New Cumulus CEO To Make $1.45M In Salary, Lew Dickey Receives $4.35M Payoff, John Dickey A $1.75M Payout
October 1, 2015 at 7:33 AM (PT)
CUMULUS MEDIA has filed the paperwork with the SEC that lays out the cost of all the recent executive changes atop the company.
In a Form 8-K filing, CUMULUS notes, "On SEPTEMBER 29th, 2015, the Company entered into an employment agreement with Ms. BERNER. The agreement has an initial term of three years and contains a provision for automatic extensions of one-year periods thereafter, unless terminated in advance by either party in accordance with the terms of the agreement. Pursuant to the agreement, Ms. BERNER is entitled to receive an annual base salary of $1,450,000, effective as of the commencement of Ms. BERNER’s employment, and subject to increase from time to time by the Board."
Former CEO LEW DICKEY transitions to his new post as Vice Chairman with a package that includes an estimated $4.35 million and other benefits. DICKEY had signed a multiyear extension in APRIL, which included details about what he would get if he were removed as CEO. DICKEY will get triple his current base salary of $1.45 million, 100% of any unvested Equity Awards and 18 months of company benefits, such as health and dental.
Former EVP/Content & Programing JOHN DICKEY has left the company with a few dollars in his pocket. He is receiving double his base $875,000 salary, along with 18 months of benefits. His employment agreement dated as of NOVEMBER 29th, 2011, allows for “immediate vesting of 50% of any unvested equity awards." The remaining 50% of such awards being forfeited,” the agreement specifies, unless there is a change of control at CUMULUS within the next six months in which, “any unvested equity awards will become fully vested.”