{"id":39732,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-world-wrestling-federation-entertainment4.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-world-wrestling-federation-entertainment4","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-world-wrestling-federation-entertainment4.html","title":{"rendered":"Employment Agreement &#8211; World Wrestling Federation Entertainment Inc. and Stuart C. Snyder"},"content":{"rendered":"<pre>\n                              EMPLOYMENT AGREEMENT\n\nThis Employment Agreement (\"Agreement\") is entered into as of this\n_______________ day of May, 2000 and effective as of the Fifth (5th) day of\nJune, 2000, unless otherwise agreed in writing by the parties, by and between\nWorld Wrestling Federation Entertainment, Inc. (\"WWFE\"), with offices at 1241\nEast Main Street, Stamford, CT 06902, and Stuart C. Snyder, an individual\nresiding at 251 West 92nd Street, Apt. 11A, New York, New York (\"Employee\"),\nindividually referred to as a \"party\" and collectively referred to as the\n\"parties.\"\n\n     NOW, THEREFORE, in consideration of the promises, covenants and agreements\nset forth herein and for other good and valuable consideration, the receipt and\nsufficiency of which are hereby acknowledged, the parties hereby agree as\nfollows:\n\n     1.   DUTIES\/ACCOUNTABILITIES: WWFE agrees to employ Employee as . President\n          -----------------------\nand Chief Operating Officer. During Employee's employment with WWFE, Employee\nshall do and perform all services and acts necessary or advisable to fulfill the\nduties and responsibilities as are commensurate and consistent with Employee's\nposition and shall render such services on the terms set forth herein. During\nEmployee's employment with WWFE, Employee shall report directly to WWFE's .\nChief Executive Officer. Employee shall also take direction from WWFE's Chairman\n(collectively, \"Reporting Officers\"). Employee shall have such powers and duties\nwith respect to WWFE as may reasonably be assigned to Employee by the Reporting\nOfficers, to the extent consistent with Employee's position and status\n(collectively, \"Duties\").\n\n     Employee shall devote his best efforts and full business time and attention\nto the performance of his Duties and shall protect and promote the interests of\n[OBJECT OMITTED]WWFE. Employee's principal place of employment shall be WWFE's\noffices located in Stamford, CT. Employee shall cooperate in any reasonable\nmanner whatsoever with [OBJECT OMITTED]WWFE in connection with the performance\nof the Duties. Employee acknowledges and agrees that there are inherent subtasks\nwithin the services set forth above that will be performed as part of the\nDuties.\n\n     Note: Areas of responsibility and employees reporting to Employee shall be\nclarified and an organizational chart will be provided.\n\n     2.   TERM: The term of this Agreement shall be for three (3) years,\n          ----\ncommencing on June 5, 2000 and, unless terminated earlier as set forth below,\nending on June 4, 2003 (\"Term\"). Each year of the Term shall be referred to\nhereinafter as a \"Contract Year\".\n\n     3.   TERRITORY: The territory for this Agreement shall be the entire world.\n          ---------\n\n     4.   COMPENSATION: Employee will be entitled to receive compensation\n          ------------\nhereunder, as follows:\n\n          (a) During the Term, [OBJECT OMITTED]WWFE shall pay Employee a base\nsalary at the annual rate of Six Hundred Thousand US Dollars (US$600,000.00) for\nthe First Contract Year; Six Hundred Thirty Thousand US Dollars ($630,000.00)\nfor the Second Contract Year; and Six Hundred Sixty One Thousand Five Hundred US\nDollars ($661,500.00) for the Third Contract Year. All \n\n \ncompensation shall be payable, less deductions and taxes required by law, in\nweekly or semimonthly installments as determined by WWFE in its sole discretion;\n\n          (b) Employee shall be granted options to purchase two hundred thousand\n(200,000) shares of WWFE's Class A common stock under WWFE's Long Term Incentive\nPlan consistent with the Stock Option Agreement for Employees and Directors\nattached hereto as Exhibit A and incorporated herein by reference. Employee will\nbe eligible to participate in any program created for senior management with\nrespect to the grant of additional options;\n\n          (c) Within ten (10) days after the first day of active employment\ntentatively scheduled for May 29, 2000, Employee shall be paid a one-time\nsigning bonus in the amount of Seventy-Five Thousand US Dollars ($75,000.00) net\nof taxes and other withholdings normally associated with Employee compensation,\nit being understood and agreed that should this Agreement be terminated by WWFE\non or before June 4, 2001, WWFE may credit this signing bonus against any\npayments that may be owed to Employee under Paragraph 7 (b) below, otherwise\nthis signing bonus shall be nonrecoupable by WWFE; and\n\n          (d) During each Contract Year of this Agreement, Employee shall be\neligible for a bonus, to be paid based upon performance targets established by\nWWFE's Reporting Officers in advance and before or within the first quarter of\neach Contract Year, and in consultation with Employee. The target will be sixty\npercent (60%) of Employee's then current base salary with an upside potential of\nup to eighty percent (80%) of Employee's then current annual base salary.