Comcast says in an SEC filing that it re-upped NBCUniversal CEO Steve Burke through August 2020– with a $10 million stock option to reward him for his “outstanding work” and to “incent” him to do a good job.
The stock option vests on August 14, 2023. He has agreed, though, to not “sell any net after-tax shares” until two years after that.
Under the new contract Comcast will continue to contribute to his deferred compensation plan account — a substitute for a pension that pays interest rates well above what most people would see for their 401Ks. The cable giant guarantees 12% a year for amounts made before 2014, and 9% for those made afterward.
Today’s filing says Burke will be credited with $4.1 million in 2017 with annual contributions growing 5% a year through 2020.
Burke’s compensation came to $33.7 million in 2015.