4-9-2012
In a recently filed document with the SEC, salaries and bonuses for top level Cumulus executives were revealed for the first time since the merger with Citadel. When his base salary, bonus, stocks and options are added together, Cumulus CEO Lew Dickey made a tick under $20 Million in 2011. That's an increase of $17 Million over 2010, mostly due to the stock and option awards.
John Dickey (Co-COO) made $5.4 million up from $1.1 Million and Jon Pinch (Co-COO) made $3.7 Million up from $900K. The Cumulus stock will open today at $3.32. Over the past 12 months, the stock has been as low as $2.18 and as high as $4.97. Here are some of the details for those salaries filed by the Cumulus compensation committee. (You can read the entire SEC document HERE)
"For Mr. L. Dickey, in February 2011, the Compensation Committee awarded 320,000 shares of restricted stock, of which 160,000 were time-vested (vesting at a rate of 80,000 shares on the second anniversary of the date of grant, and 40,000 shares on each of the third and fourth anniversary of the date of grant) and 160,000 had performance-based vesting objectives, all in accordance with the terms of Mr. L. Dickey?s prior employment agreement. With respect to the performance-based awards, the Compensation Committee considered our performance relative to budget and to our industry peers, and our objectives for 2011, and determined that the performance objective for Mr. L. Dickey?s 2011 equity awards would be met, and the shares would vest in full, on February 24, 2014 if our average annual Adjusted EBITDA over the three-year period ending December 31, 2013 met a specified threshold, subject to proportionate adjustment for any acquisitions or divestitures during the performance measurement period. Subsequently, in February 2012, the Committee reviewed the previously established performance criteria relating to 800,000 outstanding shares of performance-based restricted stock previously awarded to Mr. L. Dickey pursuant to his employment agreement during 2007 ? 2011. The Committee determined that, in light of, among other things, the significant transactions undertaken and successfully completed by the Company in 2011 which resulted in the specified performance criteria no longer having any relevance to the transformed Company, and the desire for Mr. Dickey to retain those equity awards as part of his equity interest in the Company, such previously established performance criteria were no longer applicable, and that in partial recognition of Mr. L. Dickey?s contributions to the Company, it was appropriate to waive the remaining performance targets related to such awards. Accordingly, the 800,000 shares of performance-based restricted stock, including the shares of performance-based restricted stock awarded to Mr. L. Dickey in 2011, vested effective February 16, 2012."
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