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
As previously announced, the Board of Directors (the “Board”) of Cable One, Inc. (the “Company”) appointed Steven S. Cochran as Senior Vice President and Chief Financial Officer of the Company in August 2018 and, in connection with his hiring and appointment, Mr. Cochran received a new-hire grant of 1,065 time-based restricted shares, representing a value of approximately $785,000 based on the closing price of the Company’s common stock on Mr. Cochran’s hire date (the “Initial RSAs”). The Initial RSAs were granted on October 1, 2018 and are scheduled to vest on January 3, 2021 (generally subject to Mr. Cochran’s continued employment with the Company through the vesting date). The value of the Initial RSAs was calculated based on the applicable stock ownership guideline for Mr. Cochran, a multiple of 3.0 times base salary, or $975,000, which amount was then prorated based on the vesting date of the award.
On September 30, 2018, the Compensation Committee of the Board approved an additional time-based restricted stock award to Mr. Cochran of 54 shares, representing a grant date fair value of approximately $47,000 (the “Additional RSAs”). The Additional RSAs were also granted on October 1, 2018 and will vest on October 1, 2021 (generally subject to Mr. Cochran’s continued employment with the Company through the vesting date). The value of the Additional RSAs reflects the difference between Mr. Cochran’s stock ownership guideline multiple of 3.0 times base salary and the grant date fair value of the Initial RSAs. The aggregate grant date fair value of the Initial RSAs and the Additional RSAs was $974,727, which equals approximately 3.0 times Mr. Cochran’s base salary (i.e., the applicable multiple of base salary under the Company’s stock ownership guidelines).
About Cable One, Inc. (NYSE:CABO)
Cable One, Inc. is a provider of data, video and voice services in approximately 20 Western, Midwestern and Southern states. The Company’s products include Residential Video Services, Residential Data Services, Residential Voice Services, Business Services and Advertising. It provides these broadband services to residential and business customers in approximately 40 cable systems covering over 400 cities and towns. The markets it serves are non-metropolitan, secondary markets, with its customers located in approximately five states: Mississippi, Idaho, Oklahoma, Texas and Arizona. The Company is the cable system operator in the United States making services available to approximately 1,644,000 homes in the United States. It provides service to approximately 664,600 residential and business customers out of over 1,644,000 homes passed. Of these customers, approximately 501,240 subscribed to data services, over 364,150 to video services and approximately 127,090 to voice services.