8-KLeadership ChangesExhibits & Filings

CHARTER COMMUNICATIONS, INC. /MO/ 8-K Report, Executive Changes (Dec 23, 2015)

Filed December 23, 2015For Securities:CHTR

Summary

This 8-K filing by Charter Communications, Inc. (CHTR) on December 23, 2015, primarily reports on the execution of an Employment Agreement with Donald F. Detampel, Jr., Executive Vice President and President of Commercial Services. The agreement is effective December 31, 2015, and has a two-year term, expiring December 31, 2017. This action indicates a continued commitment to key executive leadership within the company's commercial operations. Investors should note the specifics of Mr. Detampel's compensation package, including a base salary of $655,080, a target bonus of 75% of base salary, and significant termination benefits. These benefits include two times his annual base salary and target bonus in the event of termination without cause or resignation for good reason, along with accelerated vesting of equity awards. The filing also outlines restrictive covenants, including non-compete and non-solicitation clauses, which are standard for executive agreements and aim to protect the company's interests.

Key Highlights

  • 1Charter Communications entered into a two-year Employment Agreement with Executive Vice President Donald F. Detampel, Jr., effective December 31, 2015.
  • 2Mr. Detampel's annual base salary will be $655,080.
  • 3He is eligible for a target bonus of 75% of his annual base salary, contingent on performance.
  • 4Termination benefits include two years of base salary and target bonus if terminated without cause or for good reason.
  • 5Equity awards are set to vest upon termination without cause or for good reason.
  • 6Restrictive covenants include a two-year non-compete and non-solicitation period.
  • 7The agreement underscores the company's focus on retaining and incentivizing key executive talent in its commercial services division.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the details of an Employment Agreement entered into between Charter Communications and Donald F. Detampel, Jr., Executive Vice President and President of Commercial Services.

The agreement has a two-year term ending December 31, 2017. It includes an annual base salary of $655,080, a target bonus of 75% of base salary, and provisions for termination benefits, including severance and accelerated equity vesting under certain conditions. It also includes non-compete and non-solicitation clauses.

In the event of termination without 'Cause' or resignation for 'Good Reason,' Mr. Detampel is entitled to a cash severance equal to two times his then-current rate of Annual Base Salary and Target Bonus, payable in installments. This severance would be paid as a lump sum if a change of control occurs. Additionally, his equity awards would vest.

Yes, upon termination for any reason, Mr. Detampel is subject to a two-year non-compete covenant, a two-year non-solicitation covenant (preventing him from soliciting company employees or customers), and a one-year non-hire covenant.