Feltheimer has been CEO of the entertainment conglomerate since 2000, teaming with vice chairman Michael Burns during the subsequent two decades. He will turn 69 in September.
His contract was previously set to expire on May 22, 2023. It can now be extended to either Aug. 21, 2024 or Aug. 21, 2025. The company made the disclosure Wednesday in an 8-K filing with the Securities and Exchange Commission. It said the board’s compensation committee approved a new employment agreement on Aug. 21 for Feltheimer, replacing the agreement from 2013, which was amended in 2016.
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 $6.6 million to $11.07 million, due to a $6.3 million bonus.
The board of directors has also approved an award to Feltheimer of share appreciation rights of 2 million of Class B non-voting shares with an exercise price of $8.17 and will vest in one installment on Aug. 21, 2023, subject to Feltheimer’s continued employment.