Under the terms of the Transition Agreement, Olsen will receive a lump-sum cash retention payment of $3,575,000, which will be fully earned by December 31, 2027, contingent upon his continued employment. Should his employment terminate before this date for reasons other than a qualifying termination, he will be required to repay the after-tax value of the retention payment. Qualifying terminations include scenarios such as termination without cause or resignation for good reason, as well as termination due to death or disability.
Until the Transition Date, Olsen will maintain his current base salary and remain eligible for both short-term and long-term incentive compensation, including a long-term incentive grant for 2026. Following the Transition Date, he will continue to receive his base salary and benefits but will not be eligible for additional incentive compensation. The agreement also ensures continued indemnification and directors' and officers' insurance coverage, alongside customary confidentiality and non-disparagement clauses.
This leadership change is part of Optimum Communications' ongoing strategy to ensure a smooth transition and maintain operational stability as the company prepares for future growth. The full details of the Transition Agreement will be disclosed in the company's upcoming Quarterly Report on Form 10-Q.
