Regular options generally have a ten-year
      life and generally vest in one-third increments on the second, third and fourth
      anniversary dates of the grant. 

    

    On
      February 15, 2006 and February 14, 2007, the Compensation and Organization
      Committee of the Board of Directors approved grants of stock options for a
      number of Rogers employees including the following executive officers; except
      for Mr. Wachob whose grants were approved on February 16, 2006 and February
      15,
      2007. 

     

    
      	 	 	
              2006 

            	 	
              2007 

            	 
	Executive
              Officer	 	
              Number
                of

              Shares
                in

              Non-Qualified

              Stock
                Option

              Grant 

            	 	
              Number
                of

              Shares
                

              in
                Incentive

              Stock
                Option

              Grant

            	 	
              Number
                of

              Shares
                in

              Non-Qualified

              Stock
                Option

              Grant

            	 
	 	 	 	 	 	 	 	 
	
              Robert
                D. Wachob 

            	 	 	
              33,500
                

            	 	 	
              4,000

            	 	 	
              33,550
                

            	 
	
              President
                and Chief Executive

            	 	 	 	 	 	 	 	 	

            	 
	
              Officer

            	 	 	 	 	 	 	 	 	

            	 
	
               

            	 	 	 	 	 	 	 	 	

            	 
	
              Dennis
                M. Loughran

            	 	 	
              9,000

            	 	 	
              6,000

            	 	 	
              10,350

            	 
	
              Vice
                President Finance and

            	 	 	 	 	 	 	 	 	

            	 
	
              Chief
                Financial Officer

            	 	 	 	 	 	 	 	 	

            	 
	
               

            	 	 	 	 	 	 	 	 	

            	 
	
              Robert
                C. Daigle 

            	 	 	
              2,600
                

            	 	 	
              6,000

            	 	 	
              10,350

            	 
	
              Vice
                President, R&D and

            	 	 	 	 	 	 	 	 	

            	 
	
              Chief
                Technology Officer

            	 	 	 	 	 	 	 	 	

            	 
	
               

            	 	 	 	 	 	 	 	 	

            	 
	
              John
                A. Richie 

            	 	 	
              1,900
                

            	 	 	
              6,000

            	 	 	
              8,550

            	 
	
              Vice
                President, Human Resources

            	 	 	 	 	 	 	 	 	

            	 
	 	 	 	 	 	 	 	 	 	

            	 
	
              Frank
                J. Gillern

              Vice
                President, Advanced

              Circuit
                Materials Division 

            	 	 	
              7,200

            	 	 	
              0

            	 	 	
              7,750

            	 
	 	 	 	 	 	 	 	 	 	 	 
	
              Paul
                B. Middleton 

            	 	 	
              0
                

            	 	 	
              5,750

            	 	 	
              6,200

            	 
	
              Corporate
                Controller

            	 	 	 	 	 	 	 	 	

            	 

    

     

    All
      of the
      above 2006 non-qualified stock options and incentive stock options permit the
      purchase, for up to ten years (unless previously terminated), of the number
      of
      shares of common stock shown above. Such 2006 grants were at an exercise price
      of $48.00 per share, except in the case of Mr. Wachob, whose exercise price
      was
      $47.98 per share. The options granted to Messrs. Loughran, Daigle, Richie,
      Gillern and Middleton vest in one-third increments on the second, third and
      fourth anniversary of the grant date, February 15, 2006. The options granted
      to
      Mr. Wachob vest as follows: (i) the incentive stock option vests as to 2,000
      shares on February 16, 2009 and 2,000 shares on February 16, 2010; and (ii)
      the
      non-qualified stock option vests as to 12,500 shares on February 16, 2008,
      10,500 shares on February 16, 2009, and 10,500 shares on February 16, 2010.
      Collectively, Mr. Wachob's 2006 incentive stock option and non-qualified stock
      option vest in one-third increments beginning on the second anniversary of
      the
      grant date. 

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    All
      of the
      above 2007 non-qualified stock options permit the purchase, for up to ten years
      (unless previously terminated), of the number of shares of common stock shown
      above. Such 2007 grants were at an exercise price of $52.51, except in the
      case
      of Mr. Wachob, whose exercise price was $53.10. All such options vest in
      one-third increments on the second, third, and fourth anniversary of the grant
      date, February 14, 2007, except Mr. Wachob whose grant date was February 15,
      2007. None of the above individuals received an incentive stock option in
      February of 2007.

