Bombay's Carreker will take restricted stock as salary in '05
Clint Engel -- Furniture Today, July 4, 2005
Fort Worth, Texas — The Bombay Company's chairman and CEO, James Carreker will take nearly all of his salary this year in restricted stock. He also was granted options for additional shares in the home furnishings specialty retailer, the company disclosed in a filing with the Securities and Exchange Commission.
Carreker will get 125% of his deferred salary for his current contract year in the form of the restricted stock, the filing said. His contract year with the Fort Worth-based retailer began June 3 and the stock vests June 7, 2006.
He elected to defer $572,800 in pay and was granted 120,538 shares of restricted stock based on a per-share price of $5.94.
In addition, Carreker received stock options for 125,000 shares exercisable at $5.83 per share. The options vest at a rate of 25% per year, but if Bombay achieves an annual earnings goal of 50 cents per share at any time in the next four years, all the options will immediately vest and can be exercised.
Bombay lost 34 cents per share in its fiscal year ended Jan. 29.
Carreker's restricted stock is subject to the same accelerated vesting schedule as his options, should Bombay hit the annual earnings threshold before the end of his contract year.
