Lionsgate Pays Joe Drake $3.4M Severance, With More If 'Hunger Games' Delivers

Lionsgate disclosed the agreement with its former Motion Picture Group president ' who helped to shepherd The Hunger Games ' this morning in an SEC filing. Along with the $3.4M severance from the separation agreement, reached on April 27, Joe Drake can collect more cash if the blockbuster film and others in the franchise hit 'certain box office targets.' The deal also accelerates his ability to cash in his outstanding and unvested restricted shares and provides him with health care coverage for 18 months. In return, Drake agreed to give up 'any and all claims' from his 2007 employment deal. Yesterday Drake and his longtime partner, Nathan Kahane, announced that they've launched a movie financing, production, and global sales company, Good Universe, that will work with Lionsgate on some productions.