Document:

<PAGE>

                                                                    EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD 21703
         WWW.CTSLINK.COM
         TELEPHONE: (301) 815-6600
         FAX: (301) 315-6660

                                SMT SERIES 2005-4
                         RECORD DATE: SEPTEMBER 30, 2005
                       DISTRIBUTION DATE: OCTOBER 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate      Beginning
                        Class      Pass-Through     Certificate      Interest
Class      CUSIP     Description       Rate           Balance      Distribution
------   ---------   -----------   ------------   --------------   ------------
<S>      <C>         <C>           <C>            <C>              <C>
 1-A1    81744FHV2       SEN         4.06000%     133,459,000.00     316,075.40
 1-A2    81744FHW0       SEN         4.21000%      14,829,000.00      36,417.55
 1-AR    81744FJF5       SEN         4.60873%              50.00           0.38
 1-XA    81744FJD0       SEN         1.75623%               0.00     217,022.72
 2-A1    81744FJG3       SEN         4.09854%     160,096,000.00     546,799.76
 2-A2    81744FJH1       SEN         4.09854%      10,268,000.00      35,069.83
 2-AR    81744FJJ7       SEN         4.09854%              50.00           0.18
 1-B1    81744FHX8       SUB         4.29000%       2,093,000.00       5,237.73
 1-B2    81744FHY6       SUB         4.47000%       1,395,000.00       3,637.46
 1-B3    81744FHZ3       SUB         4.60873%       1,706,000.00       6,552.07
 1-XB    81744FJE8       SEN         1.55333%               0.00       4,520.84
 1-B4    81744FJA6       SUB         4.60873%         697,000.00       2,676.90
 1-B5    81744FJB4       SUB         4.60873%         543,000.00       2,085.45
 1-B6    81744FJC2       SUB         4.60873%         310,325.03       1,191.84
 2-B1    81744FJK4       SUB         4.09854%       1,740,000.00       5,942.88
 2-B2    81744FJL2       SUB         4.09854%         696,000.00       2,377.15
 2-B3    81744FJM0       SUB         4.09854%         348,000.00       1,188.58
 2-B4    81744FJN8       SUB         4.09854%         348,000.00       1,188.58
 2-B5    81744FJP3       SUB         4.09854%         348,000.00       1,188.58
 2-B6    81744FJQ1       SUB         4.09854%         174,416.03         595.71
                                                  --------------   ------------
Totals                                            329,050,841.06   1,189,769.59
                                                  ==============   ============

<CAPTION>
                         Current       Ending
           Principal    Realized     Certificate       Total         Cumulative
Class    Distribution     Loss         Balance      Distribution   Realized Loss
------   ------------   --------   --------------   ------------   -------------
<S>      <C>            <C>        <C>              <C>            <C>
 1-A1    1,390,127.95     0.00     132,068,872.05   1,706,203.35        0.00
 1-A2      154,460.98     0.00      14,674,539.02     190,878.53        0.00
 1-AR           50.00     0.00               0.00          50.38        0.00
 1-XA            0.00     0.00               0.00     217,022.72        0.00
 2-A1    5,147,598.37     0.00     154,948,401.63   5,694,398.13        0.00
 2-A2      330,149.04     0.00       9,937,850.96     365,218.87        0.00
 2-AR           50.00     0.00               0.00          50.18        0.00
 1-B1            0.00     0.00       2,093,000.00       5,237.73        0.00
 1-B2            0.00     0.00       1,395,000.00       3,637.46        0.00
 1-B3            0.00     0.00       1,706,000.00       6,552.07        0.00
 1-XB            0.00     0.00               0.00       4,520.84        0.00
 1-B4            0.00     0.00         697,000.00       2,676.90        0.00
 1-B5            0.00     0.00         543,000.00       2,085.45        0.00
 1-B6            0.00     0.00         310,325.03       1,191.84        0.00
 2-B1            0.00     0.00       1,740,000.00       5,942.88        0.00
 2-B2            0.00     0.00         696,000.00       2,377.15        0.00
 2-B3            0.00     0.00         348,000.00       1,188.58        0.00
 2-B4            0.00     0.00         348,000.00       1,188.58        0.00
 2-B5            0.00     0.00         348,000.00       1,188.58        0.00
 2-B6            0.00     0.00         174,416.03         595.71        0.00
          ------------     ----     --------------   ------------        ----
Totals   7,022,436.34     0.00     322,028,404.72   8,212,205.93        0.00
         ============     ====     ==============   ============        ====
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
            Original         Beginning       Scheduled     Unscheduled
              Face          Certificate      Principal      Principal
Class        Amount           Balance      Distribution    Distribution   Accretion
------   --------------   --------------   ------------   -------------   ---------
<S>      <C>              <C>              <C>            <C>             <C>
 1-A1    133,459,000.00   133,459,000.00      1,535.68     1,388,592.27      0.00
 1-A2     14,829,000.00    14,829,000.00        170.63       154,290.34      0.00
 1-AR             50.00            50.00          0.06            49.94      0.00
 1-XA              0.00             0.00          0.00             0.00      0.00
 2-A1    160,096,000.00   160,096,000.00    100,349.20     5,047,249.18      0.00
 2-A2     10,268,000.00    10,268,000.00      6,436.05       323,712.99      0.00
 2-AR             50.00            50.00          0.97            49.03      0.00
 1-B1      2,093,000.00     2,093,000.00          0.00             0.00      0.00
 1-B2      1,395,000.00     1,395,000.00          0.00             0.00      0.00
 1-B3      1,706,000.00     1,706,000.00          0.00             0.00      0.00
 1-XB              0.00             0.00          0.00             0.00      0.00
 1-B4        697,000.00       697,000.00          0.00             0.00      0.00
 1-B5        543,000.00       543,000.00          0.00             0.00      0.00
 1-B6        310,325.03       310,325.03          0.00             0.00      0.00
 2-B1      1,740,000.00     1,740,000.00          0.00             0.00      0.00
 2-B2        696,000.00       696,000.00          0.00             0.00      0.00
 2-B3        348,000.00       348,000.00          0.00             0.00      0.00
 2-B4        348,000.00       348,000.00          0.00             0.00      0.00
 2-B5        348,000.00       348,000.00          0.00             0.00      0.00
 2-B6        174,416.03       174,416.03          0.00             0.00      0.00
         --------------   --------------    ----------     ------------      ----
Totals   329,050,841.06   329,050,841.06    108,492.58     6,913,943.75      0.00
         ==============   ==============    ==========     ============      ====

<CAPTION>
                        Total          Ending         Ending          Total
         Realized     Principal      Certificate    Certificate     Principal
Class    Loss (1)     Reduction        Balance       Percentage   Distribution
------   --------   ------------   --------------   -----------   ------------
<S>      <C>        <C>            <C>              <C>           <C>
 1-A1      0.00     1,390,127.95   132,068,872.05    0.98958386   1,390,127.95
 1-A2      0.00       154,460.98    14,674,539.02    0.98958386     154,460.98
 1-AR      0.00            50.00             0.00    0.00000000          50.00
 1-XA      0.00             0.00             0.00    0.00000000           0.00
 2-A1      0.00     5,147,598.37   154,948,401.63    0.96784680   5,147,598.37
 2-A2      0.00       330,149.04     9,937,850.96    0.96784680     330,149.04
 2-AR      0.00            50.00             0.00    0.00000000          50.00
 1-B1      0.00             0.00     2,093,000.00    0.00000000           0.00
 1-B2      0.00             0.00     1,395,000.00    1.00000000           0.00
 1-B3      0.00             0.00     1,706,000.00    1.00000000           0.00
 1-XB      0.00             0.00             0.00    1.00000000           0.00
 1-B4      0.00             0.00       697,000.00    0.00000000           0.00
 1-B5      0.00             0.00       543,000.00    1.00000000           0.00
 1-B6      0.00             0.00       310,325.03    1.00000000           0.00
 2-B1      0.00             0.00     1,740,000.00    1.00000000           0.00
 2-B2      0.00             0.00       696,000.00    1.00000000           0.00
 2-B3      0.00             0.00       348,000.00    1.00000000           0.00
 2-B4      0.00             0.00       348,000.00    1.00000000           0.00
 2-B5      0.00             0.00       348,000.00    1.00000000           0.00
 2-B6      0.00             0.00       174,416.03    1.00000000           0.00
           ----     ------------   --------------    ----------   ------------
Totals     0.00     7,022,436.34   322,028,404.72    0.97865851   7,022,436.34
           ====     ============   ==============    ==========   ============
</TABLE>

