The terms of former WWE Chief Financial Officer Kristina Salen's separation agreement were made public today.
In an SEC filing, WWE revealed that they had come to terms with Salen on November 23. Under the the deal, she will receive one year's salary and continue to receive health benefits for one year. Additionally, Salen will receive a cash payment estimated at $413,000 for forfeited stock units, and will also be eligible for a bonus with a current estimated worth of $431,200 at the WWE Board of Directors' discretion.
Salen's departure from the company was announced on November 5, just hours after she took part in an investors call. Salen was succeeded by WWE Board of Directors member and former interim CFO Frank Riddick.
Salen served as WWE's CFO from August 2020 to November 2021. Prior to her time with WWE, Salen had served as CFO for Etsy. Commenting on her departure back on November 5, Salen wrote on her LinkedIn page:
"Today I'm tagging out at WWE. I started at WWE in the midst of the global pandemic and I am proud of what I accomplished with Vince McMahon's leadership and the tremendous team. We returned to live event touring, exceeded expectations, raised guidance for 2021 and laid a strong foundation for the future. I look forward to WWE's continued success in and out of the ring!"
The text of WWE's SEC filing can be seen below.
"On November 23, 2021, World Wrestling Entertainment, Inc. (the “Company”) entered into a separation agreement with Kristina Salen, formerly the
Company’s Chief Financial Officer, in connection with her previously announced departure from the Company (the “Separation Agreement”). Under the terms of the Separation Agreement, Ms. Salen will receive a continuation of base salary and health insurance coverage for a period of twelve months.
She will be paid cash in the amount of $413,000 for certain forfeited restricted stock units and will be eligible for a payment in respect of her incentive bonus for 2021 to be determined by the Compensation Committee of the Company’s Board of Directors and currently estimated at $431,200, in each case payable on or before March 31, 2022.
All payments are subject to applicable employment or tax withholdings and deductions. The Separation Agreement contains other standard provisions, including maintaining Ms. Salen’s intellectual property, confidentiality and non-solicitation obligations. The Separation Agreement is terminable by Ms. Salen until November 26, 2021."