Document:

d13212_ex10-17

 
 Exhibit 10.17
  

 January 13, 2003  

 Kurt Schneider  

 Dear Kurt:  

 On behalf of World Wrestling Entertainment, Inc.,
  I am pleased to extend the following offer of employment to you.  

	            	Title:	Executive Vice President, Marketing
	 	 	 
	 	Location:	Corporate Headquarters
	 	 	1241 East Main Street
	 	 	Stamford, CT 06902
	 	 	 
	 	Department:	Marketing
	 	 	 
	 	Reporting	Linda McMahon
	 	Relationship:	Chief Executive Officer
	 	 	 
	 	Start Date:	February 24, 2003
	 	 	 
	 	Base Compensation:       	$275,000 base salary, which will
      be paid bi-weekly, in the amount of $10,576.92. You will be eligible for
      a salary increase, based upon your performance evaluation, in calendar year
      2004. Our current review is June 1st.
	 	 	 
	 	Sign-on Bonus:	$15,000 less applicable deductions
      payable on the first pay date following 30 days of employment. If you voluntarily
      terminate employment with WWE within one year of your date of hire, you
      must reimburse WWE 100% of your sign-on bonus. Reimbursement is due within
      10 days following last day of employment.
	 	 	 
	 	Incentive Bonus:	You are eligible to participate in
      the WWE Management Incentive Program. This program is based upon your performance
      evaluation and achievement of fiscal year company/business unit financial
      goals. Currently, the target bonus for your level of position is 40%. Bonus
      payments are made after the close of the fiscal year (May 1 – April
      30). You will be eligible for an incentive bonus payment in 2004.

	            	Stock Options:    	You will be granted
      options to purchase 40,000 shares of Class A Common Stock of World Wrestling
      Entertainment, Inc., at an exercise price equal to the closing price on
      the first day of your employment. Your stock options will vest, or become
      exercisable in equal installments on each of the anniversary dates of your
      employment over four years. As we discussed, the WWE long term incentive
      plan ("LTIP") provides that any outstanding options will accelerate and
      become 100% vested and exercisable upon a change of control. A copy of the
      LTIP will be provided to you on your start date.
	 	 
	 	 	 
	 	Benefits:	You will be eligible
      for full company benefits on the first day of the month following your date
      of hire. Company benefits include: Medical, Dental, Life, LTD and 401(k)plan.
      Detailed information regarding the benefits is included in the enclosed
      offer packet.
	 	 
	 	 	 
	 	Vacation:	Three (3) weeks vacation and three
      (3) personal days.See vacation policy included in the offer packet for more
      details.
	 	 	 
	 	Relocation:      	WWE, Inc. will provide you with
      the following:
	 	 	 
	 	 	•      	Up to One Hundred Twenty (120) days of temporary
      housing;
	 	 	•      	Rental car for the duration of your temporary
      housing 
	 	 	•      	Up to Two (2) house hunting trips for you and
      your family 
	 	 	•      	Up to Three (3) additional return trips to California
      for you to visit your family 
	 	 	•      	WWE will reimburse you for expenses associated
      with the termination of the lease on your existing house and the purchase
      of your new home, i.e. moving expenses, legal and administrative fees for
      both events. Excludable items are sales commission and loan points. Where
      applicable any amounts paid to you will be grossed up to offset the impact
      of taxes. All expenditures will need to be properly documented in keeping
      with IRS negotiations. 
	 	 	•      	Relocation must be initiated within six months
        of hire. If you voluntarily terminate employment with WWE, Inc. within
        one year of your relocation start date, you must reimburse WWE, Inc. 100%
        of the relocation costs incurred by WWE on your behalf. Reimbursement
        is due within 10 days following last day of employment.  

  2

  

 

	          	Confidentiality/    

      Non-Solicitation 

      Agreement: 	Enclosed please find a Confidentiality/Non-Solicitation
      Agreement to be signed and returned to the Human Resources Department.
	 	 	 
	 	Severance: 	If your employment is terminated
      by World Wrestling Entertainment, Inc. “without cause”, (“cause”
      is defined as(i) engages in fraud, deceit, misappropriation, embezzlement
      or theft against WWE or any of its affiliates; (ii) willfully fails to perform
      specific and lawful directives; (iii) is convicted, pleads or enters a plea
      of nolo contendere to a felony, you will receive the following:
	 	 	 
	 	a.      	During the first year of employment, 12 months
      salary continuation at your then current rate of base salary;
	 	b.	During the second year of employment, 9 months
      salary continuation at your then current rate of base salary;
	 	c.	During the third year of employment, 6 months
      salary continuation at your then current rate of base salary;
	 	d.	Your stock options will continue to be exercisable
      one (1) year from the date of termination as per the LTIP
	 	e.	All Medical benefits at terms and condition
      no less favorable than as in effect at the time of your termination for
      your duration of your salary continuation
	 	 	 
	 	Attorneys' Fees: 	As we discussed, WWE will reimburse
      you for the reasonable attorneys' fees you incurred in connection with the
      finalization of this offer letter and the related agreements.

  This offer is contingent upon clear reference and background checks
  and satisfaction of the Immigration Control and Reform Act requirements. Your
  employment relationship with WWE, Inc. will be “at will.” This means
  that either you or WWE can end your employment at any time, for any reason.
  

3 

 
 On behalf of World Wrestling Entertainment, Inc.,
  we are very pleased that you have accepted this offer and look forward to you
  joining our team. If you have any questions, please do not hesitate to give
  me a call at (203) 353-5016.  

 Please fax a signed copy of this letter to my attention
  by Thursday, January 30, 2003. The fax number is (203) 359-5151.  

