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OXM > SEC Filings for OXM > Form 8-K on 14-Nov-2012All Recent SEC Filings

Show all filings for OXFORD INDUSTRIES INC



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As disclosed by Oxford Industries, Inc. (the "Company") in a Form 8-K filed on November 6, 2012, the service of Panayiotis Philippou as CEO of the Company's Ben Sherman Group terminated. In connection with Mr. Philippou's departure, on November 12, 2012, Mr. Philippou and the Company's wholly owned subsidiary Ben Sherman Group Limited ("Ben Sherman") entered into a compromise agreement pursuant to which:

Ben Sherman agreed to pay Mr. Philippou approximately 123,500, less applicable tax and national insurance deductions, representing a one-time payment in lieu of the six month notice period pursuant to Mr. Philippou's prior employment contract with Ben Sherman;

In consideration for Mr. Philippou's covenants under the agreement, as described below, Ben Sherman agreed to pay Mr. Philippou 85,500, less applicable tax and national insurance deductions, as a separation payment;

Ben Sherman agreed to provide Mr. Philippou with private medical coverage through April 1, 2013;

Ben Sherman agreed to pay the legal fees incurred by Mr. Philippou in connection with the negotiation of the compromise agreement (up to 2,000 plus VAT);

Mr. Philippou provided a full release of claims (other than non-waivable claims and the right to enforce the compromise agreement) he may have against Ben Sherman and its affiliated companies and persons, including Mr. Philippou's waiver of any rights with respect to cash awards and equity awards previously granted under the Ben Sherman Group Long Term Incentive Plan (also referred to as the Ben Sherman Group cash retention plan) and the Company's Long-Term Stock Incentive Plan, respectively, that were unvested or unearned as of the date Mr. Philippou's employment ended; and

Mr. Philippou reaffirmed the confidentiality, non-solicitation and non-competition restrictions under his prior employment contract with Ben Sherman, which survive his departure for specified durations.

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