Emmis Inks EVP/CFO/COO Patrick Walsh To Renewal
October 6, 2011 at 3:46 AM (PT)
In an 8-K filing with the SEC, EMMIS COMMUNICATIONS CORP. has disclosed that it has inked a renewal deal with EVP/CFO/COO PATRICK WALSH. WALSH's new deal keeps him with the company through SEPTEMBER 3, 2013 at a base salary of $600,000 plus annual bonus targets at 100% of the base.
WALSH also got a 250,000-share stock option and is also scheduled to receive a completion bonus upon the expiration of the agreement of at least $500,000, with additional targets (inclusive of the minimum completion bonus amount) of $800,000 and $1,200,000 based upon share price increases. He will get a $1,000 per month car allowance and $5,000 per year for life and disability insurance premiums and estate planning.
EMMIS' Compensation Committee also approved bonuses for WALSH, JEFF SMULYAN, and RICK CUMMINGS of 12%, 125%, and 45%, respectively, of their current base salaries, as part of the sale of stations in NEW YORK and CHICAGO to MERLIN MEDIA.