Cumulus Awards Executive Bonuses
April 5, 2010 at 7:16 AM (PT)
In a form 8-K filing with the SEC, CUMULUS BROADCASTING "approved discretionary cash bonus payments for EVP/Co-COO JON G. PINCH, , $120,000; EVP/Co-COO JOHN W. DICKEY, $145,000; and SVP/Treasurer/CFO J.P. HANNAN, $17,500. The Compensation Committee, taking into account similar criteria, approved a $469,000 discretionary cash bonus payment for Mr. L. DICKEY."
Also in the filing, "the Compensation Committee approved awards of 320,000 shares of restricted common stock, pursuant to the Company’s 2008 Equity Incentive Plan, to Mr. L. DICKEY. The awards were made in accordance with Mr. L. DICKEY’s employment agreement, and were comprised of 160,000 time-vested shares (vesting at a rate of 80,000 shares on the second anniversary of the date of grant, and 40,000 shares on each of the third and fourth anniversary of the date of grant) and 160,000 performance-based shares, all of which would vest in accordance with the terms and conditions of the employment agreement and the Company’s 2008 Equity Incentive Plan, on MARCH 31st, 2013."