Lionsgate vice chairman Michael Burns has extended his long-term employment contract with the movie studio through October 2023, according to a new SEC filing.
The studio, which is known for movies franchises like “The Hunger Games” and “John Wick,” revealed the new long term-deal ahead of the current contract expiring in October 2022. The studio also has discretion to extend Burns’ latest contract through October 2024, the Tuesday filing said.
Lionsgate chief executive officer Jon Feltheimer earlier saw his employment contract with Lionsgate renewed. That makes the combination of Feltheimer and Burns one of the longest-running senior management teams in Hollywood, having both joined the company in March 2000.
Burns received compensation of just over $6 million in fiscal 2020, up from $5 million in fiscal 2019. The financial terms of his new contract, which includes a base salary of $1 million a year, appears to remain the same except for stock appreciation rights for 1.5 million class B shares that will vest if Lionsgate’s stock price doubles over the next three years.