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RealNetworks’ Bob Kimball, who was named acting CEO last month when founder Rob Glaser abruptly stepped down, got a nice salary increase with his promotion, according to the company’s 8-K filing. When Kimball was corporate EVP, he made a $370,000 base salary with a target bonus percentage of 75 percent. In his new post, Kimball’s base salary is $425,000. His target bonus is 100 percent of his annual base salary.
RealNetworks (NSDQ: RNWK) is also giving raises to CFO Michael Eggers and EVP Michael Lunsford; Eggers will now get a base salary of $350,000 instead of $291,000 and a target bonus of 75 percent of his new base salary, up from 45 percent. And EVP Michael Lunsford’s base salary is now $400,000, up from $370,000.
That’s not all. All three executives have also now signed “retention letter agreements,” which will give Kimball $850,000, Eggers $700,000, and Lunsford $800,000 if they stay with the company through Aug. 2011. They’ll all get two-thirds of the total retention bonuses by next February, with the rest to paid by the following August. Kimball also gets another $100,000 if he’s still around this July, along with a stock option award.
And if there’s a “change in control” at RealNetworks and any of the three men is terminated or resigns for ‘good reason’ during a pre-set period, the executive gets a lump sum of 125 percent of his base salary (and target bonus), as well as accelerated equity awards.
Why the raises and higher target bonuses? A spokesman cites “new roles and responsibilities” for the executives. As for the retention deals, RealNetworks notes “the ongoing transitional activities” following the departure of Glaser.