\n\n     5.   EXPENSES:\n          --------\n\n          (a) WWFE shall reimburse Employee for any reasonable and necessary\nexpenses incurred in the performance of his Duties hereunder, which shall\ninclude providing Employee with first class airline tickets on business related\nflights and any other reasonable and necessary travel, business entertainment\nand lodging expenses, provided that reimbursement hereunder shall be subject to\nWWFE's then current policies regarding such reimbursement, now or hereafter\nadopted by WWFE, that any and all such expenses are approved in advance by the\nWWFE's CEO and only upon receipt of adequate supporting documentation therefor.\nAll such expenses shall be reimbursed within thirty (30) calendar days following\nsubmission to and approval by WWFE of an invoice no more frequently than on a\nmonthly basis.\n\n     6.   BENEFITS:\n          ---------\n\n          (a) Employee shall be eligible during the Term of this Agreement for\nthose benefits generally available to similarly situated employees of [OBJECT\nOMITTED]WWFE including but not limited to welfare, health and life insurance and\npension benefit and incentive programs, vacation and the like;\n\n          (b) Employee shall be a member of WWFE's Executive Committee during\nthe term of this Agreement;\n\n          (c) At WWFE's sole discretion, at a time deemed appropriate by the\nReporting Officers \n\n                                                                               2\n\n \nduring the term of the Agreement, Employee will be reasonably considered to be\nadded as a member of WWFE's Board of Directors;\n\n          (d) Employee shall have the use of either his own or a company\ncellular telephone, it being understood and agreed in either case that WWFE\nshall reimburse Employee for monthly service charges and any reasonable and\nnecessary toll calls or other business related fees incurred in connection with\nthe use thereof; and\n\n          (e) Employee shall be entitled to reimbursement for up to One Hundred\nUS Dollars ($100.00) per month for home office telephone and fax charges.\n\n     7.   TERMINATION:\n          -----------\n\n          (a) [OBJECT OMITTED]WWFE shall have the right to terminate Employee's\nemployment and this Agreement immediately for \"Cause.\" For purposes hereof,\n\"Cause\" shall mean if Employee: (i) is found to have engaged in fraud, deceit,\nmisappropriation, embezzlement, theft, unethical conduct, or other act of gross\nmisconduct against [OBJECT OMITTED]WWFE or any of its affiliates; (ii) is\ndetermined to have engaged in behavior that [OBJECT OMITTED]substantially and\npublicly injures [OBJECT OMITTED]WWFE's reputation in the community; (iii) is\ndetermined to have willfully and knowing violated any rules or regulations of\nany governmental or regulatory body; or (iv) is convicted, pleads or enters a\nplea of nolo contendere to a felony. If [OBJECT OMITTED]WWFE terminates Employee\nfor Cause, Employee shall be paid any unpaid consideration as set forth in\nParagraphs 4, 5 and 6 above only through the date of termination. Employee and\n[OBJECT OMITTED]WWFE shall have no further obligation hereunder, financial or\notherwise, from the date of termination; and Employee and [OBJECT OMITTED]WWFE\nshall have all other rights and remedies available under this or any other\nagreement and at law or in equity.\n\n          (b) WWFE may terminate this Agreement at any time for any reason other\nthan Cause provided that within ten (10) days after such termination, it pays\nEmployee on a non-mitigated basis (i) the difference between One Million Eight\nHundred Ninety One Thousand Five Hundred Dollars ($1,891,500.00) and what WWFE\nhas paid Employee pursuant to paragraph 4(a) above up to the date of his\ntermination; (ii) all bonuses due under Paragraph 4(d) that remain unpaid,\nincluding a pro-rata bonus for a partial Contract Year, if applicable, and (iii)\nall consideration due under Paragraphs 5 and 6.\n\n          (c) Should Employee resign at any point during the Term of this\nAgreement, WWFE shall have no further obligation thereafter to Employee under\nthis Agreement, whether financial or otherwise, except for accrued and unpaid\nconsideration due pursuant to Paragraphs 4, 5 and 6 above.