July 23 U.S. bookstore chain Barnes & Noble Inc
has been forced to retract 500,000 stock options issued
to Chief Executive William Lynch after breaking its own rules on
the amount of options it can grant an employee in a three-year
The original grant was for a million options, which along
with cash components and other stock grants would have given
Lynch compensation in fiscal 2012 of $15.3 million, up from $1.6
million a year earlier, Barnes & Noble said in a regulatory
filing on Monday.
Half of these options would now be deemed "ineffective",
giving Lynch compensation of $10 million in fiscal 2012, it
Barnes & Noble has put a proposal to shareholders that will
allow it to grant the remaining 500,000 stock options to Lynch.
Shareholders will vote on the proposal at the company's annual
meeting on Sept. 11.