The studio made the disclosure May 6 in an 8K filing with the Securities and Exchange Commission and said the extension had gone into effect April 1.
Beeks joined Lionsgate as part of its 2003 acquisition of Artisan Entertainment, where he had been an executive since 1998. He became co-chief operating officer in 2007 and president of the motion picture group in 2012, when he signed a long-term employment agreement.
As motion picture group president, he’s reported to co-chairs Rob Friedman and Patrick Wachsberger and overseen the financial and planning decisions for films, which have included the “Hunger Games,” “Now You See Me” and “Divergent” franchises. Lionsgate became the first independent studio to top $1 billion in annual domestic grosses in 2012.
The filing said Beeks will continue to oversee the company’s day-to-day operations and strategic initiatives with co-chief operating officer Brian Goldsmith. He and Goldsmith report to CEO Jon Feltheimer.
Beeks will receive an annual base salary of $950,000 and will be eligible to receive an annual bonus with a target of 75% of base salary — with the actual amount to be determined by the board’s compensation committee.
He was also granted 33,333 time-vesting restricted share units, 66,667 performance-vesting restricted share units, 116,667 time-vesting options to purchase shares of common stock and 233,333 performance-vesting options to purchase shares. The vesting of the awards will also be subject to an assessment of his performance.