Lionsgate Studios Corp. 8-K

What Happened Lionsgate Studios Corp. (LION) filed an 8‑K (Apr 15, 2026) disclosing a Compensation Committee‑approved amendment (dated Apr 13, 2026) to CEO Jon Feltheimer’s employment agreement. The amendment extends his term to July 31, 2031 and grants equity Awards consisting of options to buy 4,500,000 common shares and 666,667 restricted share units (RSUs). Awards vest in three performance‑based tranches only if specified stock price goals are met within five years and Feltheimer remains employed through the fifth anniversary (or is terminated without cause, for good reason, or by death/disability).

Key Details

• Term extension: employment term extended to July 31, 2031; amendment dated April 13, 2026.
• Equity Awards: 4,500,000 options and 666,667 RSUs total, granted in three tranches with stock price goals of $17.50 (2,500,000 options / 370,371 RSUs), $20.00 (1,000,000 / 148,148), and $22.50 (1,000,000 / 148,148). Exercise price = $11.07 (grant date closing price).
• Vesting & change in control: each tranche requires the 20‑day average share price to meet the goal within five years and continued employment through year five; tranches that have met the price goal become time‑vested on a change in control (others terminate unless assumed).
• Compensation & severance: base salary $1,500,000; target annual bonus $7,500,000 (max 200% of target); annual equity grants targeted at $10,000,000 each year (2026–2029). If terminated without cause or for good reason, Feltheimer is entitled to cash severance (present value of base salary through term), health coverage for up to 18 months, life/disability premiums through the term, and target bonus for the year of termination. If termination occurs within 12 months after a change in control, cash severance is the greater of the present value of salary through term and $6,000,000. Outstanding unvested equity generally vests upon qualifying termination; special rules apply for retirement.

Why It Matters This 8‑K signals the board’s decision to retain CEO Jon Feltheimer through mid‑2031 and aligns long‑term CEO pay with stock price performance via sizable option and RSU grants tied to specific price milestones. For investors, the amendment increases potential equity dilution (4.5M options + 666,667 RSUs) if price hurdles are met and clarifies severance protections that could affect cash payouts after a change in control. The annual grant program (target $10M/year) also formalizes ongoing executive equity compensation through 2029. Filed as Exhibit 10.1 to the 8‑K.