NEW YORK – Michael Setola, whose resignation as president and chief operating officer of Oxford Industries took effect Jan. 31, has a year of Oxford paychecks coming to him.
In a filing with the Securities and Exchange Commission Wednesday, Oxford said that, in accordance with a release and non-solicitation agreement, the company will pay Setola his base salary of $795,000, minus applicable taxes, bi-weekly over the 52 weeks following his resignation. The former president of the firm will also be eligible for a pro-rated bonus based on the firm’s return on net assets (RONA) during the fiscal year ending June 1.
Under the firm’s long-term stock incentive plan, Setola is entitled to the accelerated vesting of 6,501 shares of the company’s restricted stock. At Wednesday’s closing price on the New York Stock Exchange, those shares would be worth just under $313,000.
The separation agreement, signed by Setola on Feb. 2, includes standard non-disclosure, confidentiality and non-disparagement provisions.
Setola resigned from Oxford in December after a three-year tenure as president of the Atlanta-based firm. He’d previously been chairman and chief executive officer of Salant Corp, the assets of which were sold to Perry Ellis International.
Those at Oxford who’d previously reported to Setola now report to J. Hicks Lanier, chairman and CEO of Oxford.