8-KLeadership Changes

CHARTER COMMUNICATIONS, INC. /MO/ 8-K Report, Executive Changes (Aug 3, 2012)

Filed August 3, 2012For Securities:CHTR

Summary

This Form 8-K filing from Charter Communications, Inc. (CHTR) on August 3, 2012, primarily details a significant relocation and compensation package for its Executive Vice President and Chief Financial Officer, Christopher L. Winfrey. The company is establishing a New York City metro area office and Mr. Winfrey will be relocating from Missouri to support this initiative. The executive's relocation is accompanied by a substantial package including restricted stock units, moving assistance, temporary living expenses, home purchase and sales assistance, and a significant guarantee against potential home sale losses. Additionally, he will receive a relocation bonus and enter into an amended employment agreement with an extended term. This filing signals a strategic move for senior leadership and potentially increased presence in the key New York market.

Key Highlights

  • 1CFO Christopher L. Winfrey is relocating from Missouri to the New York City metro area to support the opening of a new company office.
  • 2Mr. Winfrey will receive 6,600 restricted stock units, with vesting staggered over time and contingent on relocation or home sale.
  • 3A comprehensive relocation package includes moving assistance, temporary living expenses, and substantial home sale/purchase assistance.
  • 4The company will cover potential losses if Mr. Winfrey's Missouri home sells below its cost basis, up to $200,000.
  • 5Mr. Winfrey receives duplicate mortgage payment coverage for up to six months.
  • 6A $250,000 relocation bonus is provided, subject to repayment if he leaves voluntarily or is terminated for cause within 24 months.
  • 7Mr. Winfrey's employment agreement will be amended and restated with a term extending to December 31, 2014.

Frequently Asked Questions

The CFO, Christopher L. Winfrey, is relocating to the New York City metro area to support the establishment of a new company office. The relocation package is comprehensive, including moving assistance, temporary living expenses, home purchase and sales support, and significant financial protection for his Missouri home sale. He also receives a large relocation bonus and restricted stock units.

The filing states that Mr. Winfrey will be granted 6,600 restricted stock units. The total value would depend on the stock price at the time of grant and vesting, which is not provided in this specific 8-K.

Yes, the $250,000 relocation bonus is subject to a repayment provision. Mr. Winfrey must repay a pro rata amount of the bonus if he voluntarily leaves the Company or is terminated for cause within twenty-four months of receiving it.

Mr. Winfrey will enter into an amended and restated employment agreement with a term that expires on December 31, 2014.