It was announced last week that Susan Larkin will take over as COO of Entercom on May 5th for the retiring Weezie Kramer. In an 8K filing Friday, the company divulged Larkin’s salary and the new employment agreement for Chief Revenue Officer Bob Philips.
Larkin’s contract is for three years and automatically renews for successive one-year periods unless either party provides at least two months prior written notice. Larkin’s annual base salary will be $625,000 in year one, $650,000 in year two and $700,000 in year three, her annual cash bonus target will be $500,000 per year and her annual equity compensation target will be $400,000 per year (starting in 2021). She also gets a signing bonus of $75,000.
On March 5, 2020, Entercom entered into a new agreement with Chief Revenue Officer Robert Philips. Under his new contract, Philips will also now serve as President of Entercom Audio Networks. The Philips Agreement has an initial term of three years and auto-renews for successive one-year periods unless either party provides at least two months prior written notice. Philips’s annual base salary will be $600,000, which will increase annually by 2% (or more as determined by the Company in its sole discretion), his annual cash bonus target will be $325,000 per year and his annual equity compensation target will be $225,000 per year. The Philips Agreement includes severance (upon termination without cause) of 12 months’ base salary and 12 months of restrictive covenants (reduced to six months in certain circumstances).
Gotta fire more people that actually do the work to pay for this.