Walt Disney Co.’s board of directors have extended by five years the entertainment company’s contracts with Chief Executive Robert Iger and Chief Financial Officer Tom Staggs.

The extended contracts expire in January 2013. Iger will receive a minimum $10 million performance-based bonus, compared with the previous $7.25 million minimum. His long-term incentive award will now be $9 million, a $1 million increase. Iger’s base annual salary remains $2 million.

Disney also awarded Iger 3 million stock options with an exercise price of $29.50 per share. Those options would vest in 500,000-share installments annually until the fifth year of the contract, when the final 1 million shares would vest.

Since Iger became president and CEO in September 2005, Burbank-based Disney has posted record revenues and net income and has become the Los Angeles area’s largest public company by market cap.

“Bob is a talented and visionary leader, under whom Disney has posted increases in growth and profitability that have consistently exceeded expectations,” said Chairman John E. Pepper Jr. in a statement.

Stagg’s new deal calls for the CFO to receive an annual salary of $1.25 million beginning in April with increases of $75,000 for 2009 and 2010 and $50,000 in 2011 and 2012.