It's A $2+ Million Buyout From Westwood For Beusse
October 28, 2008 at 6:58 AM (PT)
In a filing with the SEC, WESTWOOD ONE layed out its termination agreement with former CEO THOMAS BEUSSE. BEUSSE was terminated effective OCTOBER 20th, just 10 months after being named to head WESTWOOD ONE, and walks away with over $2 million.
In its Termination of a Material Definitive Agreement, WESTWOOD wrote, "On OCTOBER 20th, 2008, WESTWOOD ONE, INC. and CEO/Pres. THOMAS F.X. BEUSSE, agreed upon the termination of his employment agreement with the Company effective OCTOBER 20th, 2008. In accordance with the terms of his employment agreement, Mr. BEUSSE will receive payment of an amount equal to an aggregate of $1.9 million, consisting of two times the sum of (i) his base salary of $700,000 plus (ii) $250,000, payable in equal periodic installments for two years following his resignation."
Also in accordance with the terms of his employment agreement, BEUSSE will receive his minimum guaranteed bonus for 2008 of $300,000 and is eligible to purchase 333,333 shares of Company common stock.