CBS' Les Moonves Could Get $22 Mil Boost Under New Deal
CBS Corp. has disclosed details of its amended employment and compensation agreement with CEO Les Moonves, making him eligible for more stock and cash under various scenarios and extending his employment to June 30, 2017.
The executive’s annual salary of $3.5 million did not change under the new agreement, nor did his target bonus of $12 million, though both are subject to annual review and could be adjusted higher, according to a regulatory filing dated Thursday.
The new employment agreement gives him a grant of stock options to purchase shares of CBS “on the third trading day following the company’s public announcement of the agreement having a value equal to $7.5 million,” according to the filing.
Moonves will also get $14.5 million in restricted stock in addition to the restricted stock that other senior executives receive. The company will also pay up to $150,000 per year in life insurance premiums for Moonves.
Moonves would be paid $10.25 million in cash if he is terminated “without cause or for good reason” before collecting all of the stock grants he is entitled to before 2017.
The agreement calls for Moonves to work as a senior advisor to CBS for four years at an annual salary of $4.5 million once his employment term ends, and he’ll have the opportunity to provide services as a producer. If he chooses not to produce for the network, he is entitled to $10 million in cash.