Variations on a theme
MediaNews' Singleton's New Pay Package: $1 Million-plus
By Mark Fitzgerald, E&P.com
Published: July 06, 2005
MediaNews Group Inc. Vice Chairman and CEO William Dean Singleton will receive annual cash compensation of $985,950, a one-time cash bonus of $100,000 and annual cash bonuses that could be as high as $500,000 under an employment agreement disclosed in a Securities and Exchange Commission (SEC) filing Tuesday.
Singleton's annual bonus will be determined by a comparison each year of actual operating profits to budgeted profits.
The new employment agreement was approved by MediaNews directors July 1, and will expire Dec. 31, 2009, but will be automatically renewed for successive one-year terms unless either party gives notice 120 days prior to the annual expiration date.
The board also approved a new employment agreement for MediaNews President Joseph J. Lodovic IV that includes annual cash compensation of $655,200, with annual increases of 5 percent, or higher, if approved by the board. Lodovic will receive a one-time $100,000 cash bonus and an annual cash bonus of up to $400,000 subject to the same profit formula as Singleton.
MediaNews also approved a new restricted stock unit (RSU) plan for top executives that creates a new class of non-voting Class B common stock that does not pay dividends. The plan, approved June 29, according to the SEC filing, is "intended to encourage retention and reward performance of selected senior management."
The RSU plan provides contingencies for the stock in the event MediaNews should make an IPO (initial public offering). The Rocky Mountain News, which is in a joint operating agreement with MediaNews' Denver Post, quoted Singleton as saying the language was only technical.
"We have no plans to go public," Singleton told the paper.
By Mark Fitzgerald, E&P.com
Published: July 06, 2005
MediaNews Group Inc. Vice Chairman and CEO William Dean Singleton will receive annual cash compensation of $985,950, a one-time cash bonus of $100,000 and annual cash bonuses that could be as high as $500,000 under an employment agreement disclosed in a Securities and Exchange Commission (SEC) filing Tuesday.
Singleton's annual bonus will be determined by a comparison each year of actual operating profits to budgeted profits.
The new employment agreement was approved by MediaNews directors July 1, and will expire Dec. 31, 2009, but will be automatically renewed for successive one-year terms unless either party gives notice 120 days prior to the annual expiration date.
The board also approved a new employment agreement for MediaNews President Joseph J. Lodovic IV that includes annual cash compensation of $655,200, with annual increases of 5 percent, or higher, if approved by the board. Lodovic will receive a one-time $100,000 cash bonus and an annual cash bonus of up to $400,000 subject to the same profit formula as Singleton.
MediaNews also approved a new restricted stock unit (RSU) plan for top executives that creates a new class of non-voting Class B common stock that does not pay dividends. The plan, approved June 29, according to the SEC filing, is "intended to encourage retention and reward performance of selected senior management."
The RSU plan provides contingencies for the stock in the event MediaNews should make an IPO (initial public offering). The Rocky Mountain News, which is in a joint operating agreement with MediaNews' Denver Post, quoted Singleton as saying the language was only technical.
"We have no plans to go public," Singleton told the paper.
posted by Laura Weisman at 9:56 PM
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