DreamWorks Animation CEO Jeffrey Katzenberg has renewed his contract with the company for another five years.
According to a report by Deadline, Katzenberg‘s agreement, which was due to expire in April 2014, now runs through October 23, 2017, and guarantees him an annual salary of $2.5 million, up from $1 million. Katzenberg’s long-term equity incentive awards were reduced from $8 million to a target of $4.5 million. The terms of the contract also allow him to be reimbursed for using a private jet for business-related travel, and for security services.
COO Ann Daly also has a new agreement that, like Katzenberg’s, runs through October 2017. Her base salary will rise from $1 million to $1.5 million a year, and could provide her with cash incentives that will hit $1.5 million beginning next year, twice what she currently earns. Andrew Chang will remain General Counsel at least to the beginning of 2016.
The executives will also receive special benefits if there is a change of ownership at the company. Among other things, they can continue to collect their base salaries, benefits and bonuses for either the rest of their contracts or for two years, whichever is longer.