Radio One Sets 2012 Bonuses For Alfred Liggins And Cathy Hughes
March 12, 2013 at 3:54 AM (PT)
RADIO ONE has submitted a Form 8-K to the SEC, outlining the bonus structure for CEO ALFRED LIGGINS and Founder/Chairperson CATHY HUGHES. In making 2012 annual bonus decisions, the Compensation Committee "considered the applicable performance criteria as set forth in the CEO's and Founder's 2008 employment agreements."
In the "2008 Employment Agreement Performance Criteria and Additional Considerations for the Founder," the agreement provided for an annual cash bonus payable at the discretion of the board up to a maximum of $250,000.
In the "2008 Employment Agreement Performance Criteria and Additional Considerations for the CEO," the Compensation Committee establishes the bonus level for the CEO. "Under the terms of his 2008 Employment Agreement, the CEO's bonus award could not in the aggregate exceed his annual base salary or $980,000."
Read the filing here.