Cumulus Media has reported to the SEC on cash bonuses and stock grants that the board of directors has decided to top managers for their 2009 performance. Cumulus had resumed paying cash bonuses for 2008 after awarding none to top executives for 2006 and 2007.
CEO Lew Dickey Jr. is to receive a slightly smaller cash bonus than a year ago – $469K, down from $500K. His bonus was determined by the board’s compensation committee, which worked with him in determining bonuses for other executives.
Executive VP and Co-COO Jon Pinch is getting a bonus of $120K, up from $100K, while Executive VP and Co-COO John Dickey saw his bonus decrease to $145K from $165K. New CFO J.P. Hannan received a bonus of $17.5K.
New grants of restricted common stock, vesting over four years, were also announced: 160,000 shares for Lew Dickey, 40,000 for Pinch, 70,000 for John Dickey and 10,000 for Hannan. In addition, Lew Dickey received an additional 160,000 shares which will vest based on performance-based criteria in his employment agreement.
Noting the tough economy of the past three years, the board of directors also modified and extended the vesting period for 160,000 performance-based shares that Lew Dickey was granted in March 2007. Those shares will now vest if Cumulus Media meets specified financial targets by the end of 2012.