Sphere Entertainment Co. filed SEC Form 8-K: Leadership Update
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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 August 27, 2024, Sphere Entertainment Co. (“Sphere”), MSG Networks Inc. (“Networks”), a subsidiary of Sphere, and Andrea Greenberg, the President & Chief Executive Officer of Networks, entered into an employment agreement (the “Greenberg Employment Agreement”), effective September 1, 2024. The Greenberg Employment Agreement is substantially the same as the existing employment agreement between Networks and Ms. Greenberg, except that (i) for the six-month period from July 1, 2024 – December 31, 2024 (the “Transition Period”), Ms. Greenberg’s target bonus opportunity will equal not less than 50% of the annual target bonus opportunity otherwise contemplated under the Greenberg Employment Agreement, (ii) for the Transition Period, Ms. Greenberg’s grant of cash and/or equity awards will have a target value of not less than 50% of the target value of the annual grants of cash and/or equity awards otherwise contemplated under the Greenberg Employment Agreement, (iii) the scheduled expiration date of the Greenberg Employment Agreement is September 1, 2025, and (iv) if on or prior to the scheduled expiration date Ms. Greenberg’s employment with Networks is terminated (a) by Networks other than for “cause” (as defined in the Greenberg Employment Agreement), or (b) by Ms. Greenberg for “good reason” (as defined in the Greenberg Employment Agreement) and so long as “cause” does not then exist, then, subject to Ms. Greenberg’s execution of a separation agreement with Networks, Networks will provide her with, among other benefits and rights, a severance payment in an amount determined at the discretion of the Company, but in no event less than two times the sum of Ms. Greenberg’s annual base salary and annual target bonus.
The description above is qualified in its entirety by reference to the Greenberg Employment Agreement, which is attached as Exhibit 10.1 hereto and incorporated into this Item 5.02 by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description of Exhibit | |
| 10.1 | Employment Agreement, dated as of August 27, 2024, between MSG Networks Inc., Sphere Entertainment Co. and Andrea Greenberg. † | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
| † | This exhibit is a management contract or a compensatory plan or arrangement. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SPHERE ENTERTAINMENT CO. | ||
| (Registrant) | ||
| By: | /s/ Mark C. Cresitello | |
| Name: | Mark C. Cresitello | |
| Title: | Secretary | |
Dated: August 30, 2024