Cablevision Systems said in a Securities and Exchange filing Monday that senior vice president, deputy general counsel and secretary Victoria Salhus will retire effective Dec. 30 and that on Dec. 31, executive VP and general counsel David Ellen will also become Secretary of the Bethpage, N.Y.-based cable company.
According to the SEC filing, Salhus and Cablevision have reached an agreement whereby she will receive a severance payment of $1.5 million, as well as an additional payment of $60,000, representing the cost of COBRA continuation coverage for 18 months. In addition, her outstanding restricted stock awards and stock options will vest on Dec. 31 and the options will be exercisable for an additional three years.
