WMG Extends Deal With Bronfman
March 17, 2008
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| BRONFMAN |
By Ed Christman, N.Y.
Warner Music Group chairman and CEO Edgar Bronfman Jr. has re-upped to run the New York-based major for another five years, through March 15, 2013, according to a March 17 8-K filing with the Securities and Exchange Commission.
The original terms of the contract continue, with Bronfman having a base salary of at least $1 million and bonus that can range up to 600% of his base salary. The bonus is based on new performance targets written into the contract.
In addition, the amended and restated employment agreement grants Bronfman 2,750,000 stock options and 2,750,000 performance-based restricted shares of WMG's common stock pursuant to a separate agreements.
Initially, Bronfman had a four-year contract which ran from March 1 2004 through March 1, 2008, and at the end of each period, it calls for the contract to be extended on a year-by-year basis, which is what Bronfman was working under for the last two weeks until the contract was renewed.
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