DIAL GLOBAL, INC. 8-K 2012
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 9, 2012
DIAL GLOBAL, INC.
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (212) 419-2900
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
On March 9, 2012, Dial Global, Inc. (the Company or Dial Global) and David Hillman entered into a Separation Agreement evidencing the terms of the termination of his employment effective March 9, 2012. Pursuant to the Separation Agreement, Mr. Hillman will continue to receive his contractual base salary ($450,000) in equal installments over one year and Mr. Hillman executed a waiver and general release in connection therewith. Mr. Hillman is eligible to receive continued health benefits at the Companys expense for a period of one year. Additionally, the last one-third installment (i.e., 50,000 of 150,000) of Mr. Hillmans stock option for 150,000 shares at an exercise price of $6.00/share (awarded on February 10, 2010) and scheduled to vest on February 10, 2013 immediately vested upon the termination date and the entire option for 150,000 shares will remain exercisable for one year through March 9, 2013. Mr. Hillman is subject to an 18-month non-compete in connection with the foregoing.
On March 9, 2012, Dial Global and Mr. Hillman terminated Mr. Hillmans employment agreement. A copy of the Companys employment agreement with Mr. Hillman was previously filed with the SEC. The information in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 1.02.
(b) On March 9, 2012, Mr. Hillmans employment with Dial Global terminated. Mr. Hillman was EVP, General Counsel and Chief Administrative Officer of the Company.
(e) The information in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 5.02(e).
The following is a list of the exhibits filed as a part of this Form 8-K:
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.