If you think that CBS Corp chairman Sumner Redstone’s tight with a dollar, well, you’re right — except when it comes to rewarding his pals like he does in the new contract he gave to CEO Les Moonves. The basic terms of the deal, which runs to mid-2017, remain unchanged from his 2010 contract, according to an SEC filing this morning: Moonves continues to collect $3.5M in annual salary with a $12.0M target bonus. But for extending his employment, Moonves will pocket $14.5M in restricted stock on top of the restricted stock that he and other top execs receive each year. He also will have options to buy $7.5M worth of CBS common shares at today’s closing price, in addition to the annual stock option grants he already collects. If he’s fired without cause, or has good reason to leave before his contract ends, then the company will pay him $10.25M. And if he decides that he’s had it with the network CEO game, he can become a Senior Adviser/Producer. This provision was in his previous employment contract. But now the term has been increased to four years with an annual fee of $4.5M. If Moonves leaves CBS for good reason, or the company fires him without one, then he can still collect $10M even if he decides not to serve as a producer for the network.
By DAVID LIEBERMAN, Financial Editor | Thursday October 18, 2012 @ 11:16am EDTTags: CBS Corp, Les Moonves
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This article was printed from http://www.deadline.com/2012/10/cbs-les-moonves-employment-contract-extention/