(1)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                         Beginning      Scheduled    Unscheduled
        Original Face   Certificate     Principal     Principal                Realized
Class      Amount         Balance     Distribution  Distribution   Accretion   Loss (3)
-----  --------------  -------------  ------------  ------------  ----------  ----------
<S>    <C>             <C>            <C>           <C>           <C>         <C>
 1-A1  133,459,000.00  1000.00000000    0.01150675   10.40463566  0.00000000  0.00000000
 1-A2   14,829,000.00  1000.00000000    0.01150651   10.40463551  0.00000000  0.00000000
 1-AR           50.00  1000.00000000    1.20000000  998.80000000  0.00000000  0.00000000
 1-XA            0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 2-A1  160,096,000.00  1000.00000000    0.62680642   31.52639154  0.00000000  0.00000000
 2-A2   10,268,000.00  1000.00000000    0.62680658   31.52639170  0.00000000  0.00000000
 2-AR           50.00  1000.00000000   19.40000000  980.60000000  0.00000000  0.00000000
 1-B1    2,093,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 1-B2    1,395,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 1-B3    1,706,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 1-XB            0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 1-B4      697,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 1-B5      543,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 1-B6      310,325.03  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 2-B1    1,740,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 2-B2      696,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 2-B3      348,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 2-B4      348,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 2-B5      348,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 2-B6      174,416.03  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000

<CAPTION>
           Total          Ending        Ending        Total
         Principal     Certificate   Certificate    Principal
Class    Reduction       Balance      Percentage   Distribution
-----  -------------  -------------  -----------  -------------
<S>    <C>            <C>            <C>          <C>
 1-A1    10.41614241   989.58385759   0.98958386    10.41614241
 1-A2    10.41614269   989.58385731   0.98958386    10.41614269
 1-AR  1000.00000000     0.00000000   0.00000000  1000.00000000
 1-XA     0.00000000     0.00000000   0.00000000     0.00000000
 2-A1    32.15319789   967.84680211   0.96784680    32.15319789
 2-A2    32.15319829   967.84680171   0.96784680    32.15319829
 2-AR  1000.00000000     0.00000000   0.00000000  1000.00000000
 1-B1     0.00000000  1000.00000000   1.00000000     0.00000000
 1-B2     0.00000000  1000.00000000   1.00000000     0.00000000
 1-B3     0.00000000  1000.00000000   1.00000000     0.00000000
 1-XB     0.00000000     0.00000000   0.00000000     0.00000000
 1-B4     0.00000000  1000.00000000   1.00000000     0.00000000
 1-B5     0.00000000  1000.00000000   1.00000000     0.00000000
 1-B6     0.00000000  1000.00000000   1.00000000     0.00000000
 2-B1     0.00000000  1000.00000000   1.00000000     0.00000000
 2-B2     0.00000000  1000.00000000   1.00000000     0.00000000
 2-B3     0.00000000  1000.00000000   1.00000000     0.00000000
 2-B4     0.00000000  1000.00000000   1.00000000     0.00000000
 2-B5     0.00000000  1000.00000000   1.00000000     0.00000000
 2-B6     0.00000000  1000.00000000   1.00000000     0.00000000
</TABLE>

(3)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

<PAGE>

                        INTEREST DISTRIBUTION- STATEMENT

<TABLE>
<CAPTION>
                                        Beginning                   Payment                 Non-
                          Current     Certificate/      Current    of Unpaid   Current   Supported
        Original Face   Certificate     Notional        Accrued     Interest   Interest   Interest  Realized
Class       Amount          Rate         Balance       Interest    Shortfall  Shortfall  Shortfall  Loss (4)
-----   --------------  -----------  --------------  ------------  ---------  ---------  ---------  --------
<S>     <C>             <C>          <C>             <C>           <C>        <C>        <C>        <C>
 1-A1   133,459,000.00    4.06000%   133,459,000.00    316,075.40     0.00       0.00       0.00      0.00
 1-A2    14,829,000.00    4.21000%    14,829,000.00     36,417.55     0.00       0.00       0.00      0.00
 1-AR            50.00    4.60873%            50.00          0.19     0.00       0.00       0.00      0.00
 1-XA             0.00    1.75623%             0.00    217,022.72     0.00       0.00       0.00      0.00
 2-A1   160,096,000.00    4.09854%   160,096,000.00    546,799.76     0.00       0.00       0.00      0.00
 2-A2    10,268,000.00    4.09854%    10,268,000.00     35,069.83     0.00       0.00       0.00      0.00
 2-AR            50.00    4.09854%            50.00          0.17     0.00       0.00       0.00      0.00
 1-B1     2,093,000.00    4.29000%     2,093,000.00      5,237.73     0.00       0.00       0.00      0.00
 1-B2     1,395,000.00    4.47000%     1,395,000.00      3,637.46     0.00       0.00       0.00      0.00
 1-B3     1,706,000.00    4.60873%     1,706,000.00      6,552.07     0.00       0.00       0.00      0.00
 1-XB             0.00    1.55333%             0.00      4,520.84     0.00       0.00       0.00      0.00
 1-B4       697,000.00    4.60873%       697,000.00      2,676.90     0.00       0.00       0.00      0.00
 1-B5       543,000.00    4.60873%       543,000.00      2,085.45     0.00       0.00       0.00      0.00
 1-B6       310,325.03    4.60873%       310,325.03      1,191.84     0.00       0.00       0.00      0.00
 2-B1     1,740,000.00    4.09854%     1,740,000.00      5,942.88     0.00       0.00       0.00      0.00
 2-B2       696,000.00    4.09854%       696,000.00      2,377.15     0.00       0.00       0.00      0.00
 2-B3       348,000.00    4.09854%       348,000.00      1,188.58     0.00       0.00       0.00      0.00
 2-B4       348,000.00    4.09854%       348,000.00      1,188.58     0.00       0.00       0.00      0.00
 2-B5       348,000.00    4.09854%       348,000.00      1,188.58     0.00       0.00       0.00      0.00
 2-B6       174,416.03    4.09854%       174,416.03        595.71     0.00       0.00       0.00      0.00
                                                     ------------     ----       ----       ----      ----
Totals                                               1,189,769.39     0.00       0.00       0.00      0.00
                                                     ============     ====       ====       ====      ====

<CAPTION>
                        Remaining      Ending
                          Unpaid    Certificate/
        Total Interest   Interest    Notational
Class    Distribution   Shortfall      Balance
-----   --------------  ---------  --------------
<S>     <C>             <C>        <C>
 1-A1      316,075.40      0.00    132,068,872.05
 1-A2       36,417.55      0.00     14,674,539.02
 1-AR            0.38      0.00              0.00
 1-XA      217,022.72      0.00    146,743,411.07
 2-A1      546,799.76      0.00    154,948,401.63
 2-A2       35,069.83      0.00      9,937,850.96
 2-AR            0.18      0.00              0.00
 1-B1        5,237.73      0.00      2,093,000.00
 1-B2        3,637.46      0.00      1,395,000.00
 1-B3        6,552.07      0.00      1,706,000.00
 1-XB        4,520.84      0.00              0.00
 1-B4        2,676.90      0.00        697,000.00
 1-B5        2,085.45      0.00        543,000.00
 1-B6        1,191.84      0.00        310,325.03
 2-B1        5,942.88      0.00      1,740,000.00
 2-B2        2,377.15      0.00        696,000.00
 2-B3        1,188.58      0.00        348,000.00
 2-B4        1,188.58      0.00        348,000.00
 2-B5        1,188.58      0.00        348,000.00
 2-B6          595.71      0.00        174,416.03
         ------------      ----
Totals   1,189,769.59      0.00
         ============      ====
</TABLE>

