At the end of September, bonuses were paid to founder and chairman Jeffrey Smulyan, EVP/CFO/COO Patrick Walsh and president of radio programming Rick Cummings. These were in addition to bonuses and salaries paid to them for the 2011 calendar year. According to Emmis financial records from the Securities and Exchange Commission, Smulyan receives a 2011 base salary of $792,259. He is eligible for a 125% bonus for his role in completing the Merlin deal. Walsh, who recently received a contract extension upping his base salary to $600,000, will get an additional bonus of 45% of his salary for the Merlin transaction. Cummings, the president of radio programming, has a 2011 annual salary of $455,000, and will receive a 12% bonus. You can view the most recent Emmis proxy statement here. Emmis stock has floundered and last month the company received a notice from Nasdaq that their stock is in danger of being de-listed for falling below $1 per share. Emmis received $120 million for the sale of three stations to Merlin Media, but did retain a 20.6% stake in Merlin. The money generated from the sale went to pay off company debt.