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SPECTRUM BRANDS INC. Reports Operating Results (10-K/A)

January 28, 2011 | About:
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10qk

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SPECTRUM BRANDS INC. (SPB) filed Amended Annual Report for the period ended 2010-09-30.

Spectrum Brands has a market cap of $1.72 billion; its shares were traded at around $33.64 with and P/S ratio of 0.7. Hedge Fund Gurus that owns SPB: Steven Cohen of SAC Capital Advisors.

Highlight of Business Operations:

Employment Agreement dated as of August 28, 2009 and the Third Amendment to the Employment Agreement dated November 16, 2010 (collectively, the Genito Employment Agreement); (iii) an Amended and Restated Employment Agreement with Mr. Heil dated January 16, 2007, as amended by the Amendment to the Amended and Restated Employment Agreement dated as of November 10, 2008, the Second Amendment to the Amended and Restated Employment Agreement dated as of February 24, 2009, the description of the Third Amendment to Employment Agreement dated as of August 28, 2009 and the Fourth Amendment to the Employment Agreement dated November 16, 2010 (collectively, the Heil Employment Agreement); and (iv) an Employment Agreement dated as of August 16, 2010 with Mr. Polistina, as amended by the First Amendment to the Employment Agreement dated as of November 16, 2010 (collectively, the Polistina Employment Agreement). The Lumley Employment Agreement is with both SBI and the Company. Other than with respect to the Lumley Employment Agreement, all of the employment agreements are with SBI. As Mr. Wilson is not the head of a business unit, the Company and Mr. Wilson are parties to a severance agreement dated as of September 1, 2009, which governs severance, confidentially, non-competition and certain other post-employment matters in connection with a potential termination of Mr. Wilsons employment (the Wilson Severance Agreement). As described below under the heading Termination and Change in Control Provisions, in connection with the termination of the employment of Mr. Hussey, SBI entered into a Separation and Consulting Agreement dated as of April 14, 2010 effectively terminating his then-existing employment agreement as of May 31, 2010. In connection with Mr. Husseys termination, Mr. Lumley was promoted to the position of the Companys President and Chief Executive Officer and SBIs Chief Executive Officer, pursuant to the Amended and Restated Employment Agreement dated as of August 11, 2010 (as referenced above). This promotion increased Mr. Lumleys base salary from $600,000 to $900,000 and increased his annual target bonus from 100% to 115% of his base salary.

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