Emmis Inks CEO Jeff Smulyan to New Deal Through 2022

RADIO ONLINE | Sunday, July 8, 2018 | 2:57pm CT

Jeff Smulyan

Emmis Communications has re-signed founder and CEO Jeff Smulyan to a new deal that runs through at least the end of February, 2022. Smulyan, who is also the chairman of the Emmis board, include automatic renewal each year unless the he or company decide otherwise. His base salary continues to be $1.025 million through February 28, 2019, and provides for increases of $25,000 for each succeeding fiscal year (including for any additional one-year terms). Smulyan's annual incentive compensation target is 125% of his base salary and will be paid based upon achievement of certain performance goals determined by its compensation committee.

The company retains the right to pay any annual incentive compensation in cash or shares of Class A common stock. In connection with execution of the agreement, the company Smulyan a $1 million signing bonus. Each year the agreement remains in effect, Smulyan is entitled to receive an option to acquire 37,500 shares of Class A common stock. Smulyan will continue to receive a $2,000 monthly automobile allowance and will continue to be reimbursed for up to $10,000 per year in premiums for life and disability insurance and retains the right to participate in all of our employee benefit plans.

In recent years, Emmis has sold all of its publications except the Indianapolis Monthly and several radio assets in New York, St. Louis and Terre Haute. The company's portfolio includes stations in Indianapolis, New York and Austin. as well as a smartphone radio application platform.