Emmis Inks Rick Cummings For Two More Years
March 11, 2015 at 3:55 AM (PT)
EMMIS COMMUNICATIONS has inked Pres. RICK CUMMINGS to a new two-year deal. CUMMINGS was signed to the new pact on MONDAY (3/9).
Under the deal, disclosed in an 8-K filing with the SEC and effective MARCH 1st, CUMMINGS will make a base of $485,000 for the first year and an increase based on the increase of the EMMIS corporate merit pool for the second year, plus incentive bonuses of 60% of the base salary based on performance goals and paid in cash or stock and 150,000 restricted shares of Class A stock in three yearly installments. He will also be eligible for a car allowance and up to $5,000 per year for insurance, plus benefits and severance of $470,000 if terminated or not offered "substantially similar employment" when the contract expires.
The company also announced a new bonus plan for the company, with 80% of bonuses for executive officers based on EBITDA goals and 20% discretionary.