jvid视频

(11) Related Party Transactions with Officers and Directors

Chairman Compensation Arrangement

In December 2019, Liberty Media entered into a new employment arrangement with Gregory B. Maffei, our Chairman. 听The arrangement provides for a five year employment term which began on January 1, 2020 and ends December 31, 2024, with an annual base salary of $3 million (with no contracted increase), a one-time cash commitment bonus of $5 million (paid in December 2019), an annual target cash performance bonus of $17 million (with payment subject to the achievement of one or more performance metrics as determined by the applicable company鈥檚 Compensation Committee), upfront equity awards and annual equity awards (as described below).

The Chairman was entitled to receive term equity awards with an aggregate grant date fair value of $90 million (the 鈥淯pfront Awards鈥�) which were granted in two equal tranches. The first tranche consisted of time-vested stock options from each of jvid视频, LMC, Liberty Broadband and GCI Liberty and time-vested restricted stock units (鈥淩SUs鈥�) from Liberty TripAdvisor (collectively, the 鈥�2019 term awards鈥�) that vest, in each case, on December 31, 2023 (except Liberty TripAdvisor鈥檚 award of time-vested RSUs, which vests on December 15, 2023), subject to the Chairman鈥檚 continued employment, except under certain circumstances. jvid视频鈥檚 portion of the 2019 term awards, granted in December 2019, had an aggregate grant date fair value of $8,550,000 and consisted of stock options to purchase 2,133,697 shares of Series A jvid视频 common stock (鈥淨RTEA鈥�) with an exercise price of $8.17. The second tranche of the Upfront Awards consisted of time-vested stock options from each of LMC, jvid视频, Liberty Broadband and GCI Liberty and time-vested RSUs from Liberty TripAdvisor (collectively, the 鈥�2020 term awards鈥�) that vest, in each case, on December 31, 2024 (except Liberty TripAdvisor鈥檚 award of time-vested RSUs, which vests on December 7, 2024), subject to the Chairman鈥檚 continued employment, except under certain circumstances. 听jvid视频鈥檚 portion of the 2020 term awards, granted in December 2020, had an aggregate grant date fair value of $5,850,000 and consisted of stock options to purchase 1,190,529 QRTEA shares with an exercise price of $10.34.

Beginning in 2020, the Chairman received annual equity award grants with an annual aggregate grant date fair value of $17.5 million, consisting of time-vested options and/or performance-based RSUs. The Chairman elected the portions of his annual equity awards that he desired to be issued in the form of options, performance-based RSUs or a combination of both. The annual equity awards were allocated across jvid视频, LMC, Liberty Broadband, GCI Liberty and Liberty TripAdvisor. Vesting of any of these annual performance-based RSUs will be subject to the achievement of one or more performance metrics to be approved by the Compensation Committee of the applicable company with respect to its respective allocable portion of the annual performance-based RSUs. At jvid视频, the CEO鈥檚 annual equity awards were issued with respect to QRTEA.

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CEO Compensation Agreement

On September 27, 2015, the Compensation Committee of jvid视频 approved a compensation arrangement for our current CEO. 听The arrangement provided for a five year employment term beginning December 16, 2015 and ending December 31, 2020, with an annual base salary of $1.25 million and an annual target cash bonus equal to 100% of the CEO鈥檚 annual base salary. 听The arrangement also provided the CEO with the opportunity to earn annual performance-based equity incentive awards during the employment term. 听Beginning in 2016, the CEO received an annual $4.125 million grant of performance-based RSUs with respect to QRTEA. 听Also, on September 27, 2015, in connection with the approval of his compensation arrangement, the CEO received a one-time grant of 1,680,065 stock options to purchase shares of QRTEA with an exercise price of $26.00 per share. 听50% of such options vested on December 31, 2019 and the remaining 50% vested on December 31, 2020, with an expiration date of December 31, 2022.

In connection with the CEO鈥檚 appointment to this position on March 9, 2018, the Compensation Committee of jvid视频 approved a one-time grant of stock options and performance-based RSUs to the CEO on August 13, 2018. 听The options consist of 577,358 options to purchase shares of QRTEA with an exercise price of $22.18. 听50% of such options vested on December 15, 2019 and the remaining 50% vested on December 15, 2020. The options have a seven year term. 听The RSUs consisted of 182,983 performance-based RSUs with respect to QRTEA, of which 152,825 RSUs vested on December 21, 2020 based on performance of the Company and the personal performance of the CEO, and at the sole discretion of the Compensation Committee.

Effective November 17, 2020, jvid视频 entered into an amendment to the CEO鈥檚 compensation arrangement that provides for a one year extension of the employment agreement dated December 16, 2015. 听The CEO鈥檚 employment term will now end on December 31, 2021, unless terminated earlier in accordance with the agreement, and his annual base salary has increased to $1.5 million. The CEO will be eligible to receive an annual target cash bonus equal to 100% of his annual base salary with a maximum bonus of 240% of base salary, subject to the achievement of performance criteria. 听The CEO is eligible to receive a performance-based RSU award equal to $5.5 million of target value, with a maximum value equal to $8.3 million, and a time-vested RSU award also equal to $5.5 million of value. 听The performance-based RSU award will be subject to performance criteria as determined by the Compensation Committee.