Although many broadcasters, including Salem Communications, have been cutting staff and even salaries for those who remain, money is still being found to reward managers for hitting important targets. Salem has announced such a bonus in an SEC filing.
The filing speaks for itself:
“On July 24, 2009, senior management of Salem Communications Corporation (the “Company”) approved the payment of a cash incentive (i.e., bonus) award of Eighteen Thousand Seven Hundred Fifty Dollars ($18,750.00) to David Evans, the Company’s President — New Business Development, Interactive and Publishing. This bonus was awarded pursuant to a plan previously approved by the Compensation Committee of the Board of Directors of the Company and was based upon Mr. Evan’s achievement of certain goals and objectives during the period between January 1 and March 31, 2009.
Incentive bonuses are designated to reward attainment of short-term and long-term goals and reflect both Company and individual performance. In determining the bonus awarded to Mr. Evans, the Company’s senior management evaluated Mr. Evan’s performance during the first quarter of 2009 by considering a variety of factors, including, among others, his ability to reach budget goals for the areas over which Mr. Evan’s has responsibility.”
