8-KRegulation FDExhibits & Filings

CHARTER COMMUNICATIONS, INC. /MO/ 8-K Report, Regulation FD Disclosure (Mar 17, 2005)

Filed March 17, 2005For Securities:CHTR

Summary

This Form 8-K filing by Charter Communications, Inc. (CHTR) on March 17, 2005, announces the resignation of Thomas A. Cullen, Executive Vice President of Advanced Services and Business Development. Mr. Cullen's departure is effective April 30, 2005, or potentially sooner by mutual agreement. The company has entered into a separation agreement with Mr. Cullen, outlining the terms of his exit. The agreement includes a severance package that will provide Mr. Cullen with 65 weeks of continued base salary payments, totaling $375,000. Additionally, Charter will cover COBRA payments for Mr. Cullen for a period, with a one-time payment of $10,347. Notably, Mr. Cullen's stock options will continue to vest during the severance period, and he will have an extended 60-day window post-severance to exercise any vested options, providing continued potential upside from his equity awards.

Key Highlights

  • 1Thomas A. Cullen, EVP of Advanced Services and Business Development, is resigning from Charter Communications.
  • 2Mr. Cullen's resignation is effective April 30, 2005, with the possibility of an earlier termination date.
  • 3Charter Communications has entered into a Separation Agreement and Release with Mr. Cullen.
  • 4The agreement includes 65 weeks of continued base salary payments as severance, amounting to approximately $375,000 ($5,769 per week).
  • 5Charter will provide a one-time payment of $10,347 to cover Mr. Cullen's COBRA expenses.
  • 6Mr. Cullen's stock options will continue to vest throughout the 65-week severance period.
  • 7He will have 60 days after the severance period ends to exercise any vested stock options.

Frequently Asked Questions

This filing is primarily to disclose the resignation of Thomas A. Cullen, Executive Vice President of Advanced Services and Business Development, and the terms of his separation agreement with Charter Communications.

Mr. Cullen will receive 65 weeks of his base salary as severance pay, a one-time payment of $10,347 for COBRA continuation coverage, and his stock options will continue to vest during the severance period with an extended exercise window.

Charter Communications will continue to pay Mr. Cullen's base salary for 65 weeks following the termination of his employment.

Mr. Cullen's stock options will continue to vest during the 65-week severance period, and he will have an additional 60 days after that period to exercise any vested options, which is favorable for him.