Separate SEC filings from the company on Monday laid out details about the various exec contract changes.
They can also continue to receive benefits for 24 months after their departures.
She could also collect as much as $1.8 million under the long-term incentive plan.
Paramount Global headquarters in New YorkMichael M. Santiago/Getty Images
Both bonuses are contingent upon Phillips reaching certain performance goals identified by the compensation committee of Paramounts board.
Prior to her arrival at Paramount, Phillips held HR posts at Nielsen, Broadcom and HP.
