CBS Corp topper $3.5 million salary also augmented by stock
Leslie Moonves has his eye on $12 million this year. That’s the amount of the target bonus set for the CBS Corp. chief for 2010 by the Eye’s board of directors, according to the Eye’s 2009 annual report filed Thursday with the Securities and Exchange Commission.
The filing comes on the heels of Wednesday’s news that Moonves has signed up for another five-year hitch with CBS Corp. Moonves’ annual salary will remain the same as under his last contract — $3.5 million a year. Under the new deal, he’ll receive a grant of 3 million stock options this month, and he’ll receive another grant of 3 million-4 million stock options next year, depending on the company’s performance and a review by the board’s compensation committee.
In addition, Moonves is in line to receive restricted stock units, valued at a total of $45 million, at one-year intervals through the end of his contract term in February 2015. Half of them are subject to performance-based considerations.
Deal also includes a clause that allows Moonves to continue on at CBS as a “senior adviser-producer” for three years after the end of the contract at a salary of $3 million year. Plus he’d be in line for another $9 million in restricted stock. If he does go for that option, as a producer he’d automatically have a first-look deal with CBS production entities.
And finally, if Moonves is so inclined, he can be reimbursed for a maximum of $500,000 in construction and equipment costs if he needs to add anything to his home (such as a screening room) to assist him in doing his job.