Jeff Smulyan
Emmis Communications Chairman/CEO Jeff Smulyan has extended with the company via a new deal that’s been outlined in an 8-K filing with the SEC [HERE]
Effective June 29, 2018, Emmis Operating Company, a wholly-owned, direct subsidiary of Emmis Communications Corporation, entered into a new employment agreement with Jeffrey H. Smulyan, who currently serves as our Chairman of the board of directors and Chief Executive Officer. Consistent with Mr. Smulyan’s last employment agreement dated December 26, 2012, his base salary continues to be $1,025,000 through February 28, 2019, and provides for increases of $25,000 for each succeeding fiscal year (including for any additional one-year terms as described herein). The initial term of the employment agreement runs through February 28, 2022, and will automatically renew thereafter for additional one-year terms unless either the company or Mr. Smulyan provides the other with written notice of non-renewal prior to December 31 of the initial or subsequent term, as applicable.
Mr. Smulyan’s annual incentive compensation target is 125% of his base salary and will be paid, if at all, based upon achievement of certain performance goals to be determined by our compensation committee. The company retains the right to pay any annual incentive compensation in cash or shares of our Class A common stock. In connection with execution of the agreement, the company paid Mr. Smulyan a $1,000,000 signing bonus. Each year the agreement remains in effect, Mr. Smulyan is entitled to receive an option to acquire 37,500 shares of our Class A common stock. Mr. Smulyan will continue to receive a $2,000 monthly automobile allowance and will continue to be reimbursed for up to $10,000 per year in premiums for life and disability insurance and retains the right to participate in all of our employee benefit plans for which he is otherwise eligible.
