Altice USA Inc.
12/12/2024 | Press release | Distributed by Public on 12/12/2024 16:25
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective December 31, 2024, Colleen Schmidt, will resign as Executive Vice President, Human Resources of Altice USA, Inc. (the "Company") and will commence service to the Company in an advisory role assisting with the transition of her responsibilities to a successor. Ms. Schmidt will remain employed by the Company as a Senior Advisor to the Chief Executive Officer until March 28, 2025 ("Separation Date") pursuant to the terms of an agreement, dated December 10, 2024, between Ms. Schmidt and the Company (the "Transition Agreement") described below.
Pursuant to the Transition Agreement, and through the Separation Date, Ms. Schmidt will continue to receive her current annual base salary; be eligible to receive her 2024 annual bonus (target 100% of base salary) based on actual business performance but without adjustment for personal performance; continue to vest in the incentive-based awards granted to her by the Company in accordance with the terms of such award; and remain eligible to participate in the Company's benefit plans. Upon her separation of employment, subject to her compliance with restrictive covenants in favor of the Company and execution of a release of claims against the Company, Ms. Schmidt will be entitled to receive: $400,000, payable in installments over the 12-month period following separation of employment; three months of Company-subsidized COBRA coverage; and outplacement services.
The above description of the Transition Agreement is a summary and the full agreement (or form thereof) will be filed with the Company's Annual Report on Form 10-K.