Scripps Networks Interactive said it extended the contract of CEO Ken Lowe but noted that the board could name a successor before the new deal expires.
In a filing with the SEC Friday, Scripps said Lowe’s new deal runs through Dec. 31, 2019. He will serve in his current roles as chairman, president and CEO through Jan. 1, 2019, or the date that the board appoints a new CEO. If a new CEO is named, Lowe, 65, will serve as executive chairman of the board until Dec. 31, 2019 and then retire.
Lowe’s base salary will be $2 million annually, subject to reduction in certain circumstances. His target annual incentive opportunity will be 200% of base salary. His annual long-term equity incentive grants will have a targeted value of 275% of his annual base salary.
Lowe also gets a one-time award of performance-based stock unit worth $10 million and another award worth $2.5 million.
The agreement includes non-competition, confidentiality and non-solicitation provisions.
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