Audacy Board’s Reinstatement ‘Yes’


On Friday (5/14), the Board of Directors of Audacy approved a restatement of three specific company plans and/or policies.

An SEC filing made following Wednesday’s Closing Bell on Wall Street explains what transpired.

Amendments to the three documents were needed in order to formally recognize the change of the company’s name from Entercom Communications Corp. to Audacy, Inc..

These documents are the Audacy Nonemployee Director Compensation Policy; the Audacy Equity Compensation Plan; the Audacy Employee Stock Purchase Plan; and the Audacy Acquisition Equity Compensation Plan (formerly the QLGG 2017 Stock Incentive Plan).

The amendments coincide with the 2021 annual Audacy shareholders meeting, which saw the ratification of the selection of Grant Thornton LLP as the company’s independent registered public accounting firm for the 2021 calendar year.

The meeting also saw the election of David Levy as a Class A Director, in Board Class I, for a three-year term; Weezie Kramer and Susan Neely were each elected as a Director, in Board Class I, for a three year-term.

That’s not the only news Audacy shared with the SEC.

On Wednesday (5/19), it filed Articles of Amendment with Pennsylvania’s Secretary of State to amend and restate Audacy’s Articles of Incorporation. They consolidate all prior amendments, and in particular removes references to multiple series of preferred stock which are no longer outstanding: Series A Cumulative Convertible Preferred Stock; Series A Junior Participating Convertible Preferred Stock; and Series B Junior Participating Convertible Preferred Stock.