Entercom Pres./CEO David Field Gets Contract Extension
EVP/CFO Stephen Fisher Also Staying On
December 30, 2010 at 8:33 AM (PT)
ENTERCOM has announced in a recent SEC filing that Pres./CEO DAVID FIELD has signed a contract extension. The new deal is for three years, with automatic one-year extensions (unless either party dissents).
FIELD's base salary will now be $791,723, with annual raises of 3% and an annual cash bonus target of up to 150 percent of his then-current salary. He'll also be granted with 675,000 restricted stock units, with 450,000 vesting over time and the rest vesting on or after DECEMBER 15th, 2012 if performance targets have been met.
However, shareholders have to agree to the stock grant plan; if they don't, ENTERCOM promised to "use its best efforts" to come up with an alternative deal.
Also being inked to extension is ENTERCOM EVP/CFO STEPHEN FISHER, whose new three-year deal with automatic one-year extensions starts at $556,200 a year, with annual raises of 3%. He also gets a restricted, performance-based stock sweetener -- 200,00 shares, vesting over time.