Don’t feel too bad for ousted Viacom boss Philippe Dauman — with a settlement like this, who needs to work?
Viacom detailed Dauman’s estimated $72 million golden parachute Tuesday morning via a Securities and Exchange Commission filing. First and foremost, the former company chairman will get a check for $46.4 million on his release date, September 13. So long as he complies with his employee agreement — which includes a non-compete clause — he’ll get $11.6 million more in regular paychecks over the next 29 months or so.
Plus, Dauman’s still eligible for a $20 million bonus for 2016. Since he won’t serve the full fiscal year, however, Dauman is only entitled for up to $17.7 million.
Don’t start sending donation checks to make up the difference quite yet.
After all, Dauman’s 1.7 million-plus unvested stock options will automatically vest on his release date, backing up another Brink’s truck to his estate.
He’s also eligible to receive 1.1 million performance share units, plus 300,000 more of those in restricted stock.
Finally, Sumner Redstone’s former protege will still have at least $5 million in life insurance, courtesy of the company he led for a decade.
Also confirmed in the SEC filing, the Viacom Board has elected Thomas May as its new non-executive chairman.