Company: EVC
Filing Date: 2025-04-07
Form Type: 8-K
Source: 0000950170-25-051664
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Company: ENTRAVISION COMMUNICATIONS CORP
Filing Date: 2025-04-07
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e)

Background

During the first fiscal quarter of 2025, the Compensation Committee (the “ Compensation Committee”) of the Board of Directors of Entravision Communications Corporation (the “ Company”) reviewed the base salary, bonus, equity incentive and severance components of our executive compensation program and determined to make certain changes to such program for fiscal year 2025 to provide for an executive compensation program that is more heavily weighted toward equity compensation, including performance-based equity compensation, and, correspondingly, less heavily weighted toward cash compensation. Specifically, for fiscal year 2025, the Compensation Committee reduced the annual base salaries of Michael Christenson, the Company’s Chief Executive Officer, Jeffery Liberman, the Company’s President and Chief Operating Officer, and Mark Boelke, the Company’s Chief Financial Officer and Treasurer, by 47%, 38% and 25% relative to fiscal year 2024, respectively, and determined that these named executive officers will not be “covered executives” under the Company’s Executive Cash Incentive Bonus Plan (the “ Cash Plan”) for fiscal year 2025, such that none of these named executive officers will receive a cash bonus under the Cash Plan for fiscal year 2025. For fiscal year 2025, the Compensation Committee granted annual equity incentive awards in the form of restricted stock units and performance stock units under the Company’s existing equity incentive plan to each of Messrs. Christenson, Liberman, and Boelke in amounts greater than the aggregate award size compared to fiscal year 2024 awards.

Amendments to Severance Plan

In furtherance of the changes to the Company’s fiscal year 2025 executive compensation program described above, on April 4, 2025, the Company entered into amendment letters (the “ Amendment Letters”) with each of Messrs. Christenson, Liberman and Boelke, to provide that, if such person experiences a qualifying termination under the Company’s Executive Severance and Change in Control Plan (the “ Severance Plan”) prior to December 31, 2026, then, solely for purposes of calculating severance payments under the Severance Plan, such officer’s base salary will be such officer’s base salary as in effect on December 31, 2024, the “then-current” year for calculating such officer’s target bonus is fiscal year 2024,