     

    
      	III.
              B.	
              EXECUTIVE
                OFFICER RESTRICTED STOCK GRANTS.

            

    

     

    Prior
      to
      April 28, 2005, executive officers were eligible to receive stock options.
      However, as of April 28, 2005, executive officers became eligible to receive
      various other types of equity awards including restricted stock
      grants.

    

    On
      February 15, 2006 Dennis M. Loughran, Rogers’ new Vice President Finance and
      Chief Financial Officer, was awarded 2,500 shares of restricted common stock,
      at
      a purchase price of $0 and which vest completely on the third anniversary date
      of the grant.

    

    On
      March
      16, 2006, the Compensation and Organization Committee (the “Committee”) of the
      Board of Directors approved awards of restricted stock to certain executive
      officers (the "2006 Awards"). The 2006 Awards are subject to the achievement
      of
      a pre-established performance goal relating to the cumulative annual growth
      in
      earnings per share of Rogers capital stock during fiscal years 2006, 2007 and
      2008 as set by the Committee. No shares of restricted stock will be issued
      unless and until such performance goal is met. 

    

    On
      February 14, 2007, the Committee approved awards of restricted stock to certain
      executive officers and a restricted stock award was made to Mr. Wachob on
      February 15, 2007 (collectively, the "2007 Awards"). The 2007 Awards are subject
      to the achievement of a pre-established performance goal relating to the
      cumulative annual growth in earnings per share of Rogers capital stock during
      fiscal years 2007, 2008 and 2009 as set by the Committee. No shares of
      restricted stock will be issued unless and until such performance goal is met.
      

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    The
      2006
      and 2007 targeted restricted stock awards were granted to the following
      executive officers:

     

    
      	
              Executive
                Officer 

            	 	
              Target
                Number of

              Shares
                in 2006 

            	 	
              Target
                Number of

              Shares
                in 2007 

            	 
	 	 	 	 	 	 
	
              Robert
                D. Wachob 

            	 	 	
              7,000

            	 	 	
              5,200

            	 
	
              President
                and Chief Executive Officer

            	 	 	 	 	 	

            	 
	 	 	 	 	 	 	 	 
	
              Dennis
                M. Loughran

            	 	 	
              2,500

            	
              (1)

            	 	
              1,450

            	 
	
              Vice
                President Finance and Chief Financial Officer

            	 	 	 	 	 	 	 
	
               

            	 	 	 	 	 	

            	 
	
              Robert
                C. Daigle 

            	 	 	
              1,600

            	 	 	
              1,450

            	 
	
              Vice
                President, R&D and

            	 	 	 	 	 	

            	 
	
              Chief
                Technology Officer

            	 	 	 	 	 	

            	 
	
               

            	 	 	 	 	 	

            	 
	
              John
                A. Richie 

            	 	 	
              1,450

            	 	 	
              1,350

            	 
	
              Vice
                President, Human Resources

            	 	 	 	 	 	

            	 
	 	 	 	 	 	 	

            	 
	
              Frank
                Gillern

              Vice
                President, Advanced

              Circuit
                Materials Division

            	 	 	
              1,350

            	 	 	
              1,200

            	 
	
               

            	 	 	 	 	 	

            	 
	
              Paul
                B. Middleton 

            	 	 	
              1,050

            	 	 	
              1,000

            	 
	
              Corporate
                Controller 

            	 	 	 	 	 	

            	 

    

     

    (1)
      A time
      based award.

    

    The
      exact
      number of shares of restricted stock that will be issued to each of the
      executive officers listed above will depend upon where the actual performance
      achieved during the three subsequent fiscal years from each grant falls on
      a
      performance scale set by the Committee, which ranges from 0% to 200% of the
      target number of shares specified above. This does not apply to Mr. Loughran’s
      February 15, 2006 grant which was time based.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    
      	IV.	
              RETIREMENT
                PLANS.

            

    

    

    The
      table
      below sets forth information regarding the present value as of December 31,
      2006
      of the accumulated benefits of the executive officers listed below under the
      Rogers Corporation Defined Benefit Pension Plan (the “Pension Plan”) and the
      Rogers Corporation Amended and Restated Pension Restoration Plan (the “Pension
      Restoration Plan”). The present values were determined using interest rate and
      mortality rate assumptions consistent with those outlined in footnote 5 in
      the
      Company’s
      financial statements, which were filed with the Securities and Exchange
      Commission on February 27, 2007 as part of Rogers’
      Annual
      Report on Form 10-K and which are incorporated herein by reference.

