Global Traffic Network Cuts Sales Exec's Base Pay
October 14, 2009 at 4:26 AM (PT)
GLOBAL TRAFFIC NETWORK has reported to the SEC that it is cutting SVP-Sales IVAN SHULMAN's base salary from $350,000 to $250,000 and has added a cash "override" commission equal to 2% of the year-to-year increase in net quarterly sales of the Company’s Canadian operations.
SHULMAN will also get a 10% sales commission on certain pre-approved customer accounts. He remains eligible for quarterly cash bonuses of $15,000, $30,000 or $45,000 based upon on the Company’s Canadian operations achieving 95%, 100% or 105% of its quarterly sales target.
The pay cut was disclosed in an 8-K filing with the SEC YESTERDAY (10/13).