LensCrafters 2015 Annual Report Download - page 246
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Notes to the separate financial statements as of December 31, 2015 Page 66 of 77
45. NON-RECURRING TRANSACTIONS
The Company did not incur any non-recurring expenses during 2015.
During 2014, the Company recorded a non-recurring expense of Euro 20 million for the agreements between
Andrea Guerra and Enrico Cavatorta and Luxottica Group SpA. to terminate their employment and board
member relationships. The Company recorded a tax benefit of Euro 5.5 million on these costs.
46. SUBSEQUENT EVENTS
On January 29, 2016, Adil Mehboob-Khan left the position as Chief Executive Officer, and received a
redundancy incentive for a total gross amount of Euro 6.8 million, in addition to severance pay linked to the
termination of the employment relationship. Added to this incentive payment is the gross sum of Euro 0.2
million, which will be paid as part of the settlement and novation agreement in return for Adil Mehboob-Khan's
waiver of any claim or right against Luxottica Group S.p.A. and every Luxottica Group company in any way
connected or related to his employment and board member relationships and their termination. No sum has been
recognized for termination of his office as Director and Chief Executive Officer of Luxottica Group S.p.A.. On
the same day, the Board of Directors approved a change in the governance model aimed at simplifying the
management structure and it delegated the responsibilities of the position of CEO Markets, previously held by
Adil Mehboob-Khan, to the Company's Executive Chairman and majority stockholder. Massimo Vian will
continue in his role as CEO for Products and Operations, working with the Executive Chairman.
On February 23, 2016, the Company and the Valentino fashion house signed an exclusive license agreement for
the design, manufacture and worldwide distribution of Valentino sunglasses and eyeglasses. The ten-year
agreement will be effective from January 2017. The first collection presented under the agreement will be
available on the market from the beginning of the same year.