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.
Frequently Asked Questions
The main purpose of this 8-K filing is to report an amendment to the employment agreement of Discovery Communications, Inc.'s Chief Financial Officer, Brad Singer, specifically concerning his compensation.
Mr. Singer's base salary was increased from $765,000 to $965,000, effective July 20, 2009. His annual incentive payment target was also raised from 75% of base salary to 100% of base salary, effective for fiscal year 2009 and the remainder of his employment term.
The Compensation Committee of the Board of Directors of Discovery Communications, Inc. approved the amendments to Mr. Singer's employment agreement.
No, this filing is specific to executive compensation and does not appear to be related to a merger, acquisition, or other major corporate restructuring. It details adjustments to the Chief Financial Officer's salary and bonus structure.