SMITHFIELD – FGX International Inc. has put in place a new contract with its top executives that sweetens the payouts they will receive if the company is taken over.
Under the revised contracts, FGX CEO Alec Taylor will receive a severance payment equal to double his combined base salary and annual bonus target if he is let go in the months before or after the company is acquired, according to a Securities & Exchange Commission filing.
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The company’s other six top executives will receive severance payments equal to 1.5 times their combined base salaries and annual bonus targets, the filing said.
In addition, FGX got rid of a requirement that the executives’ severance payments be cut if they earn other income after their terminations. The new contracts took effect last Friday.
FGX sells non-prescription reading glasses and sunglasses. The company is incorporated in Delaware and has its headquarters in Smithfield. It is a subsidiary of FGX International Holdings Ltd., which is incorporated in the British Virgin Islands.
Additional information is available at fgxi.com.
