A filing trifecta…

September 16, 2005

Investors in Briggs & Stratton (BGG) might want to cancel some of their weekend plans. Earlier today, the company filed its 10-K, proxy statement and an 8-K, giving investors plenty to read this weekend. A general rule of thumb is that when companies dump a batch of documents at the same time, they’re usually trying to hide something.

A quick skim of the filings turns up more than a few interesting items: more than 60% of all options granted last year went to the top five executives, and that top executives picked up some nice profits on exercising their options last year. Chairman and CEO Shiely got a $1 million bonus, a substantial increase from the previous year. There’s also a consulting agreement with a former executive that seemingly pays him 25% more a year now that he’s no longer working full-time. And another consulting/retirement agreement with the company’s vice president for sales that doesn’t kick in for another 3 years, but which gives him $250K in bonuses when it does.

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