Sinclair (NASDAQ:SBGI) and its subsidiary, Sinclair Broadcast Group, announced a significant step in bolstering their executive team with the promotion of David B. Gibber to the position of Executive Vice President and Chief Legal Officer.

Under the terms of the agreement, Gibber's compensation includes a robust package that reflects the company's commitment to securing and incentivizing top-tier leadership.

For the calendar year 2024, Gibber's annual base salary is set at $950,000.

In addition to his base salary, Gibber is poised to receive a diverse array of bonuses and equity grants aimed at aligning his interests with the company's long-term success.

A notable aspect of the agreement is the inclusion of a one-time cash bonus of $2.5 million, contingent upon Gibber's continuous employment through June 1, 2029.

The agreement also outlines severance benefits under various scenarios, including death, disability, termination without cause, or resignation for good reason.