01—Abstract
Summary
Summary of the 8-K filed December 23, 2014. Cited figures are marked; the original filing is the authoritative source.
Comcast Corporation (CMCSA) announced on December 22, 2014, a new employment agreement for Neil Smit, Executive Vice President and CEO of Comcast Cable Communications.
This agreement extends his tenure through December 31, 2019, and includes a salary increase to $1,820,000a effective March 1, 2015, while maintaining his annual cash bonus opportunity at 300% of base salary, contingent on performance goals. The agreement also recognizes Mr. Smit's contributions to Comcast Cable's performance and its integration planning for the proposed transactions with Time Warner Cable and Charter Communications.
As an incentive, he will receive a $1,000,000b credit to his deferred compensation plan and a $4,000,000 performance-based restricted stock unit grant, vesting 13 months post-grant. Additionally, the company will continue annual contributions to his deferred compensation plan, starting at $1,823,259 for 2015 and increasing by 5% annually through 2019.
02—Key points
Key Highlights
- Neil Smit, CEO of Comcast Cable, has a new employment agreement extending through December 31, 2019.
- Effective March 1, 2015, Mr. Smit's base salary will increase to $1,820,000.
- Annual cash bonus opportunity remains at 300% of base salary, tied to performance.
- Mr. Smit will receive a $1,000,000 credit to his deferred compensation plan as an incentive.
- A performance-based restricted stock unit grant valued at $4,000,000 will be awarded, vesting 13 months after the grant date.
- Comcast will continue annual contributions to Mr. Smit's deferred compensation plan, starting at $1,823,259 in 2015 and increasing 5% annually thereafter.
03—Questions
Frequently Asked Questions
What is the primary purpose of this 8-K filing?
This 8-K filing announces the execution of a new employment agreement between Comcast Corporation and its Executive Vice President and CEO of Comcast Cable, Neil Smit, detailing the terms of his compensation and continued employment.
What are the key changes in Neil Smit's compensation package?
Mr. Smit's base salary is set to increase to $1,820,000 effective March 1, 2015. He will also receive a $1,000,000 deferred compensation credit and a $4,000,000 performance-based restricted stock unit grant as part of the new agreement.
What is the duration of Mr. Smit's new employment agreement?
The new employment agreement secures Mr. Smit's employment with Comcast Corporation through December 31, 2019.
Are there any specific performance conditions tied to Mr. Smit's compensation?
Yes, his annual cash bonus opportunity, which remains at 300% of his base salary, is contingent on the achievement of specific performance goals. Additionally, the restricted stock unit grant is performance-based.
04—Continue