Summary by Moomoo AI
Core Scientific has entered into a new employment agreement with Adam Sullivan on June 14, 2024, who will continue serving as President and CEO. The agreement includes a base salary of $625,000 and a 2024 annual incentive target of 125% of base salary. Sullivan will also participate in the company's 2024 Stock Incentive Plan and receive comprehensive benefits.As part of the agreement, Sullivan received significant equity grants including 2.87 million time-based RSUs vesting over four years, 716,881 regular annual time-based RSUs vesting through 2026, and 238,961 performance-based RSUs tied to calendar years 2024-2026 goals. The package includes severance provisions offering 18 months of base salary continuation and benefits if terminated without cause outside the Protection Period.Enhanced severance benefits apply during the Protection Period, including two times the sum of base salary and target bonus as a lump sum payment. The agreement also provides for legal fee reimbursement of $80,000 and standard executive benefits including COBRA coverage and business expense reimbursement.
