Former Cablevision Systems chief financial officer Michael Huseby will receive a $5.4 million severance package after his departure from the Bethpage, N.Y., MSO, according to documents filed with the Securities and Exchange Commission.
Huseby, who joined Cablevision in 2004 from Charter Communications, resigned on June 7, according to the SEC documents. He was replaced by executive vice president Gregg Seibert, who will also retain his EVP duties and report to Cablevision CEO James Dolan.
According to the SEC documents, Huseby - who was terminated without cause - will receive cash severance of $3.99 million (60% on Jan. 3, 2012 and 40% on July 2, 2012) and a pro rata portion of his 2011 annual bonus. In addition, Huseby's outstanding deferred compensation award, issued under Cablevision Long-Term Incentive Plan, will be vested in the amount of $824,753 and a pro rata portion of his long-term cash performance award issued under Cablevision's 2006 cash incentive plan, with a target of about $615,000, will vest on the separation date.
Cablevision also said in the filing that senior vice president, controller and principal accounting officer William Keith Harper, who announced his resignation earlier, will be replaced on June 30 by Victoria Mink. Mink, who had been senior vice president and divisional controller of Cablevision's Telecommunications segment since 2007, will receive an annual base salary of $375,000, a target bonus equal to 45% of her base salary and a target long-term incentive award of $480,000.
In a separate filing June 9, Cablevision said that its chairman Charles Dolan signed a new employment agreement worth as much as $2 million with AMC Networks, where he will become executive chairman after the programming unit is spun off. Dolan will also retain his position as chairman of Cablevision.
AMC Networks, which includes AMC, WE tv, Sundance Channel and IFC, is expected to be spun off to Cablevision shareholders on June 30.
According to the filing, Dolan's employment agreement provides for an annual base salary of not less than $400,000 and he is eligible for an annual bonus of up to 175% of his base salary, or about $700,000. Dolan also is eligible to participate in AMC's long term incentive plan and would be entitled to receive one or more long-term cash awards with an aggregate target value of $900,000, at the discretion of the board of directors.
According to Cablevision's proxy statement filed in April, Charles Dolan received about $13.8 million in total compensation in 2010 as chairman of Cablevision.