LGF » Topics » Employment Agreements

This excerpt taken from the LGF DEF 14A filed Aug 17, 2009.
Employment Agreements
 
We have entered into multi-year employment agreements with each of the Named Executive Officers. Each employment agreement specifies the annual base salary that the executive will be entitled to receive during the term of the agreement, as well as the Company benefit plans in which the executive will participate and any other perquisites that the executive will receive. In addition, each agreement sets forth the annual and long-term incentive compensation target or ranges that the executive officer will be eligible to receive, subject in all instances to the discretion of the Compensation Committee. Each agreement also specifies the post-termination benefits that will be received by each executive (including the treatment of any unvested equity awards) upon certain terminations of employment, a change in control or upon expiration of the employment agreement.
 
Each of these agreements was approved by the Compensation Committee and is described below under Description of Employment Agreements — Salary and Bonus Amounts. We believe that it is in the best interests of the Company to enter into multi-year employment agreements with the Named Executive Officers because the agreements foster long-term retention, while still allowing the Compensation Committee to exercise considerable discretion in designing incentive compensation programs and rewarding individual performance. In addition, we believe that use of multi-year employment agreements assists in recruiting efforts because generally, other entertainment companies with which we compete for executive talent enter into long-term employment agreements with their executives as well.
 
During fiscal 2009, the Compensation Committee approved amendments to the employment agreements for Messrs. Feltheimer, Burns and Beeks, extending the terms of their agreements, and a new employment agreement for Mr. Keegan. In each case, the new arrangements provided for new equity award grants for each executive and increases in base compensation for Messrs. Feltheimer, Burns and Keegan. These changes are discussed in detail under the applicable sections of this Compensation Discussion and Analysis below. The terms of Mr. Drake’s compensation were established under an employment agreement entered into in September 2007 in connection with our acquisition of Mandate Pictures LLC.
 
This excerpt taken from the LGF DEF 14A filed Jul 24, 2008.
Employment Agreements
 
We have entered into multi-year employment agreements with each of the Named Executive Officers that provide for the executive’s compensation over the term of the agreements, including base salary levels, annual bonus opportunities, long-term equity incentives and severance and change in control benefits. Each of these agreements was approved by the Compensation Committee and is described below under “Description of Employment Agreements.” We believe that it is in the best interests of the Company to enter into multi-year employment agreements with our Named Executive Officers because the agreements foster long-term retention, while still allowing the Compensation Committee to exercise considerable discretion in designing incentive compensation programs and rewarding individual performance. In addition, we believe that our use of multi-year employment agreements assist us in our recruiting efforts because other entertainment companies with which we compete for executive talent generally enter into long-term employment agreements with their executives.
 
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