\n\n          (d) In the event of Employee's Disability (as defined below) (to the\nextent not prohibited by The Americans With Disabilities Act of 1990 or any\nother law), Employee shall be paid his unpaid compensation and consideration as\nset forth in Paragraphs 4(a), 4(d), 5 and 6 above through the date of\nresignation or Disability (as \n\n                                                                               3\n\n \napplicable). WWFE shall have no further obligation hereunder, financial or\notherwise, except the stock options set forth in paragraph 4 (b) above, subject\nof course to any restrictions contained in WWFE's Long Term Incentive Plan and\nthe Stock Option Agreement set forth in Exhibit A, from the date of resignation\nor Disability (as applicable) and WWFE shall have all other rights and remedies\navailable under this or any other agreement and at law or in equity. For\npurposes hereof, \"Disability\" shall mean if as a result of Employee's medically\ndiagnosed incapacity due to physical or mental illness (as determined in good\nfaith by a physician acceptable to WWFE and Employee's representative), Employee\nshall have been absent from full-time performance of his Duties with WWFE for\nfour (4) consecutive months during any twelve (12) month period.\n\n          (e) Notwithstanding anything to the contrary set forth above, should\nEmployee die during the Term of this Agreement, WWFE shall pay Employee's heirs\n(i) the difference between One Million Eight Hundred Ninety One Thousand Five\nHundred Dollars ($1,891,500.00) and what WWFE has paid Employee pursuant to\nparagraph 4(a) above up to the date of his death; (ii) all bonuses due under\nParagraph 4(d) that remain unpaid, including a pro-rata bonus for a partial\nContract Year, if applicable, and (iii) all consideration due under Paragraphs 5\nand 6.\n\n          (f) For the avoidance of doubt, Employee's eligibility to exercise any\nstock options granted hereunder shall be consistent with the provisions of the\nLong Term Incentive Plan and Exhibit A. \n\n     8.   WORK FOR HIRE: Employee hereby acknowledges that all duties performed\n          -------------\nhereunder were specifically ordered or commissioned by WWFE (\"Work\"); that the\nWork constitutes and shall constitute a work-made-for-hire as defined in the\nUnited States Copyright Act of 1976; that WWFE is and shall be the author of\nsaid work-made-for-hire and the owner of all rights in and to the Work\nthroughout the universe, in perpetuity and in all languages, for all now known\nor hereafter existing uses, media and forms, including, without limitation, the\ncopyrights therein and thereto throughout the universe for the initial term and\nany and all extensions and renewals thereof; and that WWFE shall have the right\nto make such changes therein and such uses thereof as it may deem necessary or\ndesirable. \"Works\" shall include, but not be limited to all material and\ninformation created by Employee in the course of Employee's employment by WWFE\nwhich is fixed in a tangible medium of expression, including, but not limited\nto, notes, drawings, memoranda, correspondence, documents, records, notebooks,\nflow charts, computer programs and source and object codes, regardless of the\nmedium in which they are fixed. To the extent that the Work is not recognized as\na work-made-for-hire, Employee hereby assigns, transfers and conveys to WWFE,\nwithout reservation, all of Employee's right, title and interest throughout the\nuniverse in perpetuity in the Work, including, without limitation, all rights of\ncopyright and copyright renewal in said Work or any part thereof. Employee will\ntake whatever steps and do whatever acts WWFE requests at WWFE's cost,\nincluding, but not limited to, placement of WWFE's proper copyright notice on\nsuch Works to secure or aid in securing copyright protection and will assist\nWWFE or its nominees in filing applications to register claims of copyright in\nsuch works. Employee will not reproduce, distribute, display publicly, or\nperform publicly, alone or in combination with any data processing or network\nsystem, any Works of WWFE without the written permission from WWFE.\n\n     9.   COVENANTS OF EMPLOYEE. In order to induce WWFE to enter into this\n          ---------------------\nAgreement, Employee hereby agrees as follows:\n\n          (a) Confidentiality. Employee acknowledges that by reason of his\n              ---------------\nrelationship with and service to WWFE, Employee has had and will have access to\nconfidential information relating \n\n\n                                                                               4\n\n \nto operations and technology and know-how which have been and will be developed\nby WWFE and its affiliates, including, without limitation, information and\nknowledge pertaining to wrestling productions and performances, public relations\nand marketing, products and their design and manufacture, methods of operation,\nsales and profit data, customer and supplier lists and relationships between\nWWFE and its affiliates and its customers, suppliers and others who have\nbusiness dealings with it, and plans for future developments relating thereto.\nIn recognition of the foregoing, during the Term and at all times thereafter,\nEmployee will maintain the confidentiality of all such information and other\nmatters of WWFE and its affiliates known to Employee which are otherwise not in\nthe public domain and will not disclose any such information to any person\noutside the organization of WWFE, wherever located, except as required by law or\nwith WWFE's Board of Directors' prior written authorization and consent.