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Salem Inks New Employment Deal with Ed Atsinger
RADIO ONLINE | Tuesday, March 12, 2013 | 3:38pm CT
Salem Communications approved a new employment agreement last week with Edward G. Atsinger to continue to serve as the company's CEO. The compensation committee of the board of directors also approved the terms of Atsinger's new deal which begins on July 1, 2013, and continues until June 30, 2016. Under the agreement, Atsinger will receive a base salary of $925,000 in the first year, $950,000 in the second year of the term and $975,000 in the third year of the term.
Atsinger will also be eligible for an annual merit bonus in an amount to be determined at the discretion of the company's board of directors. Additional benefits under Atsinger's employment agreement include health benefits, an automobile allowance, the right to receive the death benefit on a split-dollar life insurance policy and payment by the company for all regulatory filing fees associated with the exercise of stock options by Atsinger. (03-12-13)
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