Time Warner said yesterday that it has extended the term of CEO Jeff Bewkes for five years, through 2017.

Bewkes’ base salary of $2 million and bonus target of around $10 million in stock and option awards will remain unchanged.

The agreement also provides for annual long-term incentive awards that are tied “directly and solely” to financial performance and shareholder returns.

In the past, part of Bewkes’ incentive compensation was tied to individual performance that was unrelated to how shareholders fared. He received a pay package valued at $25.9 million in 2011.

Bewkes, 60, has been CEO since 2008.