William McGrath, who was made permanent ShopNBC chief financial officer this week, will get a pay increase, to $250,000, as well as receive stock options and a year’s pay severance if his job is eliminated — or perhaps if the home shopping channel is sold.
In a Securities and Exchange Commission filing Friday, ShopNBC said QVC veteran McGrath, 52, “received an increase in his annualized base salary to $250,000, and a one-time salary adjustment payment reflecting his period of service as interim CFO.” His prior base salary was $175,000.
McGrath had been interim CFO since February.
In addition, McGrath “received stock options to purchase 55,000 shares of common stock at an exercise price equal to the closing price ($1.82) for our common stock on the NASDAQ Global Market System on Aug. 2, 2010, the date of grant. The options vest in equal installments over three years and are exercisable for a period of ten years from the date of grant, subject to certain limitations,” according to the filing.
McGrath will also have a target bonus opportunity equal to 40 percent of his base salary, based on ShopNBC’s management incentive plan.
He is eligible to receive 12 months base salary “due to lay-off, job elimination, restructuring or other reasons other than for cause during the first 12 months after the effective date,” the filing said.
McGrath is entitled to receive 12 months base salary and 12 months subsidized medical coverage under COBRA for termination due to lay-off, job elimination, restructuring or other reasons other than for cause.
Homeshoppingista's Blog By Linda Moss 