NBCU Chief Burke Gets Contract Extension

Comcast programming unit NBC Universal said Thursday that it has extended its employment contract with CEO Steve Burke through Aug. 31, 2020, including a $10 million stock option award that vests in 2023.

Burke, a long-time Comcast executive – he joined the company in 1998 – has been CEO Of NBCU since Comcast acquired a controlling interest in the programmer in 2011.

According to documents filed with the Securities and Exchange Commission, the $10 million stock option award is in recognition of NBCU’s strong performance on his watch and o serve as an incentive to continue to make decisions to build long-term value for the programmer. According to the document, Burke has agreed not to sell any net after-tax shares received as part of the award before the second anniversary of the exercise date.

 As part of the agreement, Burke will continue to credit contributions to his deferred compensation plan account, with $4.1 million being credited in 2017 and annual contributions increasing by 5% each year through 2020.

Burke received about $33.7million in total compensation in 2015.