Filmmaker Lionsgate (NYSE:LGF-A) is reupping its contract with CEO Jon Feltheimer.
On Monday, Lionsgate announced the signing of a new long-term employment agreement with its boss of the past 13 years, extending his term in office for a further five years, up to May 2018. Commenting on the appointment, Chairman of the Board Dr. Mark Rachesky said: "We are pleased to make this early decision to extend Jon's tenure as CEO until 2018, providing Lionsgate with extraordinary continuity as he and Michael Burns continue to grow the Company into a next generation global content leader."
In an SEC filing accompanying today's announcement, Lionsgate confirmed that it has agreed to pay Feltheimer an annual base salary of $1.5 million, plus:
- an annual bonus targeting 100% of base salary
- 2 million stock options
- 200,000 restricted stock units
- an additional 250,000 "First January 2014 Option" stock options to be exercisable at the closing price of the Company's common shares on the January 2014 grant date
- an additional 1 million stock options exercisable at a per-share exercise price equal to the greater of $30 or the closing price of the Company's common shares on the January 2014 Grant Date
- and additional and conditional benefits too numerous to mention (but they do include limited use of the company's corporate jet).
Lionsgate shares are up more than 140% over the past year.
Fool contributor Rich Smith and The Motley Fool have no position in any stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.