Included in that figure are bonuses related to the box office performance of Lionsgate's smash hit "The Hunger Games." The adaptation of Suzanne Collins' novel has racked up $601.2 million worldwide.
The former production head's exit package could swell based on future films in the planned franchise, with bonuses tied to their box office performance, according to a filing with the Securities and Exchange Commission.
Drake took over control of Lionsgate's film division after his company Mandate Pictures was acquired by the studio in 2007.
Yet Drake was odd-man out after Lionsgate bought Summit, the indie studio behind "Twilight," earlier this year. As part of that pact, Summit co-chairs Rob Friedman and Patrick Wachsberger took over Lionsgate's Motion Picture Group.
Drake announced Tuesday that he was launching Good Universe, a new film financing, production and global sales company.
Good Universe will work with Lionsgate to finish a number of Mandate's films currently in development and will acquire its own mainstream projects, Drake said.
As part of the exit package with Lionsgate, the studio agreed to pay for his health care coverage for 18 months.