Talbots Execs Could Get $5M for BPW Deal
Posted March 04, 2010 11:00AM PST

Executives of The Talbots Inc. will receive $5 million in bonus payments contingent on completing the merger and recapitalization with SPAC BPW Acquisition Corp.

One-third of the bonus will be paid in cash at the merger's close, with the remainder paid out in special restricted stock units that will vest a year after the merger.

Talbots chief executive Trudy Sullivan will receive $1.5 million, Chief Financial Officer Michael Scarpa will get about $1.3 million, and Richard T. O'Connell Jr., the company's chief legal officer, will get $1 million. Five other executives will each receive $250,000.

The deal, which is expected to close this month, is contingent on Talbots securing a $200 million credit facility from General Electric Capital and the completion of a tender offer for all of BPW's outstanding warrants.

Talbots shares traded earlier today at $10.91, up 51% since the transaction was announced in early December.
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