01—Abstract
Summary
Summary of the 8-K filed April 20, 2023. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing from The Walt Disney Company (DIS) announces an amendment to the employment agreement for Senior Executive Vice President & Chief Communications Officer, Kristina K.
Schake. The amendment extends her employment term by one year to June 29, 2026, and significantly increases her compensation package to reflect expanded responsibilities.
Key changes include an increase in her annual base salary to $780,000a (effective April 9, 2023), a raise in her target annual bonus to 150% of base salary, and an increase in her target long-term equity incentive award to 350% of base salary. These adjustments signal the company's commitment to retaining key leadership and incentivizing performance in critical communication roles during a period of strategic focus for Disney.
02—Key points
Key Highlights
- Kristina K. Schake, Chief Communications Officer, receives an amended employment agreement.
- Employment term extended by one year, now through June 29, 2026.
- Annual base salary increased to $780,000, effective April 9, 2023.
- Target annual bonus increased to 150% of base salary.
- Target long-term equity incentive award increased to 350% of base salary.
- The amendment reflects an increase in Ms. Schake's responsibilities.
03—Questions
Frequently Asked Questions
What is the main purpose of this 8-K filing?
The main purpose of this 8-K filing is to inform investors about an amendment to the employment agreement of Kristina K. Schake, the Senior Executive Vice President & Chief Communications Officer. This amendment includes an extension of her employment term and an increase in her compensation package.
How will Ms. Schake's compensation change?
Ms. Schake's annual base salary will increase to $780,000. Her target annual bonus is now set at 150% of her base salary, and her target long-term equity incentive award is now 350% of her base salary. These changes are effective retroactively for the base salary increase from April 9, 2023.
Why is Disney increasing Ms. Schake's compensation and extending her contract?
The filing states that the amendment is in connection with an increase in Ms. Schake's responsibilities. This suggests Disney is recognizing her expanded role and likely wants to retain her expertise and incentivize her continued contribution, particularly in the crucial area of corporate communications.
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