Business Context and Reporting Period
This Form 8-K Current Report was filed by Starz Entertainment Corp. on April 9, 2026, regarding a corporate governance event. The registrant is incorporated in British Columbia, Canada, and its common shares trade on the Nasdaq Global Select Market under the symbol STRZ.
Key Financial Metrics
This filing does not report operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and separation terms.
Material Changes and Executive Departure
The primary material event is the announced retirement of Audrey Lee, Executive Vice President and General Counsel, effective May 1, 2026. Ms. Lee will remain available for consultation through May 31, 2026.
Under the executed Separation Letter, the following financial terms apply to Ms. Lee's departure:
- Base Severance: A lump-sum cash payment equal to 18 months of base salary totaling $1,226,077.36.
- Additional Payment: A lump-sum cash payment equal to 70% of the base severance amount, totaling $858,254.15.
- Health Benefits: Payment of COBRA premiums for up to 18 months following the retirement date.
- Equity: Accelerated vesting of outstanding equity awards.
- Exclusions: Ms. Lee is not eligible to participate in the 2026 equity grant cycle.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on business outlook, or discussion of general corporate risks. The separation is confirmed to satisfy conditions under Section 1(a) of Ms. Lee's 2022 Starz Severance Agreement.
Investor Verification Checklist
- Verify the total cash severance obligation of approximately $2.08 million ($1,226,077.36 + $858,254.15) and its impact on the company's near-term cash flow.
- Review the full text of the Separation Letter (Exhibit 10.1) for specific conditions regarding the accelerated vesting of equity awards.
- Confirm the timeline for the appointment of a successor to the Executive Vice President and General Counsel role.
- Check subsequent filings for any changes to the company's legal strategy or compliance posture following the departure of the General Counsel.