Business Context and Reporting Period
This Form 8-K Current Report was filed by Nexstar Broadcasting Group, Inc. on June 6, 2013, covering events occurring on May 31, 2013. The filing discloses amendments to executive employment agreements for two senior officers.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
Material Changes
The Company entered into amendments to the Executive Employment Agreements for Brian Jones (Executive Vice President and Co-Chief Operating Officer) and Timothy C. Busch (Executive Vice President and Co-Chief Operating Officer). Key changes include:
- Term Extension: Both agreements were extended until June 1, 2018, with provisions for automatic renewal for successive one-year periods.
- Base Salary Increases: Staged increases in base salary were established for both executives from June 1, 2013, through May 31, 2018.
- Annual Bonus Eligibility: Both executives became eligible for annual bonuses at the discretion of the Chief Executive Officer, contingent on goal attainment.
Compensation Schedule (Both Executives)
| Period | Base Salary | Target Annual Bonus |
|---|---|---|
| June 1, 2013 - May 31, 2014 | $425,000 | $212,500 |
| June 1, 2014 - May 31, 2015 | $435,000 | $217,500 |
| June 1, 2015 - May 31, 2016 | $445,000 | $222,500 |
| June 1, 2016 - May 31, 2017 | $455,000 | $227,500 |
| June 1, 2017 - May 31, 2018 | $475,000 | $237,500 |
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding business operations. The primary contingency noted is that the employment terms are subject to earlier termination under specified circumstances. Bonus payments are discretionary and based on goals set by the Chief Executive Officer.
Investor Verification Checklist
- Review the full text of Exhibits 10.1 and 10.2 for specific termination clauses and performance metrics.
- Verify the total potential compensation cost impact on the Company's upcoming fiscal years.
- Confirm the specific performance goals required to trigger the discretionary bonuses.
- Check for any related proxy statements or 10-K filings for broader executive compensation context.