SEC Filing Reveals Salaries for Radio One Execs

RADIO ONLINE | Monday, October 6, 2014

In an 8k filing with the SEC, Radio One disclosed that its board of directors had approved new employment agreements for each of the company's executive officers. Founder/Executive Chairperson Cathy Hughes' (pictured) new deal runs until December 31, 2016. Effective October 1, Hughes will be entitled to a base salary of $1 million per year with a bonus of $500,000, 50% of which will be paid on a discretionary basis with the remaining 50% paid in accordance with certain performance metrics.

Hughes was also awarded 456,000 restricted shares of the company's class D common stock vesting in equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016. Finally, Hughes was awarded stock options to purchase 293,000 shares of the company's class D common stock vesting in equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016.

President/CEO Alfred C. Liggins' new deal runs until December 31, 2016. Effective October 1, 2014, Liggins will receive a base salary payable of $1.25 million per year and will be eligible for a bonus of $1.25 million, 50% of which will be paid on a discretionary basis with the remaining 50% paid in accordance with certain performance metrics. Liggins was also awarded 913,000 restricted shares of the company's class D common stock vesting in equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016. Liggins was awarded stock options to purchase 587,000 shares of the company's class D common stock vesting in approximately equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016.

Radio One President/Radio Division Christopher Wegmann's new agreement runs until December 31, 2015. Wegmann's base salary is $525,000 per year and will be eligible for a bonus of $175,000, $50,000 of which will be paid on a discretionary basis with the remaining $125,000 paid in accordance with certain performance metrics. Wegmann was also awarded 70,000 restricted shares of the company's class D common stock vesting in equal 1/3 share tranches on April 6, 2015, December 31, 2015 and December 31, 2016.