Emmis Offers Stock To Employees Under Retention Plan
March 10, 2014 at 12:28 PM (PT)
Under its 2012 Employee Retention Plan, EMMIS COMMUNICATIONS will award eligible employees a pro-rata share of approximately 976,000 shares of EMMIS common stock. Using FRIDAY's closing price, the 976,000 shares in the Retention Plan will deliver $3,240,000 in value to the 598 employees who qualify for the plan.
To ensure a broad-based distribution, the Plan excluded executive officers and capped the level of salary credit at $50,000. The awards will vest on APRIL 2nd, 2014 and will be distributed to employees shortly thereafter. Roughly 75% of EMMIS' full-time employees are eligible to receive the stock award. It will be their choice whether to hold or sell the stock.