Emmis Modifies Executive Bonus Plan
May 6, 2013 at 4:09 AM (PT)
EMMIS has filed a Form 8-K with the SEC, explaining their new bonus plan for executives. The company has modified the plan to a new quarterly-pay system.
EMMIS wrote, "On MAY 1st, 2013, the Compensation Committee of our Board of Directors (the Board) adopted a new bonus plan for the fiscal year ending FEBRUARY 28th, 2014. Under the plan, bonuses paid to our executive officers will be based entirely on the attainment of specified EBITDA goals. At the end of each fiscal quarter, the Committee will determine the extent to which pre-established quarterly radio EBITDA, publishing EBITDA and total Company EBITDA performance goals were achieved. The Committee will award a quarterly bonus to each participant based upon the extent to which the quarterly performance goal was achieved, with no quarterly bonus to be paid under the plan if less than 95% of the quarterly performance goal was achieved. The quarterly bonus, if any, will be up to 20% of the participant’s annual target bonus amount."