Emmis Communications has locked in president/COO Pat Walsh with a contract extension that will keep him with the radio group through July 2019. Walsh came to the company in 2006 as CFO and added the COO title in December 2008. He handed off his CFO title in 2015 during a restructuring that elevated him to his current title.
Under his new deal, Walsh will be paid a salary of $625,000, with annual increases of up to 2.5%. Emmis has the right to pay up to 10% of his base salary in common stock shares and can also pay any incentives in cash or shares of common stock. Walsh’s incentive package targets for fiscal years 2018, 2019 and 2020 are 100% of his base compensation. He is also eligible to earn performance-based awards at the end of the two-year term with a fair market value of $300,000, $500,000 or $700,000 based on the company’s stock price. Additionally, if Walsh’s employment terminates with the end of the contract his annual incentive compensation for fiscal year 2020 will be pro-rated.
An automobile allowance of $1,000 per month continues in the new contract as does the reimbursement for life and disability insurance premiums and professional fees for estate planning up to $5,000 annually.