Designer Ralph Lauren, 72, has agreed to serve as chairman and CEO of the preppy apparel company that bears his name for another five years. He’s been in that post for 45 years.

According to regulatory documents filed July 2, Lauren will have an annual base salary of $1.75 million.

Under the new deal, Lauren’s yearly target and maximum cash bonuses will be $9 million and $13.5 million. He will also be entitled to an annual stock award with a target value of $14 million.

Ralph Lauren Corp. shares closed up 2.1 percent yesterday to $147.52.