Farid Suleman gets $43.5 million Citadel stock grant



Now that Citadel Broadcasting has registered its 2010 Equity Incentive Plan to reward company managers the shares are being doled out to the head honchos. CEO Farid Suleman is getting far and away the biggest stock grant.

According to an SEC filing, Suleman will receive 1,901,042 restricted shares, half of which will vest on June 3, 2011 and the other half on June 3, 2012. Based on the $22.875 per share price cited by the company when the stock grant plan was filed with the SEC earlier this week, Suleman’s shares are worth $43,486,335.75.

COO Judy Ellis is in line for 100,000 shares, worth $2.288 million, on the same two-year vesting schedule. CFO Randy Taylor and VP/General Counsel Jacquelyn Orr each get 80,000 shares and Sr. VP/Finance Patricia Stratford gets 56,250 shares. All vest on the same schedule.

Citadel also filed restricted stock grants for the company’s new directors. Jonathan Mandel, Paul Saleh, Gregory Mrva and Doreen Wright each are to receive 47,530 shares, worth just over a million bucks, on the same two-year vesting schedule. RBR-TVBR did not find filings yet for the other board members, William Campbell and Jack Sander.

UPDATE: Stock grants of 47,530 shares each for William Campbell and Jack Sander were filed with the SEC one day later.

Citadel’s top managers all got new contracts when the company emerged from Chapter 11 reorganization in June. Click here for a story summarizing the terms.

Another story provided background on the new board of directors. Click here to read it.

RBR-TVBR observation: We can only say – DA? – RBR-TVBR requests your observation on this stock grant.