     

     

      
        	
                Name

              	
                Plan
                  Name

              	
                Number
                  of Years

                Credited
                  Service

              	
                Present
                  Value

                of
                  Accumulated

                Benefit

              	
                Payments

                During
                  the Last

                Fiscal
                  Year

              
	
                Robert
                  D. Wachob

              	
                Rogers
                  Corporation Pension Plan 

              	
                23

              	
                $695,238
                  

              	
                —

              
	
                 

              	
                Rogers
                  Corporation Restoration Plan

              	
                23

              	
                $1,182,834
                  

              	
                
                  —

                

              
	
                Dennis
                  M. Loughran

              	
                Rogers
                  Corporation Pension Plan

              	
                1

              	
                $19,235
                  

              	
                —

              
	
                 

              	
                Rogers
                  Corporation Restoration Plan

              	
                1

              	
                $3,805

              	
                —

              
	
                Robert
                  C. Daigle

              	
                Rogers
                  Corporation Pension Plan

              	
                19

              	
                $250,050
                  

              	
                —

              
	
                 

              	
                Rogers
                  Corporation Restoration Plan

              	
                19

              	
                $2,771
                  

              	
                —

              
	
                John
                  A. Richie

              	
                Rogers
                  Corporation Pension Plan

              	
                30

              	
                $782,325
                  

              	
                —

              
	
                 

              	
                Rogers
                  Corporation Restoration Plan

              	
                30

              	
                $206,951
                  

              	
                —

              
	
                Frank
                  J. Gillern

              	
                Rogers
                  Corporation Pension Plan

              	
                29

              	
                $664,736
                  

              	
                —

              
	
                 

              	
                Rogers
                  Corporation Restoration Plan

              	
                29

              	
                $467,416
                  

              	
                —

              
	
                Paul
                  B. Middleton

              	
                Rogers
                  Corporation Pension Plan

              	
                6

              	
                $54,242
                  

              	
                —

              
	
                 

              	
                Rogers
                  Corporation Restoration Plan

              	
                6

              	
                —
                  

              	
                —

              

      

    

    

    Pension
      Plan

     

    The
      basic
      formula for determining an employee’s
      annual
      pension benefit at normal retirement under the Pension Plan is equal to the
      sum
      of a participant’s
      base
      benefit, excess benefit, 30 year service benefit and the prior service benefit,
      where:

     

    
      	 	
              ·

            	
              Base
                Benefit - 1.25% of the product of Average Monthly Compensation and
                Credited Service for periods after
                2001.

            

    

     

    
      	 	
              ·

            	
              Excess
                Benefit - 0.5% of Average Monthly Compensation in excess of 75% of
                Covered
                Compensation multiplied by Credited Service for periods after
                2001.

            

    

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    
      	 	
              ·

            	
              30
                Year Service Benefit - 0.5% of Average Monthly Compensation for periods
                after 2001 multiplied by Credited Service in excess of 30
                years.

            

    

     

    
      	 	
              ·

            	
              Prior
                Service Benefit - 55% of Average Monthly Compensation for periods
                before
                2002 less 50% of the 12/31/2001 Social Security Benefit multiplied
                by the
                12/31/2001 Year of Service Ratio and the Pay Ratio
                Increase.

            

    

     

    
      	 	
              ·

            	
              12/31/2001
                Year of Service Ratio - Years of Service as of December 31, 2001
                divided
                by 30.

            

    

     

    
      	 	
              ·

            	
              Pay
                Ratio Increase - current Average Monthly Compensation divided by
                Average
                Monthly Compensation as of
                12/31/2001.

            

    

     

    Compensation
      and period of employment are recognized under the Pension Plan as
      follows:

     

    
      	 	
              ·

            	
              Average
                Monthly Compensation for a salaried employee is based on the monthly
                base
                rate of salary in effect on June 1st over a 10-year period. Average
                Monthly Compensation is equal to the highest five consecutive June
                1st
                amounts divided by 5. Bonuses and other special pay are disregarded
                under
                the Pension Plan.

            

    

     

    
      	 	
              ·

            	
              Credited
                Service means the period during which a participant is employed by
                Rogers
                as an eligible employee (rounded up to the next highest whole number
                of
                years) as determined under tax-qualified plan
                rules.

            

    

     

    
      	 	
              ·

            	
              Covered
                Compensation is generally the average of the Social Security taxable
                wage
                bases in effect for each calendar year during the 35 year period
                ending
                with the last day of the calendar year in which the participant would
                have
                reached his or her Social Security retirement
                age.

