SINCLAIR BROADCAST GROUP,INC. (NASDAQ:SBGI) 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.
Effective August 31, 2017, Sinclair Broadcast Group, Inc. (the “Company”) entered into an amendment (the “Amendment”) to the Amended and Restated Employment Agreement dated November 14, 2011 (the “Original Agreement”) for Steve Marks, its Executive Vice President and Chief Operating Officer.
The Original Agreement previously provided that in the event Mr. Marks is continuously employed by the Company through the earlier of November 18, 2018 (the “change in control” date as defined in the employment agreement) or termination of employment as a result of death, disability, by the Company without “cause” or by the employee with “good reason,” Mr. Marks would be entitled to a special longevity bonus of $2,750,000. Under the terms of the Amendment, the amount will be increased by between $272,419 and $488,538 to between $3,022,419 and $3,238,538 because Mr. Marks has elected to defer not less than 96% of the special longevity bonus until retirement.
Except as set forth in the Amendment, a copy of which shall be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2017, the terms of the Original Agreement remain unchanged.
About SINCLAIR BROADCAST GROUP,INC. (NASDAQ:SBGI)
Sinclair Broadcast Group, Inc. is a television broadcasting company. The Company owns or provides certain programming, operating or sales services to television stations in the United States. The Company’s segments include Broadcast, Other and Corporate. The Broadcast segment consists of all of its television stations. The Other segment primarily consists of original networks and content, digital and Internet solutions, technical services and other non-media investments. The Company owns and provides programming and operating services pursuant to local marketing agreements (LMAs), or provides sales services and other non-programming operating services pursuant to joint sales agreements (JSA) and shared services agreements (SSA) to approximately 160 stations in over 80 markets. These stations broadcast over 440 channels, including 215 channels affiliated with primary networks or program service providers. It has a total of over 10 other low powered stations.