AMC Networks said it has amended its employment agreement with president and CEO Josh Sapan that will keep him with the company through Dec. 31, 2022.
Sapan has been in charge of the company since 1995, when it was part of Cablevision Systems. The company was spun off in 2011.
According to a filing with the Securities and Exchange Commission, Sapan will have a minimum annual base salary of $2 million.
He will be eligible for a bonus that could be worth up to 200% of that base salary. He will also be able to participate in the company’s long-term equity and other incentive programs that could be worth not less than $14 million.
His title could change in 2022 to vice chairman, the filing said.
Last month, AMC said that it would incur severance costs of $20 million to $30 million during the fourth quarter as the result of reducing its staff by 10%, eliminating about 100 employees.
The company reported that third quarter net income fell 47% to $62 million, with revenue falling 9% to $954 million,
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