Lionsgate’s film division may not be doing spectacular at the box-office lately: it’s most recent release, My Best Friend’s Girl, got dismal reviews and opened with $8.2 million, and the studio’s only made $267 million so far this year. (Don’t worry, it has plenty of other chances before the year is up. Lionsgate’s releasing six (!) more movies before January.)
But Lionsgate also produces Mad Men, which just won six Emmys including Outstanding Drama Series. And apparently, with TV success comes better employment agreements for Lionsgate’s top dogs, er, cats (?).
Reuters: Lions Gate Entertainment Corp said in a U.S. Securities and Exchange Commission filing on Tuesday that it had amended employment agreements with two top executives, Jon Feltheimer, co-chairman and chief executive officer, and Michael Burns, vice chairman.
Lions Gate said it amended Feltheimer’s contract so that in the event of of his death, all of his stock options and restricted share units, will immediately accelerate and become fully vested.
Ok, so we guess this isn’t the best deal, since it means Feltheimer will have to die in order for his descendants to enjoy his stock options. But we’re sure when the unfortunate time comes, having all of that money in stock will be a nice silver lining. On the other hand, the market went down today, so hang in there, Feltheimer.
The company also extended Burns’ term of employment for an additional one-year to Sept 1, 2011, and increased his base salary from $750,000 to $925,000 from Sept 2008 to September 2010, and $950,000 from September 2010 through September 2011.
Burns also gets the stock-options-vesting-upon-death “perk.” But the former i-banker’s basic contract adjustment is a little more clear-cut: he got a hefty raise from $750,000 to $925,000 and his pay will be bumped up to $950,000 in September 2010. Thank you, Mad Men! (That’s a lot more than Ken Cosgrove’s $300 a week.)
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