FGX International Inc., which is fully owned by a British Virgin Islands-incorporated holding FGX International Holdings Ltd., has announced the signing of new contracts with its top executives. The revised contracts provide for severance payments to FGX CEO Alec Taylor in the amount equal to double of his combined base salary and annual bonus target, and to the other six top managers, in the amount equal to 1.5 of their combined base salaries and annual bonus targets.
The top executives will receive the severance payments if they are dismissed from office in the months before or after the acquisition of the company.
Also, in the new contracts with the executives there is no requirement that the severance payments will be cut off if they earn other income after their terminations.
FGX International is incorporated in Delaware. It sells non-prescription reading glasses and sunglasses. It whole owner, BVI company FGX International Holdings Ltd., is engaged in design and marketing of costume jewelry and nonprescription eyeglasses under well-known brands such as Foster Grant, Magnivision and PolarEyes.