Cablevision To Give CEO James Dolan $2.8M For Company Performance
By Chad Clinton DOW JONES NEWSWIRES
WASHINGTON -- Cablevision Systems Corp. (CVC) disclosed Tuesday that it will pay Chief Executive James L. Dolan a $2.8 million award as a result of the company's performance.
The entertainment and telecommunications company said in a document filed with the Securities and Exchange Commission that Chairman Charles F. Dolan will also receive a $2.8 million award.
In 2003, Cablevision began issuing the awards to executive officers and cable and telecommunications segment employees and to corporate staff, instead of bonuses.
Issuing the awards, which were to become payable upon Cablevision achieving free cash flow, instead of paying cash bonuses allowed the company to preserve liquidity, the filing said.
The board determined that free cash flow was achieved in 2004.
The company said that the free cash flow measure used by the compensation committee excluded its Rainbow DBS satellite distribution business which has been discontinued.
Cablevision expects that these payments will be made to roughly 600 individuals and will total roughly $37.7 million, substantially all of which had been accrued at Dec. 31, 2004, according to the filing.
By Chad Clinton DOW JONES NEWSWIRES
WASHINGTON -- Cablevision Systems Corp. (CVC) disclosed Tuesday that it will pay Chief Executive James L. Dolan a $2.8 million award as a result of the company's performance.
The entertainment and telecommunications company said in a document filed with the Securities and Exchange Commission that Chairman Charles F. Dolan will also receive a $2.8 million award.
In 2003, Cablevision began issuing the awards to executive officers and cable and telecommunications segment employees and to corporate staff, instead of bonuses.
Issuing the awards, which were to become payable upon Cablevision achieving free cash flow, instead of paying cash bonuses allowed the company to preserve liquidity, the filing said.
The board determined that free cash flow was achieved in 2004.
The company said that the free cash flow measure used by the compensation committee excluded its Rainbow DBS satellite distribution business which has been discontinued.
Cablevision expects that these payments will be made to roughly 600 individuals and will total roughly $37.7 million, substantially all of which had been accrued at Dec. 31, 2004, according to the filing.