Viacom CEO Philippe Dauman signed a two-year employment contract extension that netted him a one-time $17 million stock award, pushing his total compensation up 22% for fiscal 2015 to $54.15 million, according to a proxy statement filed late Friday with the Securities and Exchange Commission.
According to the proxy, Viacom amended and restated Dauman’s employment agreement on Jan. 15, 2015 extending it to Dec. 31, 2018 (it was previously set to expire on Dec. 31, 2016). As part of that renewal, Viacom granted Dauman 300,000 performance restricted share units that vest in three equal annual installments beginning with fiscal year 2016. Those PRSUs deliver, at the time of vesting, 75% to 125% of the shares underlying the PRSUs, depending on the achievement of company financial targets over specified periods.
Dauman’s base salary stayed about even at $4 million from $3.9 million in the prior year, but his non-equity incentive compensation fell 30% to $14 million from $20 million the year before. Not including the contract renewal award, Dauman’s total compensation was $37.1 million, about 16% less than the $44.3 million he received in 2014.