Dial Global Discloses David Landau Termination Terms
February 18, 2013 at 3:53 AM (PT)
The terms of the exit of DAVID LANDAU as co-CEO of DIAL GLOBAL have been submitted in an 8-K form at the SEC, and they show LANDAU continuing to receive his contractual base salary of $600,000 in equal installments over the next two years plus benefits in exchange for signing a release and honoring his two-year noncompete clause.
He will also get a stock option for 1,637,000 shares at an exercise price of $3.27/share (awarded on DECEMBER 20th, 2011) scheduled to vest on or prior to the six-month anniversary of his exit (AUGUST 8th, 2013) exercisable for one year through next FEBRUARY 8th.
LANDAU exited on FEBRUARY 8th when the company ended its three-CEO structure and named SPENCER BROWN sole CEO and KEN WILLIAMS as President (NET NEWS 2/11).