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AMC Networks Inc. (NASDAQ:AMCX) entered into a new employment agreement with Dan McDermott to continue as the company’s Chief Content Officer and President of AMC Studios, effective as of Tuesday and extending through December 31, 2028. The details were disclosed in a press release statement filed with the Securities and Exchange Commission.
Under the new agreement, Mr. McDermott will receive a minimum annual base salary of $1,625,000, retroactive to July 1, 2025. He is also eligible for an annual target bonus opportunity of at least 130% of his actual salary paid during the year, retroactive to January 1, 2025. In addition, Mr. McDermott will participate in long-term equity and other incentive programs available to executives in similar roles.
For each award cycle during the contract term, Mr. McDermott is expected to receive annual grants of cash and equity awards with a target value of no less than $1,600,000, split equally between cash and equity. For the 2025 award cycle, he received additional long-term incentive awards with a total target value of $600,000, consisting of a $300,000 cash performance award and $300,000 in restricted stock units, which will vest according to the schedule for previously approved 2025 awards.
If Mr. McDermott’s employment is terminated before the end of the contract by the company without cause, or by Mr. McDermott for good reason, he will be entitled to a severance payment of at least two times his annual base salary and target bonus, along with prorated and unpaid bonuses, and accelerated vesting of long-term incentive awards, subject to conditions outlined in the agreement.
In the event of death or disability before the contract expires, Mr. McDermott or his estate will receive certain prorated and unpaid bonuses, and all outstanding awards will vest and be paid in full, with amounts determined by target or actual performance as applicable.
The agreement also includes an exclusivity provision restricting Mr. McDermott from providing services to competing entities through the contract term under certain circumstances.
This summary is based on information provided in a press release statement filed with the SEC.
In other recent news, AMC Networks Inc. reported its third-quarter 2025 earnings, which revealed a significant earnings per share (EPS) miss. The company posted an EPS of $0.18, falling short of the anticipated $0.28, resulting in a negative surprise of 35.71%. Despite this earnings miss, AMC Networks exceeded revenue expectations, reporting $561.74 million compared to the forecasted $549.01 million, marking a 2.32% increase over projections. These financial results are among the latest developments for the company. The earnings report had an impact on the stock’s performance, although specific stock price movements are not detailed here. No recent analyst upgrades or downgrades were reported for AMC Networks. The company’s financial performance remains a critical point of interest for investors, particularly in light of the earnings miss and revenue beat.
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