Audacy Extends Deal with President/CEO David J. Field

RADIO ONLINE | Friday, December 17, 2021 | 5:01pm CT

David Field

Audacy has entered into an amended and restated employment agreement with David J. Field, to continue to serve as the company's President and Chief Executive Officer, effective January 1, 2022. According to a filing with the SEC, his new deal has an initial term of three years with automatic one year extensions and provides for an annual base salary of $1.35 million. It also includes a target annual performance bonus of up to 200% of Field's base salary.

In addition, in the context of long-term incentive compensation, Field is eligible to receive a one time EBITDA Bonus of $3 million. The EBITDA Bonus is only payable if, prior to December 31, 2024, the company's EBITDA for the immediately preceding consecutive twelve month period exceeds $400 million (as determined by the board and/or compensation committee).

Field's new deal also provides for an equity grant of 1 million restricted stock units ("RSUs"), subject to the company's shareholders' approval of a new company equity incentive plan at the 2022 annual shareholders meeting. 75% of these RSUs have performance based vesting conditions while the remaining 25% have time based vesting conditions. The agreement does include any additional equity grants during the term.

Audacy also entered into an amendment to employment agreement for Susan R. Larkin to continue to serve as the company's Executive Vice President and Chief Operating Officer. Under the amendment, Larkin's annual base salary will be increased to $750,000 and will apply retroactively from June 1, 2021 through May 4, 2023. It further amends the provision in her deal related to future equity grants so that Larkin will be entitled to an increased amount of future grants of restricted stock and/or stock options with an annual target amount of $500,000.