ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM) 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.
(e)(1) Employment Agreement – Stephen F. Fisher
Entercom Communications Corp. (the “Company”) had previously announced (in November 2016) that Stephen F. Fisher, the Company’s Executive Vice President and Chief Financial Officer, was stepping down effective February 28, 2017 upon the expiration of his then present employment agreement. In light of the Company’s pending transaction with CBS Corporation, regarding CBS Radio, the Company entered into an amendment to Mr. Fisher’s employment agreement (the “Agreement”) to extend Mr. Fisher’s service to the Company through January 31, 2018. Mr. Fisher will continue as CFO through no later than April 30, 2017. Thereafter, Mr. Fisher will provide transitional services to the Company.
The Agreement provides for a monthly salary of $55,344 for the first two months and initially $36,111 per month thereafter (which amount may increase or decrease depending on the level of services provided). The Agreement provides for a bonus of $650,000 in 2018 for services rendered during 2017 in lieu of both his annual incentive bonus and his annual equity compensation grant. In addition, Mr. Fisher is eligible to participate in benefit plans generally available to the Company’s officers.
The foregoing is a summary description of the material terms of the Agreement and by its nature is incomplete. For further information regarding the terms and conditions of the Agreement, reference is made to the complete text of the Agreement, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2017.
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About ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM)
Entercom Communications Corp. is a radio broadcasting company. The Company has a portfolio of approximately 130 radio stations in over 30 markets across the United States. The Company operates through the radio broadcasting segment. The Company sells advertising time to local, regional and national advertisers and national network advertisers, engaged in purchasing spot commercials in varying lengths. The Company has both frequency modulation (FM) and amplitude modulation (AM) radio stations. The Company focuses on station-related digital platforms, which allow for audience interaction and participation, and integrated digital advertising solutions. The Company’s stations are typically classified by their format, such as news, sports, talk, classic rock, adult contemporary, alternative and country. The Company’s radio stations include KSWD FM, KOSI FM, KYGO FM, KEPN AM, KKFN FM, KQKS FM, KRWZ AM, WSTR FM, WQXI AM, WLYF FM, WMXJ FM, KBZT FM and KIFM FM. ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM) Recent Trading Information
ENTERCOM COMMUNICATIONS CORP. (NYSE:ETM) closed its last trading session down -0.15 at 15.65 with 174,569 shares trading hands.