The individual who serves as the COO and President of Local Media for Sinclair Inc. subsidiary Sinclair Broadcast Group has signed a new employment agreement with the over-the-air TV station owner, retroactive to the start of 2025.
What does this mean for Rob Weisbord?
Weisbord is contractually bound to serve in his current role, one of the key positions at a company that has placed its Broadcast assets under strategic review, through the end of 2027.
Key takeaways see Weisbord’s annual base salary reduced, to $1 million. However, the agreement will see him become eligible for an annual cash bonus of $1 million based on revenue, cash flow targets and other related criteria.
Weisbord is also entitled to an annual “exceeds cash bonus” during each year of the employment term of up to $600,000; an additional annual executive performance bonus of up $800,000 for 2025 with potential 3% annual increases; and an annual grant of restricted stock vesting over two years in the number of shares equivalent to $1.55 million for 2025, $1.26 million for 2026, and $1.323 million for 2027, with annual increases thereafter in the amount of 5%.
There’s more: as long as Weisbord is employed in good standing through January 1, 2027 or is terminated without cause, he’s entitled to receive a one-time “special longevity” bonus in the amount of $5 million, payable in 12 equal cash monthly payments across 2027.
What if there’s a change in control for Sinclair Broadcast Group? The successor company is payable nevertheless.
Signing off on the agreement for Sinclair Inc. is SVP/Chief Accounting Officer David Bochenek.
