An SEC filing also discloses steep termination fees if Viacom or CBS calls off the deal.
Viacom CEO Bob Bakish will see his compensation rise by about 50 percent once he assumes control of a combined ViacomCBS.
The final compensation will fluctuate based on performance and stock price. Bakish will also receive a one-time RSU grant valued at $5 million. Bakish’s contract will extend for four years from the closing of the deal, and will be subject to one year extensions. Ianniello, meanwhile, will have a fixed term commencing on the deal closing date, lasting for 15 months.
The board of ViacomCBS will include six current CBS board members: Candace K. Beinecke, Barbara M. Byrne, Brian Goldner, Linda M. Griego, Susan Schuman and Frederick O. Terrell. Four current Viacom board members: Judith McHale, Ronald Nelson, Charles E. Phillips, Jr. and Nicole Seligman, as well as Bakish and National Amusements' Robert N. Klieger. Shari Redstone will be non-executive chair of the board.
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