CUMULUS MEDIA INC. (NASDAQ:CMLS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Cumulus Media Inc. (the "Company") is party to that certain Employment Agreement, dated as of December 13, 2015, with Suzanne Grimes, the Company's Executive Vice President of Corporate Marketing and President of Westwood division (as heretofore amended, the "Agreement"). On January 26, 2018 and effective as of February 1, 2018, the Company and Ms. Grimes entered into the Second Amendment to Employment Agreement (the "Amendment"). to the Amendment, the initial term of the Agreement has been extended through July 31, 2020, and Ms. Grimes' salary will increase to $650,000 per year on July 3, 2018. The Amendment also establishes her target bonus at $500,000 for calendar year 2018, in recognition of the salary increase and otherwise consistent with the terms of the Agreement. In addition, the Amendment provides that, in the event the Company achieves the performance goals established for the Company as a whole under the EIP and also achieves certain financial and strategic goals related to its corporate marketing initiatives as are mutually agreed upon by Ms. Grimes and the Company's Chief Executive Officer, Ms. Grimes will be eligible to receive an additional annual bonus in a target amount of 20% of her base salary, with such target bonus being $65,000 for calendar year 2018. Finally, Ms. Grimes is eligible to receive an annual award of stock options or restricted shares commensurate with her role, subject to the approval and grant by the Company's Chief Executive Officer and Compensation Committee.
Except as amended to the Amendment, the Agreement remains in full force and effect. The foregoing description of the Amendment is qualified in its entirety by reference to the full text thereof, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 5.02 — Financial Statements and Exhibits.
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Second Amendment to Employment Agreement, dated as of January 26, 2018, by and between Suzanne M. Grimes and Cumulus Media Inc. |
CUMULUS MEDIA INC ExhibitEX-10.1 2 secondamendmenttosuzanne.htm EXHIBIT 10.1 secondamendmenttosuzanne
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
This Second Amendment to Employment Agreement (“Second Amendment”) is
made by and between Suzanne M. Grimes (“Executive”) and Cumulus Media Inc.
(“Company”) on this 26th day of January,…To view the full exhibit click here
About CUMULUS MEDIA INC. (NASDAQ:CMLS)
Cumulus Media Inc. (Cumulus) is a radio broadcasting company. The Company is also a provider of country music and lifestyle content through its NASH brand, which serves through radio programming, NASH Country Weekly magazine and live events. Its product lines include broadcast advertising, digital advertising, political advertising and non-advertising based license fees. Its broadcast advertising includes the sale of commercial advertising time to local, national and network clients. Its digital advertising includes the sale of advertising and promotional opportunities across its Websites and mobile applications. Its across the nation platform generates content distributable through both broadcast and digital platforms. Its categories of advertisers consist of amusement and recreation; banking and mortgage; furniture and home furnishings; arts and entertainment; food and beverage services; healthcare services; automotive dealers; food and beverage stores, and telecommunications.
