Does Trex Company have Severance or Change-in-Control Agreements with its named executive officers?
Until early 2007, Trex Company did not have any change-in-control agreements with the named executive officers that would provide payments upon a change in control of the company, other than certain acceleration of equity grants pursuant to equity award agreements. As of April2, 2007, however, Trex Company entered into agreements with the CEO and the other named executive officers to provide certain payments to the officers upon a termination following a change in control, which we refer to as a “double trigger.” Change-in-control agreements are designed to protect executives in the event of a change in control, and provide security for executives against sudden or arbitrary termination in connection with a change in control. The agreements promote retention of high-performing individuals and also assist in recruiting and retaining key employees by providing competitive arrangements. The provisions of each severance agreement were determined by analysis of peer group and market trends
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