Penton Media filed an 8K report today with the Securities and Exchange Commission stating that earlier this week the company’s Board of Directors approved an arrangement to compensate five Penton senior managers with bonuses, including a $400,000 bonus for CEO David Nussbaum, in the event of a sale of the corporation (which may include a sale of a controlling interest). The Board of Directors approved the arrangement at the recommendation of the company’s Compensation Committee, the filing said.
In addition to Nussbaum, Preston L. Vice and Darrel C. Denny, who also are executive officers of the company will receive bonuses. Vice, Denny and two other executives, who were not named in the document, will each receive a variable cash bonus based on the sale proceeds distributable to holders of the company’s Series C Preferred Stock and common stock as outlined in the following bonus schedule:
Sale price of less than $135,000,000: Bonus, $ 25,000
$135,000,000 or more but less than $145,000,000: $ 50,000
$145,000,000 or more but less than $185,000,000: $100,000