Jeff Shell may be exiting Paramount Skydance, but he won’t be leaving empty-handed.
A securities filing Thursday laid out the terms of his exit as president of the company, which also unveiled a major restructuring of its debt connected to the Warner Bros. Discovery mega-deal.
Shell’s separation agreement, which was filed Thursday morning, calls for cash payments equal to the salary and target bonus he would be eligible for, spread over the next 12 months. Shell’s contract calls for a $3.5 million salary and $1.5 million target bonus, so the cash payment should be in the ballpark of $5 million.
In addition, he will be eligible for accelerated vesting of his restricted stock units (RSUs) that would have vested over the course of the 12 months following his separation. When he joined Paramount last August, Shell received 5 million RSUs which would vest quarterly over a five
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