(4)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                Payment of
                               Current         Beginning                          Unpaid       Current
             Original Face   Certificate     Certificate/     Current Accrued    Interest     Interest
Class (5)        Amount          Rate      Notional Balance       Interest       Shortfall    Shortfall
---------   --------------   -----------   ----------------   ---------------   ----------   ----------
<S>         <C>              <C>           <C>                <C>               <C>          <C>
1-A1        133,459,000.00     4.06000%     133,459,000.00     1000.00000000    2.36833335   0.00000000
1-A2         14,829,000.00     4.21000%      14,829,000.00     1000.00000000    2.45583316   0.00000000
1-AR                 50.00     4.60873%              50.00     1000.00000000    3.80000000   0.00000000
1-XA                  0.00     1.75623%               0.00     1000.00000000    1.46352180   0.00000000
2-A1        160,096,000.00     4.09854%     160,096,000.00     1000.00000000    3.41544923   0.00000000
2-A2         10,268,000.00     4.09854%      10,268,000.00     1000.00000000    3.41544897   0.00000000
2-AR                 50.00     4.09854%              50.00     1000.00000000    3.40000000   0.00000000
1-B1          2,093,000.00     4.29000%       2,093,000.00     1000.00000000    2.50249881   0.00000000
1-B2          1,395,000.00     4.47000%       1,395,000.00     1000.00000000    2.60749821   0.00000000
1-B3          1,706,000.00     4.60873%       1,706,000.00     1000.00000000    3.84060375   0.00000000
1-XB                  0.00     1.55333%               0.00     1000.00000000    1.29611239   0.00000000
1-B4            697,000.00     4.60873%         697,000.00     1000.00000000    3.84060258   0.00000000
1-B5            543,000.00     4.60873%         543,000.00     1000.00000000    3.84060773   0.00000000
1-B6            310,325.03     4.60873%         310,325.03     1000.00000000    3.84061833   0.00000000
2-B1          1,740,000.00     4.09854%       1,740,000.00     1000.00000000    3.41544828   0.00000000
2-B2            696,000.00     4.09854%         696,000.00     1000.00000000    3.41544540   0.00000000
2-B3            348,000.00     4.09854%         348,000.00     1000.00000000    3.41545977   0.00000000
2-B4            348,000.00     4.09854%         348,000.00     1000.00000000    3.41545977   0.00000000
2-B5            348,000.00     4.09854%         348,000.00     1000.00000000    3.41545977   0.00000000
2-B6            174,416.03     4.09854%         174,416.03     1000.00000000    3.41545442   0.00000000

<CAPTION>
                Non-                                    Remaining
             Supported                                   Unpaid
              Interest     Realized   Total Interest    Interest    Ending Certificate/
Class (5)    Shortfall    Loss (6)     Distribution     Shortfall    Notational Balance
---------   ----------   ----------   --------------   ----------   --------------------
<S>         <C>          <C>          <C>              <C>          <C>
1-A1        0.00000000   0.00000000     2.36833335     0.00000000        989.58385759
1-A2        0.00000000   0.00000000     2.45583316     0.00000000        989.58385731
1-AR        0.00000000   0.00000000     7.60000000     0.00000000          0.00000000
1-XA        0.00000000   0.00000000     1.46352180     0.00000000        989.58385756
2-A1        0.00000000   0.00000000     3.41544923     0.00000000        967.84680211
2-A2        0.00000000   0.00000000     3.41544897     0.00000000        967.84680171
2-AR        0.00000000   0.00000000     3.60000000     0.00000000          0.00000000
1-B1        0.00000000   0.00000000     2.50249881     0.00000000       1000.00000000
1-B2        0.00000000   0.00000000     2.60749821     0.00000000       1000.00000000
1-B3        0.00000000   0.00000000     3.84060375     0.00000000       1000.00000000
1-XB        0.00000000   0.00000000     1.29611239     0.00000000       1000.00000000
1-B4        0.00000000   0.00000000     3.84060258     0.00000000       1000.00000000
1-B5        0.00000000   0.00000000     3.84060773     0.00000000       1000.00000000
1-B6        0.00000000   0.00000000     3.84061833     0.00000000       1000.00000000
2-B1        0.00000000   0.00000000     3.41544828     0.00000000       1000.00000000
2-B2        0.00000000   0.00000000     3.41544540     0.00000000       1000.00000000
2-B3        0.00000000   0.00000000     3.41545977     0.00000000       1000.00000000
2-B4        0.00000000   0.00000000     3.41545977     0.00000000       1000.00000000
2-B5        0.00000000   0.00000000     3.41545977     0.00000000       1000.00000000
2-B6        0.00000000   0.00000000     3.41545442     0.00000000       1000.00000000
</TABLE>

(5)  Per $1 denomination

(6)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                            <C>
Beginning Balance                                                      0.00

Deposits
   Payments of Interest and Principal                          8,295,132.49
   Liquidations, Insurance Proceeds, Reserve Funds                     0.00
   Proceeds from Repurchased Loans                                     0.00
   Other Amounts (Servicer Advances)                                   0.00
   Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
   Prepayment Penalties                                                0.00
                                                               ------------
Total Deposits                                                 8,295,132.49

Withdrawals

   Reimbursement for Servicer Advances                                 0.00
   Payment of Service Fee                                         82,926.56
   Payment of Interest and Principal                           8,212,205.93
                                                               ------------
Total Withdrawals (Pool Distribution Amount)                   8,295,132.49

Ending Balance                                                         0.00
                                                               ============
</TABLE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                       <C>
Total Prepayment/Curtailment Interest Shortfall           0.00
Servicing Fee Support                                     0.00
                                                          ----
Non-Supported Prepayment Curtailment Interest Shortfall   0.00
                                                          ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   82,926.56
Master Servicing Fee                                       0.00
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                      ---------
Net Servicing Fee                                     82,926.56
                                                      =========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
Account Type   Beginning Balance   Current Withdrawals   Current Deposits   Ending Balance
------------   -----------------   -------------------   ----------------   --------------
<S>            <C>                 <C>                   <C>                <C>
Reserve Fund        5,000.00               0.00                0.00            5,000.00
Reserve Fund        5,000.00               0.00                0.00            5,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                      BANKRUPTCY                    FORECLOSURE
-------------------------------  -----------------------------  ----------------------------
           No. of    Principal               No. of  Principal             No. of  Principal
            Loans     Balance                 Loans   Balance               Loans   Balance
           ------  ------------              ------  ---------             ------  ---------
<S>        <C>     <C>           <C>         <C>     <C>        <C>        <C>     <C>
0-29 Days      0           0.00   0-29 Days      0      0.00    0-29 Days      0      0.00
30 Days        5   4,693,895.42   30 Days        0      0.00    30 Days        0      0.00
60 Days        0           0.00   60 Days        0      0.00    60 Days        0      0.00
90 Days        0           0.00   90 Days        0      0.00    90 Days        0      0.00
120 Days       0           0.00   120 Days       0      0.00    120 Days       0      0.00
150 Days       0           0.00   150 Days       0      0.00    150 Days       0      0.00
180+ Days      0           0.00   180+ Days      0      0.00    180+ Days      0      0.00
             ---   ------------                ---      ----                 ---      ----
               5   4,693,895.42                  0      0.00                   0      0.00

<CAPTION>
             REO                           TOTAL
----------------------------  -------------------------------
           No. of  Principal             No. of    Principal
            Loans   Balance               Loans     Balance
           ------  ---------             ------  ------------
<S>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0      0.00    0-29 Days      0           0.00
30 Days        0      0.00    30 Days        5   4,693,895.42
60 Days        0      0.00    60 Days        0           0.00
90 Days        0      0.00    90 Days        0           0.00
120 Days       0      0.00    120 Days       0           0.00
150 Days       0      0.00    150 Days       0           0.00
180+ Days      0      0.00    180+ Days      0           0.00
             ---      ----                 ---   ------------
               0      0.00                   5   4,693,895.42

