In an SEC filing, Audacy announced that they have given five of their upper level executives cash-based retention bonus awards in lieu of an annual bonus for this year.
Audacy states that the Retention Awards were paid to the named executive officers on June 23 and are subject to the executive’s obligation to repay the net after-tax amount in the event that the executive retires, resigns or otherwise voluntarily terminates employment without good reason or is terminated by the Company for cause prior to the 12-month anniversary of the Payment Date.
Audacy Chairman/President/CEO David Field received a $1,000,000 award. EVP/Strategic Initiatives and CFO Richard Schmaeling was granted $850,000. EVP/General Counsel and Secretary Andrew Sutor IV received $600,000. EVP/COO Susan Larkin got $500,000. President of Podcast and Streaming and Chief Digital Officer J.D. Crowley was granted $250,000.
The company states that the retention awards were unanimously approved by the Compensation Committee of the Audacy Board of Directors. The company also adopted a retention bonus program covering certain members of the Company’s senior management team including the Company’s Market Managers, the Company’s Regional Presidents, and members of the Company’s corporate team who are Executive Vice Presidents or higher within the organization. Those bonuses are also subject to the recipient’s obligation to repay the net after-tax bonus in the event that the recipient retires, resigns or otherwise voluntarily terminates employment without good reason or is terminated by the Company for cause prior to June 16, 2024.
This story first appeared on radioinsight.com