Once the merger with CBS Radio is complete Entercom will pay COO Weezie Kramer a base salary of $700,000, according to a new 8K filed last night. She will also be eligible for a performance bonus of $500,000. Following the closing, Kramer will be granted shares of restricted stock with a target value of $625,000. Those shares will vest on the third anniversary of the grant date if certain performance targets are met.
In addition, shortly following the closing, Kramer will be granted shares of restricted stock pursuant to the Company’s Equity Compensation Plan with a target value of $1.875 million. The award will vest 50% on the second anniversary of the grant date and 25% on each of the third and fourth anniversaries.
In July CBS Radio COO Scott Herman announced he would not be staying with the new company, clearing the way for Kramer to become the lone COO of the much larger Entercom once this deal closes.
