Getting crafty at AC Moore…

On Sunday, I happened to stop by a nearby AC Moore (ACMR) store because my husband needed some Bristol board and it’s one of the few places where you can find that sort of thing in northern Westchester. Since I’m not one of those crafty women — at least not in that way — stores like AC Moore or the equally crafty Jo-Ann Stores (JAS) tend to make me a bit nervous.

Later that day, however, I was back in my element, reading this 8K that AC Moore filed late Friday, which handed out “special cash retention awards” for several key executives, including CEO Rick Lepley, who will get a $550K bonus — equivalent to one year’s salary — provided he stays in the job for the next 22 months. In the filing, the company explains that the “purpose of the award is to maintain stability of the Company’s leadership team by providing an incentive for these individuals to remain with the Company during the approximately 22-month period over which the award vests.” Four other top executives — 2 who joined in 2006 and two who joined in 2007 — were also given similar retention awards.

The first 25% vests in September, and another 25% vests in June 2009 and the last 50% vests in January 2010. Unless, of course, the company is acquired. Then the whole thing vests immediately, which, come to think about it, seems pretty crafty indeed.