Our radio brethren Mark Raymond died late last year because he was without health insurance. DL Hughley is working in NY for 7 months and trying to get back pay for $350,000, and Kedar has not done an ad in Radio Facts knowing that we are the Number 1 urban industry source. NOW THIS? Arbitron is providing this motha fooka who is 1 day shy of being the CEO for a year, wow, what tenure…. a package that literally makes me want to take a dump. How in de fook do you give someone in THIS industry in THIS economy $750,000 as an exit package AND cover them and their family’s COBRA payments for a year too? I quit! DAMMIT, I SAID, I QUIT. What do I have to do to make this kind of money….? Be white? (rhetorical question). Arbitron can give me half that money and I’ll fix their sh…. This is DISGUSTING.. $125,000 to relocate? What the hell did he do bring his old city with him?
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On January 11, 2010 and in connection with Michael P. Skarzynski’s resignation from Arbitron Inc. (the “Company”), the Company entered into a Settlement Agreement and General Release (the “Agreement”) with Mr. Skarzynski. The material terms of the Agreement are as follows:
“¢ The Company will pay Mr. Skarzynski a total of $750,000 in cash less applicable taxes.
“¢ If Mr. Skarzynski and /or his eligible dependents become eligible for COBRA coverage under the Company’s group health plans, the Company will pay the cost of COBRA coverage until the earlier of: (i) December 31, 2010 or (ii) none of Mr. Skarzynski and /or his eligible dependents are eligible for COBRA coverage.
“¢ The Company will not to seek reimbursement from Mr. Skarzynski of approximately $125,000 in relocation monies that would otherwise have been due to be repaid by Mr. Skarzynski pursuant to the terms of Mr. Skarzynski’s Executive Employment Agreement.
“¢ The Company will indemnify Mr. Skarzynski for reasonable attorney’s fees and costs incurred through the effective date of the Agreement in connection with matters that culminated with his resignation in an amount not to exceed $100,000.
“¢ The Company will continue to cover Mr. Skarzynski under its Directors and Officers insurance policies for actions/inactions taken in his capacity as an officer and director of the Company during the term of his employment.
The non-competition, non-recruitment and non-disparagement provisions set forth in Mr. Skarzynski’s Executive Employment Agreement will survive his resignation, and Mr. Skarzynski has agreed to continue to abide by those provisions.
The equity awards made to Mr. Skarzynski on January 13, 2009 pursuant to his Executive Employment Agreement will not vest as a result of Mr. Skarzynski’s resignation.
The above description is qualified in its entirety by reference to the terms and conditions of the Agreement, which the Company intends to file as an exhibit to its Annual Report on Form 10-K for the fiscal year ended December 31, 2009.
read the entire “novel” here