            

    

     

    A
      participant may commence payment of early retirement benefits at any time after
      attaining age 55 and completing five years of Vesting Service. Mr. Wachob,
      Mr.
      Gillern and Mr. Richie are currently eligible to take early retirement. The
      early retirement benefit equals the normal retirement benefit described above
      reduced by 0.333% for each month (4% per year) that a participant commences
      benefits before attaining normal retirement age.

    

    Available
      forms of payment under the Pension Plan are as follows:

     

    
      	 	
              ·

            	
              Single
                Life Annuity

            

    

     

    
      	 	
              ·

            	
              Joint
                and Survivor Annuity (50%, 66 2/3% and
                100%)

            

    

     

    
      	 	
              ·

            	
              10
                Year Certain Annuity 

            

    

     

    A
      lump sum
      form of payment is unavailable under the Basic Pension Plan (except for a single
      lump sum benefit if the actuarially equivalent value is $5,000 or
      less).

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    Annuity
      features providing for continued payment to a survivor or guaranteed payments
      to
      beneficiaries are not subsidized by Rogers. Employees may elect their form
      of
      payment under the Pension Plan when they begin to collect their pension benefit.
      

    

    If
      a
      participant dies before commencing payments under the Pension Plan, a death
      benefit is payable to the participant’s
      surviving spouse or, if there is no surviving spouse, the
      participant’s
      surviving children under the age of 21. In general, this benefit equals the
      amount payable under the survivor portion of the 50% Joint and Survivor Annuity
      beginning in no event before the participant’s
      55th
      birthday. 

    

    A
      participant who becomes disabled while employed at Rogers will continue to
      be
      treated as an active employee for purposes of the Pension Plan until age 65.
      As
      such, a disabled participant will continue to be credited with years of service
      and with the compensation rate in effect at the beginning of the disability.
      If
      a disabled participant retires after age 55 and commences payment of benefits,
      no additional credited service is granted.

    

    Pension
      Restoration Plan

    

    The
      Pension Plan limits the amount of pension benefits that may be provided to
      participants under the basic formula described above in accordance with certain
      limits under federal tax laws. The limits restrict the amount of compensation
      that can be taken into account under the Pension Plan to $220,000 (for 2006)
      and
      impose a maximum annual pension benefit commencing at age sixty-five to $175,000
      (for 2006). To the extent that these limits reduce the benefits that one of
      the
      executive officers listed above earns under the Pension Plan’s
      retirement formula, Rogers provides an additional benefit under the Pension
      Restoration Plan. The Pension Restoration Plan is intended to make a participant
      whole for the benefits under the basic formula that could not be provided under
      the Pension Plan due to these limits or deferrals being made under the Voluntary
      Deferred Compensation Plan. 

    

    In
      addition, the Pension Restoration Plan provides for:

     

    
      	 	
              ·

            	
              Average
                Monthly Compensation to include annual bonuses paid to certain senior
                executives over age 55 that have been specified by the Compensation
                and
                Organization Committee, (a) on or after January 1, 2004 in all events,
                and
                (b) paid before January 1, 2004 in the event of a covered executive’s
                death, disability, or termination of employment that results in the
                payment of severance. The only executive officers listed above currently
                entitled to this benefit are Messrs. Wachob, Gillern and
                Richie.

            

    

     

    
      	 	
              ·

            	
              An
                executive officer at the time of a change of control will have benefits
                calculated under the Pension Restoration Plan (a) as if such officer
                had
                attained age 55 on the change of control and completed at least one
                day of
                service after attaining age 55 and (b) by including all annual bonuses
                as
                part of Average Monthly Compensation, subject to Internal Revenue
                Code
                Section 280G limitations discussed
                below.

            

    

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    
      	 	
              ·

            	
              A
                lump sum payment will be made if there is a change in control. For
                amounts
                accrued in 2005 a lump sum payment will be made if (a) the ratio
                of
                current assets to current liabilities falls below 1.4 to 1 for two
                consecutive quarters or (b) Rogers’ long-term debt for borrowed money
                exceeds 85% of Rogers’ net worth as reflected in Rogers’ financial
                statements.

            

    

     

    
      	 	
              ·

            	
              Other
                supplemental benefits determined from time to time by the Compensation
                and
                Organization Committee, including crediting of service to new hires.
                To
                date, no supplemental benefits have been provided to the executive
                officers under this provision, except for Mr. Gillern who received
                credited service for the time that he was employed at one of the
                Company’s
                50% owned joint ventures.

