Yesterday the Viacom (NYSE: VIA) board announced a five-year contract extension for CEO Philippe Dauman through 2016 and now that the SEC filing has been made we know about the compensation that goes with it. Effective Jan. 1, Dauman got a $1 million raise to $3.5 million from $2.5 million. At the same time, his annual cash bonus target rose 26 percent, to $12 million from $9.5 million; he has to hit performance goals to make it all. Both could increase annually with merit reviews but that’s not automatic; most of Viacom’s senior execs, including Dauman, did not get a base salary raise in 2009. No crying—his total compensation for 2009 was more than $34 million, according to the Viacom proxy also filed today.

But wait, there’s more. As part of the new agreement. He also gets a one-time batch of stock options and performance-linked restricted share units. On Apr. 20, Dauman gets stock options to buy 2 million shares of Class B that will vest over four years with an exercise equal to the price on the grant date. This is consistent with the heavier emphasis on performance-based CEO compensation put into place when Dauman replaced Tom Freston in 2006. You can follow the reasoning in the proxy. The share price as of this week’s close: $38.58. 

Dauman also gets a one-time equity award of 1 million performance-linked RSUs that vest over four years starting with the fiscal year that ends Sept. 30, 2011. That’s worth 75-125 percent of the underlying share value based on meeting financial targets for Viacom. He continues to get an annual PSU grant worth $6 million and another annual grant of stock options valued at $12 million. That’s in addition to the usual perks.

If he leaves—or gets left: If Dauman is terminated without “cause” or resigns for “good reason” he gets a mix of vesting and cash capped at 3 times base salary plus bonus. Under the current numbers, that would be worth some $46.5 million.

From the proxy: Dauman isn’t the only one who got a raise. Viacom Chairman Sumner Redstone did well, moving to a base salary of $1.75 million from $1.25 million and a target bonus of $6 million from $4.75 million. Senior EVP Tom Dooley’s salary jumped to $2.5 million from $2 million with a target bonus increase to $8 million from $7.6 million.

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