Two top Furniture Brands International Inc. executives will receive 1.5 times their base salaries plus other benefits if the firm is acquired, under newly signed “change in control agreements,” according to a regulatory filing Tuesday.<\/p>\n
The firm signed the agreements June 19 with Nancy Webster, president of Thomasville Furniture Industries Inc., and Lynn Chipperfield, senior vice president and general counsel of the company.
\n
\n\t\t
\nIf the firm fires either employee “without cause” within six months before it is acquired or two years after a change in control, Chipperfield and Webster would be entitled to 1.5 times their base salaries and other benefits, including 401(k) payments and retirement plans.<\/p>\n
Chipperfield and Webster received base salaries in 2013 of $325,000 and $350,000, respectively, according to the firm’s 2014 proxy statement with the Securities and Exchange Commission. Based on that Chipperfield and Webster would be entitled to $487,500 and $525,000, respectively.<\/p>\n
Both agreements end Dec. 31, 2015 with the option to renew for two-year periods.<\/p>\n
In April, Furniture Brands cut four executive- and administrative-level jobs in St. Louis.<\/p>\n
St. Louis-based Furniture Brands International Inc. (NYSE: FBN) manufactures furniture under the Thomasville, Henredon, Drexel Heritage, Maitland-Smith, Broyhill and Lane brands.<\/p>\n
Published June 26, 2014 by the St. Louis Business Journal<\/p>\n","protected":false},"excerpt":{"rendered":"
Two top Furniture Brands International Inc. executives will receive 1.5 times their base salaries plus other benefits if the firm is acquired, under newly signed “change in control agreements,” according to a regulatory filing Tuesday. The firm signed the agreements June 19 with Nancy Webster, president of Thomasville Furniture Industries Inc., and Lynn Chipperfield, senior […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-4313","post","type-post","status-publish","format-standard","hentry","category-furniture-indonesia-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/comments?post=4313"}],"version-history":[{"count":0,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/posts\/4313\/revisions"}],"wp:attachment":[{"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/media?parent=4313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/categories?post=4313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indonesia-furniture.com\/articles\/wp-json\/wp\/v2\/tags?post=4313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}