Sphere Entertainment (SPHR) has issued an announcement.
Sphere Entertainment Co. has renewed its employment contract with James L. Dolan as Executive Chairman and CEO, securing his services until June 30, 2027. Starting July 1, 2024, Dolan will earn at least $230,000 annually, with a potential bonus of twice his base salary. Additionally, he is set to receive options to buy 1,800,000 shares of Class A common stock in 2024, and another 984,700 shares in 2025, subject to stockholder approval and the absence of material non-public information. If the stock plan amendment fails to pass, Dolan will be entitled to alternative long-term incentives comparable to peers, projected at a minimum annual value of $11,770,000. The agreement also outlines severance terms and restricts Dolan’s ability to engage in competing activities for one year post-employment.
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