Two months after completing the merger of Dial Global with Westwood One and more recently officially changing the name of the publicly traded company to Dial Global, the company has gotten around to signing new employment contracts with its top executives.
With its unusual Co-CEO structure, Dial Global has inked virtually identical employment agreements with each of the three individuals holding the title: Spencer Brown, David Landau and Kenneth Williams.
Each contract runs for an initial term of four years from October 21, 2011 – the date the merger was effective (even though the contracts were signed December 20th) – and are thereafter subject to two-year renewals unless either the company or employee gives notice of at least 180 days that they don’t intend to renew. Each is entitled to two years of severance pay if they exit the company.
Each Co-CEO begins with an annual base salary of $600,000, subject to increase by the compensation committee of the company’s board of directors. They are also each to receive a bonus of $250,000 for the current year ending December 31, 2011. Future discretionary bonuses will be based on a target of 50% of the executive’s base salary. There are also some perks, like a car/parking allowance of $1,250 per month and a country club allowance of $15,000 per year.
Of course, there are stock options. Each Co-CEO is to be awarded options to purchase 1,637,125 shares of Dial Global stock under the new 2011 Stock Option Plan that the company has filed with the SEC to reward employees.