Paramount Skydance has inked new five-year employment contracts with its senior executives, including CEO David Ellison, president Jeff Shell, and chief strategy officer and COO Andrew Brandon-Gordon, in conjunction with the close of the $8 billion transaction Thursday.

According to an SEC filing that included copies of the contracts, Ellison and Shell will be eligible to receive salaries of no less than $3.5 million per year, as well as annual bonuses with a target of $1.5 million per year. Brandon-Gordon will receive a $2.8 million salary, with a target bonus of $1.2 million. The executives also received a tranche of restricted stock units, with Ellison and Shell receiving 5 million shares, and Brandon-Gordon 4 million shares, which will vest quarterly over a five year period. Based on Paramount Skydances current share price, the current value of those shares is about $55 million for Ellison and Shell.

Ellison, Shell and Brandon-Gordon will all be based out of the companys Los Angeles headquarters, per the agreements.

The agreements are somewhat modest in terms of the total compensation packages, as compared to other media companies, with salaries in line with what executives at other companies are receiving, but lower annual target bonuses, and RSUs that vest over time.

Skydance closed on its acquisition of Paramount Thursday morning, giving Ellison control of the entertainment giant. He outlined his vision for the company in an open letter.

The executives are expected to make the rounds in both New York and Los Angeles over the coming days and weeks.