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Audacy Extends Contract with CFO Richard Schmaeling. The company and chief financial officer
Richard Schmaeling sign a new contract set to begin on May 1 that keeps Schmaeling in his CFO role and adds the position of executive vice president, strategic initiatives to his duties. The new contract runs through April 30 of 2025 and pays Schmaeling an annual base salary of $800,000 that will be increased by not less than three percent annually beginning in May of 2022. Other aspects of the contract include: a target annual cash performance bonus at 90% of his annual base salary, to be earned based on
Audacy’s performance; a grant of 60,000 restricted stock units as soon as practicable following May 1, 2021 which will vest 50% on May 1, 2023; 25% on May 1, 2024; and 25% on May 1, 2025; and restricted stock unit grants of 50,000 in 2021; 40,000 in 2022; 30,000 in 2023; and 20,000 in 2024, with vesting 50% on the second anniversary of the grant date and 25% on each of the third and