There are 14 companies that are now forced to seek “vendor recovery” funds from the State of New York, as a Bankruptcy Court in New York has approved of a plan to terminate any payments owed to the largely mom-and-pop operations by the nation’s No. 2 radio broadcasting company by number of stations.
That didn’t stop Cumulus Media from giving its EVP/Corporate Marketing and WW1 President a raise.
The company revealed in an SEC filing on Thursday (2/1) that Suzanne Grimes’ salary will increase to $650,000 per year, as of July 3.
For the fiscal year 2016, Grimes’ base salary was $600,000.
Grimes joined Cumulus on Dec. 13, 2015, and she’ll now stay on at Cumulus through July 31, 2020, thanks to the agreement that took effect Thursday (2/1).
Grimes is also eligible for a hefty bonus of $500,000 for calendar year 2018.
Her bonus in 2016 was $360,000. Add $36,460 in stock option awards, and Grimes in 2016 earned nearly $1 million, Salary.com notes.
The new agreement also allows Grimes to become 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, 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 CEO Mary Berner and Cumulus’ compensation committee.