Liguori's Discovery: $4.7 Million Employment Deal
COO's Pact With Programmer Includes $1 Million In Salary, $3.7 Million In Incentives
By Mike Farrell -- Multichannel News, 12/10/2009 5:59:45 PM
New Discovery Communications executive Peter Liguori stands to reap as much as $4.7 million annually in salary, bonuses and stock grants, according to documents filed with the Securities and Exchange Commission Thursday.
Liguori, former chairman of entertainment for Fox Broadcasting, was named chief operating officer of Discovery earlier this week.
According to the SEC documents, the three-year deal includes a $1 million base salary and annual incentive compensation equal to 100% of his base salary. In addition, Liguori will receive a $200,000 signing bonus and is eligible to receive non-qualified stock options worth up to $1.25 million and preferred restricted stock units valued at $1.25 million.
Liguori is eligible to receive an expense payment of $100,000 within 30 days of his starting date (Jan. 19) to defray the cost of transitional housing -- he will be required to move to the Washington, D.C., area; Discovery is based in Silver Spring, Md. -- furniture rental and the purchase of needed household items.
Moreover, the executive can receive reimbursements for up to $40,000 for travel expenses in 2010, $40,000 in 2011 and $20,000 in 2012, provided that those reimbursements will cease to be available once he moves his primary residence to Washington, D.C. The company also will provide Liguori with a suitable corporate apartment in the Washington area for the first six months of his employment, with the monthly cost not to exceed $5,000.
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