As Regent Communications skipped a debt payment on December 31st, it was also the day that employment contracts expired for its top two executives. They have, however, been signed to renewals.
Given the company’s current financial situation, it is hardly surprising that CEO Bill Stakelin and CFO Tony Vasconcellos will not be getting any raises. Stakelin’s base salary continues at $366,057, but will increase based on the Consumer Price Index going forward. Vasconcellos gets the same deal from a base of $277,172. Those base salaries are also to be reviewed by the board at least annually for potential increases.
More importantly, if Regent achieves its financial goals as set forth by the board, each of the two execs could receive a bonus of up to 80% of his base salary. They are also eligible for stock and option grants as determined by the board.
Compensation has not yet been disclosed for 2009, but Stakelin received a bonus of only $52,712 in 2008 and Vasconcellos $39,913.
The new employment contracts were signed by John Wyatt as Chairman of the Compensation Committee of the Regent Communications Board of Directors.
RBR-TVBR observation: We note that the new contracts are for three years, so it appears Bill and Tony expect to be able to keep the company going for a while.