Liberty Global plc (NASDAQ:LBTYA) 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.
Liberty Global plc (the “Company”) has previously announced that it intends to split-off its Latin American and Caribbean businesses to a newly formed entity (“Splitco”), which will be a separate publicly traded company (the “Transaction”). In connection with the Transaction, the Company has announced that Balan Nair, effective on the date of the Transaction (the “Effective Date”), will become the President and Chief Executive Officer of Splitco. Mr. Nair joined the Company in July 2007 as Senior Vice President and Chief Technology Officer and currently serves as its Executive Vice President and Chief Technology and Information Officer. When Mr. Nair becomes the President and Chief Executive Officer of Splitco, he will no longer be a named executive officer of the Company. Mr. Nair will continue to serve as the Executive Vice President and Chief Technology and Information Officer of the Company until the Effective Date, which is targeted to occur around year-end 2017.
On November 1, 2017, Mr. Nair and the Company entered into a letter agreement (the “Letter Agreement”), which provides the following upon Mr. Nair assuming his role at Splitco:
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Mr. Nair will continue to vest in one-third of the share appreciation rights award granted to him in February 2017 and forfeit all remaining unvested share appreciation rights subject to such award, |
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the Company will pay Mr. Nair his full 2017 annual bonus as determined based on the performance criteria, and |
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Mr. Nair’s employment with the Splitco will be counted as vesting service with respect to certain equity based awards of shares of the Company. |
The Letter Agreement also provides that, if the Transaction does not occur prior to April 15, 2018, the Agreement will not become effective.