Summary by Futu AI
On June 7, 2024, Paramount Global announced an amendment to the employment agreement with Nancy Phillips, the company's Executive Vice President and Chief People Officer. The amendment extends Phillips' term of employment until June 4, 2027, and includes a significant increase in her compensation package. Her annual base salary has been raised to $1 million effective June 4, 2024. Additionally, her target annual cash bonus under the Short Term Incentive Plan is now 120% of her base salary, contingent upon meeting performance goals set by the Compensation Committee. Furthermore, the target value of her annual equity compensation grants under the Long Term Incentive Plan has been increased to $1.8 million starting from the 2025 fiscal year. Alongside these changes, Phillips received a pro-rated equity award of restricted stock units valued at $350,000, which will vest in thirds over the next three years, aligning with the end of her extended term. Paramount Global plans to provide the full text of the Phillips Agreement in its upcoming Quarterly Report on Form 10-Q for the quarter ending June 30, 2024.