Iger can now wish $135M upon a star

Bob Iger’s path to collect one of the largest hauls of his career just got trickier — and more lucrative.

Disney’s board firmed up the stock-return goals the company must exceed for Iger to receive a massive block of shares, an opportunity that was part of his contract extension in December 2017, according to a regulatory filing Monday. But the board also sweetened the deal by increasing the chief executive officer’s potential payout.

Under the new terms, Iger can earn a maximum of 1.17 million shares if Disney’s stock return beats at least 75 percent of the companies in the S&P 500 Index over the four years ending Dec. 31, 2021. As of Friday’s close, that potential payout was worth $135.4 million, a figure that may increase if the ambitious goal is actually met.

That potential haul is 14 percent bigger than under the initial agreement struck a year ago when Disney announced a deal to acquire assets from Twenty-First Century Fox.

But the board also reduced the number of shares Iger will receive if Dis- ney’s stock return falls below the 60th percentile of S&P 500 firms. If the company slips into the bottom quartile, the CEO won’t see any payout at all.

“The decision to implement more rigorous performance criteria reflects feedback received directly from shareholders and underscores Mr. Iger’s and the board’s confidence that the current strategic direction of the company will generate significant value for our shareholders,” Disney said in an e-mailed statement.