Audacy has disclosed in a submission to the SEC that they have granted a three-year contract extension to Susan Larkin, their Executive Vice President and Chief Operating Officer. According to the agreement submitted to the Securities & Exchanges Commission, the renewed contract for Susan Larkin with Audacy will be valid until May 4, 2026, with automatic one-year renewals unless either party provides prior notice of non-extension.
Radio Insight reported on the recent developments and indicated that throughout the three years covered by the contract, Larkin is set to receive an annual base salary of $775,000, $800,000, and $825,000, respectively. In addition, she could earn an annual cash performance bonus, which the Compensation Committee of the Board will determine at their discretion. This bonus will be contingent upon the Company’s performance evaluation, Ms. Larkin’s annual performance, and potential equity compensation. The equity compensation is targeted at a yearly amount of $500,000, although the relevant parties can adjust this figure as determined.
Larkin became part of the then-Entercom team in July 2017 when she assumed the role of Regional Vice President. Following the acquisition of CBS Radio, she transitioned to the position of Market Manager for San Francisco until April 2018, when she relocated to New York City. Her ascent to her current status took place in May 2020. Before joining Audacy, Larkin dedicated nine years to Cox Media Orlando as Market Manager and served as Regional Vice President for Jacksonville and Orlando for two years. Throughout her career, she also held the positions of General Sales Manager for ABC Radio Minneapolis and National Sales Manager for Jacor Columbus, Ohio.
According to the SEC filing, Monique Nelson has resigned from her position on Audacy’s Board of Directors due to time limitations. Following her departure, the board reduced the number of members from nine to eight, and Sean Creamer was promoted to Class A director to fill the vacancy created. Furthermore, the board revised the annual equity compensation for board members. Instead of the previous arrangement of a yearly grant of $120,000 in shares of restricted stock units, they have now opted for a one-time cash payment of $100,000.
