The contract for Emmis EVP/CFO/COO Patrick Walsh has been extended through September 3, 2013, according to a filing with the Securities and Exchange Commission. The terms of the deal include an annual base salary of $600,000, and the annual incentive compensation targets for 2012, 2013 and 2014 will remain 100% of his base compensation. However if Walsh leaves Emmis, his 2014 incentive compensation will be pro-rated. The incentive compensation will either be paid in cash or Emmis stock. In addition, Mr. Walsh gets an option to acquire 250,000 shares of Emmis stock, as well as a completion bonus upon the expiration of the agreement equal to at least $500,000. There are also "additional targets of $800,000 and $1,200,000 based upon certain increases in share price set forth in the employment agreement." Among other perks, Walsh will be given a car allowance of $1,000 monthly and reimbursement of up to $5,000 per year in premiums for life and disability insurance and professional fees related to estate planning.