Cumulus Execs Get New Deals
December 5, 2011 at 3:58 AM (PT)
A filing by CUMULUS with the SEC on FRIDAY (12/2) revealed the terms of new contracts with the company's top executives effective NOVEMBER 29th.
Chairman/CEO/President LEW DICKEY, SVP/Treasurer/CFO JOSEPH P. HANNAN, EVP/COOs JOHN DICKEY and JON PINCH, and SVP/Secretary-General Counsel have been signed to three-year deals with automatic one-year extensions thereafter unless terminated in advance by either party. LEW DICKEY's annual base salary is $1.45 million, while JOHN DICKEY will get $875,000, PINCH $775,000, HANNAN $550,000, and DENNING $500,000. Each will get an annual cash bonus based on the company's achievement of performance goals, with the DICKEYS and PINCH eligible for a maximum bonus of 100% of base salary, HANNAN eligible for a maximum of 75%, and DENNING eligible for a maximum of 60%.
The deals also include severance that would amount to double combined salary and bonus for LEW DICKEY (triple if fired without cause or "for good reason within a specified period (18 months for LEW DICKEY, 9 months for the others) following a change in control") and one year's salary and bonus for the others (double if without cause), plus the pro-rata balance of the annual bonus for the rest of the calendar year, immediate vesting of stock awards, and medical, dental, vision, and hospitalization insurance paid for 18 months for LEW DICKEY and one year for the rest.