Just in time for the holiday season, Comcast Corp. has struck a new five-year employment contract with its No. 2 executive and COO Steve Burke, who will oversee NBC Universal after the largest U.S. cable giant takes a majority stake in the entertainment company.
His new contract runs through Dec. 2014 and includes some financial windfall due to what a regulatory filing called his "substantially increased responsibilities." Comcast also locked up CFO Michael Angelakis with a new three-year work pact and general counsel Arthur Block with a five-year deal.
Burke's base salary for 2010 remains unchanged at $2.2 million. However, chairman and CEO Brian Roberts' right-hand man bags a $3 million signing bonus and is eligible for two cash bonuses of $3 million each over the course of the new contract.
According to the SEC filing from Tuesday, Burke also receives a restricted stock grant valued at $6 million after signing the contract and another $6 million restricted stock grant either when the NBC Uni deal closes or by June 30, whichever comes first. He also gets more than $11 million in deferred compensation.