\n\n          (b) Records. All papers, books and records of every kind and\n              -------\ndescription relating to the business and affairs of WWFE, or any its affiliates,\nwhether or not prepared by Employee, other than personal notes prepared by or at\nthe direction of Employee, shall be the sole and exclusive property of WWFE, and\nEmployee shall surrender them to WWFE at any time upon request by WWFE.\nEmployee's personal notes, papers and possessions, including those at the\noffices of WWFE, shall be accessible to Employee and be available for removal\nduring the Term and after termination.\n\n          (c) Non-Competition. Employee hereby agrees with WWFE that during the\n              ---------------\nTerm and for a period of one (1) year following the date of termination, (i) he\nshall not perform services for or on behalf of any professional wrestling\norganization or entity including without limitation World Championship Wrestling\nor any subsidiary or affiliated company thereof, or any subsidiary or affiliated\ncompany thereof principally engaged in the business of professional wrestling,\nor Extreme Championship Wrestling or any subsidiary or affiliated company\nthereof principally engaged in the business of professional wrestling; (ii) he\nshall not actively solicit any employee of WWFE or any of its subsidiaries or\naffiliates to leave the employment thereof; and (iii) he shall not induce or\nattempt to induce any customer, supplier, licensee or other individual,\ncorporation or other business organization having a business relation with WWFE\nor its subsidiaries or affiliates to cease doing business with WWFE or its\nsubsidiaries or in any way unlawfully interfere with the relationship between\nany such customer, supplier, licensee or other person and WWFE or its\nsubsidiaries or affiliates, it being understood and agreed, however, that\nParagraph 9 (c)(i) above shall not apply in the event that WWFE terminates\nEmployee without cause.\n\n          (d) Enforcement. Employee agrees and warrants that the covenants\n              -----------\ncontained herein are reasonable, that valid considerations have been and will be\nreceived therefor and that the agreements set forth herein are the result of\narms-length negotiations between the parties hereto. Employee recognizes that\nthe provisions of this Paragraph 9 are vitally important to the continuing\nwelfare of WWFE, and its affiliates, and that money damages constitute a totally\ninadequate remedy for any violation thereof. Accordingly, in the event of any\nsuch violation by Employee, WWFE, and its affiliates, in addition to any other\nremedies they may have, shall have the right to institute and maintain a\nproceeding to compel specific performance thereof or to issue an injunction\nrestraining any action by Employee in violation of this Paragraph 9.\n\n                                                                               5\n\n \n     10.  ASSIGNMENT: This Agreement contemplates the personal services of\n          ----------\nEmployee and is not assignable by Employee. WWFE may assign this Agreement in\nwhole or in part, without limitation or restriction, provided that WWFE or the\nassignee remains fully responsible for the obligations of WWFE hereunder.\n\n     11.  GOVERNING LAW; JURISDICTION:\n          ---------------------------\n\n          (a) Governing Law: This Agreement shall be governed by, and construed\n              ---------------\nin accordance with, the laws of the State of Connecticut applicable to contracts\nentered into and to be fully performed therein.\n\n          (b) Jurisdiction: The parties hereto agree to submit solely to the\n              ------------\njurisdiction of the United States District Court located in Bridgeport,\nConnecticut and the Judicial District Court of Stamford located in Stamford,\nConnecticut. The parties agree that service of process by mail shall be\neffective service of same and such service shall have the same effect as\npersonal service with the State of Connecticut and result in personal\njurisdiction over the parties in the forum in the State of Connecticut. The\nprovisions contained in this Paragraph shall survive the termination and\/or\nexpiration of this Agreement.\n\n     12.  NOTICES: Any notices are to be sent by certified mail, return receipt\n          -------\nrequested or federal express and addressed as follows:\n\n         TO WWFE:            World Wrestling Federation Entertainment, Inc.\n                             Attn: Linda E. McMahon\n                             Chief Executive Officer\n                             1241 East Main Street\n                             Stamford, CT  06902\n\n         WITH A COPY TO:     World Wrestling Federation Entertainment, Inc.\n                             Attn: Edward L. Kaufman\n                             Senior Vice President and General Counsel\n                             1241 East Main Street\n                             Stamford, CT  06902\n\n         TO EMPLOYEE:        Stuart C. Snyder\n                             251 West 92nd Street, Apt. 11A\n                             New York, New York\n\n         WITH A COPY TO:     Robert V. Gaulin, Esq.