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Sinclair, Inc. (NASDAQ:SBGI) reported Wednesday that Lucy Rutishauser, the company’s former Chief Financial Officer, retired from employment effective October 1. The announcement follows a previously disclosed transition plan in which Rutishauser stepped down as CFO in July and continued as Executive Vice President to support the transition of Narinder Sahai into the CFO role.
According to a statement based on a Securities and Exchange Commission filing, Sinclair and Rutishauser entered into a consulting agreement on the day of her retirement. Under the agreement, Rutishauser will provide strategic consulting services to Sinclair for up to two years. She will be compensated at a rate of $593.75 per hour, with a guaranteed minimum of eight hours per week.
The agreement also includes provisions for health insurance coverage. If Rutishauser elects to continue her health insurance under COBRA, Sinclair will pay for the coverage or reimburse her for related costs, including any additional taxes, through April 1, 2027. If the consulting term extends beyond this period, Sinclair will reimburse Rutishauser for the cost of equivalent health insurance.
In connection with the consulting arrangement, Sinclair and Rutishauser agreed to amend the terms of each outstanding award of stock appreciation rights (SARs) granted under the company’s 2022 Stock Incentive Plan. The post-termination exercise period for these SARs will be extended to the original ten-year expiration date for certain qualifying terminations.
The consulting agreement contains restrictions on competition, solicitation, and confidentiality. Sinclair stated that a copy of the agreement will be filed as an exhibit to the company’s next quarterly report.
This information is based on a press release statement included in Sinclair’s Form 8-K filing with the SEC.
In other recent news, Sinclair, Inc. has reported several significant developments. The company announced an amendment to the employment agreement with Robert Weisbord, its Chief Operating Officer and President of Broadcast. Effective from January 1, 2025, Weisbord’s annual base salary is set at $1,000,000, with eligibility for annual cash bonuses based on performance metrics. Additionally, Sinclair Ventures, a division of Sinclair, Inc., appointed Craig Blank as Principal to oversee its investment portfolio. In another update, Guggenheim has lowered its price target for Sinclair Broadcasting stock to $19.00, maintaining a Buy rating following the company’s second-quarter results. Sinclair’s management has provided guidance for third-quarter revenue between $752 million and $776 million. The company has also initiated a strategic review of its broadcast business, exploring potential acquisitions and partnerships in related sectors. These recent developments highlight Sinclair’s ongoing efforts to adjust its operations and explore growth opportunities.
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