Jeffrey Katzenberg, Ann Daly Re-Up at DreamWorks Through 2017

Jeffrey Katzenberg has reached a contract extension with DreamWorks Animation, where his term as CEO will now run through 2017. Ann Daly’s term as COO has also been extended through 2017.

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Katzenberg, who had been receiving $1 million per year, will receive an annual base salary of $2.5 million under the new agreement and will be eligible for annual cash bonuses of $4 million. He will also be eligible for long-term equity incentives of $4.5 million, reduced from $8 million under his previous agreement, according to filings with the U.S. Securities and Exchange Commission.

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Katzenberg, whose previous contract had run through 2014, also will be compensated for such business expenses as private aircraft usage for business-related travel and security personnel.

Daly’s annual base salary is being increased from $1.012 million to $1.5 million, and she will be eligible for annual cash bonuses of $750,000 in 2012, increasing to $1.5 million in 2013. Additionally, she will be eligible for long-term equity incentives of $3.5 million annually, up from $2.5 million under her previous agreement.

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The company also reached a new agreement with general counsel Andrew Chang that now runs through Jan. 1, 2016. Chang's salary increases from $460,000 to $550,000 annually beginning in 2013.

Under the new terms, if DWA undergoes a change of ownership, Katzenberg could collect his compensation for the rest of the existing contract or for two years, whichever is longer.