Nexstar Broadcasting CEO Perry Sook will crash the $1 million barrier this year if he meets goals set by the board of directors, according to a proxy statement filed today with the Securities and Exchange Commission.
Sook was the architect of the highly controversial showdown with cable companies including Cable One in Joplin and Cox Communications, in which stations were pulled off local cable in 2005 if the cable companies did not agree to pay retransmission fees. Nexstar-owned KSNF and KODE, which is allegedly owned by Mission Broadcasting, but which to all intents and purposes is another Nexstar station, were pulled off Cable One in Joplin for nearly all of 2005.
Sook's employment contract calls for him to receive a base salary of $675,000 this year, a figure that will go to $1,012,500 if he meets his goals and receives a $337,500 bonus. That amount will increase to a $700,000 base salary in 2007, with a $350,000 bonus, and a $750,000 base salary the following year, with a $375,000 bonus.
During 2005, Sook earned a total of $914,229, according to the proxy statement, including a $650,000 base salary, $250,000 bonus, and $14,229, categorized as "other." That other included medical insurance, group term life insurance, an automobile allowance, the value of the use of his personal automobile, and investment in a 401K plan.
Even if something goes wrong and the company decides to get rid of Sook, he will receive a one-year base salary as compensation, according to his employment agreement.
Nexstar COO Duane Lammers received slightly over half a million in 2005, according to the proxy report, including a $314,846 base salary and a $200,000 bonus. His pay will increase slightly to $320,000 this year, $330,000 in 2007 and $340,000 in 2008, according to the terms of his employment contract. His bonus could be as much as $165,000 this year, $170,000 next year, and an amount to be set at Sook's discretion in 2008.
The proxy report also included some minor issues to be discussed at the annual stockholders' meeting, scheduled for May 30, in Irving, Texas.
Nexstar Broadcasting also owns KSFX in Springfield and is the de facto owner of KOLR.
2 comments:
Wow!!!.... Perry Sook must spend a LOT of time working hard and working smart!
That 's a LOT more money than a Missouri schoolteacher with an internet connection can make ! Even if he is VERY sure of himself and smug.
Seriously... what's the obsession with a TV ownership group from Texas. Why don't you comment on something that you know about?
But will he break the race barrier? Details at 10.
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