The deal includes a severance payment of $58 million, with $46.4 million of that “payable on the release date,” with the rest “paid in accordance with Viacom’s regular payroll practices over a period of approximately 29 months.” He’ll also receive “for fiscal year 2016 based on his Target Bonus of $20,000,000, prorated for the 323 calendar days elapsed in fiscal year 2016 through the Effective Date,” according to the filing.
The filing also says Dauman “shall provide the Viacom Board a status update as to any potential Paramount Investment, as soon as reasonably practicable, but no later than September 7, 2016.” The update “shall include an identification of potential investors and the current status of those discussions, and Dauman shall thereafter keep the Board informed on a regular basis as to such matters.
Interim Viacom CEO Tom Dooley also must, in conjunction with the chair of the governance committee of the board, “schedule a meeting as soon as reasonably practicable for the management of Paramount to meet with the Viacom Board for an information session and status update, including a Q&A session as may be requested by members of the Viacom Board, regarding the Paramount Business, which shall include a presentation with respect to the material revenue sources of the Paramount Business, Paramount’s 2016 and 2017 budgets (including actual operating performance for the fiscal year ending September 2016), and a review of current and planned business activities in such level of detail as the Viacom Board may request,” according to the filing.
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On August 18, Viacom’s board approved the arrangement with Dauman giving up his role as CEO but remaining as non-Executive Chairman until September 13, when he will leave with the $72 million payout.
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