Radio One Extends EVP/CFO Peter Thompson's Contract, OKs Bonus Plan For CEO David Kantor
April 27, 2016 at 1:43 PM (PT)
RADIO ONE has extended the contract of EVP/CFO PETER D. THOMPSON, adding another two years to keep him on board through DECEMBER 31, 2018, according to a Form 8-K filing with the SEC. The deal includes a one-time signing bonus of $200,000, but if THOMPSON is terminated before the end of the contract extension, he will have to repay a pro rata share of the bonus.
In addition, CEO DAVID KANTOR's new bonus plan has been approved by RADIO ONE's board, with a bonus of $100,000 for reaching an EBITDA goal and an additional $25,000 per $1,000,000 of EBITDA over the 2016 budgeted goal. KANTOR, who added duties as President-Radio Division upon CHRISTOPHER WEGMANN's retirement on MARCH 31st, has yet to sign a formal agreement.
The company has also signed a Senior Credit Agreement with WELLS FARGO for $25 million in revolving loans for working capital needs and general corporate requirements.