</TABLE>

<TABLE>
<CAPTION>
          DELINQUENT                         BANKRUPTCY                       FORECLOSURE
------------------------------    --------------------------------   -------------------------------
            No. of    Principal                No. of    Principal                No. of   Principal
             Loans     Balance                  Loans     Balance                 Loans     Balance
           --------   ---------               --------   ---------              ---------  ---------
<S>        <C>        <C>         <C>         <C>        <C>         <C>        <C>        <C>
0-29 Days  0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days  0.000000%  0.000000%
30 Days    0.948767%  1.456852%   30 Days     0.000000%  0.000000%   30 Days    0.000000%  0.000000%
60 Days    0.000000%  0.000000%   60 Days     0.000000%  0.000000%   60 Days    0.000000%  0.000000%
90 Days    0.000000%  0.000000%   90 Days     0.000000%  0.000000%   90 Days    0.000000%  0.000000%
120 Days   0.000000%  0.000000%   120 Days    0.000000%  0.000000%   120 Days   0.000000%  0.000000%
150 Days   0.000000%  0.000000%   150 Days    0.000000%  0.000000%   150 Days   0.000000%  0.000000%
180+ Days  0.000000%  0.000000%   180+ Days   0.000000%  0.000000%   180+ Days  0.000000%  0.000000%
           --------   ---------               --------   --------               --------   --------
           0.948767%  1.456852%               0.000000%  0.000000%              0.000000%  0.000000%

<CAPTION>
              REO                            TOTAL
------------------------------  ------------------------------
            No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    0.948767% 1.456852%
60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------  --------              --------  --------
           0.000000% 0.000000%             0.948767% 1.456852%
</TABLE>

Current Period Class A Insufficient Funds: 0.00

Principal Balance of Contaminated Properties 0.00

Periodic Advance 0.00

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
           DELINQUENT                     BANKRUPTCY                    FORECLOSURE
-------------------------------  ----------------------------  ----------------------------
GROUP ONE
           No. of    Principal              No. of  Principal             No. of  Principal
            Loans     Balance                Loans   Balance               Loans   Balance
           ------  ------------             ------  ---------             ------  ---------
<S>        <C>     <C>           <C>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0           0.00  0-29 Days      0      0.00    0-29 Days      0     0.00
30 Days        5   4,693,895.42  30 Days        0      0.00    30 Days        0     0.00
60 Days        0           0.00  60 Days        0      0.00    60 Days        0     0.00
90 Days        0           0.00  90 Days        0      0.00    90 Days        0     0.00
120 Days       0           0.00  120 Days       0      0.00    120 Days       0     0.00
150 Days       0           0.00  150 Days       0      0.00    150 Days       0     0.00
180+ Days      0           0.00  180+ Days      0      0.00    180+ Days      0     0.00
             ---   ------------               ---     -----                 ---     ----
               5   4,693,895.42                 0      0.00                   0     0.00

<CAPTION>
             REO                           TOTAL
----------------------------  -------------------------------

           No. of  Principal             No. of    Principal
            Loans    Balance              Loans     Balance
           ------  ---------             ------  ------------
<S>        <C>     <C>        <C>        <C>     <C>
0-29 Days      0      0.00    0-29 Days      0           0.00
30 Days        0      0.00    30 Days        5   4,693,895.42
60 Days        0      0.00    60 Days        0           0.00
90 Days        0      0.00    90 Days        0           0.00
120 Days       0      0.00    120 Days       0           0.00
150 Days       0      0.00    150 Days       0           0.00
180+ Days      0      0.00    180+ Days      0           0.00
             ---      ----                 ---   ------------
               0      0.00                   5   4,693,895.42
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                      BANKRUPTCY                      FORECLOSURE
-------------------------------  ------------------------------  ------------------------------
            No. of   Principal               No. of   Principal              No. of   Principal
             Loans     Balance                Loans    Balance                Loans    Balance
           --------  ----------             --------  ---------             --------  ---------
<S>        <C>       <C>         <C>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    1.886792%  3.056656%  30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.000000%  0.000000%  60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.000000%  0.000000%  90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------   --------              --------  --------              --------  --------
           1.886792%  3.056656%             0.000000% 0.000000%             0.000000% 0.000000%

<CAPTION>
              REO                            TOTAL
------------------------------  ------------------------------
            No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    1.886792% 3.056656%
60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------  --------              --------  --------
           0.000000% 0.000000%             1.886792% 3.056656%
</TABLE>

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                      FORECLOSURE
------------------------------  ------------------------------  ------------------------------
GROUP TWO                                  1.183654%
            No. of   Principal              No. of   Principal              No. of   Principal
             Loans     Balance               Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>        <C>        <C>       <C>
0-29 Days       0       0.00    0-29 Days       0       0.00    0-29 Days       0       0.00
30 Days         0       0.00    30 Days         0       0.00    30 Days         0       0.00
60 Days         0       0.00    60 Days         0       0.00    60 Days         0       0.00
90 Days         0       0.00    90 Days         0       0.00    90 Days         0       0.00
120 Days        0       0.00    120 Days        0       0.00    120 Days        0       0.00
150 Days        0       0.00    150 Days        0       0.00    150 Days        0       0.00
180+ Days       0       0.00    180+ Days       0       0.00    180+ Days       0       0.00
              ---       ----                  ---       ----                  ---       ----
                0       0.00                    0       0.00                    0       0.00

<CAPTION>
              REO                            TOTAL
------------------------------  ------------------------------

            No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>
0-29 Days       0       0.00    0-29 Days       0       0.00
30 Days         0       0.00    30 Days         0       0.00
60 Days         0       0.00    60 Days         0       0.00
90 Days         0       0.00    90 Days         0       0.00
120 Days        0       0.00    120 Days        0       0.00
150 Days        0       0.00    150 Days        0       0.00
180+ Days       0       0.00    180+ Days       0       0.00
              ---       ----                  ---       ----
                0       0.00                    0       0.00
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                     BANKRUPTCY                      FORECLOSURE
------------------------------  ------------------------------  ------------------------------
            No. of   Principal              No. of   Principal              No. of   Principal
             Loans     Balance               Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------  --------              --------  --------              --------  --------
           0.000000% 0.000000%             0.000000% 0.000000%             0.000000% 0.000000%

<CAPTION>
              REO                            TOTAL
------------------------------  ------------------------------
            No. of   Principal              No. of   Principal
             Loans    Balance                Loans    Balance
           --------  ---------             --------  ---------
<S>        <C>       <C>        <C>        <C>       <C>
0-29 Days  0.000000% 0.000000%  0-29 Days  0.000000% 0.000000%
30 Days    0.000000% 0.000000%  30 Days    0.000000% 0.000000%
60 Days    0.000000% 0.000000%  60 Days    0.000000% 0.000000%
90 Days    0.000000% 0.000000%  90 Days    0.000000% 0.000000%
120 Days   0.000000% 0.000000%  120 Days   0.000000% 0.000000%
150 Days   0.000000% 0.000000%  150 Days   0.000000% 0.000000%
180+ Days  0.000000% 0.000000%  180+ Days  0.000000% 0.000000%
           --------  --------              --------  --------
           0.000000% 0.000000%             0.000000% 0.000000%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                        Fixed & Mixed Arm
----------------------                                        -----------------
<S>                                                           <C>
Weighted Average Gross Coupon                                          4.642525%
Weighted Average Net Coupon                                            4.340104%
Weighted Average Pass-Through Rate                                     4.338914%
Weighted Average Maturity (Stepdown Calculation)                            313

Beginning Scheduled Collateral Loan Count                                   541
Number of Loans Paid in Full                                                 14
Ending Scheduled Collateral Loan Count                                      527

Beginning Scheduled Collateral Balance                           329,050,841.06
Ending Scheduled Collateral Balance                              322,028,405.03
Ending Actual Collateral Balance at 30-Sept-2005                 322,194,411.57

