Shhh…’s a secret…

Michaels Stores (MIK), which last week became the latest in a growing list of companies to disclose an option dating problem filed its delayed Q yesterday. And while most of the headlines, like this TSC story focused on the options mess that as of this morning’s WSJ stood at 46 companies, that wasn’t the only interesting thing in the Q.

In this exhibit, the company offered a $125K retention bonus to executives who stick around a year after any potential change in control.  While the filing notes that the terms of the bonus "are to be kept strictly confidential", there is one part that Michaels is keeping a secret: exactly how many managers stand to receive the retention bonus. Given the relatively modest size of the bonus, particularly as far as these sorts of things go, our guess is that it could be quite a few. The filing also included this change in control severance agreement that was also shockingly light on the details, including which executives were covered by this agreement and exactly how much they would receive as a result.

As I posted back in March when Michaels announced it was putting itself up for sale, founderR. Michael Rouleau already has his post-sale deal wrapped up, so this one clearly covers others.