Viacom CEO Bob Bakish skeleton to stay in a pursuit during slightest by a finish of 2019, according to an practice agreement reached final week and only disclosed in an SEC filing. And while a terms aren’t as honeyed as a ones Philippe Dauman enjoyed before he was suspended final year, they’re better than a association creatively indicated.
The new understanding guarantees him an annual income of $3 million “subject to annual consequence reviews,” a association says.
The Performance-Based Cash Bonus comes to $7 million, “subject to a feat of opening goals.” (It will be cut by $250,000 in 2017 “to simulate remuneration payments formerly made” in a understanding he reached in October.)
Bakish can design Annual Equity Awards targeted during $10 million, formed on Viacom’s batch cost during a commencement of any year. Half will come from Performance Share Units, with a other half from batch options. The association already gave him $3.25 million value of equity. On Monday, a house gave him an additional $6.75 million for this year.
On tip of that, a association will feet a check for $5 million in life insurance. If dismissed but cause, or if he leaves for good reason as tangible by his contract, afterwards he can collect dual times his income and aim bonus, and his unvested equity will turn vested.
The new terms reinstate ones in Oct that seemed designed to take caring of him in box he mislaid his pursuit with a partnership of Viacom and CBS, both owned by Sumner and Shari Redstone’s National Amusements. They motionless in Dec to throw that plan, and a Viacom board changed Bakish’s pretension to CEO from “acting CEO.”
He was guaranteed $2.5 million to reason a tip job — with an additional $500,000 for any month of use — and $2.75 million for his then-additional pursuit as CEO of Viacom Global Entertainment Group. His money reward was pegged during $3.5 million, with equity awards of $3.25 million.
Even with a improvements, Bakish will make reduction than Dauman, who left in midst August. In 2014 a association lifted his bottom income to $4 million, with an annual reward targeted during $15 million — after lifted to $20 million — and equity awards of $15 million.