Nexstar Broadcasting CEO Sook pay to increase to $1 million in 2011

Nexstar Broadcasting CEO Perry Sook will see his base pay increase to $1 million in 2011, according to a proxy statement filed Friday with the Securities and Exchange Commission.

According to the proxy:

Mr. Sook is employed as President and Chief Executive Officer under an employment agreement with us. The term of the agreement expires on December 31, 2011 and automatically renews for successive one-year periods unless either party notifies the other of its intention not to renew the agreement. Under the agreement, effective as of November 13, 2008, Mr. Sook’s base salary was $900,000 in 2009, and is $950,000 in 2010 and $1,000,000 in 2011. In addition to his base salary, Mr. Sook was eligible to earn a targeted annual bonus of $450,000 for 2009 and is eligible to earn a targeted annual bonus of $475,000 for 2010 and $500,000 for 2011, upon achievement of goals established by our Board of Directors. In the event of termination for reasons other than cause, or if Mr. Sook resigns for good reason, as defined in the agreement, Mr. Sook is eligible to receive his base salary and target bonus for a period of two years and is eligible to receive continued coverage under the Company’s healthcare insurance plan in accordance with the continuation requirements of Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for one year with premiums paid by Nexstar.

Nexstar Broadcasting owns KSNF in Joplin and KSFX in Springfield and operates KODE in Joplin and KOLR in Springfield.