On July 18, Entercom Communications entered into a new employment agreement with COO Louise “Weezie’ Kramer, codified following the July announcement that CBS Radio COO Scott Herman won’t be staying on with Entercom following that company’s merger acquisition of CBS’s AM and FM broadcast radio stations.
How much will she be making?
As stated in a Securities and Exchange Commission filing made by Entercom late Monday (7/24), the agreement extends Kramer’s service to Entercom through Dec. 31, 2020.
On the next full payroll cycle following the closing of Entercom’s acquisition of CBS Radio, Kramer will receive a base salary of $700,000 and receive an annual 3% salary increase.
In addition, in the calendar year following the closing, Kramer is eligible for an annual incentive bonus “with a target of $500,000.” The amount is based on Entercom’s performance, and that of Kramer.
Just before the integration of the CBS Radio stations, Entercom will give Kramer Performance Vesting Shares with a target value of $625,000.
These shares will vest on the third anniversary of the grant date, if certain performance targets have been met.
Then, there are Time Vesting Shares that Kramer will receive, with a target value of $1.875 million.
Should Kramer be terminated without cause from Entercom, which is highly unlikely, she’d be entitled to her base salary for one year; a payment equal to her bonus from the previous year, prorated; and one year of severance benefits.