AI English summary of an SEC filing — figures as filed
TKO Group Holdings TKOThe company entered into a Term Employment Agreement with Mark Shapiro, its President and Chief Operating Officer, on January 21, 2024. The agreement supersedes his prior agreement, which was dated September 12, 2023. The term runs from January 1, 2024 to December 31, 2027.
Key points
AI summaryThe company entered into a Term Employment Agreement with Mark Shapiro, its President and Chief Operating Officer, on January 21, 2024. The agreement supersedes his prior agreement, which was dated September 12, 2023. The term runs from January 1, 2024 to December 31, 2027.
The company set Mr. Shapiro's annual base salary for the term at $4,000,000 and will pay him an annual cash bonus of $4,000,000 for fiscal 2023. He will be eligible for an annual bonus with a target amount of $6,000,000 for the remainder of the term.
The company will grant a one-time 2024 Equity Award of 252,749 restricted stock units, which will vest in equal installments on December 31 each year from 2024 to 2027, with 4 installments. He is also eligible for Annual Equity Awards with a target amount of $10,000,000, which vest in 3 equal installments.
The company agreed that if Mr. Shapiro is terminated without Cause or resigns for Good Reason, it will continue his base salary through the later of December 31, 2027 and the 2nd anniversary of the termination date, pay his target bonus over the same period, and accelerate vesting of his time-based equity awards. These severance benefits are conditioned on his execution and non-revocation of a release of claims.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Agreement and term
The company entered into a Term Employment Agreement with Mark Shapiro, its President and Chief Operating Officer, on January 21, 2024. The agreement supersedes his prior agreement, which was dated September 12, 2023. The term runs from January 1, 2024 to December 31, 2027.
Source · Based on the filing body and exhibits
Base salary and annual bonus
The company set Mr. Shapiro's annual base salary for the term at $4,000,000 and will pay him an annual cash bonus of $4,000,000 for fiscal 2023. He will be eligible for an annual bonus with a target amount of $6,000,000 for the remainder of the term.
Source · Based on the filing body and exhibits
Equity award structure
The company will grant a one-time 2024 Equity Award of 252,749 restricted stock units, which will vest in equal installments on December 31 each year from 2024 to 2027, with 4 installments. He is also eligible for Annual Equity Awards with a target amount of $10,000,000, which vest in 3 equal installments.
Source · Based on the filing body and exhibits
Termination and severance terms
The company agreed that if Mr. Shapiro is terminated without Cause or resigns for Good Reason, it will continue his base salary through the later of December 31, 2027 and the 2nd anniversary of the termination date, pay his target bonus over the same period, and accelerate vesting of his time-based equity awards. These severance benefits are conditioned on his execution and non-revocation of a release of claims.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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