Monthly P&I Constant                                               1,381,514.79
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Scheduled Principal                                                  108,492.59
Unscheduled Principal                                              6,913,943.75
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                   GROUP ONE        GROUP TWO          TOTAL
-------------------------------   --------------   --------------   --------------
<S>                               <C>              <C>              <C>
Collateral Description                 Mixed ARM        Mixed ARM        Mixed ARM
Weighted Average Coupon Rate            4.969989         4.350788         4.642525
Weighted Average Net Rate               4.608727         4.100788         4.340104
Pass-Through Rate                       4.608727         4.098539         4.338914
Weighted Average Maturity                    286              338              313
Record Date                           09/30/2005       09/30/2005       09/30/2005
Principal and Interest Constant       643,797.36       737,717.43     1,381,514.79
Beginning Loan Count                         270              271              541
Loans Paid in Full                             5                9               14
Ending Loan Count                            265              262              527
Beginning Scheduled Balance       155,032,375.27   174,018,466.10   329,050,841.37
Ending Scheduled Balance          153,487,736.34   168,540,668.69   322,028,405.03
Scheduled Principal                     1,706.37       106,786.22       108,492.59
Unscheduled Principal               1,542,932.56     5,371,011.19     6,913,943.75
Scheduled Interest                    642,090.99       630,931.21     1,273,022.20
Servicing Fee                          46,672.71        36,253.85        82,926.56
Master Servicing Fee                        0.00             0.00             0.00
Trustee Fee                                 0.00             0.00             0.00
FRY Amount                                  0.00             0.00             0.00
Special Hazard Fee                          0.00             0.00             0.00
Other Fee                                   0.00           326.16           326.16
Pool Insurance Fee                          0.00             0.00             0.00
Spread 1                                    0.00             0.00             0.00
Spread 2                                    0.00             0.00             0.00
Spread 3                                    0.00             0.00             0.00
Net Interest                          595,418.28       594,351.20     1,189,769.48
Realized Loss Amount                        0.00             0.00             0.00
Cumulative Realized Loss                    0.00             0.00             0.00
Percentage of Cumulative Losses             0.00             0.00             0.00
Prepayment Penalties                        0.00             0.00             0.00
Special Servicing Fee                       0.00             0.00             0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                  <C>
Group One
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Pro Rata Senior Percentage                                            95.649731%
Pro Rata Subordinate Percentage                                        4.350269%

Group Two
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
Pro Rata Senior Percentage                                            97.899984%
Pro Rata Subordinate Percentage                                        2.100016%
</TABLE>Exhibit 10.1

 

Exhibit 10.1

WORLD WRESTLING ENTERTAINMENT, INC.

1241 East Main Street

Stamford, Connecticut 06902

Attn: Edward L. Kaufman

As of May 20, 2005

Joel Simon

c/o Del, Shaw, Moonves, Tanaka & Finkelstein

2029 Century Park East

Suite 3910

Los Angeles, California 90067

Attention: Jeffrey S. Finkelstein, Esq.

	 	 	 
	Re:

	 	Employment Agreement

Gentlemen:

The following sets forth the material terms and conditions of the agreement (“Agreement”) between
World Wrestling Entertainment, Inc. (“the Company”) and you in connection with your anticipated
employment by the Company as President of WWE Films (“the Division”).

In consideration of the mutual covenants and conditions contained herein, the Company and you have
agreed as follows:

	1.	 	Term: The Company hereby employs you for a term of two (2) years commencing on
Friday, May 20, 2005 (“Effective Date”), unless earlier terminated as provided for herein
(“Term”). For purposes of this Agreement, a “Contract Year” shall mean a one (1) year period
commencing on the Effective Date or any anniversary thereof.
	 
	2.	 	Duties/Title: During the Term, you shall serve as President of the Division. You
shall report directly to Vincent K. McMahon and Linda E. McMahon (collectively, the
“McMahons”), and all employees of the Division shall report directly to you. You shall be
primarily responsible for the Division, which will develop and produce film, television and
direct-to-video projects for the Company, excluding wrestling and wrestling-based projects
(“Division Projects”). You shall also be primarily responsible for the management and
supervision of all business and operations of the Division Projects, including without
limitation, the development, financing, production, and distribution of motion pictures,
television and direct-to-video programs for Division. You shall also be assigned such
additional areas of responsibility and shall perform such duties, generally consistent with
the foregoing, as the McMahons shall from time to time reasonably determine. During the Term,
you shall faithfully perform the duties required of your office, and shall devote your full
business time and best efforts to

 

 

	 	 	the performance of your duties to the Division and the Company. Your services to the
Company shall be rendered on a full-time, in person, and exclusive basis. Notwithstanding
the foregoing, you may render limited outside services in connection with non-interfering
charitable and political activities, if any, provided that in no event shall such outside
services materially interfere with your services to the Company and the Division, which
shall have first priority throughout the Term.

	3.	 	Cash Compensation:

	 	a)	 	Base Salary: Company shall pay you Four Hundred Twenty Five Thousand
Dollars ($425,000) for the First Contract Year and Five Hundred Thousand Dollars
($500,000) for the Second Contract Year, payable in equal installments over the course
of each Contract Year in accordance with Company’s regular payroll practices.
	 
	 	b)	 	Incentive Compensation: In connection with each Division Project
fully-financed by third party studios, distributors or production companies other than
(i) projects developed primarily by third party studios, distributors or production
companies (i.e., projects not developed in material collaboration with the Division),
and as to which WWE does not actively render development or production services; and/or
(ii) projects brought to the Company primarily in connection with casting WWE talent in
such projects and as to which WWE does not actively render development or production
services, you shall receive: (i) ten percent (10%) of the fixed (non-refundable) fees;
and (ii) five percent (5%) of all contingent compensation (including, without
limitation, backend participations, bonuses, deferments and advances), in each case
actually paid to or retained by Company and/or any of its other executives, in
connection with each such Division Project after deduction of directly related outside
attorney and agent fees, if any. In connection with each Division Project
fully-financed or co-financed by the Division or the Company (or another Company
entity, affiliate, subsidiary or parent [hereafter included in the term “Company”]),
you shall receive: (i) an amount equal to ten percent (10%) of the Division’s and/or
Company’s guaranteed and/or deferred producer fee (if any) for such Division Project
payable on the same terms as such fee is payable to the Division and/or Company from
the distribution and other exploitation (including any and all subsidiary and ancillary
rights) of the applicable picture throughout the universe, in all media, in perpetuity,
from all sources, less, on a continuing basis, all actual, out-of-pocket costs actually
incurred by the Division or Company directly in connection with the development,
production, distribution, promotion and advertising, and other exploitation of the
applicable picture and verifiable amounts, if any, advanced by the completion bond
company in connection with such picture (“Company’s Costs”), plus interest (calculated
at the then-current prime rate plus 1%) on Company’s

- 2 -

 

	 	 	 	Costs; and (ii) an amount equal to five percent (5%) of all non-refundable monies
actually received by Division or Company from the distribution and other exploitation
(including any and all subsidiary and ancillary rights) of the applicable picture
throughout the universe, in all media, in perpetuity, from all sources, less, on a
continuing basis, all Company Costs plus interest (calculated at the then-current prime
rate plus 1%) on Company’s Costs, and to the extent deducted in calculating the monies
received by Division or Company from distribution and/or exploitation of the applicable
picture, Company’s guaranteed and/or deferred producing fee (if any). In connection
with any Division Project that was not originated by the Division, the Company shall
give good faith consideration on a case-by-case basis as to whether you shall be paid a
percentage of fixed fees or contingent compensation payable to the Company in
connection with such project. It is hereby agreed that you shall receive payments for
“The Marine” and “See No Evil” (formerly known as “The Untitled Kane Horror Project”)
as provided in the amendment dated as of August 26, 2004, to your prior agreement,
dated as of April 29, 2002, and, in accordance with such amendment, you shall not
receive compensation for the projects listed therein as projects for which you will not
receive compensation.
	 
	 	c)	 	Annual Discretionary: In addition to the compensation set forth
above, you shall be eligible for an annual discretionary bonus, the amount of which
shall be determined by Company in its sole discretion. Such discretionary bonus shall
be payable, if at all, within ninety (90) days after the end of each Contract Year.
	 
	 	d)	 	Taxes: Any and all cash compensation payable to you pursuant to this
Section 3 shall be subject to applicable withholding and shall be payable in
accordance with the Company’s standard payroll practices.

	4.	 	Restricted Stock Units: You have been granted a total of Twenty Five Thousand
(25,000) restricted stock units of the Company. The terms of the restricted stock units
shall be governed by the standard terms of Company’s form of restricted stock agreement on
file with the SEC and the Company’s Long Term Incentive Plan. (You acknowledge receipt of the
foregoing grant as of the date of your signature of this Agreement).
	 
	5.	 	Credit: For each Division Project, you shall receive the following credit:

	 	a)	 	For television projects: Subject to network requirements and third party
obligations, executive producer credit on a separate card (or a card shared only with
the McMahons) and in all paid advertisements issued by or under the control of Company
or in which the McMahons are named subject to customary exclusions.

