Univision Amends Execs' Severance Deals
May 26, 2006 at 2:13 PM (PT)
UNIVISION has notified the SEC that it has amended the severance agreements it has with four of its top executives to give them three times their base salaries and maximum bonus, or the base salary and maximum bonus through the end of their contracts, whichever is larger, in the event the company's new owner fires them without cause. The revisions also allow acceleration of stock option vesting to immediately upon the ownership change.
The deals cover Pres./COO RAY RODRIGUEZ, Senior EVP/Chief Strategic Officer/CFO ANDREW HOBSON, Vice Chairman/Secretary ROBERT CAHILL, and EVP/General Counsel C. DOUGLAS KRANWINKLE.
UNIVISION has set JUNE 8 as the deadline for bids to buy the company, with a group headed by MEXICO's GRUPO TELEVISA and another group of private equity firms including THOMAS H. LEE PARTNERS, PROVIDENCE EQUITY PARTNERS, TEXAS PACIFIC GROUP, and DEARBORN PARTNERS are expected to bid.