            

    

     

    Except
      in
      the event of a change of control (as discussed above), benefit payments under
      the Pension Restoration Plan shall generally commence at the same time as under
      the Pension Plan. The form of payment will either be in annual installments
      or a
      lump sum depending upon the value of the plan benefit as follows:

    

    
      	 	
              Lump
                Sum Actuarial Equivalent Value of Benefits 
                

            	
               Number
                of Annual Installments 

            
	 	
              $50,000
                or less  

            	
               Lump
                Sum 

            
	 	
              $100,000
                or less, but greater than $ 50,000  

            	
              2
                

            
	 	
              $150,000
                or less, but greater than $100,000  

            	
              3
                

            
	 	
              $200,000
                or less, but greater than $150,000  

            	
              4
                

            
	 	
              Greater
                than $200,000  

            	
              5
                

            

    

    

    The
      Pension Restoration Plan has not yet been amended to comply with the
      requirements of Section 409A of the Internal Revenue Code.

    

    

    
      	V.	
              TERMINATION
                OF EMPLOYMENT AND CHANGE OF CONTROL
                ARRANGEMENTS.

            

    

    

    Rogers’
      severance policy for regular, full-time salaried employees provides, in general,
      for continuation of salary payments, health insurance and certain other benefits
      for employees whose employment has been involuntarily terminated. The number
      of
      weeks of salary and benefits continuance is based on length of service. The
      policy may be amended, modified or terminated at any time by Rogers, except
      in
      the case of the executive officers of Rogers as of November 1991. Such officers
      may elect the benefits of either the policy in effect in November 1991, or
      the
      severance policy, if any, which may be in existence at the time each such
      individual’s employment terminates. The right of these executive officers to
      make such an election may be cancelled by Rogers or the executive on three
      years
      written notice. Mr. Wachob would be entitled to 78 weeks of salary and benefit
      continuance upon termination of employment covered by the policy in effect
      in
      November 1991. 

    

    The
      board
      of directors determined that it would be in the best interests of Rogers to
      ensure that the possibility of a change in control of Rogers would not interfere
      with the continuing dedication of Rogers executive officers to their duties
      to
      Rogers and its shareholders. Toward that purpose, Rogers has agreements with
      its
      Chief Executive Officer and certain of its other executive officers which
      provide certain severance benefits to them in the event of a termination of
      their employment during a 36 month period following a change in control, as
      defined in the agreements. The initial term of each agreement is three years
      and
      the term is automatically extended for additional one-year periods each
      anniversary date of the agreements, unless either party objects to such
      extension. If within a 36 month period following a change in control, an
      executive’s employment is terminated without cause, as defined in the
      agreements, or if such executive resigns in certain specified circumstances,
      then the executive is generally entitled to the following severance benefits:
      (i) twice his annual base salary plus bonus; (ii) two years of additional
      pension benefits; and (iii) the continuation of health and life insurance plans
      and certain other benefits for up to two years. The agreements provide that
      severance and other benefits be reduced to an amount so that such benefits
      would
      not constitute so-called “excess parachute payments” under applicable provisions
      of the Internal Revenue Code of 1986. In the event that circumstances occur
      which would invoke the provisions of both the November 1991 policy
      described in the preceding paragraph and the change in control agreement,
      Mr. Wachob is entitled to select one or the other, but not both, to apply in
      that situation.

    
11Exhibit 10aac

    Exhibit
      10aac

    

    1990
      Stock
      Option Plan 

    NSO
      Agreement (transferable)

    

    

    

    ROGERS
      CORPORATION

    NONQUALIFIED
      STOCK OPTION AGREEMENT

    

    THIS
      AGREEMENT is entered into by and between Rogers Corporation, a Massachusetts
      corporation with its principal offices in Rogers, Connecticut (the “Company”)
      and the Key Employee of the Company or any Parent or Subsidiary (the “Optionee”)
      whose name and address are set forth on the Execution Page of this
      Agreement.

