Summary
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 $1,820,000 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 $1,000,000 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.
Key Highlights
- 1Neil Smit, CEO of Comcast Cable, has a new employment agreement extending through December 31, 2019.
- 2Effective March 1, 2015, Mr. Smit's base salary will increase to $1,820,000.
- 3Annual cash bonus opportunity remains at 300% of base salary, tied to performance.
- 4Mr. Smit will receive a $1,000,000 credit to his deferred compensation plan as an incentive.
- 5A performance-based restricted stock unit grant valued at $4,000,000 will be awarded, vesting 13 months after the grant date.
- 6Comcast will continue annual contributions to Mr. Smit's deferred compensation plan, starting at $1,823,259 in 2015 and increasing 5% annually thereafter.