From A to ZZ (Top)…

April 24, 2006

Here at footnoted.org, we love footnotes. One might say we even revel in them. But every now and then, even we get overwhelmed by the fine print. Take the proxy that Warnaco (WRNC) filed late Friday. A quick skim of the summary compensation table proves to be anything but. That’s because the table has 52 (count’ em) footnotes starting with A and ending with ZZ. Did we mention that this is supposed to be a summary compensation chart and not a thesis compensation chart?

So what’s in those 52 footnotes? All sorts of things. Discretionary awards, reimbursement for legal fees, tax gross-ups, and an apartment rental thrown in for good measure. But putting it all together takes quite a bit of squinting. For example, looking at footnotes D and H, we see that Warnaco spent close to $60K over the past two years on legal expenses to negotiate President and CEO Joseph Gromek. That’s a lot of lawyering.

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