The CEO and president of Tanger Factory Outlet Centers recently renewed his employment agreement with the company that raises his base salary, according to a Securities and Exchange Commission filing.

Steven Tanger’s base salary in 2017 will be $850,000 under the new agreement, which runs through Jan. 1, 2021, up from $824,000 in 2016. He will be eligible for a base salary increase in 2018.

The outlet mall operator will also provide Tanger a $5 million term life insurance policy.

If Tanger is ever fired from the company, he will receive a lump sum equal to three tims his base salary.

The previous employment agreement was established in February 2012 and was last amended three years ago in October 2013.

The amendment comes just two weeks before the close of Tanger Outlet’s fiscal year, for which the company is expected to earn $1.93 per share, up 21.4 percent, or 34 cents, from the average annual estimate two months ago.

Tanger Outlet began this last full week of trading for the year with a stock price growth of 1.18 percent from last week’s closing price, up to $35.18.

Tanger’s agreement is effective as of Dec. 14.