DreamWorks Animation CEO Jeffrey Katzenberg's 2011 Compensation Drops 40.5 Percent
UPDATED: The studio boss made $4 million, down from $6.7 million in 2010.
LONDON -- DreamWorks Animation CEO Jeffrey Katzenberg's 2011 compensation fell sharply to $4 million, according to a regulatory filing.
In 2010, he had earned $6.7 million, which translates to a 2011 decline of 40.5 percent. Katzenberg got a $1 salary in both years, but he benefited from option awards worth $4.3 million in 2010 that he didn't get in 2011. Beyond the nominal salary, all of his earnings last year came in the form of $3,999,997 in stock awards, which was up from $2,399,976 in 2010.
Katzenberg's compensation declined in line with the drop of DreamWorks Animation's stock last year.
President and CFO Lewis Coleman made $3.7 million in 2011, down from, $5.95 million in 2010. He also didn't get option awards in the latest year, plus the value of his stock awards declined in 2011.
COO Ann Daly saw her compensation rise from $1.6 million to more than $3 million, driven by $2 million in stock awards.
A new benefit under Katzenberg's employment pact is "reasonable security personnel at the company’s expense"; according to the filing, "the company began providing to Mr. Katzenberg in March 2012 at Mr. Katzenberg’s request."
The company further disclosed that it paid or reimbursed Katzenberg "an aggregate of approximately $1,471,144 under the sublease arrangement [that it has with a company owned by its CEO and Steven Spielberg, who still owns a 5 percent stake in DreamWorks Animation] for flights occurring in 2011. Under this sublease, the company pays all aircraft operating expenses on Mr. Katzenberg’s company-related flights."
Speaking of Spielberg, "the company received casting and other services from entities controlled by Steven Spielberg" last year, for which the studio paid approximately $423,789.
Katzenberg's and Spielberg's DreamWorks co-founder David Geffen also was mentioned in the filing. In 2010, DWA had entered into a consulting agreement with him. As set forth in that agreement, Geffen received $2 million last year for his services. "The term of the agreement expires in July 2013, although either party may terminate the agreement at any time upon notice to the other party," the filing said.