We’ll have to wait for Time Warner‘s SEC filing to see most of the terms. But the company announcement says there’ll be no change to Jeff Bewkes‘ base salary and bonus target, and that his annual long-term incentive awards will be “tied directly, and solely, to future financial and shareholder returns.” Since he became CEO in 2008, the value of Time Warner’s shares has declined 8.7% while the benchmark Standard & Poor’s 500 fell 6.5%. But over the last 12 months, the company is up nearly 36% while the S&P is +11%. Bewkes’ total compensation package came to about $26M in 2011 and in 2010. Here’s the release:

NEW YORK, November 20, 2012 – Time Warner Inc. today announced a new employment agreement with Chairman and Chief Executive Officer Jeff Bewkes, extending his term another five years through 2017.

“Speaking on behalf of the Board of Directors, we are very pleased that Jeff has signed on to lead Time Warner for another five years,” said Stephen F. Bollenbach, Lead Independent Director of the Time Warner Board of Directors. “Jeff is a proven visionary when it comes to navigating the digital landscape. Since becoming CEO in 2008 he has led the transformation of the Company into a content-focused powerhouse while at the same time significantly increasing shareholder value.”

“It is a pleasure to work with such a dedicated Board of Directors and I appreciate their confidence in me and in the strategy we have formulated to drive the company’s growth,” said Mr. Bewkes. “With Time Warner’s exceptional management team we have created some of the most compelling content in the world, we have led the way in developing new business models that capitalize on emerging consumer trends, we’ve expanded our reach internationally and we’ve improved the operating and the capital efficiency of the Company. I’m even more confident about what we’ll achieve over the next five years.”

Under the terms of the new agreement, Mr. Bewkes’ base salary and bonus target will remain unchanged. Additionally, the agreement provides for annual long-term incentive awards that are tied directly, and solely, to future financial and shareholder returns.

Commenting on Mr. Bewkes’ pay package Mr. Bollenbach said, “Jeff’s compensation reflects his and the Company’s strong performance since 2008, especially in delivering strong financial results in a competitive market and in the digital leadership of our businesses. The structure of his pay also takes into consideration the views of our major stockholders and expressly ties his pay to the long-term financial success of the company.”

Prior to being named Chairman and CEO in 2009, Mr. Bewkes was appointed as Time Warner’s President and CEO in 2008. He was President and COO from January 2006 to December 2007 and Chairman of the Entertainment and Networks group from July 2002 to December 2005. Before joining the corporate management of Time Warner, Mr. Bewkes served as Chairman and CEO of HBO from May 1995 to July 2002, and as President and COO of HBO from September 1991 to May 1995.

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