The new contract extends his tenure through August 21, 2025.
Lionsgate has extended the employment agreement of CEO Jon Feltheimer for another year.
The decision follows a 2020 extension, which included an option enabling the company’s board of directors to re-up him through August 2025.
Lionsgate’s compensation committee made the decision to exercise its option under the employment agreement with the studio head to keep him as CEO through 2025, the studio said in a Securities and Exchange Commission filing.
The new deal for the media executive, who has run Lionsgate since 2000, expires on August 21. When he signed an extension in 2016, it carried the expiration date of May 22, 2023.
Feltheimer’s new deal will pay him at the same compensation level. Lionsgate disclosed in a proxy filing last month that Feltheimer’s compensation for the fiscal year that ended March 31 had increased from $6.6m to $11.07m, due to a $6.3m bonus.
The board of directors has also approved an award to Feltheimer of share appreciation rights of 2m of Class B non-voting shares with an exercise price of $8.17 and will vest in one instalment on August 21, 2023, subject to Feltheimer’s continued employment.
Extending Feltheimer’s contract follows the Lionsgate Television Group disclosing that it had 14 new shows picked up to series and 15 current series renewed for additional seasons.
Feltheimer joined Lionsgate after a run in Sony’s TV exec ranks. He engineered a series of acquisitions of companies, from smaller firms like Artisan and Trimark, to bigger ones like Starz and Summit.
