Emmis Inks President/COO Patrick M. Walsh To New Two-Year Contract

Walsh

EMMIS COMMUNICATIONS CORP. has inked President/COO PATRICK M. WALSH to a new contract running through JULY 31, 2019. The contract became effective TUESDAY, AUGUST 1st.  WALSH joined the company from iBIQUITY DIGITAL as CFO in 2006 and was promoted to COO/CFO in 2008.

Under the new deal, WALSH will make $625,000 per year with annual increases of up to 2.5%, and EMMIS has the right to pay up to 10% of the base in its common stock. WALSH will aso be eligible for annual incentive pay, with the target for each year being 100% of the base salary. He also received a stock option and restricted stock award upon signing the contract and is eligible for a performance bonus at the end of the contract with a fair market value of $300,000; $500,000; or $700,000 based on stock price, and will continue to get a $1,000/month automobile allowance and reimbursement of up to $5,000/year for life and disability insurance premiums and estate planning professional fees.

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