Juniper Partners Acquisition Corp. chairman and CEO Stuart B. Rakant will helm the Sorpresa! Hispanic children’s network and parent Firestone Communications once Juniper’s acquisition of Firestone is approved, according to a Securities & Exchange Commission filing on the deal.
Juniper provided several additional details related to its acquisition of Firestone and the company’s future operations — as well as some perks Rakant will receive — in a filing it made with the SEC on the afternoon of Feb. 21.
According to the filing, Rakant will earn a base salary of 450,000 and a bonus that can range up to 100% of his annual pay. He will also have an option to buy 350,000 shares once the merger is completed.
Rakant will also receive $1,200 a month towards the cost of an automobile and fly in business class for any airplane trip longer than two hours. He gets bumped up to first class if he flies to Asia. Rakant also gets to work for his own firm, Hidden Treasure Inc.
Current Firestone CEO Leonard Firestone — who will be Juniper’s chief operating officer , pending the sale’s approval — will earn $235,000 and a bonus that can range up to 50% of his annual pay. He will have the option to purchase 120,000 shares.
Firestone won’t get any money for a car, though, and there is no mention of his flying business class.
Weekly digest of streaming and OTT industry news
Thank you for signing up to Multichannel News. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.