new 8-k (1 Viewer)

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hbk409

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Jan 12, 2005
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from http://biz.yahoo.com/e/050311/cvc8-k.html

Form 8-K for CABLEVISION SYSTEMS CORP /NY


--------------------------------------------------------------------------------

11-Mar-2005

Entry Material Agreement, Change in Directors or Principal Officers



ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
Cablevision Systems Corporation (the "Company" or "Cablevision") announced on March 8, 2005, that it had entered into an agreement with Charles F. Dolan, the Chairman of the Company, and Thomas C. Dolan, a director of the Company, pursuant to which the parties will work cooperatively to finalize the separation of the Company's Rainbow DBS subsidiary from the Company. Charles F. Dolan has agreed to fund any Rainbow DBS expenditures above those that would have been incurred under a shutdown scenario. Charles F. Dolan is required to fund those expenditures by providing to the Company cash or shares of the Company's common stock in advance of the Company making any expenditures above those contemplated in the shutdown budget. Similarly, if Rainbow DBS makes any new commitments or other agreements, the Company will segregate cash or shares received from Charles F. Dolan to pay the costs associated with those actions. On March 9, 2005, Charles F. Dolan deposited $10 million with the Company.

The agreement will allow Rainbow DBS to remain in operation and to continue to provide its VOOM service to its subscribers while Charles and Thomas Dolan seek to arrange an alternate transaction that would avoid shutdown of Rainbow DBS.

The agreement will terminate on March 31, 2005. Charles F. Dolan will have the right to terminate the agreement before that date. Upon any termination, any cash or shares deposited by Charles F. Dolan that have not been used to pay expenses or segregated to pay costs associated with new commitments or other agreements will be returned to him and the shutdown of Rainbow DBS will be implemented immediately.





ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS.
On March 7, 2005, Brian Sweeney was appointed to the Board of Directors of the Company. Mr. Sweeney is a son-in-law of Charles F. Dolan, the Chairman and a director of the Company, and the brother-in-law of James L. Dolan, the Chief Executive Officer and President and a director of the Company, Thomas C. Dolan, a director of the Company, and Patrick F. Dolan, President of the Company's News 12 Networks and a director of the Company.

Mr. Sweeney is the Senior Vice President - eMedia of the Company. From January 1, 2004 through March 10, 2005, Mr. Sweeney received $1,169,184 in salary and bonus payments; a grant of options to acquire 7,500 shares of the Company's Class A Common Stock; a $450,000 performance award; and a deferred compensation award with an initial balance of $500,000 plus an annual credit equal to the lesser of 20% of annual salary or $150,000, plus quarterly interest at a LIBOR based rate. From January 1, 2004 through March 10, 2005, members of Mr. Sweeney's "immediate family" (as defined in the applicable rules of the Securities and Exchange Commission) who are employees of the Company


-2-
received salary and bonus payments from the Company as follows: Charles F. Dolan
- $6,800,000; James L. Dolan - $9,507,692; Patrick F. Dolan - $422,326; and Thomas C. Dolan - $3,235,003.


i think/hope james will be getting a pay cut this year ;)
 
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who_the

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Dec 18, 2004
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hbk409 said:
... received salary and bonus payments from the Company as follows: Charles F. Dolan - $6,800,000; James L. Dolan - $9,507,692; Patrick F. Dolan - $422,326; and Thomas C. Dolan - $3,235,003.
Nice work if you can get it!!!:)

Why'd I get jeans instead of genes? ;)
 

zombie

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Feb 19, 2005
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wow over 20mil between chuck, james, patrick and tom, i'm willing to bet that accounts for well over 50% of the entire payroll.

Man I wish my dad would have set me up for life.. chuck, please please please adopt me :)
 

hbk409

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Jan 12, 2005
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zombie said:
wow over 20mil between chuck, james, patrick and tom
QUOTE]

Actually not quite a 20mil its 19,965,021 :D but could you imagine being patrick getting only $422,326 when everyone else got 3mil+
 

zombie

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Feb 19, 2005
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hbk409 said:
Actually not quite a 20mil its 19,965,021 :D but could you imagine being patrick getting only $422,326 when everyone else got 3mil+

Oh you people with your calculators :)..
Can you imagine how the low level employees in the company who probably get paid less than $10/hr feel? I know Echostar only pays their csr's like $9/hr here in their pittsburgh call center, i would assume thats on par with what other providers pay...
 

niceprophet

SatelliteGuys Family
Feb 28, 2005
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Not even close...

Cablevision employs over 15,000 people... Even an over-exaggerated conservative estimate of an average salary of $40,000 would yield a payroll of $600,000,000.

$20M is just over 3% of the payroll in that scenario.
 

hbk409

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Supporting Founder
Jan 12, 2005
1,453
1
LI,NY
zombie said:
Oh you people with your calculators :)..
Can you imagine how the low level employees in the company who probably get paid less than $10/hr feel? I know Echostar only pays their csr's like $9/hr here in their pittsburgh call center, i would assume thats on par with what other providers pay...

cablevision is 12.31/hr+commission in their sales department which right now is totally wacky(commission) but anywho they get good benefits health, free service(tv,ool & ov) so that a big plus
 

zombie

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Feb 19, 2005
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hbk409 said:
cablevision is 12.31/hr+commission in their sales department which right now is totally wacky(commission) but anywho they get good benefits health, free service(tv,ool & ov) so that a big plus
Thats not too bad i guess.. Health bene's are a big thing, the company I work for is paying over 1k/mo per employee (married and with kids) just for health benefits (not including our life/disability and dental), so no doubt that adds up..
 
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zombie

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Feb 19, 2005
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niceprophet said:
Not even close...

Cablevision employs over 15,000 people... Even an over-exaggerated conservative estimate of an average salary of $40,000 would yield a payroll of $600,000,000.

$20M is just over 3% of the payroll in that scenario.

I keep forgetting they are so big.. Even still 3% to just 4 people (of over 15000) is still alot.. I'm not knocking them, I think its great.
 

niceprophet

SatelliteGuys Family
Feb 28, 2005
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:D

Well, look at it this way... That large salary that Chuck and Tom get from Cablevision may be the one thing that saves Voom.
 

zombie

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Feb 19, 2005
213
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niceprophet said:
:D

Well, look at it this way... That large salary that Chuck and Tom get from Cablevision may be the one thing that saves Voom.
Yeah nice how that adds up to right around 10mil huh? :)
 
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