secwatch.observer — SEC 8-K summary
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Issuer:     Townsquare Media, Inc. (TSQ)
CIK:        0001499832
Form:       8-K
Filed at:   2022-10-14T23:59:59+00:00
Accession:  0001104659-22-108609
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Townsquare Media amends exec employment agreements; CEO base salary $1.45M, sign-on bonus $1.45M
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- CEO Bill Wilson: base salary $1,450,000, target annual bonus 100% of base, plus $1,450,000 sign-on bonus subject to clawback.
- CFO Stuart Rosenstein: base $850,000, target bonus 80%; COO Erik Hellum: base $700,000, target 85.7%, retroactive to Jan 1, 2022.
- Five-year initial term, automatic renewal; severance without Cause/Good Reason: CEO 1.5x base+target, CFO/COO 1x, plus COBRA and 50% equity vesting.
- In Change in Control termination: CEO severance 2.5x, CFO/COO 2x, 100% equity vesting, and 24-month COBRA.
- Non-competition and non-solicitation covenants apply during employment and for 24 months post-termination.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1499832/000110465922108609/0001104659-22-108609-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1499832/000110465922108609/tm2228260d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-22-108609

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer