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	MANAGEMENT – [__]		EXHIBIT 10.2

VERSO CORPORATION
PERFORMANCE INCENTIVE PLAN

NOTICE OF MANAGEMENT STOCK UNIT
AWARD PERFORMANCE-BASED

(“Grant Notice”)

You (the “Grantee”) have been granted an award of Stock Units (the “Award”), on the terms and subject to the conditions of the Plan and this Award Agreement, as follows:

Name of Grantee:    [Name]

Total “target” Number of Stock Units
subject to the Award:    [Number of Units]
 
Grant Date:    February 13, 2021

Vesting Schedule:    Subject to the Terms (as defined below), the Award will become vested as set forth in Exhibit A.

Vested Stock Units will be paid as provided in Section 6 of the Terms.

By your signature and the Corporation’s signature below, you and the Corporation agree that the Award is granted under and governed by the terms and conditions of the Corporation’s Performance Incentive Plan, as the same may be amended, modified or supplemented from time to time (the “Plan”), and the Terms and Conditions of Management Performance-Based Stock Unit Award (the “Terms”), which Terms are attached hereto as Exhibit B. The Terms, as well as Exhibit A hereto, are incorporated herein by this reference. This Grant Notice, together with its exhibits, including the Terms, is referred to as your “Award Agreement” applicable to the Award. Capitalized terms used in this Grant Notice are used as defined in the Terms if not defined herein. Capitalized terms used in this Award Agreement are used as defined in the Plan if not defined in this Grant Notice or in the Terms. You acknowledge receipt of a copy of this Grant Notice, its exhibits including the Terms, the Plan and the Prospectus for the Plan.

VERSO CORPORATION

By:                        
    Terrance M. Dyer
    Senior Vice President of 
Human Resources and Communications

ACCEPTED AND AGREED BY GRANTEE

By:                            
Print name:                    

VERSOLAW
BJR 20210114.2

									
	MANAGEMENT – [__]		EXHIBIT A

VERSO CORPORATION
PERFORMANCE INCENTIVE PLAN

VESTING SCHEDULE OF AWARD
SUBJECT TO ACHIEVEMENT OF PERFORMANCE OBJECTIVES

General

Defined terms used, but not defined, in this Exhibit A will have the respective meanings given such terms in the Terms.

The provisions of this Exhibit A are subject to the terms and conditions of the Grant Notice to which this Exhibit A is attached, the Terms, and the Plan.

The Award is subject to both performance-based and time/service-based vesting conditions.  Except as otherwise expressly provided in the Terms, the Stock Units subject to the Award that are determined to be eligible to vest based on performance as set forth below will only become vested if the Grantee remains employed by or in service to the Corporation or one of its Subsidiaries through the applicable vesting date set forth below.

Performance Vesting

The percentage of the Stock Units subject to the Award that will be eligible to vest on the applicable vesting date set forth below will be determined based upon the Corporation’s performance over the three-year period from January 1, 2021 to December 31, 2023 (the “Performance Period”) as measured by the following two metrics, each of which will apply to 50% of the total target number of Stock Units subject to the Award as set forth in the Grant Notice:

1.3-Year Adjusted EBITDAP
“3-Year Adjusted EBITDAP” means, as measured over the Performance Period, the Corporation’s consolidated earnings before interest, taxes, depreciation and amortization adjusted to: (a) exclude cash and non-cash income and expenses incurred in connection with (i) financings and other capital market transactions, (ii) business and asset acquisitions and dispositions, (iii) restructurings of the Corporation’s business and operations, (iv) non-cash stock compensation, (v) other non-cash changes, and (vi) unusual or one-time items; (b) exclude the effect of any changes in accounting principles, policies, practices and procedures adopted or implemented during the Measurement Period; and (c) exclude any net pension income or expense over the Performance Period.

2.3-Year Return on Invested Capital 
“3-Year Return on Invested Capital” means the following calculation used to assess the Corporation’s efficiency at using and allocating invested capital dollars for profitable returns, as a ratio, calculated as follows:

Average Net Operating Profit After Tax / Average Equity and Debt

Where 

“Average Net Operating Profit After Tax” is the 3-Year Adjusted EBITP, tax effected at a 25% rate / 3 

And

Exhibit A – Page 1

									
	MANAGEMENT – [__]		EXHIBIT A

“3-Year Adjusted EBITP” is 3-Year Adjusted EBITDAP minus depreciation and amortization expense.

And

“Average Equity and Debt” is “Total equity” as reported in the Corporation’s annual financial statements prepared in accordance with Generally Accepted Accounting Principles, net of retained earnings and pension income/expense reported as “Accumulated other comprehensive income (loss)” on such financial statements, adjusted down $74 million for the idled assets at the Duluth mill and $242 million for the idled assets at the Wisconsin Rapids mill and any third party debt from the balance sheet contained in such financial statements, minus the year-end cash balance shown on such financial statements excluding cash received for the sale of assets over the Performance Period, averaged over four (4) data points: (1) Balance on December 31, 2020; (2) Balance on December 31, 2021; (3) Balance on December 31, 2022; and (4) Balance on December 31, 2023. The determination of Average Equity and Debt shall exclude the effect of any changes in accounting principles, policies, practices and procedures adopted or implemented during the Performance Period. 

In the event of an acquisition by the Corporation or one of its subsidiaries during the Performance Period, 3-Year Adjusted EBITDAP, 3-Year Adjusted EBITP, and the determination of Average Equity and Debt, for the year in which the acquisition occurs shall be adjusted to exclude the impact of the acquisition, but the determination of 3-Year Adjusted EBITDAP, 3-Year Adjusted EBITP, and Average Equity and Debt for any year during the Performance Period after the year in which the acquisition occurs shall include the effect of the acquisition.  In the event of an extraordinary transaction or item during the Performance Period not contemplated by the Administrator on the Grant Date, then the Administrator will have the authority to make such adjustment(s) (if any) to the determination of 3-Year Adjusted EBITDAP, 3-Year Adjusted EBITP, and Average Equity and Debt as the Administrator determines to be equitable.  Whether, and the extent to which, any adjustment is required pursuant to this Exhibit A shall be determined by the Administrator, whose determination shall be final and binding.

Within two and one-half months after the end of the Performance Period, the Administrator will determine the Corporation’s performance measured by the 3-Year Adjusted EBITDAP and 3-Year Return on Invested Capital metrics to determine what portion of the Award will be eligible to vest as follows (the date of such determination by the Administrator, the “Determination Date”):

3-Year Adjusted EBITDAP:

									
	If the Corporation’s 3-Year Adjusted EBITDAP for the Performance Period is:	The portion of the target Stock Units subject to the Award that will be eligible to vest based on this metric equals (a) 50% of the target Stock Units subject to the Award multiplied by (b) the corresponding percentage set forth below
	Less than Threshold	Less than $298,000,000	0%
	Threshold	$298,000,000	50%
	Target	$337,000,000	100%
	Max	$397,000,000 or greater	200%

Exhibit A – Page 2

									
	MANAGEMENT – [__]		EXHIBIT A

3-Year Return on Invested Capital:

									
	If the Corporation’s 3-Year Return on Invested Capital for the Performance Period is:	The portion of the target Stock Units subject to the Award that will be eligible to vest based on this metric equals (a) 50% of the target Stock Units subject to the Award multiplied by (b) the corresponding percentage set forth below
	Less than Threshold	Less than 10%	0%
	Threshold	10%	50%
	Target	14%	100%
	Max	22% or greater	200%

If the performance of the Corporation falls between any two of the above-described achievement levels, straight-line interpolation between the two achievement levels will be applied to establish the corresponding percentage of the Award that will become eligible to vest. To the extent any Stock Units subject to the Award are not eligible to vest based on performance as described above, such Stock Units shall terminate as of the Determination Date.

Subject to the Terms, the vesting date for the Stock Units that become eligible to vest based on performance as set forth above will be the Determination Date. If the Grantee vests in any portion of the Award on such date, the Administrator will notify, or cause the Corporation to notify, the Grantee of the portion of the Award that vested on such date and the applicable vesting date.

Exhibit A – Page 3

									
	MANAGEMENT – [__]		EXHIBIT B

VERSO CORPORATION
PERFORMANCE INCENTIVE PLAN

TERMS AND CONDITIONS OF MANAGEMENT
PERFORMANCE-BASED STOCK UNIT AWARD

1.Grant of Stock Units.

(a)General. These Terms and Conditions of Management Performance-Based Stock Unit Award (these “Terms”) apply to a particular stock unit award (the “Award”) if incorporated by reference in the Notice of Management Stock Unit Award Performance-Based (the “Grant Notice”) corresponding to that particular grant. The recipient of the Award identified in the Grant Notice is referred to as the “Grantee.” The effective date of grant of the Award as set forth in the Grant Notice is referred to as the “Grant Date.” The Award was granted under and subject to the Verso Corporation Performance Incentive Plan, as the same may be amended, modified or supplemented from time to time (the “Plan”). The number of shares covered by the Award is subject to adjustment under Section 7.1 of the Plan. The Grant Notice (including exhibits thereto) and these Terms are collectively referred to as the “Award Agreement” applicable to the Award. Capitalized terms are defined in the Plan if not defined in this Award Agreement. The Award has been granted to the Grantee in addition to, and not in lieu of, any other form of compensation otherwise payable or to be paid to the Grantee.

(b)Stock Units. As used in this Award Agreement, a “Stock Unit” is a non-voting unit of measurement which is deemed for bookkeeping purposes to be equivalent in value to one outstanding share of Class A common stock, par value $0.01 per share, of the Corporation (“Common Stock”). The Stock Units shall be used solely as a device for the determination of any payment to eventually be made to the Grantee if and when such Stock Units vest pursuant to Section 2. The Stock Units create no fiduciary duty to the Grantee and shall create only a contractual obligation on the part of the Corporation to make payments, subject to vesting and the other terms and conditions hereof, as provided in Section 6 below. The Stock Units shall not be treated as property or as a trust fund of any kind. No assets have been secured or set aside by the Corporation with respect to the Award and, if amounts become payable to the Grantee pursuant to this Award Agreement, the Grantee’s rights with respect to such amounts shall be no greater than the rights of any general unsecured creditor of the Corporation.

2.Vesting. The Award shall vest and become earned as set forth in the Grant Notice (including the exhibits thereto), subject to earlier termination or acceleration and subject to adjustment as provided in this Award Agreement and in the Plan. 

3.Continuance of Employment or Service Required; No Employment or Service Commitment. Except as otherwise provided in this Award Agreement, the vesting schedule applicable to the Award requires continued employment or service to the Corporation or one of its Subsidiaries through the applicable vesting date as a condition to the vesting of the Award and the rights and benefits under this Award Agreement. Except as provided in the Grant Notice, Section 7 below or under the Plan, employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle the Grantee to any proportionate vesting of any outstanding and otherwise unvested portion of the Award, or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or service.

Exhibit B – Page 1

									
	MANAGEMENT – [__]		EXHIBIT B

Nothing contained in this Award Agreement or the Plan constitutes a continued employment or service commitment by the Corporation or any of its Subsidiaries, confers upon the Grantee any right to remain in employment or service to the Corporation or any Subsidiary, interferes in any way with the right of the Corporation or any Subsidiary at any time to terminate such employment or service, or affects the right of the Corporation or any Subsidiary to increase or decrease the Grantee’s other compensation. Nothing in this Award Agreement, however, is intended to adversely affect any independent contractual right of the Grantee without his/her consent thereto.

4.Dividend and Voting Rights.

(a)Limitations on Rights Associated with Units. The Grantee shall have no rights as a stockholder of the Corporation, no dividend rights (except as expressly provided in Section 4(b) hereof) and no voting rights with respect to the Stock Units or any shares of Common Stock issuable in respect of such Stock Units, until shares of Common Stock are actually issued to and held of record by the Grantee. Except as expressly provided in Section 4(b) hereof or as may be provided pursuant to Section 7.1 of the Plan, no adjustments will be made for dividends or other rights of a holder for which the record date is prior to the date of issuance of the stock certificate evidencing the shares.

(b)Dividend Equivalent Reinvestment. In the event that the Corporation pays a cash dividend on its outstanding Common Stock for which the related record date occurs after the Grant Date and prior to the date all Stock Units subject to the Award have either been paid or have terminated, the Corporation shall credit (as of the related dividend payment date) the Grantee with an additional number of Stock Units equal to (a) the amount of the cash dividend paid by the Corporation on a single share of Common Stock on such dividend payment date, multiplied by (b) the target number of Stock Units subject to the Award outstanding and unpaid as of the record date for such dividend payment (including any Stock Units previously credited under this Section 4(b) and with such total number subject to adjustment pursuant to Section 7.1 of the Plan), divided by (c) the closing price of a share of Common Stock on such dividend payment date. Any Stock Units credited pursuant to the foregoing provisions of this Section 4(b) will be subject to the same vesting, payment, termination and other terms, conditions and restrictions as the original Stock Units to which they relate. No crediting of Stock Units will be made pursuant to this Section 4(b) with respect to any Stock Units which, as of the related record date, have either been paid or have terminated.

5.Restrictions on Transfer. Prior to the time the Stock Units are vested and paid, neither the Stock Units comprising the Award nor any interest therein or amount payable in respect thereof may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Corporation or (b) transfers by will or the laws of descent and distribution.

6.Timing and Manner of Payment of Stock Units. The Stock Units subject to this Award Agreement that become vested shall be paid in an equivalent number of whole shares of Common Stock promptly after the applicable vesting date (and in all events not later than two and one-half months after the earlier of (i) the end of the Performance Period or (ii) the applicable vesting date of the Award) in accordance with the terms hereof. Each such payment of Stock Units shall be subject to the tax withholding provisions of Section 9 hereof and Section 8.5 of the Plan and subject to adjustment as provided in Section 7.1 of the Plan and shall be in complete satisfaction of such vested Stock Units. The Grantee or any other person entitled under the Plan to receive a payment of shares of Common Stock shall deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. The Corporation may make payment of shares of Common Stock either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Corporation in its discretion. Any Stock Units corresponding to a particular vesting date shall be rounded down to the nearest whole Stock Unit; provided that fractional Stock Units subject to the Award shall be cumulated until sufficient to produce a whole Stock 
Exhibit B – Page 2

									
	MANAGEMENT – [__]		EXHIBIT B

Unit, in all cases remaining fractional Stock Unit interests shall terminate in the event the remaining Stock Units subject to the Award terminate, and any remaining fractional Stock Unit interest shall terminate on the final vesting date applicable to the Award. In the event that payment of Stock Units is triggered by a Separation From Service and Section 7(c) or Section 7(d) applies, and the general release contemplated by Section 7(e) and the expiration of any revocation rights provided therein or pursuant to applicable law could become effective in one of two taxable years depending on when the Grantee executes and delivers the general release, any payment conditioned on the release shall not be made earlier than the first business day of the later of such two tax years (but in all cases within the applicable two and one-half month payment period provided for above).  

7.Effect of Termination of Employment or Service; Change in Control.

(a)Termination of Employment or Service Generally. Except as otherwise provided in this Award Agreement, including but not limited to the Grant Notice or Sections 7(b), 7(c), 7(d) or 7(e) below, the Grantee’s Stock Units shall terminate to the extent that such Stock Units have not become vested on or before the date of the Grantee’s Separation From Service (as defined in Section 19), regardless of the reason for the termination of employment or service that triggers the Separation From Service.

(b)Termination Due to Death or Disability. In the event the Grantee’s Separation From Service is due to the Grantee’s death or Disability (as defined in Section 19) and such event occurs prior to a Change in Control and while the Stock Units subject to the Award remain outstanding, the Award shall vest at the “target” level of performance upon the Separation From Service (for clarity, no additional portion of the Award above the “target” level shall vest after the Separation From Service (after giving effect to the acceleration provided for in the preceding sentence), regardless of actual performance).  Notwithstanding the foregoing, if the Grantee’s Separation from Service is due to the Grantee’s Disability, the accelerated vesting of the Stock Units provided in this Section 7(b) is subject to the Grantee’s satisfying the requirement to provide a general release in accordance with Section 7(f).

(c)Termination Without Cause Not in Connection With a Change in Control. If the Grantee’s Separation From Service is the result of a termination of employment that constitutes a Qualifying Termination (as defined in Section 19) and such event occurs prior to a Change in Control and while Stock Units subject to the Award remain outstanding, then, subject to the Grantee’s satisfying the requirement to provide a general release in accordance with Section 7(f), the Award shall be adjusted in accordance with this formula upon the Separation From Service:
    
															
	A
B
	x	C	=	The target number of Stock Units that will remain subject of the Award after Separation From Service

A = the number of days between 1/1/2021 and the date of Separation From Service (but in no event more than 1095)
B = 1095 (i.e., the number of days from 1/1/2021 through and including 12/31/2023)
C = the total target number of Stock Units subject to the Award

The Stock Units that remain subject of the Award, after adjustment, will not vest unless and until the date as of which the conditions to their vesting set forth in the Grant Notice are met, provided that the condition that the Grantee be employed by the Corporation at the time of vesting shall not apply. In the event that a Change in Control occurs after the Qualifying Termination and during the Performance Period, the pro-ration provided for above in this Section 7(c) (the fraction obtained by dividing A by B above) will apply to the 
Exhibit B – Page 3

									
	MANAGEMENT – [__]		EXHIBIT B

number of Credited Units (determined as set forth below), and the resulting number of Stock Units that vest will be considered to vest on (or, as necessary to give effect to the acceleration, immediately prior to) the Change in Control; provided, that if the Qualifying Termination occurs after the effective date of the definitive agreement providing for the Change in Control transaction (and such Change in Control transaction is actually consummated), then the pro-ration (the fraction obtained by dividing A by B above) shall not apply and the Grantee shall (subject to the Grantee’s satisfying the requirement to provide a general release in accordance with Section 7(e)) vest in the total target number of Stock Units subject to the Award upon (or, as necessary to give effect to the acceleration, immediately prior to) the Change in Control.  If the Grantee’s Separation From Service is the result of a termination of employment that constitutes a Qualifying Termination and such event occurs more than twelve (12) months after a Change in Control and while Stock units subject to the Award remain outstanding, then, subject to the Grantee’s satisfying the requirement to provide a general release in accordance with Section 7(f), the Grantee shall vest upon such Separation From Service in a number of Stock Units subject to the Award equal to (i) the number of Credited Units, multiplied by (ii) the fraction A/B (where A and B are determined as set forth above).

(d)Treatment on a Change in Control.  Notwithstanding anything herein to the contrary, in connection with a Change in Control that occurs during the Performance Period while the Stock Units subject to the Award remain outstanding (i.e., they have not theretofore terminated pursuant to Section 7(a)), the number of Stock Units (if any) that shall be eligible to vest pursuant to the Award shall be equal to total target number of Stock Units subject to the Award (the “Credited Units”), with no modification for performance pursuant to Exhibit A.  The Administrator shall, to the extent applicable and to the extent any Stock Units subject to the Award remained outstanding immediately prior to the Change in Control, ensure that the definitive documentation setting forth the terms of the Change in Control provides, that the Credited Units shall be subject to either Section 7(d)(i) or 7(d)(ii) below.

(i)    The Corporation shall continue to maintain in effect, or the Corporation’s successor shall assume, the Plan, this Award Agreement and all Credited Units outstanding hereunder, and such Credited Units shall continue to remain outstanding after the Change in Control and be scheduled to vest on the last day of the original Performance Period hereunder set forth in Exhibit A.  Vesting of such Credited Units shall be subject to the Grantee’s continued employment or service with the Corporation or one of its Subsidiaries through such vesting date (without further modification based on performance), subject to the provisions of this Section 7. 

(ii)    If the Credited Units are not continued or assumed in accordance with Section 7(d)(i), the Credited Units shall vest upon (or, as necessary to give effect to the acceleration, immediately prior to) such Change in Control.

(e)Termination Without Cause or For Good Reason In Connection With a Change in Control. If the Grantee’s Separation From Service is the result of a termination of employment that constitutes a Qualifying Termination, or a termination of employment by the Grantee for Good Reason (as defined in Section 19), and in either case such event occurs upon, or within twelve (12) months following, a Change in Control, the Grantee’s Credited Units, to the extent then outstanding and unvested and subject to the Grantee’s satisfying the requirement to provide a general release in accordance with Section 7(e), shall fully vest upon such Qualifying Termination or resignation for Good Reason. 

(f)General Release.  The benefits provided in Sections 7(c) and 7(e) in connection with a termination of the Grantee’s employment (and Section 7(b) in the case of a termination due to the Grantee’s Disability) are contingent upon the Grantee’s executing and not revoking a Waiver and Release of Claims Agreement (“Release”) in accordance with the timing and other requirements set forth in this section. The Release must be signed in connection with the termination of Grantee’s employment and not any earlier than the Corporation may prescribe and shall be in a form acceptable to the Corporation (except, if the Grantee is 
Exhibit B – Page 4

									
	MANAGEMENT – [__]		EXHIBIT B

a party to an employment or severance agreement with the Corporation that includes a form of release attached thereto, shall be in the form provided for in such agreement).  The Corporation will provide the final form of Release to the Grantee no later than ten (10) days following the Grantee’s termination of employment, and the Grantee will be required to execute and return the Release to the Corporation within twenty-one (21) days (or forty-five (45) days if such longer period of time is required to make the Release maximally enforceable under applicable law) after the Corporation provides the form of Release to the Grantee.

(g)No Further Rights as to Terminated Units. If any unvested Stock Units terminate pursuant to this Award Agreement, such Stock Units shall automatically terminate and be cancelled as of the applicable termination date without payment of any consideration by the Corporation and without any other action by the Grantee, or the Grantee’s beneficiary or personal representative, as the case may be, and the Corporation shall have no obligation (or no further obligation, as the case may be) in respect thereof or with respect thereto.

8.Adjustments Upon Specified Events. Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.1 of the Plan, the Administrator will make adjustments if appropriate in the number of Stock Units contemplated hereby and the number and kind of securities that may be issued in respect of the Award. No such adjustment shall be made with respect to any cash dividend for which dividend equivalents are credited pursuant to Section 4.

9.Taxes; Tax Withholding.

(a)Section 409A. It is intended that the terms of the Award will not result in the imposition of any tax liability pursuant to Section 409A of the Code. This Award Agreement shall be construed and interpreted consistent with that intent. Notwithstanding any provision of these Terms to the contrary, if the Grantee is a “specified employee” as defined in Section 409A of the Code, the Grantee shall not be entitled to any payment with respect to the Award in connection with the Grantee’s “separation from service” (as that term is used for purposes of Section 409A of the Code) until the earlier of (a) the date that is six months and one day after the Grantee’s separation from service for any reason other than the Grantee’s death, or (b) the date of the Grantee’s death. For purposes of clarity, the six month delay shall not apply in the case of severance contemplated by Treasury Regulations Section 1.409A-1(b)(9)(iii) to the extent of the limits set forth therein. Any amounts otherwise payable to the Grantee following the Grantee’s separation from service that are not so paid by reason of this Section 9 shall be paid as soon as practicable for the Corporation (and in all events within 30 days) after the date that is six months after the Grantee’s separation from service (or, if earlier, the date of the Grantee’s death). The provisions of this Section 9 shall only apply if, and to the extent, required to comply with Section 409A of the Code.

(b)Tax Withholding. The Corporation shall reasonably determine the amount of any federal, state, local or other income, employment, or other taxes which the Corporation or any of its Subsidiaries may reasonably be obligated to withhold with respect to the grant, vesting or other event with respect to the Stock Units. If such withholding event occurs in connection with the distribution of shares of Common Stock in respect of the Stock Units and subject to compliance with all applicable laws, the Corporation shall automatically withhold and reacquire the appropriate number of whole shares, valued at their then fair market value (with the “fair market value” of such shares determined in accordance with the applicable provisions of the Plan), to satisfy any withholding obligations of the Corporation or its Subsidiaries with respect to such distribution. If, however, any withholding event occurs with respect to the Stock Units other than in connection with the distribution of shares of Common Stock in respect of the Stock Units, or if the Corporation cannot legally satisfy such withholding obligations by such withholding and reacquisition of shares as described above, the Corporation shall be entitled to require a cash payment by or on behalf of the 
Exhibit B – Page 5

									
	MANAGEMENT – [__]		EXHIBIT B

Grantee and/or to deduct from other compensation payable to the Grantee the amount of any such withholding obligations.

(c)Responsibility for Taxes. Except for such withholding rights of the Corporation, the Grantee shall be solely responsible for any and all tax liability arising with respect to the Award or any payment in respect thereof.

10.Notices. Any notice to be given under the terms of this Award Agreement shall be in writing and addressed to the Corporation at its principal office to the attention of the Secretary, and to the Grantee at the Grantee’s last address reflected on the Corporation’s records. Any notice shall be delivered in person or shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States Government or a courier of internationally recognized prominence. Any such notice shall be given only when received, but if the Grantee is no longer an Eligible Person, shall be deemed to have been duly given five business days after the date mailed in accordance with the foregoing provisions of this Section 10.

11.Plan. The Award and all rights of the Grantee under this Award Agreement are subject to the terms and conditions of the provisions of the Plan, which are incorporated herein by this reference. The Grantee agrees to be bound by the terms of the Plan and this Award Agreement. The Grantee acknowledges having read and understanding the Plan, the Prospectus for the Plan, and this Award Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not and shall not be deemed to create any rights in the Grantee unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the Administrator under the Plan after the date hereof.

12.Entire Agreement. This Award Agreement and the Plan together constitute the entire agreement and supersede in their entirety all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject matter hereof. The Plan may be amended pursuant to Section 8.6 of the Plan. This Award Agreement may be amended by the Administrator from time to time. Any such amendment must be in writing and signed by the Corporation. Any such amendment that materially and adversely affects the Grantee’s rights under this Award Agreement requires the consent of the Grantee in order to be effective with respect to the Award. The Corporation may, however, unilaterally waive any provision hereof in writing to the extent such waiver does not adversely affect the interests of the Grantee hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.

13.Governing Law. This Award Agreement shall be governed by, construed under, and enforced in accordance with the laws of the State of Delaware without regard to conflict of law principles thereunder.

14.Effect of Award Agreement. Subject to the Corporation’s right to terminate the Award pursuant to Section 7.2 of the Plan, this Award Agreement shall be assumed by, be binding upon and inure to the benefit of any successor or successors to the Corporation.

15.Counterparts. This Award Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Photographic or other electronic copies of such signed counterparts may be used in lieu of the originals for any purpose.

Exhibit B – Page 6

									
	MANAGEMENT – [__]		EXHIBIT B

16.Section Headings. The section headings of this Award Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof.

17.Clawback Policy. The Stock Units are subject to the terms of the Corporation’s recoupment, clawback or similar policy as it may be in effect from time to time, as well as any similar provisions of applicable law, any of which could in certain circumstances require repayment or forfeiture of the Stock Units or any shares of Common Stock or other cash or property received with respect to the Stock Units (including any value received from a disposition of the shares acquired upon payment of the Stock Units).

18.No Advice Regarding Grant. The Grantee is hereby advised to consult with his or her own tax, legal and/or investment advisors with respect to any advice the Grantee may determine is needed or appropriate with respect to the Award (including, without limitation, to determine the foreign, state, local, estate and/or gift tax consequences with respect to the Award and any shares that may be acquired upon payment of the Award). Neither the Corporation nor any of its officers, directors, affiliates or advisors makes any representation (except for the terms and conditions expressly set forth in this Award Agreement) or recommendation with respect to the Award.

19.Certain Defined Terms. For the purposes of this Award Agreement, the following terms shall have the meanings provided below:

“Cause” means (unless such term is defined in a written employment or severance agreement by and between the Grantee and the Corporation, in which case “Cause” is used as defined in such written employment or severance agreement) that any one or more of the following has occurred:

(a)    The Grantee’s indictment for, conviction of, or pleading guilty or nolo contendere to, a felony (other than motor vehicle offenses the effect of which do not materially impair the Grantee’s performance of the Grantee’s duties to the Corporation).  
(b)    The Grantee’s willful failure to substantially perform the material duties of the Grantee’s position with the Corporation (other than any such failure resulting from the Grantee’s incapacity due to physical or mental illness), provided that the Grantee has been provided written notice of such failure and, if such failure is curable, the Grantee has not cured the failure to the satisfaction of the Corporation within 15 days after delivery of such notice.
(c)    The Grantee’s willful failure to obey legal orders consistent with the Grantee’s position at the Corporation given in good faith by the Corporation’s Chief Executive Officer or any other person to whom the Grantee reports at the Corporation, directly or indirectly (or, in the event the Grantee is the Corporation’s Chief Executive Officer, given in good faith by the Board), other than any such failure resulting from incapacity due to physical or mental illness; provided, however, that the Grantee has been given written notice of such failure and, if such failure is curable, the Grantee has not cured the failure to the satisfaction of the Corporation within 15 days after delivery of such notice.
(d)    The Grantee’s willful misconduct or breach of fiduciary duty (including, without limitation, any act of fraud, embezzlement, or dishonesty) which causes or is reasonably expected to result in material injury to the Corporation or its business reputation.
(e)    The Grantee’s entering into an agreement or consent decrease or being the subject of any regulatory order that in any of such cases prohibits the Grantee from serving as an officer or director of a company that has publicly-traded securities.
Exhibit B – Page 7

									
	MANAGEMENT – [__]		EXHIBIT B

(f)    The Grantee’s material breach of any agreement that the Grantee may have with the Corporation or of any written policies or procedures of the Corporation, which is injurious to the Corporation; provided, however, that the Grantee has been given written notice of such failure and, if such breach is curable, the Grantee has not cured the breach to the satisfaction of the Corporation within 15 days after delivery of such notice.
“Change in Control” means any of the following events:

(a)A transaction or series of transactions occurs whereby any "person" or related "group" of "persons" (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended ("Exchange Act")), directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Corporation possessing more than 50% of the total combined voting power of the Corporation's securities outstanding immediately after such acquisition;

(b)During any period of two consecutive years, the Continuing Directors cease to constitute at least a majority of the Board. For purposes of this definition, the term “Continuing Director” means any director who was (i) a member of the Board at the beginning of the two-year period, (ii) elected to the Board by the Corporation’s stockholders, or (iii) appointed to the Board by a majority of the Continuing Directors then serving on the Board; in the case of clause (ii) and (iii), whose election or appointment to the Board did not occur in connection with any actual or threatened director election contest or proxy solicitation contest or any transaction or proposed transaction involving the Corporation or any subsidiary of the Corporation);

(c)The Corporation, directly, or indirectly through one or more subsidiaries or intermediaries, enters into an agreement to, or consummates, a sale or other disposition of all or substantially all of the Corporation’s assets in any single transaction or series of transactions (including pursuant to a spin-off, split-up or similar transaction) (each, a “Sale of Substantially All Assets”). Without limiting the generality of the foregoing sentence, and subject to the exclusions below, a Sale of Substantially All Assets will include the sale or other disposition, within any two-year period, in any one transaction or series of transactions, of more than two-thirds of the mills (whether determined by reference to mill-generated revenue or by number of mills) owned by the Corporation and its subsidiaries at the beginning of the two-year period.  For purposes of this clause (c), however, in determining whether a Sale of Substantially All Assets has occurred the following assets and mills (or sales of assets and mills, as the case may be) shall be disregarded (together, any sales of such assets and mills, including related assets and real estate) are referred to as the “Excluded Sales”): (i) all or any portion of the Corporation’s mills, including related assets and real estate, in Duluth, MN, Wisconsin Rapids, WI, and Luke MD, (ii) all or any portion of Consolidated Water Power Company, including related assets and real estate, and (iii) any disposition of assets (including mills) that has been proposed as of, or that occurred prior to, the Grant Date; 

(d)The Corporation, whether directly involving the Corporation or indirectly involving the Corporation through one or more subsidiaries or intermediaries, enters into an agreement to or consummates (i) a merger, combination, consolidation, conversion, exchange of securities, reorganization or business combination, or (ii) an acquisition of the assets or stock of another entity, in any single transaction or series of transactions, which event results in the voting securities of the Corporation outstanding immediately prior thereto failing to continue to represent (either by remaining outstanding or by being converted into voting securities of the surviving or another entity) at least 66% percent of the combined voting power of the voting 
Exhibit B – Page 8

									
	MANAGEMENT – [__]		EXHIBIT B

securities of the Corporation or such surviving or other entity outstanding immediately after such event; or

(e)Any transaction or series of transactions that has the substantial effect of any one or more of the foregoing events.

“Disability” (unless such term is defined in a written employment or severance agreement by and between the Grantee and the Corporation, in which case “Disability” is used as defined in such written employment or severance agreement) has the meaning given to such term in Treas. Reg. Section 1.409A-3(i)(4).

“Good Reason” means (unless such term is defined in a written employment or severance agreement by and between the Grantee and the Corporation, in which case “Good Reason” is used as defined in such written employment or severance agreement) that any one or more of the following events has occurred without the Grantee’s written consent:

(a)    a material reduction by the Corporation in the Grantee’s annual base salary or target-level annual incentive award opportunity, other than a general reduction in the base salaries or target-level annual incentive award opportunities of all or substantially all of the Corporation’s executives;

(b)    a material demotion by the Corporation with respect to the Grantee’s job duties and responsibilities; or

(c)    the Corporation’s material breach of any material agreement between the Grantee and the Corporation;

provided, however, that the Grantee’s termination of his or her employment with the Corporation will not be considered a termination by the Grantee for Good Reason unless the Grantee has: (a) notified the Corporation in writing of the event(s) claimed to constitute Good Reason, no later than 30 days after the initial occurrence of the event(s); (b) the Corporation has failed to cure or remedy such event(s), no later than 30 days after its receipt of the Grantee’s written notice; and (c) the Grantee has notified the Corporation in writing that the Grantee is terminating his or her employment for Good Reason on account of such event(s), and the Grantee actually terminates the Grantee’s employment with the Corporation no later than 30 days after the expiration of such 30-day cure period.  For clarity, a reduction in duties or responsibilities as a result of the Excluded Sales shall not constitute “Good Reason” pursuant to clause (b) above.

“Qualifying Termination” means (unless such term is defined in a written employment or severance agreement by and between the Grantee and the Corporation, in which case “Qualifying Termination” is used as defined in such written employment or severance agreement), if the Grantee is employed by the Corporation or one of its Subsidiaries, a termination of the Grantee’s employment by the Corporation or one of its Subsidiaries without Cause and other than due to the Grantee’s death or Disability.

“Separation From Service” means (unless such term is defined in a written employment or severance agreement by and between the Grantee and the Corporation, in which case “Separation From Service” is used as defined in such written employment or severance agreement) the Grantee ceases to be employed by, or ceases to provide services as a director to, the Corporation or one of its Subsidiaries; provided that no Separation From Service shall exist in any event unless such separation constitutes a “separation from service” within the meaning of Section 409A of the Code. If the Grantee ceases to be 
Exhibit B – Page 9

									
	MANAGEMENT – [__]		EXHIBIT B

employed by or ceases to provide services as a director to the Corporation or a Subsidiary, but immediately thereafter continues to be employed by or provide services as a director to the Corporation or a Subsidiary (for example, and without limitation, if the Grantee ceases to be employed by the Corporation but immediately thereafter continues to be employed by a Subsidiary or continues to provide services as a director to the Corporation or a Subsidiary), such change shall not constitute a Separation From Service. The provisions of Section 6 of the Plan apply to the Award.

*     *     *
Exhibit B – Page 10EXHIBIT 10.1

    EMPLOYMENT AGREEMENT

    This EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of this 3rd day of November, 2021 by and between World Wrestling
      Entertainment, Inc. (“WWE” or the "Company") and Frank A. Riddick (“Riddick”).

    WHEREAS, WWE wishes to employ Riddick on an at-will basis in the capacity of EVP/Chief Financial Officer and Chief Administrative
      Officer pursuant to the terms of this Agreement; and

    WHEREAS, by signing below, Riddick accepts and agrees to the terms and conditions set out in this Agreement.

    NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

    SECTION 1.          Term/At-Will Employment.

    The parties agree that the term of this Agreement, and Riddick’s employment, shall commence on November 5, 2021 (the “Start Date”) and
      shall remain in effect  until terminated by Riddick or WWE earlier pursuant to the terms of this Agreement (the “Term”). However, Riddick’s employment shall, at all times, be on an at-will basis, so that either WWE or Riddick may terminate his
      employment, and this Agreement, with or without cause or reason, at any time; however, if Riddick intends to terminate his employment, he shall provide WWE with at least 60 days advance written notice. However, early termination of this Agreement
      shall be subject to the provisions below concerning post-termination payments to Riddick and/or reimbursements due WWE.

    SECTION 2.          Position and Duties.

    (a)          During the Term, Riddick: (A) shall serve
        as the Executive Vice President, Chief Financial Officer and Chief Administrative Officer of WWE, with such responsibilities, duties and authority as are customary for such position, as from time to time may be assigned to Riddick and subject to
        the direction of the Chief Executive Officer; (B) shall devote his full working time attention, and energies to the business affairs of WWE; and (C) agrees to observe and comply with WWE’s rules and policies as adopted by WWE from time to time.
        Notwithstanding the foregoing, Riddick may manage his personal investments, be involved in charitable and professional activities (including serving on charitable and professional boards) and, with consent of the Chief Executive Officer not to be
        unreasonable withheld, serve on for profit boards of directors and advisory committees so long as such service does not interfere with Riddick’s obligations hereunder. WWE agrees that, during the Term, Riddick shall be permitted to retain his
        current board memberships with Apache Industrial Services, Inc. and Duke University’s Fuqua School of Business.

    (b)          During the Term, Riddick shall report
        directly to, and be subject to the direction of, Vincent K. McMahon, Chairman of the Board and Chief Executive Officer. If Vincent K. McMahon is no longer Chairman of the Board and Chief Executive Officer, then Riddick shall report directly to his
        successor as Chief Executive Officer. Riddick’s base of work shall be in WWE’s Stamford, Connecticut headquarters; however, he shall also render services at such other places within or outside the United States as WWE may direct from time to time
        and as may be reasonably necessary to effectively fulfill his duties and responsibilities.

    
      
        

    

    SECTION 3.          Compensation & Benefits.

    (a)          Base Salary: During the Term,
        Riddick’s base salary shall be $850,000.00 per annum, less applicable taxes and withholdings, payable on a bi-weekly basis in accordance with WWE’s standard payroll practices, subject to merit adjustments within the sole discretion of WWE (“Base
        Salary”).

    (b)          Incentive Bonus: During the Term,
        Riddick shall also be eligible to participate in the WWE Discretionary Bonus Plan and receive a discretionary annual bonus award thereunder (“Annual Bonus”). The funding of the plan is based upon WWE’s achievement of financial and/or strategic
        performance measures, as determined by WWE in its discretion. The bonus pool funding can increase, decrease or be forfeited based on the level of achievement of WWE’s and/or Riddick’s personal performance measures. The target amount of Riddick’s
        Annual Bonus shall be  70% of the Base Salary which shall be pro-rated for calendar year 2021 based on the Start Date. The fact and amount of Riddick’s individual award will be determined based upon those factors indicated above, and again, at all
        times within WWE’s discretion. The bonus for any calendar year will be paid by March 15th of the subsequent calendar year. For the avoidance of doubt, except as otherwise provided herein, Riddick will not be eligible for any Annual Bonus, and no
        Annual Bonus or prorated Annual Bonus will be awarded, earned or payable to the extent Riddick is not employed and in good standing on the applicable bonus payment date.

    (c)          Sign-on Bonus:

    (i)          Following the execution
        of this Agreement by WWE and Riddick, Riddick will be entitled to receive a one-time sign-on bonus in the amount of $1,000,000.00, less applicable withholding and deductions (“Sign-On Bonus”), payable in lump sum on the first payroll date following
        the Start Date.

    (ii)          However, if within the
        first 12-month period following the Start Date, Riddick voluntarily terminates his employment without “good reason” (as defined below in Section 4(c)), or if his employment with WWE is terminated by WWE for “cause” (as defined below in Section
        4(d)), then Riddick must reimburse WWE 100% of the Sign-On Bonus payment.

    (iii)          If, following the
        12-month anniversary of the Start Date, but prior to the 24-month anniversary of the Start Date, Riddick voluntarily terminates his employment without “good reason” (as defined below in Section 4(c)), or his employment with WWE is terminated by WWE
        for “cause” (as defined below in Section 4(d)), then Riddick must reimburse WWE 66% of the Sign-On Bonus payment.

    (iv)          If, following the
        24-month anniversary of the Start Date, but prior to the 36-month anniversary of the Start Date, Riddick voluntarily terminates his employment without “good reason” (as defined below in Section 4(c)), or his employment with WWE is terminated by WWE
        for “cause” (as defined below in Section 4(d)), then Riddick must reimburse WWE 33% of the Sign-On Bonus payment.

    (v)          Any reimbursement due
        under this Section shall be paid by Riddick to WWE within ten (10) days following the termination date, and Riddick expressly authorizes WWE to deduct reimbursement due from any other sums then otherwise owed him to the maximum extent permissible
        by law. This authorization is reflected by Riddick’s execution of the attached Exhibit A.

    
      
        

    

    (d)          Relocation Expense Benefits:

    (i)          Riddick will relocate
        to work primarily out of WWE’s Stamford office currently located at 1241 East Main Street, Stamford, CT. In addition to relocation benefits, subject to WWE’s standard Relocation Expense Reimbursement Policy, WWE will also provide Riddick with the
        following:

    ●          Up to 12 months of
        temporary housing and rental of a vehicle to be arranged for by WWE or Riddick (however, if arranged for by Riddick the cost must be pre-approved by WWE), and paid directly to the provider by WWE; and

    ●          Reimbursement for costs
        of shipment of household goods from South Carolina to New York or Connecticut upon relocation.

    (ii)          If within 12 months of
        the Start Date, Riddick voluntarily terminates employment without “good reason” as defined in Section 4(c) or his employment is terminated by WWE for “cause” as defined in Section 4(d), Riddick must reimburse WWE 100% of relocation costs incurred
        by WWE on his behalf or which were otherwise reimbursed to Riddick. Reimbursement is due WWE within 10 days following Riddick’s last day of employment, and Riddick authorizes WWE to reduce any final compensation due him to the maximum extent
        permissible by law to apply to any such amounts owed back to WWE. Accordingly, Riddick’s execution of the attached Exhibit A is intended to cover this reimbursement as well.

    (iii)          Riddick hereby
        acknowledges that most relocation expenses including temporary housing are considered ordinary income according to IRS regulations and will be added to Riddick’s taxable income on Riddick’s W-2 at year-end. Riddick understands and acknowledges that
        Riddick is responsible for all taxes associated with this additional income and to obtain his own tax reporting advice in connection with this benefit, as well as with all other compensation and benefits provided Riddick under this Agreement.
        Furthermore, all reimbursement is conditioned on Riddick’s submitting to WWE all appropriate receipts and any other documentation requested by the WWE within thirty (30) days of the expense being incurred by Riddick.

    (e)          WWE Equity:

    (i)          Conditional upon full
        Board approval which shall be received as of the effective date of this Agreement, as a material inducement for Riddick to accept employment with WWE, Riddick will be granted on the Start Date a Sign-On Inducement Grant of restricted stock units
        ("RSUs") of Class A Common Stock of WWE valued at $5,000,000. The number of shares for the RSUs will be calculated using the average closing price of Class A Common Stock of WWE on the NYSE for the 30 days prior to the Start Date.  The RSU Awarad
        shall be at all times subject to and governed by the terms of WWE’s Omnibus Incentive Plan (“OIP”) and the applicable award agreement, which will provide for claw-back and recovery of vested amounts due to accounting restatements, violations of
        WWE’s corporate policies or any breaches of the restrictive covenants contained in the award agreement, the terms of this Agreement, or of any other agreement between Riddick and WWE.  The RSU Awards (less applicable taxes and other deductions
        required by law) will vest in equal installments over four years beginning on June 30, 2022; provided, however, that notwithstanding anything to the contrary in Section 4 of this Agreement, in the event of a termination of Riddick's employment for
        any reason other than by WWE for "cause" (as defined below in Section 4(d)) or by Riddick voluntarily without "good reason" (as defined in Section 4(c)), the RSU Award will immediately become fully vested.  The RSUs, as well as future shares, may
        also be subject to WWE’s stock ownership guidelines, and at all times, all other terms and conditions of Riddick’s eligibility for equity shall be governed by the OIP. 

      

    
      
        

    

    (ii)          During the Term,
        Riddick will also be eligible to participate in future stock programs that are offered to other key executives of WWE, including the Performance/Restricted Stock (PSU/RSU) program, at all times subject to WWE management’s and the Compensation
        Committee’s discretion. Further, all other terms and conditions of Riddick’s eligibility for equity shall be governed by the OIP and any applicable award agreements entered into thereunder. Riddick’s annual equity grant shall be in a target amount
        equal to 100% of the Base Salary which shall be pro-rated for calendar year 2021 based on the Start Date.

    (iii)          Except as otherwise
        provided in Section 3(e)(i) above, if Riddick voluntarily terminates his employment with WWE for any reason, or his employment with WWE is terminated by WWE for any reason, then any and all unearned or unvested WWE equity as set forth above shall
        be forfeited as of the last day of employment.

    (f)          Other Benefits: During the Term,
        Riddick will be eligible for full company benefits on the first day of the month coincident or following his date of hire. WWE benefits include (but are not limited to): medical, dental, life and disability. Riddick will be automatically enrolled
        in WWE’s 401k plan at 3%. Should Riddick elect to opt out of the 401k auto-enrollment, please call Fidelity at 1-800-835-5097, after receipt of their confirmation letter. Subject to statutory limits, WWE currently matches to the 401k fifty percent
        (50%) of contributions up to six percent (6%) of salary. This match is subject to a one-year vesting and may be changed by WWE at any time within WWE’s sole discretion. As with all other employee benefits, these benefits are subject to change or
        deletion at any time within WWE’s discretion and without any particular advance notice.

    (g)          Paid Time Off: Riddick shall be
        entitled to four (4) weeks of paid vacation and three (3) paid personal days prorated for calendar year 2021 based on the Start Date. Vacation and personal leave accrual and use shall be subject to WWE’s policies as such policies may exist and/or
        be amended from time to time.

    (h)          Travel: WWE will pay or reimburse,
        subject to and in accordance with its expense reimbursement/business travel policies, Riddick for reasonable and documented travel expenses incurred by Riddick in traveling between South Carolina and New York or Connecticut in performance of his
        duties, including personal air travel costs to and from the New York City area or Connecticut up to three weekends per month and holidays, and, to the extent reasonably necessary during the current COVID-19 pandemic or due to other extenuating
        circumstances, private air travel may be authorized for this purpose in advance by the Chief Executive Office from time to time. Riddick will be permitted to fly business class.

    SECTION 4.          Payments Upon Termination of
          Employment.

    (a)          If Riddick’s employment with WWE is
        terminated by WWE during the Term without “cause” as defined below, or if Riddick terminates his employment with “good reason” as defined below, in addition to any accrued but unpaid Base Salary and any benefits to which Riddick may be entitled
        under any applicable plans and programs of WWE as of the Termination Date, (“Accrued Benefits”), subject to his execution of a separation agreement, including a full release of claims, and such agreement becoming effective in accordance with
        subsection (e) below, Riddick will be entitled to receive as severance (A) a lump sum payment in an amount equal to one times the sum of the then current Base Salary and Annual Bonus at Target Performance for the year in which the termination
        occurs and (B) a lump sum payment in an amount equal to the prorated portion of the Annual Bonus Riddick would have otherwise earned for the year in which 

    
      
        

    

    the termination occurs based on the number of days during such year in which Riddick was employed.

    (b)          In the event Riddick voluntarily
        terminates his employment during the Term without “good reason” as defined below, or WWE terminates Riddick’s employment for “cause” as defined below, or if Riddick dies, or if Riddick’s employment is terminated by WWE due to “disability” as
        defined below, with the sole exception of any Accrued Benefits, no payments upon termination will be due Riddick under this Agreement.

    (c)          For the purposes of this Agreement, “good
        reason” shall mean: (A) a material and permanent reduction in Base Salary and/or target compensation, but excluding a reduction in compensation affecting a group or groups of employees; (B) a material diminution of duties; (C) a change in reporting
        so that Riddick no longer reports into Vincent K. McMahon or the then-current Chief Executive Officer; or (D) a material breach by WWE of the terms and conditions of this Agreement. Notwithstanding the foregoing, in the event Riddick asserts that
        “good reason” exists for potential termination by him of his employment, in order for “good reason” to exist for purposes of this Section and this Agreement, he shall first provide WWE with a written notice: (A) specifying the nature of the “good
        reason”; and (B) providing WWE with at least thirty (30) days to cure or remedy the situation he deems to constitute “good reason” and, if such situation is not cured or remedied during such thirty (30) day period, he must terminate  employment
        within sixty (60) days following such thirty (30) day period. Such notice must comply with Section 6(e)(ii) of this Agreement. For purposes of this Agreement, the term “disability” shall be defined as Riddick’s inability to perform the material
        responsibilities of his position with or without reasonable accommodation for a consecutive period of ninety (90) days in any one year period, or for a non-consecutive period of one hundred twenty (120) days in any one year period.

    (d)          For purposes of this Agreement, “cause”
        shall mean: (A) the Chief Executive Officer’s determination that Riddick failed to substantially perform his duties listed in Section 2(a) (other than any such failure resulting from Riddick’s disability) which is not remedied within 30 days after
        written receipt of written notice from WWE specifying such failure; (B) the Chief Executive Officer’s reasonable determination that Riddick failed to carry out, or comply with, in any material respect, any lawful and reasonable directive of WWE
        consistent with the terms of this agreement, which is not remedied within 30 days after receipt of written notice from WWE specifying such failure; (C) Riddick’s conviction, plea of no contest, plea of nolo contendere or imposition of unadjudicated
        probation for any felony or crime involving moral turpitude; or (D) Riddick’s commission of an act of fraud, embezzlement misappropriation, willful misconduct or breach of fiduciary duty against the Company.

    (e)          Notwithstanding the foregoing, any
        payments due to Riddick pursuant to this Section 4 shall be expressly conditioned on his execution of a standard separation agreement which shall contain, among other provisions, a full release and waiver of claims or potential claims against WWE
        as therein defined, a confidentiality and non-disparagement provision, and re-affirmation of all other post-employment obligations by Riddick, in the form provided by WWE, which must be executed and become effective by the deadlines set forth
        therein in accordance with any applicable laws, but no later than the 60th day following the effective termination of employment date, whichever is less. Any amounts otherwise payable during such period will accrue and be paid, without interest, on
        the first payroll following such period.

    
      
        

    

    SECTION 5.          Conditions of Employment.

    (a)          Further, Riddick’s employment and
        continued employment shall be conditioned on: (i) his satisfactory completion of a Form I-9 establishing his authorization to work in the United States; (ii) results of a background check satisfactory to WWE in its discretion; (iii) Riddick’s
        execution of this Agreement without modification; (iv) execution of the attached Exhibit A; (v) execution and continued compliance with the attached Non-Disclosure, Non-Competition and Non-Solicitation Agreement attached hereto as Exhibit B; and
        (vi) execution of WWE’s Intellectual Property Release & Waiver, Conflict of Interest and Code of Conduct, Email Acceptable Use Guidelines, Equal Opportunity and Non-Harassment Policy, Employee Handbook Policy, Policy Prohibiting Insider
        Trading, Social Media Policy, and Fitness Center Waiver of Liability agreements.

    (b)          WWE hereby notifies Riddick pursuant to
        federal law that: (1) an individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made: (i) in confidence to a Federal, State, or local government
        official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such
        filing is made under seal; and (2) an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in
        the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.

    (c)          The portions of any current or future WWE
        Severance Policy relating to the amount of severance payments shall not apply to this Agreement, and Riddick acknowledges that any post-termination payments due him are only those payments specifically provided for under this Agreement.

    SECTION 6.          General Provisions.

    (a)          Severability. It is the desire and
        intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the laws and public policies of the State of Connecticut. Accordingly, if any particular provision of this Agreement shall be
        adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting
        the validity or enforceability of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision could be more narrowly drawn so as not to be invalid,
        prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other
        jurisdiction.

    (b)          Complete Agreement. This Agreement,
        together with the attachments and documents referenced herein, supersede any prior correspondence or documents evidencing negotiations between the parties, whether written or oral, and any and all understandings, agreements or representations by or
        among the parties, whether written or oral, that may have related in any way to the subject matter of this Agreement.

    (c)          Successors and Assigns. WWE’s
        rights under this Agreement may, without Riddick’s consent, be assigned by WWE, in its sole and unfettered discretion, to any person, firm, 

    
      
        

    

    corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly, acquires all or
        substantially all of the assets or business of WWE. WWE will require any successor (whether direct or indirect, by purchase, merger or otherwise) to all or substantially all of the business or assets of WWE expressly to assume and to agree to
        perform this Agreement in the same manner and to the same extent that WWE would be required to perform it if no such succession had taken place. Riddick may not assign any of his rights and/or obligations under this Agreement without the prior
        written consent of WWE, and any such attempted assignment by Riddick without the prior written consent of WWE will be void.

    (d)          Governing Law. This Agreement shall
        be governed by, and construed in accordance with and subject to, the laws of the State of Connecticut without regard to its conflicts of law rules.

    (e)          Jurisdiction and Venue.

    (i)          Riddick irrevocably and
        unconditionally submits, for himself and his property, to the exclusive jurisdiction of the U.S. District Court for the District of Connecticut and the State Courts of Connecticut for any action or proceeding arising out of or relating to this
        Agreement.

    (ii)          The parties agree that
        the mailing by certified or registered mail, return receipt requested to both: (A) the other party; and (B) counsel for the other party, of any notice required under this Agreement, or of any process required by any such court, shall constitute
        valid and lawful notice or service of process against them, as applicable, without the necessity for service by any other means provided by law. Notwithstanding the foregoing, if and to the extent a court holds such means to be unenforceable, each
        of the parties’ respective counsel shall be deemed to have been designated agent for service of process on behalf of its respective client, and any service upon such respective counsel effected in a manner which is permitted by applicable law shall
        constitute valid and lawful service of process against the applicable party.

    (f)          Taxes; Section 409A Compliance.  
        All payments under this Agreement or under any other WWE arrangement will be subject to applicable taxes and withholdings. The intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Internal Revenue
        Code Section 409A and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted this Agreement shall be interpreted to be in compliance therewith or exempt therefrom. In
        no event whatsoever shall WWE be liable for any additional tax, interest or penalty that may be imposed on Riddick by Code Section 409A or damages for failing to comply with Code Section 409A. A termination of employment shall not be deemed to have
        occurred for purposes of any provision of this Agreement providing for the payment of nonqualified deferred compensation subject to Code Section 409A upon or following a termination of employment unless such termination is also a “separation from
        service” (as that term is defined in Treasury Regulation Section 1.409A-1(h)) from WWE and from all other corporations and trades or businesses, if any, that would be treated as a single “service recipient” with WWE  under Treasury Regulation
        Section 1.409A-1(h)(3), and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” Notwithstanding any other payment schedule provided
        herein to the contrary, if Riddick is identified on the date of his separation from service as a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B)(i), then the following shall apply: (i) with regard to  any
        payment that is considered nonqualified deferred compensation subject to Code Section 409A, as determined by 

    
      
        

    

    WWE in its sole discretion, and payable on account of a “separation from service,” such payment shall be made on the date which is the
        earlier of: (A) the expiration of the six (6)-month period measured from the date of Riddick’s “separation from service”; and (B) the date of his death (the “Delay Period”) to the extent required under Code Section 409A. Upon the expiration of the
        Delay Period, all payments delayed pursuant to this Section (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid to Riddick in a lump sum, and all remaining payments due
        under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. For purposes of Code Section 409A, Riddick’s right to receive any installment payment pursuant to this Agreement shall be treated
        as a right to receive a series of separate and distinct payments.

    (g)          Amendment and Waiver. The
        provisions of this Agreement may be amended and waived only with the prior written consent of Riddick and a duly authorized representative of WWE, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall
        affect the validity, binding effect or enforceability of this Agreement or any provision hereof.

    (h)          Headings. The section headings
        contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

    (i)          Counterparts. This Agreement may be
        executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

    IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

    ACCEPTED AND AGREED:

    

    

    

    

    By: /s/ Frank A. Riddick                         

    

           Frank A. Riddick

    

    

    Date: November 3, 2021

    

    

    

    

    

    

    

    World Wrestling Entertainment, Inc.

    

    

    

    

    By: /s/ Vincent K. McMahon               

    

          

    

    Printed Name:

    Title:

    Date:  November 4, 2021

    

    

    
      
        

    

    EXHIBIT A

    

    

    This Exhibit A concerns a Sign-On Bonus and relocation expense benefits being conferred as set forth in the Employment Agreement
      between the undersigned and WWE made effective November 5, 2021 to which it is attached. The Employment Agreement further sets forth conditions under which I am obligated to reimburse WWE for payments conferred under those provisions. In the event a
      reimbursement obligation is triggered pursuant to the Employment Agreement, I hereby authorize and direct WWE, to the fullest extent allowed by law, to withhold the maximum amount permitted toward such reimbursement due WWE from any remaining
      compensation of any type then due me. If there is any remainder due WWE, I will pay such remaining portion also pursuant to the Employment Agreement.

    I understand and agree to the terms of this Exhibit A to the Employment Agreement, that I have signed this Exhibit A voluntarily and
      have had the opportunity to confer with legal counsel of my choice before signing it.

    /s/ Frank A. Riddick                          

      

    Frank A. Riddick

    Date: November 3, 2021

    

    

    

    
      
        

    

    EXHIBIT B

    NON-DISCLOSURE, NON-COMPETITION and

    NON-SOLICITATION AGREEMENT (“Agreement”)

    In further consideration of World Wrestling Entertainment, Inc.’s (“WWE” or the “Company”) employment and continuing employment of
      Frank A. Riddick (“Employee”), and for other good and valuable consideration, receipt of which is hereby acknowledged by the Employee, Employee further acknowledges and agrees as follows:

    Access to Confidential Information: Employee understands and acknowledges that, in his position of EVP / Chief Financial
      Officer of WWE, and/or in any future position, the Company will furnish, disclose, or make available to him Confidential Information (as defined below) related to the business of the Company, which includes unique and specialized information.
      Employee further acknowledges that such Confidential Information has been developed and will continue to be developed by the Company through the expenditure by the Company of substantial time, effort and money and that all such Confidential
      Information could be used by Employee to compete with the Company. Employee also acknowledges that if he becomes employed or affiliated with any competitor of WWE and acts or intends to act in violation of his obligations in this Agreement, there
      shall be a rebuttable presumption that it is inevitable that he would disclose the Confidential Information to such competitor and would use such Confidential Information, knowingly or unknowingly, on behalf of such competitor. Further, while
      Employee is employed by the Company, he will be introduced to individuals and entities with important relationships to the Company. Employee acknowledges that any and all “goodwill” created through such introductions belongs exclusively to WWE,
      including, without limitation, any goodwill created as a result of direct or indirect contacts or relationships between Employee and any contractors, vendors, suppliers or any other business relationships of WWE.

    Definition of Confidential Information: For purposes of this Agreement, “Confidential Information” includes, without
      limitation, WWE’s client/vendor/talent lists, its trade secrets, story lines, plot plans, scripts, any confidential, private, personal or privileged information about (or provided by) any of WWE’s officers, directors, employees, contractors,
      principals, agents, representatives, or assigns (“WWE Parties”), WWE talent or independent contractors, WWE clients or prospective or former clients, information concerning any of WWE’s or the WWE Parties’ business or financial affairs, including
      its/their books and records, commitments, procedures, plans and prospects, products developed by WWE or current or prospective transactions or business of WWE, marketing plans or strategies, and any “inside information”.

    Non-Disclosure of Confidential Information: Employee acknowledges and agrees that he shall not, during his employment (except
      with pre-authorized Company executives on a strict “need to know basis”), or at any time after his termination from employment, whether voluntary or involuntary, directly or indirectly, disclose, divulge, or discuss with any individual, entity,
      company, association, or any other third party, the Confidential Information, or make use of Confidential Information in any manner inconsistent with the best interests of the Company while employed, or in any manner whatsoever after the termination
      of his employment. Notwithstanding the provisions of this section, Employee may disclose Confidential Information: (a) as compelled by law, judicial process, or any governmental agency of competent jurisdiction, in which event Employee shall provide
      the Company within one (1) business day a copy of such request and shall not, unless prohibited by law, disclose or provide any Confidential Information prior to providing such notice to the Company, and shall thereafter cooperate with the Company in
      complying therewith; (b) where the information is publicly available, unless it has become publicly

    
      
        

    

     available by Employee in breach of this Agreement; and (c) where necessary in the ordinary course of business internally within the Company or otherwise
      as authorized by the Company in advance of such disclosure.