\n                             Robert V. Gaulin &amp; Associates\n                             200 West 57th Street\n                             New York, NY  10019\n\n     13.  SEVERABILITY: In the event that any provision or portion of this\n          ------------\nAgreement shall be declared invalid or unenforceable for any reason by a court\nof competent jurisdiction, such \n\n\n                                                                               6\n\n \nprovision or portion shall be considered separate and apart from the remainder\nof this Agreement, which shall remain in full force and effect.\n\n     14.  NAME AND LIKENESS: WWFE and its licensees and\/or assignees shall have\n          -----------------\nthe exclusive and perpetual right, but not the obligation, to use and license\nthe use of Employee's name, approved photograph, likeness and biographical data\n(\"Name and Likeness\") for the purpose of advertising, marketing, promoting,\npublicizing and exploiting any matter related to the Duties performed hereunder\nwith Employee's permission, which shall not be unreasonably withheld.\n\n     15.  INDEMNITY: a) Employee shall hold WWFE, its parent, subsidiary and\n          ---------\naffiliate companies and the directors, officers, employees, licensees,\nsuccessors, assigns and agents of the foregoing, harmless from and against all\nclaims, liabilities, damages, costs and attorneys' fees arising from any grossly\nnegligent acts, or intentional acts by Employee outside the scope and course of\nhis employment.\n\n          (b) WWFE shall hold Employee harmless from and against all claims,\nliabilities, damages, costs and attorneys' fees arising solely from the\nperformance of Employee's Duties within the course and scope of Employee's\nemployment hereunder.\n\n     16.  REMEDIES: The waiver by either party of any breach hereof shall not be\n          --------\ndeemed a waiver of any prior or subsequent breach hereof. All remedies of either\nparty shall be cumulative and the pursuit of one remedy shall not be deemed a\nwaiver of any other remedy.\n\n     17.  INTEGRATION: This Agreement contains the complete understanding\n          -----------\nexisting between the parties on the subjects covered and supersedes any previous\nwritten or verbal understandings with respect thereto. This Agreement may not be\namended except by a writing signed by authorized representatives of Employee and\nWWFE.\n\n     18.  COUNTERPARTS. This Agreement may be executed in counterparts, each of\n          ------------\nwhich shall be deemed to be an original but all of which together will\nconstitute one and the same instrument.\n\n     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of\nthe date first above written.\n\nSTUART C. SNYDER                  World Wrestling Federation Entertainment, Inc.\n   (\"Employee\")                      (\"WWFE\")\n\n\nBy: ____________________________   By: ___________________________\n         Stuart C. Snyder                 Linda E. McMahon\n                                          Chief Executive Officer\n\n\n                                                                               7\n\n \nSTATE OF CONNECTICUT                )\n                                    ) ss:\nCOUNTY OF FAIRFIELD                 )\n\n     On ________________, 2000 , before me personally came Linda E. McMahon,\nChief Executive Officer, World Wrestling Federation Entertainment, Inc., to me\nknown, and known to me to be the individual described in, and who executed the\nforegoing, and duly acknowledged to me that she is a duly authorized corporate\nofficer of World Wrestling Federation Entertainment, Inc., and that she executed\nthe same on behalf of said company.\n\n                                                    ----------------------------\n                                                           Notary Public\n\nMy commission expires:  __________\n\n\n\nSTATE OF                   )\n                           )ss:\nCOUNTY OF                  )\n\n         On _____________, 2000 before me personally came Stuart C. Snyder to me\nknown, and known to me to be the individual described in, and who executed the\nforegoing Agreement, and duly acknowledged to me that he executed the same.\n\n                                                    ----------------------------\n                                                           Notary Public\n\nMy commission expires:  __________\n\n                                                                               8\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9360],"corporate_contracts_industries":[9532],"corporate_contracts_types":[9539,9544],"class_list":["post-39732","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-world-wrestling-federation-entertainment-inc","corporate_contracts_industries-travel__services","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/39732","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=39732"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39732"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39732"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39732"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}