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 Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of Named Executive Officer
In connection with a larger operating structure simplification, after 14 years of service, Diederik Karsten, our Executive Vice President and Chief Commercial Officer, will be leaving Liberty Global on July 1, 2019. On January 15, 2019, Mr. Karsten and Liberty Global B.V., one of our wholly-owned subsidiaries (the “Company”), entered into a Settlement Agreement (the “Agreement”) with terms consistent with our Dutch legal framework (the Social Policy Liberty Global B.V. adopted in July 1, 2018 for our Netherlands employees), as applicable to a senior officer. The Agreement provides, among other things, for:
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Standard Dutch legal framework exit provisions given 14 years of service; |
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Mr. Karsten will be available for consultation until his departure date; salary and benefits continue during this transition period; |
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Upon his departure date, based on years of service, multiple of salary and average bonus, he will receive a payment in the amount of €3,560,494 ($4,083,531) and will obtain one year of accelerated vesting of his share appreciation rights; |
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Mr. Karsten will vest in equity performance awards currently outstanding concerning performance periods in which he was employed, subject to proration and individual and company performance; he will not be eligible for equity awards granted in calendar year 2019; |
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Mr. Karsten is entitled, based upon years of service, to exercise his vested stock appreciation rights for a period of two years from his departure date; however, as part of the overall agreement, he waived the second year of this benefit in exchange for a payment in the amount of $1,250,000; and |
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Mr. Karsten will no longer hold any officer positions as of the date of the Agreement. |
The terms of the Agreement were approved by the Compensation Committee of our Board of Directors.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Exhibit Name
Liberty Global plc Exhibit
EX-99.1 2 ex991-1x15x19diederikkarst.htm EXHIBIT 99.1 Exhibit Exhibit 99.1LIBERTY GLOBAL ANNOUNCES DEPARTURE OF DIEDERIK KARSTENBROADER REORGANIZATION PLAN WILL DELIVER MORE AGILE AND EFFICIENT OPERATING STRUCTUREDenver – January 15,…
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