UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 12, 2022
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Emerging growth company ☐
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | ||||
On April 12, 2022, Paramount Global (the “Company”) entered into an agreement (the “Lea Agreement”) with DeDe Lea, the Company’s Executive Vice President, Global Public Policy and Government Relations, extending her term of employment through December 31, 2025. Under the Lea Agreement, Ms. Lea’s annual base salary was increased to $1.0 million, effective October 1, 2022, her target annual cash bonus under the Company’s Short-Term Incentive Plan (“STIP”) continues to be 100% of her annual base salary, subject to the achievement of performance goals established by the Compensation Committee of the Company’s Board of Directors (the “Committee”), and the target value of her annual grants of equity compensation under the Company’s Long-Term Management Incentive Plan (“LTMIP”) was increased to $1.0 million. The annual base salary and target bonus are subject to annual merit reviews by the Committee.
Also on April 12, 2022, the Company entered into an agreement (the “Phillips Agreement”) with Nancy Phillips, the Company’s Executive Vice President, Chief People Officer, extending her term of employment through June 30, 2025. Under the Phillips Agreement, Ms. Phillips’ annual base salary was increased to $925,000, effective April 11, 2022, her target annual cash bonus under the STIP continues to be 100% of her annual base salary, subject to the achievement of performance goals established by the Committee, and the target value of her annual grants of equity compensation under the LTMIP reflects an increase to $1.2 million. The annual base salary and target bonus are subject to annual merit reviews by the Committee.
The foregoing descriptions of the Lea Agreement and Phillips Agreement (together, the “Agreements”) are qualified in their entirety by reference to the full text of the Agreements, which the Company expects to file with its Quarterly Report on Form 10-Q for the quarter ending March 31, 2022.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PARAMOUNT GLOBAL | ||||||||
| By: | /s/ Christa A. D'Alimonte | |||||||
| Name: | Christa A. D'Alimonte | |||||||
| Title: | Executive Vice President, | |||||||
| General Counsel and Secretary | ||||||||
Date: April 15, 2022