Business Context and Reporting Period
This Form 8-K is a current report filed by Altice USA, Inc. (not Optimum Communications, Inc., which is a subsidiary brand) on June 30, 2021. The filing reports a corporate governance event regarding the appointment of a new director.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. This report focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
The material change reported is the appointment of Susan C. Schnabel as a director of the Company, effective June 30, 2021. She was appointed to serve until the 2022 annual meeting of stockholders. Additionally, she was assigned to the Audit Committee and the Compensation Committee.
Guidance, Outlook, and Compensation Details
There is no forward-looking guidance, outlook, or discussion of risks and contingencies in this filing. The document details the compensatory arrangements for the new director:
- Annual Cash Retainer: $72,500.
- Committee Retainers: $22,500 for the Audit Committee and $5,000 for the Compensation Committee.
- Equity Award: Option to purchase 8,333 shares of Class A common stock.
- Option Terms: Exercise price of $34.35 per share; vests 50% on April 28, 2022, and 50% on April 28, 2023, contingent on continued service.
Investor Verification Checklist
- Verify the exact vesting schedule and conditions for the 8,333 stock options granted to Ms. Schnabel.
- Confirm the total annual cash compensation ($100,000) against the company's non-employee director compensation policy.
- Review the Company's 2022 proxy statement for the upcoming election of Ms. Schnabel at the annual meeting.
- Note that the registrant is Altice USA, Inc. (Ticker: ATUS), not Optimum Communications, Inc.