Katzenberg waived stock grant, was paid $1 in ’06

DreamWorks Animation SKG Inc. paid Chief Executive Jeffrey Katzenberg $1 in total compensation in 2006 after he waived a stock grant that was to have been valued at $5 million, according to a regulatory filing.

Katzenberg waived his stock award in 2006 and for the next two years to accommodate the salary and equity compensation of the company’s president and chief financial officer, Lew Coleman, who was hired in 2005. The animation studio paid Coleman total compensation of $7.08 million in 2006, the Associated Press calculated.

Although Coleman and other executives were eligible to receive cash bonuses because the company achieved some of its financial targets, the board at the request of management elected not to pay the bonuses, the company reported.