Comcast’s (CMCSA) NBCUniversal CEO Steve Burke’s employment contract has been renewed to last until 2018.
Included in Burke’s extended contract is a $5 million bonus. The bonus won’t be given to him all at once. Half of Burke’s bonus will go into his deferred compensation plan and the other half will be paid in restricted stock. Burke will receive his bonus if the company’s operating cash flow improves from the previous year. Burke’s salary is also being increased with the renewed contract. He will now be paid $2.6 million a year instead of $2.2 million. Burke is still able to obtain a bonus equal to 300% of his salary if he meets all of his performance goals. The new employment contract will go into effect in September, reports The Wall Street Journal.
Under Burke’s guidance, NBCUniversal’s revenue went up 8.9% during its second quarter.