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The Pay Check

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Fintech Intelligence Digital Newsletter: April 2021

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TMT Digital Newsletter: April 2021


The Pay Check

Media

* The compensation committee of Web.com Group Inc.'s board approved cash performance bonuses for 2016 for certain executive officers of the company, along with base salaries for 2017 and target bonuses as a percentage of salary for 2017 performance, according to a Jan. 31 SEC filing. CEO and President David Brown, who will be paid a bonus of $336,000 for his performance in 2016, will receive a base salary of $560,000 in 2017, with a target bonus of 100% of his base salary. CFO Kevin Carney will receive a cash bonus of $100,000 for 2016, with his 2017 base salary set as $350,000 and the target bonus for 2017 equalling 50% of his 2017 base salary. Roseann Duran, company's chief people officer, will receive $85,000 as 2016 cash bonus. Duran's 2017 base salary will be $285,000, with her 2017 target bonus amounting to 50% of her base salary.

* McClatchy Co.'s newly named President and CEO Craig Forman will receive an annual base salary of $900,000, with an annual target cash bonus of 100% or higher of his base salary according to a Jan. 31 SEC filing. Forman will receive an annual incentive of at least $900,000 for fiscal 2017 if he remains employed on the last day of fiscal 2017. Forman will also receive a restricted stock unit award of 25,125 shares of McClatchy's class A common stock. Further, he will be eligible to receive an annual grant covering at least 23,000 shares of the company's class A common stock.

* Nexstar Media Group Inc. entered into an amendment employment agreement with Thomas O'Brien, executive vice president of digital media and chief revenue officer, according to a Jan. 27 SEC filing. Pursuant to the amendment, O'Brien will serve until Oct. 31, 2021, with automatic one-year renewals. O'Brien will be paid an initial base salary of $550,000 through the end of October, with such base salary increasing by $25,000 each 12-month period thereafter. He is also eligible to receive a target bonus up to 75% of his annual base salary.

* National CineMedia Inc.'s board granted time-based and performance-based restricted stock awards to the company's executive officers, effective Jan. 19. Company CEO and Director Andrew England received 101,351 restricted stock shares, with 25,338 shares granted as a time-based award and 76,013 shares granted as a performance-based award, according to a Jan. 24 SEC filing. President Clifford Marks received 63,795 shares as a time-based award and 95,692 shares as a performance-based award, for a total of 159,487 shares. CFO Katherine Scherping received 48,243 restricted stock shares, 19,297 of which were part of a time-based award and 28,946 were part of a performance-based award. General Counsel Ralph Hardy received a total of 36,687 restricted stock units, with 14,675 as a time-based award and 22,012 as a performance-based award.

Communications

* Néstor Cano, who was recently appointed as COO of Sprint Corp., is entitled to an annual base salary of $1.3 million, with a targeted annual opportunity equal to 100% of his annual base salary. He will be eligible to participate in the company's long-term incentive compensation plan with a targeted annual opportunity equal to about $1.6 million, according to a Jan. 24 SEC filing. Cano also will receive a $300,000 cash sign-on bonus payable as soon as administratively practicable, subject to repayment if Cano resigns within two years after his effective date. He will also receive an award of restricted stock units with a value of about $2.4 million. The arrangement also provides for an award of 1.75 million shares of restricted stock units, which can be earned if the company achieves a certain price for its common stock during any 150-calendar day period during the period from Feb. 2, 2017, through May 31, 2019, with vesting of earned shares occurring 50% on Feb. 1, 2020, and 50% occurring on Feb. 1, 2021.

* Ernest Ortega became CEO of Towerstream Corp., succeeding Philip Urso, who was named interim CEO of the company in February 2016. Pursuant to his employment agreement, Ortega will receive a base salary of $350,000 per year and will be eligible for an annual bonus of up to $300,000, according to a Jan. 24 Form 8-K filing. Additionally, he will receive options to buy an aggregate of 940,193 shares of common stock, with one-third of the total amount to vest on the one-year anniversary of the effective date, Jan. 24, and the remaining two-thirds to vest in eight subsequent equal quarterly installments following the one-year anniversary. Ortega will also receive 1,096,892 shares of common stock, with one-half to vest upon three consecutive quarters with positive cash income after payment of all ordinary cash items and one-half upon the sale of the company's grandfathered earth station assets in the Greater Miami area and related call sign license for gross proceeds equal to or greater than $15 million.