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"Effective March 12, 2015, the Company entered into a Performance Stock, Retention and Non-Competition Agreement (the “Agreementsâ€) with each of Michelle D. Wilson, Chief Revenue & Marketing Officer, George A. Barrios, Chief Strategy & Financial Officer, and Kevin Dunn, Executive Producer & Chief, Global Television Production. The development and launch of WWE Network and the renegotiation of principal television agreements in several key markets around the world have brought about a significant transformation at the Company.
While more work is required, important strides have been made. The Agreements were approved in recognition of these Executive’s efforts, as well as the need to continue such efforts, which will require a significant commitment by the executives over and above their regular management duties.
The Agreements provide for special grants of 174,095 (at target) performance share units (PSUs) under the Company’s Amended and Restated 2007 Omnibus Incentive Plan (the “Planâ€). The target number of PSUs was calculated based on $2.5 million of value at the closing price of $14.36 per share on the date of approval by the Compensation Committee, February 12, 2015."
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