Summary
This 8-K filing from Discovery Communications, Inc. (WBD) on July 17, 2009, details an amendment to the employment agreement for its Chief Financial Officer, Brad Singer. The primary changes include a significant increase in his base salary and a revised annual incentive payment target. Specifically, Mr. Singer's base salary will rise from $765,000 to $965,000, effective July 20, 2009. Additionally, his annual incentive payment target has been adjusted from 75% of base salary to 100% of base salary, applicable for the fiscal year 2009 and the remainder of his employment term. These adjustments were approved by the Compensation Committee of the Board of Directors.
Key Highlights
- 1Amendment to CFO Brad Singer's employment agreement approved on July 17, 2009.
- 2CFO's base salary increased from $765,000 to $965,000.
- 3Salary increase effective starting July 20, 2009.
- 4Annual incentive payment target for CFO increased from 75% to 100% of base salary.
- 5Incentive target adjustment is effective for fiscal year 2009 and the remaining term of employment.
- 6The Compensation Committee of the Board of Directors approved these changes.