Free

Friday’s free for all…

Friday afternoon before Memorial Day weekend is a perfect time to bury all sorts of things. After all, it’s hard enough to maneuver a Blackberry (or, yes, even my Treo) without throwing a few drinks and some beach breezes into the mix. And this past Friday didn’t disappoint. There were 4 new IPOs filed on Friday, including one for Neff Corp., an equipment leasing company that specializes in earth-moving equipment and which used to be a public company just three years ago. Neff’s President and CEO Juan Carlos Mas received a $3.6 million bonus last year, or more than six times his annual salary. Not to mention 50% of all options granted last year — at some secret price. Who knew that moving the earth could be so lucrative? Not to mention substantially better-paying than it was just a few years ago when Neff’s then president made under $400K in his combined salary and bonus.

There was also a rash of amended S-1’s filed, including one by Halliburton (HAL) spin-off KBR that had so many changes from the S-1 filed on April 14, it was too difficult to skim. Among the things I noticed (with the help of 10KWizard’s Compare Wizard) was a more detailed discussion of the $6.6 billion in government contracts and a more detailed discussion on how leaving Iraq "could require funding of substantial working capital expenses without timely reimbursement".

Finally, a footnoted.org regular found this interesting 8-K filed by Freescale Semiconductor (FSL). After the bell on Friday, Freescale disclosed that its newest hire, senior vp Sandeep Chennakeshu, had signed a four-year agreement that provides for an annual base salary of $700,000 and an annual target bonus of $500,000. The agreement also provides that Chennakeshu will receive a $1 million signing bonus and an initial grant of 250,000 restricted stock units.  A quick look back at Freescale’s most recent proxy shows that Mr. Chennakeshu’s predecessor, Franz Fink, made only $330,000 in annual salary and $263,000 in bonus last year.  We’re not sure why there was such a jump in compensation, but it looks as though the scale has tipped decidedly here.

Just a typical summer Friday at the SEC…