    

    WHEREAS,
      the Company adopted the Rogers Corporation 1990 Stock Option Plan, as amended
      (the “Plan”), in order, among other things, to grant nonqualified stock options
      to certain Key Employees of the Company, or any Parent or Subsidiary, to
      purchase capital stock of the Company so as to give them a proprietary interest
      in the Company’s success and to attract, retain and motivate Key Employees of
      experience and ability; and

    

    WHEREAS,
      the Optionee renders important services to the Company or any Parent or
      Subsidiary, and the Company desires to grant a nonqualified stock option to
      the
      Optionee;

    

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual agreements herein
      contained, the parties hereto hereby agree as follows:

    

    All
      capitalized terms used but not defined in this Agreement shall have the meaning
      assigned to them under the Plan.

    

    
      	
              1.

            	
              Grant
                of Option.
                The Company hereby grants to the Optionee pursuant to the Rogers
                Corporation 1990 Stock Option Plan the option to purchase from the
                Company
                upon the terms and conditions hereinafter set forth the number of
                shares
                of the $1 par value Capital Stock of the Company (the “Stock”) as has been
                indicated at Paragraph 13(a) on the Execution Page hereof at the
                purchase
                price per share set forth at Paragraph 13(b) on such Execution Page.
                The
                date of grant of this option is as of the date set forth at Paragraph
                13(c) on such Execution Page and is hereinafter referred to as the
“Option
                Date.”

            

    

    

    
      	
              2.

            	
              Exercisability;
                Term of Option.
                This option shall become exercisable in accordance with the earliest
                of
                the following schedules, so long as the Optionee continues in Employment
                with the Company or any Parent or
                Subsidiary:

            

    

     

    
      
        
        

      

      
        Page
          1 of
          6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              a)

            	
              In
                accordance with the schedule set forth at Paragraph 13(d) on the
                Execution
                Page;

            

    

    

    
      	 	
              b)

            	
              If
                the Optionee terminates such Employment by reason of Retirement,
                Disability or death, this option will became fully exercisable;
                or

            

    

    

    
      	 	
              c)

            	
              In
                accordance with Paragraph 7.

            

    

    

    This
      option shall remain exercisable until it expires on the tenth anniversary of
      the
      Option Date, unless the option is sooner terminated as hereinafter provided.
      Exercise of this option to the extent exercisable may be made in whole or in
      part at any time and from time to time within the above limits, provided it
      is
      for not less than fifty shares of Stock, unless the extent to which it may
      become exercisable cannot increase, in which event it may be exercised for
      the
      entire balance as to which it is exercisable.

    

    
      	
              3.

            	
              Purchase
                Only for Investment.
                To
                ensure the Company’s compliance with the Securities Act of 1933, as
                amended (the “Securities Act”), the Optionee agrees for himself or
                herself, the Optionee’s legal representatives and estate, or other persons
                who acquire the right to exercise the option by bequest or inheritance,
                that shares will be purchased on the exercise of this option for
                investment purposes only and not with a view to their distribution,
                as
                that term is used in the Securities Act, unless in the opinion of
                counsel
                to the Company such distribution is in compliance with or exempt
                from the
                registration and prospectus requirements of the Securities Act, and
                the
                Optionee further agrees to sign a certificate to such effect at the
                time
                of exercising the option.

            

    

    

    
      	
              4.

            	
              Option
                Transferable in Limited Circumstances.
                This option may be transferred to a family member, trust or charitable
                organization to the extent permitted by applicable law; provided
                that the
                transferee agrees in writing with the Company to be bound by the
                terms of
                this Agreement and the Plan. Except as permitted in the preceding
                sentence, this option is not transferable otherwise than by will
                or by the
                laws of descent and distribution, and shall be exercisable during
                the
                Optionee’s lifetime only by the
                Optionee.

            

    

    

    
      	
              5.

            	
              Manner
                of Exercise.
                This option may be exercised by giving written or electronic notice
                of
                exercise to the Company, or the Company’s designee designated to accept
                such notices, specifying the number of shares to be purchased and
                accompanied by the payment of the aggregate option price for the
                number of
                shares purchased. The option price shall be paid in full either (a)
                in
                cash, by check or by other instrument acceptable to the Company,
                (b) in
                Stock (either actually or by attestation) that has been held by the
                Optionee for a minimum of six months, and valued at its Fair Market
                Value,
                as of the date of exercise, or (c) by a combination of (a) and (b).
                The
                Optionee may also deliver to the Company, or its designee, a properly
                executed exercise notice together with irrevocable instructions to
                a
                broker to promptly deliver to the Company cash, a check or other
                instrument acceptable to the Company to pay the option price; provided
                that the Optionee and the broker shall comply with such procedures
                and
                enter into such agreements of indemnity and other agreements as the
                Company shall prescribe as a condition of such payment. Payment
                instructions will be received subject to collection.
                

