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| SNI > SEC Filings for SNI > Form 8-K on 12-Dec-2008 | All Recent SEC Filings |
12-Dec-2008
Change in Directors or Principal Officers
(e) On December 11, 2008, Scripps Networks Interactive, Inc. (the "Company") amended certain executive compensation arrangements with Mr. Kenneth W. Lowe, Chairman of the Board, President and Chief Executive Officer of the Company, to comply with Section 409A of the Internal Revenue Code of 1986, as amended ("Section 409A"). These amendments generally are technical in nature and affect the timing, but not the amount, of compensation that could be received by Mr. Lowe. The amendments are summarized below:
Employment Agreement
Mr. Lowe's employment agreement (including the "good reason" definition) has been revised to comply with an exception to Section 409A, so that severance payments are not subject to the six-month delay. The agreement was also revised to clarify the payment dates for certain benefits and reimbursements, as required by Section 409A, and to reflect his current title of Chairman of the Board, President and Chief Executive Officer of the Company.
Restricted Stock Unit Agreement
Mr. Lowe's restricted stock unit agreement was revised to impose a six-month delay on settlement of the units following his separation from service, as required by Section 409A, and to conform to the terms of the Employee Matters Agreement by and between the Company and The E. W. Scripps Company.
The foregoing description of the amendments is only a summary. The full text of the amendments will be filed as exhibits to the Company's next Form 10-K.
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