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Lions Gate Entertainment Corp. (NYSE:LGF.A) (NYSE:LGF.B) has solidified its executive leadership by entering into a new five-year employment agreement with CEO Jon Feltheimer, effective from August 8, 2024, as revealed in a recent 8-K filing with the SEC. The new contract, which extends through July 31, 2029, supersedes the prior agreement amended last year.
Under the terms of the agreement, Feltheimer will draw an annual base salary of $1.5 million, with eligibility for a performance-based bonus starting at $7.5 million for the fiscal year 2025, potentially doubling if maximum performance targets are met. In addition to salary and bonus incentives, the contract stipulates that Feltheimer may be compensated with fully vested company shares for any bonus amount exceeding $1.5 million annually.
The agreement also grants Feltheimer equity-based awards, including restricted share units (RSUs), stock options or share appreciation rights (SARs), and performance-vesting RSUs, all tied to the company's Class B non-voting shares, with a target grant date value of $10 million annually. These equity awards are contingent on both performance metrics and Feltheimer's continued employment.
In the case of termination without cause or resignation for good reason, Feltheimer is entitled to a severance package that includes the present value of his base salary through the end of the contract term, continued health coverage, and life and disability insurance payments. The severance payment increases to the greater of the present value of his base salary or $6 million if termination occurs within 12 months following a change in control of the company.
Furthermore, all unvested equity awards will vest upon termination by the company without cause, resignation for good reason, or due to death or disability. If Feltheimer retires with appropriate notice or continues employment through July 31, 2024, his unvested equity awards will still vest post-retirement, and vested options or SARs will remain exercisable for five years.
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