Salem Inks CEO Ed Atsinger To New Deal
June 13, 2016 at 3:08 PM (PT)
An SEC Form 8-K filed TODAY (6/13) shows that SALEM MEDIA GROUP has signed ED ATSINGER to a new contract to continue as CEO. The deal, signed through subsidiary SALEM COMMUNICATIONS HOLDING CORP., was executed JUNE 9th and will become effective on JULY 1st, running through JUNE 30th, 2019.
ATSINGER will receive a base salary of $980,000 in the first year, $985,000 in the second year, and $995,000 in the third year of the contract. He will also be eligible for discretionary bonuses, 100% reimbursement for medical expenses, an auto allowance, life insurance benefits, and company payment of any stock option filing fees, and will get severance of six months' pay if he gets fired without cause; if he dies during the term, his estate will receive a year's pay.