- 3 -

 

	 	b)	 	For theatrical feature films: Subject to studio and third party obligations,
“Produced by” or executive producer credit (at your election) on the screen on all
positive prints of the Picture on a separate card in the main titles, and in all paid
advertisements issued by or under the Control of Company or in which the McMahons are
named, subject to customary exclusions.
	 
	 	c)	 	For direct to video productions: Subject to studio and third party
obligations, “Produced by” or executive producer credit (at your election) on the
screen on all positive prints of the Picture on a separate card in the main titles,
and in all paid advertisements issued by or under the Control of Company or in which
the McMahons are named, subject to customary exclusions.
	 
	 	 	 	Subject to the foregoing, all matters regarding such credit shall be determined by the
Company in its sole discretion. No casual or inadvertent failure by Company or any
third party to comply with the provisions of this Paragraph shall be deemed to be a
breach of this Agreement by the Company, provided that after receipt of written notice
specifying in detail any material failure to accord credit, Company agrees to use
reasonable efforts to prospectively cure any such failure which is economically
practicable to cure. Company shall use reasonable, commercial efforts to advise
Company’s third party licensees of the foregoing credit provisions.

	6.	 	Overhead Commitment: The Company has hired a minimum of one (1) development
executive and two (2) assistants, who are full-time employees of the Division. One of such
assistants is exclusive to you. Salary levels for such employees shall be reasonable, but
within customary Company parameters for similar positions. Notwithstanding the foregoing,
the Company acknowledges that the initial salary level of the Division’s development executive
may be up to One Hundred Fifty Thousand Dollars ($150,000) per year, with appropriate annual
increases thereafter. Other terms of employment and actual hires shall be subject to the
Company’s final approval.
	 
	7.	 	Development Budget: You and Company shall mutually agree upon an appropriate minimum
rolling annual development budget commitment to be funded by the Company.
	 
	8.	 	Benefits / Expenses / Etc.:

	 	a)	 	Expenses: During the Term, the Company shall reimburse you, in
accordance with Company’s policies and procedures, for all reasonable and necessary
business expenses and first class travel expenses incurred by you. Company shall
cover all your business-related cellular telephone expenses.
	 
	 	b)	 	Vehicle Allowance: During the Term, you shall be entitled to receive
from Company a vehicle allowance of $1,100 per month.

- 4 -

 

	 	c)	 	Vacation: During the Term, you shall be entitled to three (3) weeks
paid vacation during each Contract Year.
	 
	 	d)	 	Office/Assistant: The Company shall provide you with a private
office during the Term as part of the reasonable office space to be approved in
advance by Company.
	 
	 	e)	 	Company Plans: During the Term, you shall be entitled to participate
in and enjoy the benefits of any health, life, disability, retirement, pension, group
insurance, or other similar plan or plans which may be in effect or instituted by the
Company for the benefit of senior executives generally, upon such terms as may be
therein provided.

	9.	 	Standard Terms and Conditions: This Agreement is further subject to the provisions
of Company’s Standard Terms and Conditions, attached hereto as Exhibit A and by this reference
incorporated herein. If there is a conflict or inconsistency between the provisions of the
Standard Terms and Conditions and this Agreement, the provisions of this Agreement shall
prevail.
	 
	10.	 	Miscellaneous: This agreement, and the Standard Terms and Conditions attached hereto
as Exhibit A, represents the entire understanding between the parties hereto with respect to
its subject matter. The parties have a previous agreement, dated April 29, 2002 and amended
August 26, 2004 (the “Former Agreement”), which will remain in effect with respect to
compensation relating to specified Division Projects produced thereunder and to projects
excluded from compensation. The Company has granted to you 125,000.00 options under the
Former Agreement which options shall remain in effect in accordance with their terms. Except
for the foregoing, this Agreement shall supersede any prior or contemporaneous agreements and
may not be waived or amended, except by a written instrument signed by you and an authorized
signatory of Company.

Please sign below to indicate your acceptance of the foregoing:

WORLD WRESTLING ENTERTAINMENT, INC.

	 	 	 	 	 
	By:
	 	/s/ Linda E. McMahon	 	 
	 

	 	 

	 	 
	Its:
	 	Chief Executive Officer 	 	 
	 

	 	 

	 	 
	Date:
	 	November 11, 2005 	 	 
	 

	 	 

	 	 
	ACCEPTED AND AGREED:	 	 

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	/s/ Joel Simon	 	 
	 	 	 
	JOEL SIMON	 	 
	 
	 	 	 	 
	Date:
	 	10/31/05 	 	 
	 

	 	 

	 	 

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EXHIBIT A

STANDARD TERMS AND CONDITIONS

Standard Terms and Conditions to the agreement (“Agreement”) between World Wrestling Entertainment,
Inc. (“Company”) and Joel Simon (“Employee”) dated as of May 20, 2005.

	1.	 	TERMINATION OF EMPLOYMENT:

	 	(a)	 	Termination by the Company other than for Cause: The Company shall be
permitted to discharge Employee other than for Cause (as hereafter defined), in which case
Employee’s employment shall immediately terminate. In the event of a termination other
than for Cause, and subject to Employee’s continued compliance with the provisions of
Section 2 of these Standard Terms and Conditions, the Company shall pay Employee either:
(i) his then current base salary for a period of twelve (12) months after the date of
termination, if such termination occurred within the first Contract Year; or (ii) his then
current base salary for the remainder of the Term, if such termination occurred during the
second Contract Year (the foregoing, the “Severance Payment”). Employee will have no duty
to mitigate by seeking other employment during the remainder of the Term in which any such
termination occurs, and if other income is obtained during the remainder of such Term, the
Company will not have a right to offset Employee’s base salary in connection with such
other income. In the event that Employee is terminated pursuant to this subparagraph: (i)
Employee shall also be entitled to Incentive Compensation and Credit (pursuant to
Paragraphs 3(b) and 5 of the Agreement) in connection with any Division Projects put into
development by Division prior to Employee’s termination; and (ii) such vested and
retirement benefits as Employee may be entitled to under any employee benefit or pension
plan, provided that the terms of such plan provide that Employee shall be permitted to
retain the benefit thereof under such circumstance.
	 
	 	(b)	 	Death or Disability: Employee’s employment by the Company shall immediately
terminate upon Employee’s death and, at the Company’s option, may terminate upon the
Employee’s Disability. For purposes of this Agreement, “Disability” shall occur if (i)
Employee becomes eligible for full benefits under a long-term disability policy provided
by the Company, if any, or (ii) the Company’s board of directors determines that the
Employee has been unable, due to physical or mental illness or incapacity, to perform the
essential duties of his employment with reasonable accommodation for a continuous period
of sixty (60) days or for an aggregate of ninety (90) days during any consecutive twelve
(12) months. Upon termination of employment due to death or Disability, the Company shall
have no further obligation to make payments under this Agreement, other than (i)
compensation payments, payments in respect of accrued but unpaid vacation and
reimbursement for business expenses, in each case due, accrued or payable as of

- 7 -

 

	 	 	 	the date of Employee’s death or Disability; (ii) Incentive Compensation and Credit
(pursuant to Paragraphs 3(b) and 5 of the Agreement) in connection with any Division
Projects put into development by Division prior to Employee’s termination and (iii) such
vested and retirement benefits as Employee may be entitled to under any employee benefit or
pension plan, provided that the terms of such plan provide that Employee shall be permitted
to retain the benefit thereof under such circumstances. In the event of Employee’s
Disability, Employee will not be entitled to receive all or any part of the Severance
Payment. Notwithstanding the foregoing, in the event of Employee’s death, Company shall
pay Employee’s estate the balance of Employee’s then current base salary for the remainder
of the Term. Employee waives any right under the Americans with Disabilities Act to
challenge the legality of this provision and any bona fide termination based on it.
	 
