Smulyan Gets New Deal, Fiddick Exits Emmis
December 22, 2009 at 4:30 AM (PT)
EMMIS will part ways with International Division Pres. PAUL FIDDICK, but extend Chairman/CEO JEFF SMULYAN's deal for three years, the company said in a form 8-K filing.
"Effective DECEMBER 15, 2009, EMMIS OPERATING COMPANY, a wholly-owned, direct subsidiary of EMMIS COMMUNICATIONS CORPORATION, entered into a new three-year employment agreement with JEFFREY H. SMULYAN, who currently serves as our Chairman of the board of directors and Chief Executive Officer.
"The term of the agreement commences on MARCH 1, 2010. Mr. SMULYAN’s base salary will be reduced from $833,957 to $792,259 for the first year, then increase to $825,000 for the second year, and $850,000 for the third year. Mr. SMULYAN will receive a $200,000 signing bonus in connection with execution of the agreement, as well as performance units having a value, if earned, of $700,000.
"Effective DECEMBER 15, 2009, we entered into an agreement with PAUL FIDDICK under which Mr. FIDDICK resigned as International Division President and terminated his employment agreement dated MARCH 1, 2009 and his change in control severance agreement dated JANUARY 1, 2008. Under the agreement, Mr. FIDDICK will receive a lump sum payment of approximately $509,000. "