Audacy Extends David Field As CEO, Susan Larkin As COO

Audacy has disclosed it has renewed employment agreements with CEO David Field and COO Susan Larkin. 

David Field

The disclosed were contained in a filing with the Securities Exchange Commission.

Audacy reports that Field will continue to serve as the company’s president and CEO and becomes effective January 1, 2022. The Field agreement has an initial term of three years with automatic one year extensions following the initial term unless either party provides prior notice of non-extension. Field’s annual base salary will be $1,350,000 and a target annual performance bonus of up to 200% of Field’s base salary. 

Field is eligible to receive a one time “EBITDA Bonus” of $3,000,000 only if, prior to December 31, 2024, the company’s EBITDA for the immediately preceding consecutive 12-month period exceeds $400,000,000. 

Susan Larkin

Field is also entitled to an equity grant of 1,000,000 restricted stock units, subject to the company’s shareholders’ approval of a new Company equity incentive plan at the 2022 annual shareholders meeting. Seventy five percent (75%) of these RSUs have performance-based vesting conditions while the remaining twenty five percent (25%) have time-based vesting conditions. Fields’ performance-based RSUs come after achieving company stock price increases. He receives 250,000 RSUs for hitting the stock price of  $6.00; 250,000 for hitting $9.00 per share and 250,000 for reaching the $12.00 per share threshold. 

Audacy also retroactively amended EVP and COO Susan R. Larkin that increases her annual salary to  $750,000 and applies retroactively from June 1, 2021 through May 4, 2023. Her agreement further amends the provision related to future equity grants so that Larkin will be entitled to an increased amount of future grants of restricted stock and/or stock options with an aggregate annual target amount of $500,000.