UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 28, 2005
---------------------
BARNES & NOBLE, INC.
--------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Delaware
--------------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
1-12302 06-1196501
--------------------------------------------------------------------------------
(Commission File Number) (IRS Employer
Identification No.)
122 Fifth Avenue, New York, NY 10011
--------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
(212) 633-3300
--------------------------------------------------------------------------------
Registrant's Telephone Number, Including Area Code
--------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement
On March 28, 2005, the Compensation Committee of the Board of Directors of
Barnes & Noble, Inc. (the "Company") approved the performance criteria under the
Company's 2004 Executive Performance Plan for purposes of determining bonuses
for the Company's fiscal year ending January 28, 2006 to be paid to the
Company's Named Executive Officers (as defined in Item 402(a)(3) of Regulation
S-K).
The performance criteria are based on earnings before interest, taxes,
depreciation and amortization, either on a consolidated or bookstores only
basis, with bonus payouts based on a percentage of annual salary as set forth
below. Bonuses may also be earned in lesser percentages if targets are not
achieved by specified amounts.
--------------------------------------------------------------------------------------------------------------
Maximum Annual Bonus
Payable as Percentage of
Annual Bonus as Percentage Annual Salary if Target
Named Executive Officer of Annual Salary if Target Achieved Exceeded by Specified Amount
--------------------------------------------------------------------------------------------------------------
Leonard Riggio 150% 175%
Chairman
--------------------------------------------------------------------------------------------------------------
Stephen Riggio 150% 175%
Vice Chairman and Chief Executive
Officer
--------------------------------------------------------------------------------------------------------------
Mitchell S. Klipper 150% 175%
Chief Operating Officer
--------------------------------------------------------------------------------------------------------------
Marie J. Toulantis 150% 175%
Chief Executive Officer of Barnes &
Noble.com
--------------------------------------------------------------------------------------------------------------
J. Alan Kahn 60% 80%
President of Barnes & Noble Publishing
Group
--------------------------------------------------------------------------------------------------------------
On April 1, 2005, each of the Company's non-employee directors received a
grant of restricted shares of the Company, under the Company's 2004 Incentive
Plan, having a fair market value of $20,000 based on the per share closing price
of such stock on the New York Stock Exchange on such date, vesting on April 1,
2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BARNES & NOBLE, INC.
(Registrant)
By: /s/ Joseph J. Lombardi
---------------------------------
Joseph J. Lombardi
Chief Financial Officer
Date: April 1, 2005