Former Charter Communications Inc. CEO Carl Vogel will receive a severance package worth at least $1.45 million, the St. Louis-based MSO said in a securities filing Thursday.
Vogel still had about one year remaining on his employment contract when he resigned Jan. 17. According to the filing with the Securities and Exchange Commission, Charter will pay Vogel the remaining amount of his annual base salary -- $953,425 -- as well as a lump sum of $500,000 Dec. 31, which is subject to reduction.
In addition, all of Vogel’s outstanding stock options, as well as his restricted stock granted in 2004 -- excluding 340,000 shares of restricted stock granted as “performance units,” which will automatically be forfeited -- will continue to vest through Dec. 31.
One-half of the remaining unvested portion of his 2001 restricted-stock grant will vest immediately, and the other half will be forfeited. Vogel will have 60 days after Dec. 31 to exercise any outstanding vested-stock options.
