Alfred Liggins will continue as President and CEO of Urban One under a new employment agreement that runs through Dec. 31, 2024 with automatic one-year renewals. Under the deal, which is retroactive to Jan. 1, 2022, Liggins will make an annual salary of $1.25 million but could pocket twice that amount with additional bonuses if certain performance goals are met.
In fact, if Liggins achieves “superior performance goals” as determined by Urban One’s Compensation Committee, he’ll get a bonus of up to 175% of his base pay.
Liggins founded the company’s TV One division and in recognition of that, he can receive 4.2% of any proceeds from a sale of the cable TV division above the return on the company’s total investment in TV One.
In addition to a company car and related expenses, Liggins gets use of the Urban One corporate jet for business or personal purposes, including for transporting guests. When Liggins uses the jet for personal use, the value of that use counts as income for him.
The rest of the contract is fairly standard for a CEO of a publicly traded company. Liggins gets a full-time personal assistant, 4 weeks paid vacation, an expense account and stock options. Some $1.42 million in Class D stock options, to be precise, along with options to buy 156,250 shares of Class D stock which vest in full on Jan. 6, 2025 as a completion bonus.
In addition to stock options, the new contract calls for Liggins to receive $4.3 million in stock grants and 468,750 restricted shares of Class A stock, which will vest in full by Jan. 6, 2025.
Liggins, 59, has been President, Treasurer and a Director of Urban One predecessor Radio One since 1989 and CEO since 1997. He joined Radio One in 1985 as an Account Manager at WOL-AM Washington DC.