	 	(c)	 	Termination by Employer for Cause. The Company shall be permitted to
discharge Employee for Cause, in which case Employee’s employment shall immediately
terminate. For purposes hereof, “Cause” shall mean (i) Employee’s act of fraud,
misappropriation, embezzlement or dishonesty with respect to the Company; (ii) Employee’s
conviction of, or plea of guilt or no contest to, a felony; (iii) Employee’s intentional
misconduct in the performance of his or her duties which is not promptly remedied upon
receipt of notice thereof from the Company; (iv) Employee’s disregard of any lawful
instruction from, or policy established by the McMahons or the Company’s board of
directors which is not promptly remedied upon receipt of notice thereof from the Company;
or (v) Employee’s breach of any other material provision of this Agreement which is not
promptly remedied upon receipt of notice thereof from the Company. Upon termination of
Employee’s employment for Cause, the Company shall have no further obligation to make
payments under this Agreement, other than (i) compensation payments, payments in respect
of accrued but unpaid vacation and reimbursement for business expenses, in each case due,
accrued or payable as of the date of such termination and (ii) such vested retirement
benefits as Employee may then be entitled to under any employee benefit or pension plan,
provided that the terms of such plan provide that Employee shall be permitted to retain
the benefit thereof under such circumstances. In the event of Employee’s termination for
Cause, Employee will not be entitled to receive all or any part of the Severance Payment.
	 
	 	(d)	 	Termination by Employee for Cause. Employee may terminate this Agreement at
any time if the Company fails to make the payments required by this Agreement within ten
(10) business days following written notice from Employee describing such nonpayment or if
the Company breaches any other material provision of this Agreement and fails to cure such
breach within thirty (30) days following written notice from Employee describing such
breach in detail. Upon termination pursuant to this Section, the Company shall have no
further obligation to make payments under this Agreement, other than, subject to
Employee’s continued

- 8 -

 

	 	 	 	compliance with the provisions of Section 2 of these Standard Terms and Conditions, (i)
accrued unpaid compensation payments, and payments in respect of accrued but unpaid
vacation and reimbursement for business expenses, in each case due, accrued or payable as
of the date of such termination; (ii) Incentive Compensation and Credit (pursuant to
Paragraphs 3(b) and 5 of the Agreement) in connection with any Division Projects put into
development by Division prior to Employee’s termination; (iii) such vested and retirement
benefits as Employee may be entitled to under any Employee benefits or pension plan; (iv)
his then current base salary for a period of twelve (12) months after the date of
termination, if such termination occurred within the first Contract Year or his then
current base salary for the remainder of the Term if such termination occurred after the
first Contract Year.

	2.	 	CONFIDENTIALITY AND NON-USE OF CONFIDENTIAL INFORMATION:

	 	(a)	 	Except as shall be strictly necessary in Employee’s performance of his or her duties
under this Agreement, Employee (i) shall maintain the confidentiality of all memoranda,
notes, records, scripts, stories, events, artwork, videotape, film, and any other material
compiled by Company or Division employees (including Employee), or any material made
available to Employee in connection with a Division Project, or any material concerning
the business of Company, Division or of any clients or partners of Company or Division
that is not known to the general public (“Confidential Information”), and (ii) shall not
use for his or her direct or indirect benefit, or the direct or indirect benefit of any
person not a party to this Agreement, any of the Confidential Information. The Employee’s
obligation of confidentiality shall not apply with respect to disclosures of Confidential
Information that are compelled by any legal, administrative or investigative proceeding
before any court, or any governmental or regulatory authority, agency or commission;
provided, that the Employee shall notify the Company immediately thereof and cooperate
with the Company in obtaining a protective order or other similar determination with
respect to such Confidential Information.
	 
	 	(b)	 	Promptly upon the request of the Company, and in any event, promptly upon the
expiration or earlier termination of Employee’s employment hereunder, the Employee shall
(i) discontinue all use of the Confidential Information except as necessary to conclude
the business of Company and (ii) return to the Company all materials furnished by the
Company, or otherwise acquired by or in the possession or control of the Employee, that
relates to or contains any Confidential Information. The Company’s request for the
Employee’s return of Confidential Information shall not be deemed to constitute a
termination of the Employee’s employment under this Agreement.

- 9 -

 

	3.	 	OWNERSHIP OF PROCEEDS & MATERIALS:
	 
	 	 	Subject to the terms of the Agreement, Company shall own all of the results and proceeds of
the services of Employee hereunder as a “work-made-for-hire” in any and all media
throughout the world in perpetuity; provided, however, to the extent that such work or the
results and proceeds hereof is not deemed a work-made-for-hire under any jurisdictions,
Employee irrevocably assigns, transfers and conveys to Company any such work or results and
proceeds of Employee including any so-called “rights of author” in any and all media
throughout the world in perpetuity. Without limiting the generality of the foregoing,
Employee hereby assigns all of the foregoing rights to Company and Employee hereby
irrevocably assigns, licenses and grants to Company, throughout the universe, in
perpetuity, the rights, if any, of Employee to authorize, prohibit and/or control the
renting, lending, fixation, reproduction and/or other exploitation of any Division Project
(as defined in the Agreement) by any media or means now known or hereafter devised as my be
conferred upon Employee under any applicable laws, regulations or directives, including,
without limitation, any so-called “Rental and Lending Rights” pursuant to any European
Economic Community directives and/or enabling or implementing legislation, laws or
regulations enacted by the member nations of the EEC. Employee hereby acknowledges that
the compensation payable hereunder includes adequate and equitable remuneration for the
Rental and Lending Rights and constitutes a complete buy-out of all Rental and Lending
Rights. In connection with the foregoing, Employee hereby irrevocably grants unto Company,
throughout the universe, in perpetuity, the right to collect and retain for Company’s own
account any and all amounts payable to Employee in respect of Rental and Lending Rights and
hereby irrevocably direct any collecting societies or other persons or entities receiving
such amounts to pay such amounts to Company, and to the extent Company does not so collect
such amounts, or is deemed ineligible to collect such amounts, Company may, in Company’s
sole discretion, deduct from any and all amounts otherwise payable to Employee under this
Agreement any and all amounts paid or payable to Employee by any party in respect of Rental
and Lending Rights.

	4.	 	WARRANTIES:
	 
	 	 	Employee represents and warrants that:

	 	(a)	 	Employee is free to enter into and fully perform under this Agreement;
	 
	 	(b)	 	All results and proceeds of Employee’s services hereunder (“Material”) shall be
Employee’s sole and original creation (except to the extent based on assigned material or
material in the public domain), and that, to the best of Employee’s knowledge (or that
which Employee should have known in the exercise of

- 10 -

 

	 	 	 	reasonable prudence), nothing contained therein violates the rights of any third party;
	 
	 	(c)	 	Employee owns and/or otherwise controls all rights in and to the Material (except if
based on assigned material);
	 
	 	(d)	 	Employee has the sole right and authority to enter into this Agreement and to sell
and assign all of the rights, titles, interests and benefits sold and assigned hereunder;
	 
	 	(e)	 	Employee has not heretofore granted, assigned, mortgaged, pledged or hypothecated any
right, title or interest which Employee has in and to the Material; Employee further
warrants and represents that Employee will not do so during the effective term of this
Agreement;
	 
	 	(f)	 	To the best of Employee’s knowledge (or that Employee should have known in the
exercise of reasonable prudence), there are no adverse claims nor is there pending any
litigation or threat of litigation in or against the Material which would interfere with
the rights granted hereunder, by or through Employee, by any person, firm or corporation;
	 
	 	(g)	 	Employee had not heretofore produced or authorized the production of any motion
picture based in whole or in part on the Material;
	 
	 	(h)	 	There is no other contract or assignment affecting Employee’s rights in and to the
Material which would interfere with the rights granted hereunder.

	5.	 	INDEMNITY:
	 
	 	 	Employee agrees to indemnify and hold harmless Company, its licensees, successors and assigns
(and their respective officers, directors, shareholders, contractors, employees, attorneys, and
agents) from and against any and all liabilities, claims, costs, damages, losses, judgments or
expenses (including, without limitation, reasonable outside attorneys’ fees, whether or not in
connection with litigation) (collectively, “Claims”) arising out of or in connection with any
breach or warranty, undertaking, representation or agreement made or entered into hereunder by
Employee. Company agrees to defend, indemnify and hold harmless Employee from and against any
and all Claims arising out of or in connection with (i) the development, production,
distribution, or other exploitation of any films or programs produced pursuant to this
Agreement, or any work derived therefrom; (ii) any material added to such films and programs by
Company, excluding matters covered by Employee’s indemnity above; (iii) any material breach by
Company; and (iv) any Claims arising from or in connection with Employee’s services or
engagement hereunder (within the course and scope of Employee’s employment hereunder),
excluding matters covered by Employee’s indemnity above. Employee agrees that

- 11 -

 

	 	 	Company shall have the sole right to control the legal defense against any Claims, demands or
litigation, including the right to select counsel of its choice (provided Employee may retain
Employee’s own counsel at Employee’s sole expense) and to compromise or settle any such Claims,
demands or litigation.

