Paramount Global
12/11/2024 | Press release | Distributed by Public on 12/11/2024 15:22
Management Change/Compensation Form 8 K
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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On December 5, 2024 (the "Effective Date"), Paramount Global (the "Company") entered into an agreement (the "Agreement") with Doretha F. Lea, the Company's Executive Vice President, Global Public Policy and Government Relations, effective as of the Effective Date, extending her term of employment through December 31, 2028. Under the Agreement, Ms. Lea's annual base salary continues to be $1.0 million, and, in each case effective as of the Effective Date, her target annual cash bonus under the Company's Short-Term Incentive Plan was increased to 110%of her annual base salary, subject to the achievement of performance goals established by the Compensation Committee of the Company's Board of Directors, and the target value of her annual grants of equity compensation under the Company's Long-Term Incentive Plan was increased to $1.25 million.
The foregoing description of the Agreement is subject to, and qualified in its entirety by, the full text of the Agreement, which the Company expects to file with its Annual Report on Form 10-K for the fiscal year ending December 31, 2024.