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With new contract, CBS' Moonves gets grants worth $22 million

October 18, 2012|By Meg James
  • CBS Corp. chief executive Leslie Moonves received stock worth $14.5 million and option grants valued at $7.5 million as part of a new employment contract signed this week. Moonves is set to remain chief through June 2017.
CBS Corp. chief executive Leslie Moonves received stock worth $14.5 million… (Evan Agostini )

When CBS Corp. chief executive Leslie Moonves signed a new contract this week, he was awarded additional stock and option grants above his typical allotment.

Moonves received additional company shares worth $14.5 million, which will vest in 2014 and 2015, according to a filing Thursday with the Securities and Exchange Commission.

Separately, Moonves received options worth $7.5 million. Those vest next year. Moonves' new contract extended the 63-year-old media executive's departure date to June 2017.

Earlier this year, Moonves structured a Peter Chernin-esque exit deal that would allow him to segue into a production deal and advisory role. Chernin, the former president of News Corp., used his particularly lucrative producer deal to form the foundation of his movie and TV production company, Chernin Entertainment.

Last year, Moonves received a compensation package worth nearly $70 million. With the additional awards provided this week, Moonves' amount for this fiscal year could be even more.

The executive also has a lucrative exit package. Once stepping down from the chief executive role, Moonves would be entitled to a $4.5-million-a-year "advisor fee," according to the filing. And, should his contract be terminated "without cause or for good reason," there would be a stay-at-home fee. Moonves, the filing said, then would be "entitled to a cash payment of $10 million in the event he were to elect not to provide services as a producer."

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