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def14a2012annualmeeting.htm
EXECUTIVE COMPENSATION (1) The following table sets forth the total compensation for each of our named executive officers, for the years ended December 31, 2011, 2010 and 2009: Non-Equity Incentive Non-qualified Plan Deferred All Other Compensation Compensation Compensation $ Earnings $ $
Year
Total $
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
203,797 208,303 0
0 0 0
0 0 0
0 0 0
0 0 0
352,728 360,522 0
0 0 0
0 0 0
0 0 0
0 0 0
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def14a2012annualmeeting.htm
Non-equity incentive plan compensation for fiscal year 2010 was paid in March 2011. No non-equity incentive plan compensation for fiscal year 2011 has been accrued for any executive officers as of December 31, 2011 or any subsequent date as a determination was made by the compensation committee not to pay bonuses for the year ended December 31, 2011. Potential non-equity incentive plan compensation for fiscal year 2011 would have approximated non-equity incentive plan compensation for fiscal year 2010 had the compensation committee determined to pay it. On January 5, 2010, LTIP Shares were granted in the form of restricted stock and allocated among 31 employees of the Company, including the named executive officers. The named executive officers were allocated LTIP Shares as follows: (i) the CEO (1.0 million shares); (ii) the Chairperson (300,000 shares); (iii) the CFO (225,000 shares); (iv) the CAO (225,000 shares); and (v) the PRD (130,000 shares). The remaining 1,370,000 shares were allocated among 26 other key employees. All awards vested in three installments of 33 1/3% on: (i) June 5, 2010; (ii) June 5, 2011 and (iii) November 19, 2011. There were no stock awards, non-equity incentive plan compensation or option grants to executive officers during 2009. Ms. Hughes was granted options to purchase 600,000 shares of Class D common stock and 150,000 restricted shares of Class D common stock upon execution of her new employment agreement in April 2008. Mr. Liggins was granted options to purchase 1,150,000 shares of Class D common stock, 300,000 restricted shares of Class D common stock and the ability to receive an award amount equal to 8% of any proceeds from distributions or other liquidity events in excess of the return of the Companys aggregate investment in TV One upon execution of his new employment agreement in April 2008. Mr. Thompson was granted options to purchase 75,000 shares of Class D common stock and 75,000 restricted shares of Class D common stock upon execution of his employment agreement in March 2008. Except for grants to Barry Mayo, there were no stock awards, non-equity incentive plan compensation or option grants to executive officers in 2007. Mr. Mayo was granted options to purchase 50,000 shares of Class D common stock and 50,000 shares of Class D common stock upon his employment with the Company. The Company does not provide a defined benefit pension plan and there were no abovemarket or preferential earnings on deferred compensation. Reflects purely discretionary bonuses. These amounts were paid in the year subsequent to being awarded. The dollar amount recognized for financial statement purposes in accordance with Accounting Standards Codification (ASC) 718, Compensation Stock Compensation, for the fair value of options and restricted stock granted. These values are based on assumptions described in Note 13 to the Companys audited consolidated financial statements included elsewhere in this proxy. For 2011, 2010, and 2009, for company automobile provided to Ms. Hughes and financial services and administrative support in the amounts of $4,496, $3,278, and $3,278 and $35,479, $29,501, and $26,833, respectively. For 2011, 2010 and 2009, for financial services and administrative support provided to Mr. Liggins in the amounts of $120,754, $79,673, and $74,770, respectively. Served as Executive Vice President of Business Development through February 19, 2008 and began as CFO on February 20, 2008. Began as President, Radio Division on August 6, 2007. Mr. Mayo resigned from the Company effective March 16, 2012.
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