**Exhibit 10.2**

 

 

2008 Cash Bonus Plan Summary

 

As reported in the FGXInternational Holdings Limited (the “Company”) form 8-K dated February 6,2008, the Compensation Committee of the Board of Directors of the Companyadopted the 2008 Cash Bonus Plan (the “Plan”) for the Company’s fiscal yearending January 3, 2009.  Bonus payouts under the Plan will constitutePerformance Units under the Company’s 2007 Incentive Compensation Plan. The Compensation Committee designated employees serving in the position of vicepresident and above of the Company (“Executive Officers”), and the ChiefExecutive Officer may designate certain other key employees of the Company orits subsidiaries, to participate in the Plan.

 

The CompensationCommittee approved a target bonus amount, expressed as a percentage of salary,for each Executive Officer.  The following table sets forth the targetbonus percentage for the Company’s principal executive officer, principalfinancial officer and each other named executive officer at the time.

 
| ** **                 | ** ** | ** **                              | ** ** | **Target as a % of** | ** ** |
|----------------------------|------------|-----------------------------------------|------------|------------------------------------------|------------|
| **Executive Officer** | ** ** | **Title**                               | ** ** | **Base Salary**                          | ** ** |
| Alec Taylor                |       | Chief Executive Officer                 |       | 50                                       |       |
| John Flynn Jr.             |       | President                               |       | 50                                       |       |
| Gerald Kitchen             |       | Exec. VP — Operations              |       | 50                                       |       |
| Anthony Di Paola           |       | Exec. VP — Chief Financial Officer |       | 50                                       |       |
| Steven Crellin             |       | Exec. VP — Sales                   |       | 50                                       |       |
|                       |       |                                    |       |                                     |       |

 

Bonus payouts under thePlan will be based on the Company’s achievement of an earnings per share (EPS)goal for fiscal 2008 set by the Compensation Committee, as adjusted to excludecertain non-recurring items that occur outside of the ordinary course of theCompany’s business operations.  Achievement of the adjusted EPS goal willproduce bonus payouts equal to the target amounts, while achievement ofadjusted EPS between 95% and 110% of the adjusted EPS goal will produce a commensuratereduction or increase in the bonus payouts.  There will be no bonus payoutfor achievement of adjusted EPS below 95% of the goal unless authorized by theCompensation Committee, and bonus payouts are capped at 110% of the targetbonus amount.

 

After the end of thefiscal year, the Compensation Committee will evaluate the Company’s performanceagainst the EPS goal and will determine whether a bonus payout is required forall participants.  In general, a participant must remain an employee throughthe date of the bonus payout to be eligible for payment.

 

 

 

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