ANN TAYLOR’S SPAINHOUR: STOCK AWARD, NO BONUS
NEW YORK — Ann Taylor Stores Corp.’s chairman and chief executive J. Patrick Spainhour didn’t get a bonus for the second year in a row, but probably found some consolation in restricted stock awards worth $3.8 million.
On top of his $850,000 salary in fiscal 2001, Spainhour brought home restricted stock awards worth $3.8 million, the value of 100,000 shares of common stock as of Jan. 29. Half of the restricted stock awards are vested based on performance while the remainder vest over the next three years.
He also received 300,000 in stock options, half of which are also tied to performance. The company valued the options at $18.1 million in 10 years, assuming an annualized appreciation rate of 10 percent. Last year, he received 100,000 option shares.
In addition to his options, Spainhour got the same salary plus an $850,000 payment under the firm’s long-term incentive plan and restricted stock awards of $1 million. The latter portion was canceled when the firm failed to meet performance targets.
Shares of the specialty retailer, based here, rose $1.41, or 3.5 percent, to close at $42.12 on the New York Stock Exchange Thursday.