On November 29, 2006, in-home movie rental and game entertainment provider Blockbuster (BBI-$$5.17) announced that in connection with the Company’s sale of its corporate aircraft, the Board had also entered into an addendum to its employment contract with Mr. John Antioco, its Chairman and Chief Executive Officer. Specifically, Mr. Antioco’s employment contract was modified by reference so that instead of use of the Blockbuster aircraft, he was entitled to continued use of a chartered aircraft.
According to the Company’s Proxy Statement filed with the SEC last April, during fiscal year 2005 and fiscal year 2004, Mr. Antioco (1) received a base salary of $1,250,000 and additional, deferred compensation of $383,333 and $1,045,192 in base salary and $1,000,000 in deferred compensation, respectively; (2) received a cash bonus of $5.0 million paid in 2004 (for 2003 performance); received 5.0 million restricted stock units worth $26.8 million in 2004; (3) received a car allowance of $1,100 per month for each year; and, (4) recorded expenses of $92,125 for personal use of the Company’s plane in each year.
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