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.
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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.
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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,