	6.	 	INSURANCE:
	 
	 	 	Company shall include Employee as an additional insured under Company’s (i) general liability
insurance policy, (ii) directors and officers insurance policy, and (iii) standard errors and
omissions insurance policy relating to the Division Projects, for only such time and to such
extent as such insurance policies are carried by Company. The foregoing obligations shall be
subject to the terms and conditions of each such policy.
	 
	7.	 	REMEDIES:
	 
	 	 	Employee acknowledges and agrees that a breach by him or her of any provision of this
Agreement, including, without limitation a breach of any of the covenants contained herein,
cannot be reasonably or adequately compensated in damages in an action at law, and that the
Company shall be entitled to, among other remedies, seek injunctive relief which may include,
but shall not be limited to, (i) restraining Employee from rendering any service or engaging in
any action that would constitute or cause a breach or violation of this Agreement, (ii)
obtaining specific performance to compel Employee to perform his or her obligations and
covenants hereunder and (iii) obtaining damages available either at law or in equity.
	 
	8.	 	DISCLOSURE:
	 
	 	 	Employee acknowledges the Company may provide a copy of this Agreement or any portion hereof to
any person with, through or on behalf of whom Employee may, directly or indirectly, breach or
threaten to breach any of the provisions of this Agreement. Furthermore, the Company may file
this Agreement with all appropriate government agencies, including, without limitation, the
Securities Exchange Commission.
	 
	9.	 	ASSIGNMENT:
	 
	 	 	Company has the right to assign to any assignee the right to utilize and exploit the results
and proceeds of the services of Employee pursuant to this Agreement hereunder and the right to
assign this Agreement, provided that Company shall remain liable hereunder unless such
assignment is to an entity which succeeds to all or substantially all of the assets of Company
hereunder, or to an affiliate of Company, which assumes Company’s obligations in writing, in
which event such assignment shall be a novation releasing Company of any further liability
hereunder. Employee shall not have the right to assign this Agreement or any part hereof, or
delegate any of

- 12 -

 

	 	 	Employee’s obligations hereunder, and any such purported assignment and/or delegation shall be
null and void ab initio.
	 
	10.	 	NO OBLIGATION TO PRODUCE:
	 
	 	 	It is understood and agreed that Company shall have no obligation to produce, complete,
release, distribute, advertise or exploit any film or program, and Employee releases Company
from any liability for any loss or damage Employee may suffer by reason of Company’s failure to
produce, complete, release, distribute, advertise or exploit such programs. Nothing contained
in this Agreement shall constitute a partnership or joint venture by the parties hereto.
	 
	11.	 	AGREEMENT TO EXECUTE AND DELIVER ALL DOCUMENTS REQUIRED:
	 
	 	 	Employee agrees to execute and deliver to Company any and all documents consistent herewith
which Company shall reasonably deem desirable or necessary to further effectuate the purposes
of this Agreement. In case of Employee’s refusal or failure to so execute or deliver, or cause
to be so executed and delivered, any assignment or other instrument herein provided for after a
reasonable opportunity to review and comment, then in such event, Employee hereby nominates,
constitutes and appoints Company and Company shall therefore be deemed to be Employee’s true
and lawful attorney-in-fact, irrevocably, to execute and deliver all of such documents,
instruments and assignments in Employee’s name and on Employee’s behalf after Employee’s
reasonable opportunity to review (not less than five (5) days) and provide timely comments to
the language thereof. Company shall provide Employee with a copy of any document so executed,
provided that any casual or inadvertent failure to provide any such copy shall not constitute a
breach of this Agreement.
	 
	12.	 	COMPUTATION OF TIME PERIOD; MANNER OF DELIVERY:
	 
	 	 	The time in which any act provide by this Agreement is to be done shall be computed by
excluding the first day and including the last, unless the last day is a Saturday, Sunday or
legal holiday, and then it is also excluded. All payments and notices shall be deemed
delivered upon three (3) days after the date of posting as first-class mail in the United
States mail, postage prepaid, and addressed to the respective party upon whom it is to be
delivered, or, as to notices only, upon the date of confirmed facsimile transmission.
	 
	13.	 	WAIVER:
	 
	 	 	Either party’s failure to enforce any provision(s) of this Agreement shall not in any way be
construed as a waiver of any such provision(s), or to prevent that party thereafter from
enforcing each and every other provision of this Agreement.
	 
	14.	 	GOVERNING LAW; VENUE:

- 13 -

 

	 	 	This Agreement shall be governed by and construed in accordance with Connecticut law, without
regard to its conflict of law rules. Any action or proceeding seeking the interpretation or
enforcement of this Agreement may be brought in the state or federal courts governing Fairfield
County, Connecticut, and the parties hereby submit themselves to the personal jurisdiction of
such courts for such purpose.
	 
	15.	 	SEVERABILITY:
	 
	 	 	Unless it would fundamentally frustrate a party’s benefit of the bargain hereunder, should any
part of this Agreement for any reason be declared invalid or unenforceable, such decision shall
not affect the validity of any remaining portions, which remaining portions shall remain in
force and effect as if this Agreement had been executed with the invalid or unenforceable
portion thereof eliminated and it is hereby declared the intention of the parties hereto that
they would have executed the remaining portion of this Agreement without including therein any
such part, parts or portion which may for any reason, be hereafter declared invalid or
unenforceable.
	 
	16.	 	CAPTIONS; COUNTERPARTS:
	 
	 	 	The descriptive headings of the various sections or parts of this Agreement are for convenience
only and shall not affect the meanings or construction of any of the provisions hereof. This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.
	 
	17.	 	NOTICES:
	 
	 	 	All communications provided for hereunder shall be in writing and shall be delivered
personally, or mailed by registered mail, or by prepaid overnight air courier, or by facsimile
communication, in each case addressed:

	 	 	 	 	 
	 

	 	If to Company:
	 	WORLD WRESTLING
	 

	 	 	 	ENTERTAINMENT, INC.
	 

	 	 	 	1241 East Main Street
	 

	 	 	 	Stamford, Connecticut 06902
	 

	 	 	 	Attn: Edward L. Kaufman
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Hansen, Jacobson, Teller, Hoberman,
	 

	 	 	 	Newman, Warren & Sloane, L.L.P.
	 

	 	 	 	450 North Roxbury Drive, 8th Floor
	 

	 	 	 	Beverly Hills, California 90210
	 

	 	 	 	Fax: (310) 550-5209
	 

	 	 	 	Attention: Craig Jacobson

- 14 -

 

	 	 	 	 	 
	 

	 	If to Joel Simon:
	 	Joel Simon
	 

	 	 	 	c/o Del, Shaw, Moonves, Tanaka &
	 

	 	 	 	Finkelstein
	 

	 	 	 	2120 Colorado Avenue
	 

	 	 	 	Suite 200
	 

	 	 	 	Santa Monica, California 90404
	 

	 	 	 	Attention: Jeffrey S. Finkelstein, Esq.

	18.	 	FCC:
	 
	 	 	Employee hereby agrees that Employee has not and will not accept or agree to accept for
Employee’s own benefit, or pay or agree to pay, any money, service or other valuable
consideration, other than the compensation payable hereunder, for the inclusion of any matter,
including, but not by way of limitation, the name of any person, product, service, trademark or
brand name as a part of any program in connection with which Employee’s services are rendered
hereunder. Notwithstanding the foregoing, Employee shall not be deemed to be in breach of this
provision in the event that Division enters into appropriate product placement or similar
agreements, subject to any applicable laws and regulations regarding such agreements.
	 
	19.	 	ENTIRE AGREEMENT:
	 
	 	 	These Standard Terms and Conditions, along with the terms of the employment agreement to which
these Standard Terms and Conditions are attached constitute the entire agreement of the parties
with regard to the subject hereof.

End of Standard Terms and Conditions

- 15 -

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