Summer in the Hamptons…

March 24, 2005

Just in time for Memorial Day weekend, Barnes & CEO Marie Toulantis will receive a $2 million retention bonus under a revised employmment agreement signed with the interenet retailer’s parent company, Barnes & Noble (BKS). Under the agreement, which was disclosed in a recent 8-K, Toulantis, who was instrumental in taking the internet retailer public back in May of 1999 under the ticker BNBN, gets $1 million on the first anniversary of the the parent company’s acquisition of the internet retailer and a second $1 million bonus in May 2006. The agreement also extended Toulantis’ employment contract, which had been set to run out in October, to March 2008. Though the recent filing notes that the company is simply confirming the $2 million retention bonus, there doesn’t appear to be any disclosure of the arrangement in previous SEC filings. Meanwhile, BNBN shareholders didn’t do quite so well. Though the company went public at $12 a share and quickly shot up to $22 on the first day of trading, Barnes & Noble only paid $3.05 a share when it took the company private last May.

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