Arbitron Sets Salaries, Incentives For Top Executives
March 5, 2013 at 4:20 AM (PT)
ARBITRON filed a form 8-K with the SECURITIES AND EXCHANGE COMMISSION explaining that "the Compensation and Human Resources Committee approved the Company’s 2013 non-equity incentive plan for executive officers, which would be payable in early 2014."
The plan is based on the provision "that the Company's return on invested capital for the twelve months ending DECEMBER 31st, 2013 exceeds 12%, the Committee may make cash Incentive Plan awards to each executive officer in an amount between 0% and 200% of the executive officer's target award under the Incentive Plan."
That would mean Pres./CEO SEAN R. CREAMER would receive 100% of his 2013 base salary of $580,000, with the opportunity to double that. The target Incentive Plan award for other executive officers range from 50-60% of 2013 base salary.
ARBITRON also unveiled its 2013 Long-Term Incentive Plan for certain executive officers of the Company. Noted the Company, "With the exception of Mr. CREAMER, the target 2013 LTI Plan opportunity is within a range from 50% to 150% of 2013 base salary. The equity award will be in the form of restricted stock units, pursuant to the Company’s 2008 Equity Compensation Plan, and will vest quarterly over a four-year period, assuming continued employment. In connection with Mr. CREAMER's assumption of the positions of President and Chief Executive Officer effective JANUARY 1st, 2013, ARBITRON granted to Mr. CREAMER restricted stock units with a value equal to approximately 250% of his annual base salary, which vest quarterly over a three-year period, assuming continued employment."