How many baseball cards does that buy?

June 10, 2005

Topps (TOPP), the makers of baseball cards and other necessities, announced yesterday that it had reached an agreement with Pembridge Capital to avert a proxy fight. Last month, Pembridge launched its proxy fight, claiming that Topps, among other things, had paid “egregious salaries and bonuses to executives”. Though they didn’t spell it out in the filing, one of their concerns was undoubtedly the regular $500K extension bonuses paid to CEO Arthur Shorin. Shorin has received the bonuses every two years since at least 2001 according to SEC filings and just received another one this month.

In a recent filing, Topps also disclosed that it agreed to give Shorin the option of extending the employment agreement for another two years in 2007 (and collecting another $500K extension bonus) or entering into a three-year consulting contract that will pay Shorin $350K a year for what the filing describes as part-time services.

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