$1m Payday for Lorrie Norrington

Ok, I started to review the Shopping.com Schedule 14A proxy statement (see all Shopping.com SEC filings). Lorrie Norrington, the new President & CEO of Shopping.com must be pretty content with the proposed deal. Shareholders are being asked to approve “the granting of a bonus payment of US$1 million to Lorrie Norrington immediately prior to the consummation of the merger.”

The bonus is said to cover excise taxes as a result of the merger and to put her in the same “after-tax position as she would have been in if the excise taxes described above were not imposed.”

Lorrie’s base salary will be $350,000. As of June 7, Lorrie held options to purchase 630,000 Shopping.com ordinary shares.

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