Summary
Comcast Corporation (CMCSA) announced an amendment to the employment agreement of Mr. Stephen B. Burke, Senior Executive Vice President and CEO of NBCUniversal. This amendment effectively extends Mr. Burke's tenure through August 31, 2020, signaling continued leadership for NBCUniversal's operations. The amendment is accompanied by significant executive compensation adjustments designed to incentivize long-term value creation. Notably, Mr. Burke will receive a stock option grant valued at $10 million, which vests fully on August 14, 2023, with a restriction on selling shares for two years post-exercise. Additionally, his deferred compensation plan will receive substantial annual contributions, starting at $4.1 million in 2017 and increasing by 5% annually through 2020. These actions underscore the company's commitment to retaining key executive talent and aligning their incentives with sustained business performance and shareholder value.
Key Highlights
- 1Stephen B. Burke's employment agreement as CEO of NBCUniversal amended, extending his tenure to August 31, 2020.
- 2A stock option grant valued at $10 million will be awarded to Mr. Burke, vesting on August 14, 2023.
- 3Mr. Burke has agreed to a lock-up period, restricting the sale of net after-tax shares for two years following exercise.
- 4Deferred compensation contributions for Mr. Burke will continue, starting at $4.1 million in 2017.
- 5Annual deferred compensation contributions will increase by 5% each year from 2017 through 2020.
- 6The amendments are intended to incentivize Mr. Burke to continue driving long-term value for NBCUniversal.
- 7Exhibit 99.1 contains the full details of the Amendment No. 3 to the Employment Agreement with Stephen B. Burke.