With the deal of the year almost behind them, two of the chief architects of Comcast's joint venture agreement to gain control of NBC Universal -- chief operating officer Steve Burke and chief financial officer Michael Angelakis -- signed new employment deals recently, according to documents filed with the Securities and Exchange Commission. And though the deals do offer incentives, there is no increase in salary or bonuses for either executive.
According to the SEC documents filed Dec. 22, Burke will continue to receive the same salary, $2.2 million annually, and a performance bonus for as much as 300% of that base. The company said that Burke has had the same base salary and bonus structure since 2008. The five-year agreement expires on Dec. 31, 2014, and also continues the structure of Burke's prior agreement of crediting contributions to Comcast's deferred compensation plan -- $2 million on the effective date and as a credit in each year, beginning in 2010, of $2 million, which is about the same as Burke was entitled in his old agreement.
Burke, who will assume the added responsibility of overseeing the NBCU partnership once the deal closes next year, also is eligible for two cash bonuses - each of $3 million - and two restricted stock grants - each having a value of $6 million. Vesting under each restricted stock grant would occur on the 13th month anniversary of the date of the grant, subject to achieving certain performance goals.
In 2008, Burke received $20.4 million in compensation, according to Comcast's proxy statement, including $2.2 million in base salary and $3.4 million stock awards, $2.6 million in option awards and $5.9 million in non-equity incentive plan compensation. He did not receive a bonus in 2008. Comcast has not released 2009 compensation figures for its executives -- that should come with the filing of its 2009 proxy statement expected some time in April - but in February of this year said it would freeze the base salaries of its top executives for the year.
The new deal could potentially push Burke's total compensation to $28.8 million, assuming that he receives his full bonus.
Angelakis received a three-year deal, which expires on Dec. 31, 2012, and also does not include an increase in annual base salary or bonus. Angelakis, who was the chief financial architect behind the NBCU deal, is eligible to receive two cash bonuses of $1.5 million each and two restricted stock grants of $3 million each. Vesting under the restricted stock plan is identical to Burke's -- beginning on the 13th month anniversary of the date of the grant, subject to achieving certain performance goals. He also would continue to receive a $1.5 million annual credit to the deferred compensation plan.
According to Comcast's proxy statement, Angelakis received a base salary of $1.7 million in 2008. He received no bonus in 2008 and his total compensation was $11.3 million, including $2.2 million in stock awards and $4.4 million in non-equity incentive plan compensation. With the new deal, Angelakis could increase his annual take to about $17.3 million, assuming he received his full 300% bonus.