What is the duration of David Leavy's employment agreement?

David Leavy's employment agreement as Chief Corporate Affairs Officer is effective from August 26, 2022, through August 25, 2025, with provisions for potential renewal.

What are the key changes in David Leavy's compensation structure?

Mr. Leavy's base salary has been increased to $1.5 million annually, and his target annual bonus percentage has been raised to 125% of his base salary. Additionally, he will be eligible for annual equity grants with a target value of $3.0 million starting in 2023 and has received a one-time grant of 73,368 RSUs.

What are the conditions for Mr. Leavy to receive severance payments if his employment is terminated?

Mr. Leavy is eligible for severance payments if his employment is terminated without 'cause' or by him for 'good reason'. These payments include base salary continuation for up to 24 months, target annual bonus payments during the salary continuation period, and reimbursement of COBRA premiums for up to 18 months. These benefits are contingent upon executing a release of claims and may be reduced if he secures other employment or business arrangements during the severance period.

What does 'good reason' mean in the context of Mr. Leavy's employment agreement?

'Good reason' for Mr. Leavy to terminate his employment includes, without his consent, a material reduction in his duties or responsibilities, a material change in his work location (outside the Washington, D.C. metropolitan area), or a material breach of the agreement by the Company, such as a change in the position to which he reports.

WBD 8-K: Leadership Changes

Summary

This 8-K filing by Warner Bros. Discovery, Inc. (WBD) details an employment agreement with David Leavy, Chief Corporate Affairs Officer, effective August 26, 2022, through August 25, 2025. The agreement outlines Mr. Leavy's compensation, including an increased base salary to $1.5 million annually and a bonus target of 125% of his base salary. He is also eligible for annual equity grants with a target value of $3.0 million starting in 2023 and a one-time grant of 73,368 restricted stock units (RSUs).

Key Highlights

1David Leavy's employment agreement as Chief Corporate Affairs Officer is set for three years, expiring August 25, 2025.
2Mr. Leavy's base salary is increased to $1.5 million per annum.
3His target annual bonus has been raised to 125% of his base salary.
4He is eligible for annual equity grants with a target grant date value of $3.0 million beginning in 2023.
5A one-time grant of 73,368 restricted stock units (RSUs) will vest in three equal annual installments, starting August 26, 2023.
6The agreement specifies 'double-trigger' vesting for equity awards upon an Approved Transaction, Board Change, or Control Purchase.
7Detailed severance provisions are outlined for termination without 'cause' or by Mr. Leavy for 'good reason', including base salary continuation and bonus payments.

Warner Bros. Discovery, Inc. 8-K Report, Executive Changes (Aug 31, 2022)

Summary

Key Highlights

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