Lew Dickey Forfeits Some Cumulus Shares
February 11, 2010 at 8:04 AM (PT)
An earlier report that CUMULUS Chairman/CEO/Pres. LEW DICKEY had sold 26,650 shares of CUMULUS MEDIA at a price of $2.47/share, for a total value of $65,825, was inaccurate.
DICKEY told ALL ACCESS, " It specifically states on the Form 4 that these shares are forfeited not disposed. What this means is the following: As part of my compensation, I receive restricted shares which vest periodically over time, so this will happen again. When they vest, the company 'holds back' a requisite number of shares, similar to payroll withholding. They are withheld to pay income taxes on the shares received. I have not sold any shares, and if I did, they would be properly notated in the Form 4 as 'D' for disposal, not 'F' for Forfeit."
Keep Up To Date With Our Industry's Financials
To keep tabs on radio stocks, head for the ALL ACCESS STOCK PAGE, then scroll down through the radio stocks the ALL ACCESS COMPOSITE and other quotes in the INDUSTRY-RELATED INDEX.