            

    

     

    
      
        
        

      

      
        Page
          2 of
          6

        
          

        

      

      
        
        

      

    

     

    
      	
              6.

            	
              Tax
                Withholding.
                The Optionee hereby agrees that the exercise of this option or any
                installment thereof will not be effective, and no shares will become
                transferable to the Optionee, until the Optionee makes appropriate
                arrangements with the Company for such income and employment tax
                withholding as may be required of the Company under applicable United
                States federal, state or local law on account of such exercise. The
                Optionee may satisfy the obligation(s), in whole or in part, by electing
                (i) to make a payment to the Company in cash, by check or by other
                instrument acceptable to the Company, (ii) subject to approval of
                the
                Compensation and Organization Committee of the Board of Directors
                of the
                Company (the “Committee”), to deliver to the Company a number of
                already-owned shares of Stock having a value not greater than the
                amount
                required to be withheld (such number may be rounded up to the next
                whole
                share), or (iii) by any combination of (i) and (ii) and the following
                sentence. The Committee may also permit, in its sole discretion and
                in
                accordance with such procedures as it deems appropriate, the Optionee
                to
                have the Company withhold a number of shares which would otherwise
                be
                issued pursuant to this option having a value not greater than the
                amount
                required to be withheld (such number may be rounded up to the next
                whole
                share). The value of shares to be withheld (if permitted by the Committee)
                or of delivered shares shall be based on the Fair Market Value of
                a share
                of Stock as of the date the amount of tax to be withheld is to be
                determined. 

            

    

    

    
      	
              7.

            	
              Stock
                Dividends; Stock Splits; Stock Combinations;
                Recapitalizations.
                In
                the event of any change in the outstanding shares of Stock that occurs
                after the Option Date by reason of a Stock dividend or split,
                recapitalization, merger, consolidation, combination, exchange of
                shares,
                or other similar corporate change as to which the Company is a surviving
                corporation, the number, kind and option price of shares subject
                to this
                option to the extent it is then outstanding shall be adjusted
                appropriately by the Committee, whose determination shall be conclusive;
                provided, however, that fractional shares shall be rounded to the
                nearest
                whole share. Upon a determination by the Board that an event has
                occurred
                that will or is likely to result in a merger or a similar reorganization
                which the Company will not survive or a sale of all or substantially
                all
                of the assets of the Company (a “Cessation Event”), the unexercised
                portion of this option to the extent it is then outstanding shall
                become
                exercisable in full immediately (or as of the date which is 180 days
                preceding such Cessation Event, if later than such determination).
                The
                occurrence of a Cessation Event shall cause every option outstanding
                hereunder to terminate, to the extent not then exercised, unless
                any
                surviving entity agrees to assume the obligations
                hereunder.

            

    

    

    
      	
              8.

            	
              Termination
                of Option.
                In
                the event that the Optionee incurs a Termination of Employment with
                the
                Company or any Parent or Subsidiary at any time prior to exercise
                of this
                option in full, this option shall terminate and may no longer be
                exercised, except as follows:

            

    

     

    
      
        
        

      

      
        Page
          3 of
          6

        
          

        

      

      
        
        

      

    

     

    
      	 	
              i.

            	
              In
                the event of the Optionee’s Termination of Employment with the Company or
                any Parent or Subsidiary by reason of Retirement or Disability, this
                option shall become immediately vested and exercisable in full, and
                may be
                exercised at any time during the period ending on the expiration
                date of
                this option or the five (5) year period after the date of such Retirement
                or Disability, whichever period is
                shorter;

            

    

    

    
      	 	
              ii.

            	
              In
                the event of the Optionee’s Termination of Employment with the Company or
                any Parent or Subsidiary by reason of death, this option shall become
                immediately vested and exercisable in full, and may be exercised
                at any
                time by the Optionee’s beneficiary during the period ending on the
                expiration date of this option or the five (5) year period after
                the date
                of death, whichever period is shorter;
                or

            

    

    

    
      	 	
              iii.

            	
              In
                the event of the Optionee’s Termination of Employment with the Company or
                any Parent or Subsidiary for any reason other than death, Disability,
                or
                Retirement, this option, to the extent exercisable on the date of
                such
                Termination of Employment, may be exercised at any time within a
                period of
                three (3) months after such Termination of Employment or during the
                period
                ending on the expiration date of this option, whichever period is
                shorter;

            

    

    

    provided,
      however, that this option may not be exercised to any extent by anyone after
      the
      date of expiration of the option stated in Paragraph 2.

