SBS Inks New Deal with COO Albert Rodriguez

RADIO ONLINE | Friday, May 4, 2018

Albert Rodriguez

According to an 8K filing with the SEC, Spanish Broadcasting System inks a new employment agreement with Chief Operating Officer Albert Rodriguez. Under the deal, Rodriguez shall continue to serve as COO through February 20, 2023. He's entitled to receive an annual base salary of $425,000 and an annual performance bonus of up to $350,000 based on the company's achieving a certain level of EBITDA. Rodriguez also received a signing bonus equal to $25,000.

Additionally, on April 3, the company received a written notice from OTC Markets Group Inc. advising it that the company's annual report on form 10-K for the year ended December 31, 2017 and the OTCQB Certification for the year ended December 31, 2017 were due on April 2, 2018 but had not yet been provided to the OTC. On April 27, 2018, SBS received a second OTC Notice reiterating the same. The company has received a 45 day cure period, or until May 17, to file the annual report and post the OTCQB Certificationor or its class A common stock will be downgraded to the OTC Pink market.