What Entercom Will Pay Their New CFO

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Yesterday we reported that Entercom has hired Richard Schmaeling to replace CFO Steve Fisher on April 18. Today we know what the company will pay Schmaeling. His base salary will be $525,000 through April 30, 2018, subject to an annual increase of three percent or such greater amount as determined by the Company. Schmaeling will receive a monthly car allowance, reimbursement for moving expenses, and lodging of up to six months.

Schmaeling is also eligible for an annual cash performance bonus which the board would determine. His target annual bonus amount is 80% of his annual base salary (but prorated by five-sixths of his target annual bonus for calendar year 2017 only).

Shortly following the closing of Entercom’s acquisition of CBS, the Compensation Committee will grant Mr. Schmaeling 50,000 shares of restricted stock pursuant to the Company’s Equity Compensation Plan and an award agreement. The award will vest 50% on the second anniversary of his employment commencement date and 25% on each of the third and fourth anniversaries of such date, subject to Mr. Schmaeling’s continued employment through each vesting date.

Commencing with the Company’s 2018 fiscal year, Schmaeling will be eligible to receive an annual equity grant with a target value of $600,000, as determined in the discretion of the Compensation Committee based upon the recommendation of the Company’s Chief Executive Officer. The annual equity grant will vest 50% on the second anniversary of the date of grant and 25% on each of the third and fourth anniversaries of the date of grant, subject to Schmaeling’s continued employment through each vesting date.

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