 Sincerely, 

	/s/ Nicole Zussman	 	 
	
	                             	 
	Nicole Zussman 

      Vice President Human Resources 	 	 
	 	 	 
	 	 	 
	/s/ Kurt Schneider	 	 
	
	 	

	Kurt Schneider	 	Date
	 	 	 
	Enclosure	 	 

  4d13212_ex10-18

 Exhibit 10.18  

 February 24, 2003  

 Philip B. Livingston  

 Dear Phil:  

 On behalf of World Wrestling Entertainment, Inc.,
  I am pleased to extend the following offer of employment to you.  

	           	Title:	Chief Financial Officer
	 	 	You will also be elected to the company’s
      board of directors.
	 	 	 
	 	Location:	Corporate Headquarters
	 	 	1241 East Main Street
	 	 	Stamford, CT 06902
	 	 	 
	 	Department:	Finance
	 	 	 
	 	Reporting	Linda McMahon
	 	Relationship:	Chief Executive Officer
	 	 	 
	 	Start Date:	March 31, 2003
	 	 	 
	 	Base Compensation:   	$385,000 base salary, which will
      be paid bi-weekly, in the amount of $14,807.69. You will be eligible for
      a salary increase, based upon your performance evaluation, in calendar year
      2004. Our current annual performance review is June 1st.
	 	 	 
	 	Sign-on Bonus:	$35,000 less applicable deductions
      payable on the first pay date following 30 days of employment. If you voluntarily
      terminate employment with WWE within one year of your date of hire, you
      must reimburse WWE 100% of your sign-on bonus. Reimbursement is due within
      10 days following last day of employment.
	 	 	 
	 	Incentive Bonus:	You are eligible to participate in
      the WWE Management Incentive Program. This program is based upon your performance
      evaluation and achievement of fiscal year company/business unit financial
      goals. Currently, the target bonus for your level of position is 50%. Bonus
      payments are made after the close of the fiscal year (May 1 – April
      30). You will be eligible for an incentive bonus payment in 2004.

2

	           	Stock Options:	You will be granted
      options to purchase 55,000 shares of Class A Common Stock of World Wrestling
      Entertainment, Inc., at an exercise price equal to the closing price on
      the first day of your employment. Your stock options will vest, or become
      exercisable in equal installments on each of the anniversary dates of your
      employment over four years. A copy of the LTIP will be provided to you on
      your start date.
	 	 
	 	 	 
	 	Benefits:	You will be eligible
      for full company benefits on the first day of the month following your date
      of hire. Company benefits include: Medical, Dental, Life, LTD and 401(k)
      plan. Detailed information regarding the benefits is included in the enclosed
      offer packet.
	 	 
	 	 
	 	 	 
	 	Vacation:	3 weeks vacation and 3 personal
      days. See vacation policy included in the offer packet for more details.
	 	 	 
	 	Living Expenses:	WWE will reimburse you for living
      expenses (excluding meals) for a few nights per week for the first two years
      of employment.
	 	 	 
	 	Relocation:   	WWE, Inc. will provide you with
      the following:
	 	 	 
	 	 	·      	WWE will reimburse you for expenses associated
      with the sale of your existing house and the purchase of your new home,
      i.e., real estate commissions, temporary living costs, moving expenses,
      legal and administrative fees for both events. Excludable items are loan
      points. Where applicable any amounts paid to you will be grossed up to offset
      the impact of taxes. All expenditures will need to be properly documented
      in keeping with IRS regulations.
	 	 	 	 
	 	 	·     	If you voluntarily terminate employment with
      WWE, Inc. within 1 year of your relocation start date, you must reimburse
      WWE, Inc. 100% of the relocation costs incurred by WWE on your behalf. Reimbursement
      is due within 10 days following last day of employment.

	           	Severance:    	If during the first 3 years of employment
      your employment is terminated by World Wrestling Entertainment, Inc. “without
      cause”, (“cause” is defined as (i) engages in fraud, deceit,
      misappropriation, embezzlement or theft against WWE or any of its affiliates;
      (ii) willfully fails to perform specific and lawful directives; (iii) is
      convicted, pleads or enters a plea of nolo contendere to a felony), you
      will receive the following:
	 	 	 	 
	 	 	a.      	12 months salary continuation at your then current
      rate of base salary
	 	 	b.	Target bonus pro-rated for the amount of timeemployed
      during that fiscal year (if bonuses arerewarded for that year).
	 	 	c.	Accelerated vesting for any options
      as if you terminated your employment on March 31, 2006. Such options will
      be exercisable for one year from the date of termination. 
	 	 	 
	 	 	d.	All Medical benefits at terms and condition
      no less favorable than as in effect at the time of your termination for
      the duration of your salary continuation. 
	 	 	 	 
	 	Confidentiality/            	Enclosed please find a
      Confidentiality/Non-Solicitation Agreement to be signed and returned to
      the Human Agreement: Resources Department.
	 	Non-Solicitation  
	 	 

 This offer is contingent upon Board approval, clear
  reference and background checks and satisfaction of the Immigration Control
  and Reform Act requirements. Your employment relationship with WWE, Inc. will
  be “at will.” This means that either you or WWE can end your employment
  at any time, for any reason. 

3 

 On behalf of World Wrestling Entertainment, Inc.,
  we are very pleased that you have accepted this offer and look forward to you
  joining our team. If you have any questions, please do not hesitate to give
  me a call at (203) 353-5016.  

 Please fax a signed copy of this letter to my attention
  by Wednesday, February 26, 2003. The fax number is (203) 359-5151.  

 Sincerely,

	/s/ Nicole Zussman	 	 
	
	                             	 
	Nicole Zussman 

      Vice President Human Resources 	 	 
	 	 	 
	 	 	 
	/s/ Philip B. Livingston	 	 
	
	 	 
	Philip B. Livingston	 	 
	 	 	 
	Enclosure	 	 

4

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