    

    
      	
              9.

            	
              Rights
                of Optionee.
                The Optionee shall not have any rights as a shareholder with respect
                to
                shares of Stock covered by this option until the date of issuance
                of a
                stock certificate (or the equivalent thereof) for such shares. Except
                as
                provided in Paragraph 7, no adjustment shall be made for dividends
                or
                other rights the record date for which is prior to the date of issuance
                of
                such certificate (or equivalent form of ownership). Nothing herein
                contained shall impose any obligation on the Company or any Parent
                or
                Subsidiary or any other entity or the Optionee with respect to the
                Optionee’s continued Employment. Nothing herein contained shall impose any
                obligation upon the Optionee to exercise this option. This option
                is not
                intended to qualify as an incentive stock option under Code Section
                422;
                    the Company makes no representation as to the tax treatment to
                the
                Optionee upon receipt or exercise of the option or sale or other
                disposition of the shares covered by the
                option.

            

    

    

    
      	
              10.

            	
              Relationship
                to Plan.
                The option contained in this Agreement has been granted pursuant
                to the
                Plan and is in all respects subject to the terms, conditions and
                definitions of the Plan. The Optionee hereby accepts this option
                subject
                to all the terms and provisions of the Plan and agrees that all decisions
                under and interpretations of the Plan by the Committee shall be final,
                binding and conclusive upon the Optionee and his or her
                heirs.

            

    

    

    
      	
              11.

            	
              Governing
                Law.
                This Agreement shall be subject to and construed in accordance with
                the
                laws of the Commonwealth of Massachusetts.

            

    

     

    
      
        
        

      

      
        Page
          4 of
          6

        
          

        

      

      
        
        

      

    

     

    
      	
              12.

            	
              Beneficiary
                Designation.
                The Optionee may designate beneficiary(ies) to whom shall be transferred
                any rights under the option which survive the Optionee’s death.
                

            

    

    

    To
      obtain
      the beneficiary designation form, please go to the “Options and Equity Awards”
section of the Schwab Equity Award Center website (http://equityawardcenter.schwab.com)
      after
      completing the login procedure and click on the “Review message” from your
“employer” and then click on the “Equity Awards Beneficiary Designation Form”.
      Alternatively, you may request this beneficiary designation form by sending
      an
      e-mail to equityawardsadmin@rogerscorporation.com
      or
      calling the Office of the Corporate Secretary of Rogers Corporation at
      800-227-6437 ext. 5566. 

    

    In
      the
      absence of an effective beneficiary designation, the Optionee acknowledges
      that
      any rights under the option which survive the Optionee’s death shall be rights
      of his or her estate. 

     

    
      
        
        

      

      
        Page
          5 of
          6

        
          

        

      

      
        
        

      

    

    
ROGERS
      CORPORATION NONQUALIFIED STOCK OPTION AGREEMENT

    

    EXECUTION
      PAGE OF NONQUALIFIED STOCK OPTION AGREEMENT FOR THE

    ROGERS
      CORPORATION 1990 STOCK OPTION PLAN

    

    
      	
              13.

            	
              Certain
                Additional Information.
                This Paragraph sets forth certain information referred to in Paragraphs
                1
                and 2 of this Agreement.

            

    

    

    
      	
            	(a)	
              The
                number of option shares is ___________________.

            

    

    

    
      	
            	(b)	
              The
                purchase price per share for such option shares is $
                _________________.

            

    

    

    
      	
            	(c)	
              The
                Option Date is _________________.

            

    

    

    
      	 	
              (d)

            	
              So
                long as the Optionee continues in Employment, the Option shares shall
                become exercisable as follows:

            

    

     

    
      
        	
                Cumulative
                  Portion

              	 	
                Date
                  First

              
	
                of
                  Option Shares

              	 	
                Exercisable

              
	 	 	 
	
                33
                  1/3%

              	 	
                2nd
                  Anniversary of Option Date

              
	
                66
                  2/3%

              	 	
                3rd
                  Anniversary
                  of Option Date

              
	
                100%

              	 	
                4th
                  Anniversary of Option Date

              

      

    

     

    

      By:
        Rogers
        Corporation

      

      By
        clicking Accept below I, ____________________, hereby acknowledge receipt
        of the
        foregoing option and agree to its terms and conditions:

      

    

    Page
      6 of
      6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]