EX-10.7



 





Exhibit 10.7




May 10, 2005

Revised as of February 9, 2007




Michael Sileck

5 Charles Court

Chappaqua, NY 10514



Dear Michael:



On behalf of World Wrestling Entertainment, Inc. (“WWE”), I am pleased to extend the following
amended offer of employment to you.




	 	 	 	 	 
	 

	 	Title:
	 	Chief Operating Officer
	 

	 	 	 	You will continue to be a member of the Company’s Board of
Directors.
	 
	 	 	 	 
	 

	 	Location:
	 	Corporate Headquarters
	 

	 	 	 	1241 East Main Street
	 

	 	 	 	Stamford, CT 06902
	 
	 	 	 	 
	 

	 	Reporting
	 	Vincent K. McMahon — Chairman
	 

	 	Relationship:	 	 
	 
	 	 	 	 
	 

	 	Start Date:
	 	June 6, 2005. Promotion date February 9, 2007.
	 
	 	 	 	 
	 

	 	Base Compensation:
	 	Effective February 12, 2007, $625,000 annual base salary,
which will be paid bi-weekly. You will first be eligible for a salary increase,
based upon your performance evaluation, in calendar year 2008.
	 
	 	 	 	 
	 

	 	Incentive Bonus:
	 	You are eligible to participate in the WWE Management Incentive Program.
This program is based upon your performance evaluation and achievement of fiscal year
Company financial goals. For the year 2007, the target bonus for your position is
60% (50% for the fiscal period ending December 31, 2006, ratable due to the fact that
this is only an eight-month period). Bonus payments are made after the close of the
fiscal year.
	 
	 	 	 	 
	 

	 	Restricted Shares:
	 	You will be granted 50,000 restricted stock units on the first day
practicable after February 9, 2007. These restricted stock units will vest in three
equal annual installments with the first such vesting on January 23, 2008. You will
be considered by the Compensation Committee to participate in the grant, if any,
given generally to WWE executives during 2007. Nothing in this revised offer letter
shall affect the terms and conditions of any restricted stock units previously
granted to you.






 









 





	 	 	 	 	 
	 
	 	 	 	 
	 

	 	Benefits:
	 	You will continue to be eligible to participate in full Company benefits.
	 
	 	 	 	 
	 

	 	Severance:
	 	If at any time your employment is terminated by World Wrestling Entertainment,
Inc. for any or no reason but without “cause”, (a) you will receive your then current
base salary for a period of one year; and (b) a portion of the 50,000 restricted
stock units granted as provided herein will vest immediately as follows: (i) 25,000
shall vest if such termination occurs on or before July 31, 2008; and (ii) in
addition, 1,389 units shall vest for each full month following July 31, 2008 which
you served prior to the termination; (iii) any remaining unvested shares will be
forfeited and (c) as previously provided, the then unvested portion of the 100,000
restricted stock units issued to you when you were first hired by the Company shall
vest. If you are terminated by WWE for “cause”, WWE will have no further financial
obligation to you as of the date of the termination. For purposes of the forgoing,
“cause” is defined as (i) engages in fraud, deceit, misappropriation, embezzlement or
theft against WWE or any of its affiliates or (ii) is convicted or pleads guilty or
enters a plea of nolo contendere to a felony, or (iii) violates in any material
fashion any statute, ordinance or other provision of law or (iv) violates any
provision of your Confidentiality/Non Solicitation Agreement. You shall not be
entitled to any severance or accelerated vesting if you resign or voluntarily
terminate your employment with the company.
	 
	 	 	 	 
	 

	 	Vacation:
	 	4 weeks vacation and 3 personal days
	 
	 	 	 	 





On behalf of World Wrestling Entertainment, Inc., we are very pleased that you have accepted this
amended offer.



WORLD WRESTLING ENTERTAINMENT, INC.




	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Danielle Fisher
	 	Date:
	 	3/8/07
	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Danielle Fisher	 	 	 	 	 	 
	 

	 	VP, Human Resources	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	-and-	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Lowell P. Weicker, Jr.
	 	Date:
	 	3/10/07	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Lowell P. Weicker, Jr.	 	 	 	 	 	 
	 

	 	Chairman, Compensation Committee	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	/s/ Michael Sileck	 	Date:	 	3/19/07	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	Michael Sileck	 	 	 	 	 	 







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