Starz Entertainment Corp: exec vp technology employment agreement

What happened Starz Entertainment Corp reported that Starz Entertainment, LLC entered into an employment agreement with Jason Wyrick, who has served as Executive Vice President, Technology since Apr 2021. The term of the agreement commenced Oct 1, 2026 and continues through Sep 30, 2028, subject to a 1-year extension to Sep 30, 2029 if the company so notifies him, and Mr. Wyrick will continue to serve as Executive Vice President, Technology.

The filing states Mr. Wyrick will receive an annual base salary of $735,000, be eligible for an annual bonus with a target opportunity equal to 90% of his base salary, and be eligible for annual equity awards with a target grant date value equal to 50% of his base salary. For a qualifying termination during the term, and subject to release and post-employment obligations, he would be entitled to cash severance equal to 18 months of base salary and payment of COBRA premiums for up to 18 months. The agreement contains confidentiality and a 12-month non-solicitation covenant.

Key details

• Employment agreement effective Oct 1, 2026; term through Sep 30, 2028 with a possible extension to Sep 30, 2029.
• Annual base salary: $735,000; annual bonus target: 90% of base salary.
• Annual equity award target grant date value: 50% of base salary; time-based awards vest ratably over 3 years; performance-based awards become eligible to vest ratably over 3 years based on performance goals.
• Qualifying termination severance: 18 months of base salary and COBRA premiums for up to 18 months; change in control provision can accelerate vesting for certain awards if termination occurs on or within 6 months after a change in control.

Why it may matter This filing reports Item 5.02 (departure of directors or certain officers; election of directors) and covers an employment agreement for an executive officer, including term, compensation, equity award practices and severance and restrictive covenants. This filing does not show why the insider traded or why the company acted.