Cable One, Inc. (NYSE:CABO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the previously announced retirement, effective December 29, 2017 (the “Retirement Date”), of Alan H. Silverman, Senior Vice President, General Counsel and Secretary of Cable One, Inc. (the “Company”), and in consideration of his 34 years of service to the Company, his assistance on transition matters and his agreement to certain restrictive covenants (including execution of a Company-standard irrevocable release and covenants regarding noncompetition, non-solicitation, no-hire and confidentiality), the Compensation Committee of the Board of Directors of the Company has approved a separation agreement, which provides for payment in the first quarter of 2018 of (a) one year’s base salary, or $315,000, (b) an amount of $300,000 in respect of Mr. Silverman’s 2017 annual bonus and (c) an amount equal to the estimated cost of Mr. Silverman’s health insurance premiums for a period of two years. In accordance with the terms of the applicable award agreement, Mr. Silverman will vest as of the Retirement Date in a prorated portion of his unvested equity awards granted prior to 2017, based on the percentage of the vesting period that has elapsed as of the Retirement Date. The remaining unvested portion of these awards will be canceled, and Mr. Silverman will receive cash consideration in respect of the canceled portion, the amount of which will be determined based on the closing price of the Company’s common stock on the Retirement Date. The separation agreement, entered into by the Company and Mr. Silverman on November 17, 2017,will become effective on the eighth day following Mr. Silverman’s execution of the irrevocable release described above, which is anticipated to occur on the Retirement Date.