Cumulus Media Inks New Agreement with Suzanne Grimes

RADIO ONLINE | Thursday, August 6, 2020

Suzanne Grimes

In an 8-k filing with the SEC, Cumulus Media said it entered into a new employment agreement with Executive Vice President of Corporate Marketing and Westwood One President Suzanne Grimes. The new deal, effective August 1, has an initial term through December 31, 2022 and contains a provision for automatic extensions for one-year periods. Her previously agreement expired on July 31.

The compensation structure is substantially similar to her previous employment agreement. It provides an annual base salary of $650,000. Grimes will also be eligible for an annual cash bonus based upon the achievement of performance criteria or goals set forth in an annual incentive plan proposed by the company's CEO and approved by the Compensation Committee. Grimes's target award opportunity is set at 80% of her base salary. Grimes will be governed by the bonus provisions in her employment agreement that was in effect immediately prior to January 1, 2016.

During her employment and for 12 months following her termination or exit, Grimes is subject to compliance with confidentiality and non-solicitation covenants in the Agreement. In addition, during her employment and for six months following her termination or exit, Grimes is subject to a non-compete covenant in the agreement.