Steve Kalin is no longer an employee of Westwood One – not surprising since the Metro Traffic business he ran was sold to Clear Channel. But he doesn’t leave empty handed.
Kalin’s contract allowed his to terminate his employment for “good reason” and not having a division left to run seems to fit that definition. He entered into a separation agreement with Westwood One on May 26th which became effective the next day.
“Pursuant to the Separation Agreement, Mr. Kalin will continue to receive his base salary ($425,000) in equal installments over one year contingent on his executing and not revoking a fully effective waiver and general release substantially in the form attached as Exhibit A to his employment agreement. He will also receive a bonus equal to $225,000 payable on July 26, 2011 (subject to a six-month delay to the extent such amount, in combination with other severance payments, exceeds the threshold specified under Section 17(b) of his employment agreement). Additionally, one-third of the stock option to purchase 200,000 shares of Company common stock awarded to Mr. Kalin on February 12, 2010 (i.e., the next tranche scheduled to vest on February 12, 2012, or 66,666 shares) immediately vested upon the termination date and will remain exercisable through August 27, 2011,” the company said in an SEC filing.