Rewarded for being late?

Toys ‘R Us (TOY), which finally filed its 10-K late Friday (when all the best filings come in) included proxy-related information in the filing which restated results for 2003 due to changes in lease accounting according to this story. The company, which expects to go private by the summer in a $6.6 billion deal, gave out hefty bonuses to its top executives, more than doubling the bonus paid to Chairman/President/CEO John Eyler to $2.45 million and nearly tripling the bonus paid to evp John Barbour, who received $1.04 million. Eyler also spent $224,748 on personal use of the corporate jet. The company was even more generous with the stock options Eyler received, granting the exec 12.65% of all options granted last year. The 200,000 options, which carry an exercise price of $16.74, is $10 a share less than the $26.75 a share the company expects to go private at. In the K, the company notes that at the “effective time” of the merger, all options will be fully vested and cashed out, which should mean a pretty happy summer for Eyler and other top TOY executives.