    Return of Confidential Information: Employee shall not retain copies of any Confidential Information or documents containing
      Confidential Information without consent of the Company at any time. Further, upon termination of his employment, whether voluntary or involuntary, Employee shall return all Confidential Information including, without limitation, products, materials,
      memoranda, notes, records, reports, or other documents or photocopies of the same. Nothing herein contained shall prevent Employee from retaining copies of documents reflecting his personal data, including copies of this Agreement, his employment
      agreement to which this Agreement is attached (“Employment Agreement”), or other agreements between him and the Company, his compensation, and/or benefits conferred during his employment.

    Non-Competition/Non-Solicitation: Employee recognizes and acknowledges the competitive and proprietary aspects of the business
      of the Company, as well as the significant expenditure of time and money in creating, developing and marketing its intellectual property and/or products. Employee further recognizes and acknowledges the significant expenditure of time and money in
      developing and securing the Company’s business relationships and good will in the markets in which the Company participates.

    Employee therefore agrees that, during his employment and for twenty-four (24) months following the termination of his employment,
      whether voluntary or involuntary, he shall not, for any reason whatsoever in the absence of the Company’s prior written consent:

    	

          	(A)	
            Whether individually, as a director, manager, member, stockholder, partner, owner, employee, consultant or agent of any business, or in any other capacity, other than on behalf of the Company or a subsidiary, organize, establish, own,
              operate, manage, control, engage in, participate in, invest in, permit his name to be used by, act as a consultant or advisor to, render services for (alone or in association with any person, firm, corporation or business organization), or
              otherwise assist any person or entity that engages in or owns, invests in, operates, manages or controls any venture or enterprise which engages or proposes to engage in any business conducted by the Company. For purposes of this Agreement,
              “business conducted by the Company” shall be defined as an organization, entity, or individual engaged in the entertainment industry, whether related to professional wrestling, sports entertainment or otherwise;

          

    	

          	(B)	
            Either individually or on behalf of or through any third party, directly or indirectly, solicit, divert or appropriate or attempt to solicit, divert or appropriate, any business or relationships, or prospective business or prospective
              relationships of the Company, for the purpose of competing in any business which is competitive with the business conducted by the Company as defined above. “Prospective business” or a “prospective relationship” shall mean a person, firm or
              entity for which the Company has developed, or to whom/which the Company has made, any presentation or “pitch” (or similar offering of services) during the twelve (12) months prior to Employee’s effective termination date (and Employee shall
              be obligated to request from the Company the list of such prospective customers upon his termination for any reason); or

          

    
      
        

    

    	

          	(C)	
            Either individually or on behalf of or through any third party, directly or indirectly, (i) solicit, entice or persuade or attempt to solicit, entice or persuade any employees or contractors (including WWE talent) of or consultants to the
              Company to leave the employ or service of the Company for any reason; or (ii) employ, cause to be employed, or solicit the employment of, any employee or contractor (including WWE talent) of or consultant to the Company while any such person
              is employed by or providing services to the Company; and/or

          

    	

          	(D)	
            Either individually or on behalf of or through any third party, directly or indirectly, interfere with, or attempt to interfere with, the relations between the Company and any vendor or supplier to the Company. Nothing set forth in this
              subsection (D) is intended to nor shall it prevent or prohibit Employee or his future employer from doing business with any vendor or supplier to the Company, on the condition that such activity does not violate any other term of this
              Agreement or the Employment Agreement.

          

    Reasonableness of Restrictions: Employee further recognizes and acknowledges that: (a) the prohibitions of this Agreement are
      sufficiently narrow and reasonable in relation to the skills which represent his principal saleable asset both to the Company and to prospective employers; and; (b) the time period of the provisions of this Agreement is reasonable, legitimate and
      fair to Employee in light of the Company’s need to protect its business and good will, to market its services and intellectual property in the applicable markets, and in order to have a sufficient customer base to make the Company’s business
      profitable, and taking into account the limited restrictions herein compared to the types of employment for which Employee is qualified to earn a livelihood.

    Survival of Acknowledgements and Agreements: Employee understands and agrees that the acknowledgements and agreements set forth
      in this Agreement will survive the termination of his employment with the Company for any reason or for no reason, whether voluntary or involuntary.

    Disclosure to Future Employers: Employee agrees that he will provide, and the Company, in its discretion, may similarly 
      provide, a copy of this Agreement to any business or enterprise which Employee may, directly or indirectly, own, manage, operate, finance, join, control or in which Employee may participate in the ownership, management, operation, financing, or
      control, or with which Employee may be connected as an officer, director, employee, partner, principal, agent, representative, contractor, consultant or otherwise.

    Miscellaneous Representations by Employee: Employee hereby represents and warrants to the Company that he understands this
      Agreement, that he has entered into this Agreement voluntarily and that his employment with the Company and the terms of this Agreement will not conflict with any legal duty owed by him to any other party, or with any agreement to which he is a party
      or by which he is bound, including, without limitation, any non-disclosure, non-competition or non-solicitation provision contained in any such agreement. Employee hereby indemnifies and holds harmless the Company and its officers, directors,
      security holders, partners, members, employees, contractors, agents and representatives against loss, damage, liability or expense arising from any claim based upon circumstances alleged to be inconsistent with such representation and warranty.

    Assignment: The Company may assign its rights and obligations hereunder to any person or entity that succeeds to all or
      substantially all of the Company’s business or that aspect of the 

    
      
        

    

    Company’s business in which Employee is principally involved or to any Company affiliate, on the condition that such successor or purchaser assumes any
      and all of Company’s obligations hereunder. Employee may not assign any of his rights and/or obligations under this Agreement without the prior written consent of the Company and any such attempted assignment by him without the prior written consent
      of the Company will be void.

    Benefit: All statements, representations, warranties, covenants and agreements in this Agreement will be binding on the parties
      hereto and will inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement will be construed to create any rights or obligations except between the Company and Employee, except for
      Employee’s obligations to the Company as set forth herein and in the Employment Agreement, and no person or entity can be regarded as a third-party beneficiary of this Agreement.

    Governing Law: This Agreement and the rights and obligations of the parties hereunder will be construed in accordance with and
      governed by the laws of the State of Connecticut, without giving effect to the conflict of law principles thereof.

    Severability: The parties intend this Agreement to be enforced as written. However: (a) if any portion or provision of this
      Agreement is to any extent declared illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so
      declared illegal or unenforceable, will not be affected thereby, and each portion and provision of this Agreement will be valid and enforceable to the fullest extent permitted by law; and (b) if any provision, or part thereof, is held to be
      unenforceable because of the duration of such provision, or the scope, or other aspect of such provision, the court making such determination will have the power to reduce the duration, scope, or other aspect of such provision, and/or to delete
      specific words and phrases (“blue-penciling”), and in its reduced or blue-penciled form, such provision will then be enforceable and will be enforced.

    Injunctive Relief: Employee hereby expressly acknowledges that any breach or threatened breach of any of the terms and/or
      conditions set forth in this Agreement will result in substantial, continuing and irreparable injury to the Company. Therefore, in addition to any other remedy or damages that may be available to the Company pursuant to applicable law and/or in the
      Employment Agreement, the Company will be entitled to injunctive or other equitable relief by a court of appropriate jurisdiction in the event of any breach or threatened breach of the terms of this Agreement, as well as for reimbursement for its
      costs and reasonable attorney’s fees incurred. The period during which the covenants contained in this Agreement will apply will be extended by any periods during which Employee has been found by a court to have been in violation of such covenants.

    Amendment: The provisions of this Agreement may be amended and waived only with the prior written consent of Employee and a
      duly authorized representative of the Company.

    No Waiver of Rights, Powers and Remedies: No failure or delay by a party hereto in exercising any right, power or remedy under
      this Agreement, and no course of dealing between the parties hereto, will operate as a waiver of any such right, power or remedy of the party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any
      abandonment or discontinuance of steps to enforce any such right, power or remedy, will preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a
      party hereto will not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a 

    
      
        

    

    party not expressly required under this Agreement will entitle the party receiving such notice or demand to any other or further notice or demand in
      similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

    Employment at Will: Nothing contained in this Agreement shall, or be construed to, alter Employee’s status as an employee at
      will with the Company as set forth in the accompanying Employment Agreement. Nothing further herein contained shall be construed as inconsistent with any other terms of such Employment Agreement; however, in the event it is determined that there is
      any such inconsistency with other terms of the Employment Agreement, the terms of this Agreement shall prevail with respect to that provision.

    Opportunity to Review: Employee hereby acknowledges that he has had adequate opportunity to review these terms and conditions
      and to reflect upon and consider the terms and conditions of this Agreement, and that he has had the opportunity to consult with counsel of his own choosing regarding such terms. Employee further acknowledges that he fully understands the terms of
      and has voluntarily executed this Agreement.

    ACCEPTED AND APPROVED:

    

    

    FRANK A. RIDDICK

     /s/ Frank A. Riddick                           

    

    Date: November 3, 2021

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