It’s good to be the CEO of Marvel.
The entertainment company has signed up boss Isaac Perlmutter for four more years, according to regulatory filings, and rewarded him with a $50,000 raise and a nice golden parachute.
Marvel upped Perlmutter’s annual base salary to $750,000 from $700,000 and stipulated if he’s fired for any reason without just cause, he will still be paid his salary and average bonus for the next three years. If he’s fired or chooses to leave in connection with a change in control, he’ll still get the same loot in one lump sum.
Perlmutter’s golden parachute isn’t as lofty as, say, Peter Chernin’s, but considering that prior to his new deal, he would have gotten nothing if he left the company, these new perks are pretty sweet.
He has guided Marvel to big hits like Spider-Man, the X-Man films, and, most recently, Iron Man‘s huge hauls from the theatre and DVDs, and the company was hot enough to keep him around that it opted to re-up him eight months before his contract expired.
Perlmutter, 66, still won’t automatically receive a bonus under his new deal, but his discretionary 2009 bonus of $4.3 million in stock is expected to be reduced to $4.25 million in stock in light of his new salary. He also got 750,000 stock options with his new contract, which are set to vest in three installments on the first, second and third anniversaries of their issuance. On the fourth year, the options will expire.
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