Weber made headlines earlier this year when they separated with their CEO and named Alan Matula Interim CEO. Despite the Interim tag, Alan Matula has entered into an employment agreement that’s richer than outgoing CEO Chris Sherzinger’s.
As we reported previously, Alan Matula is receiving $1.85 million in salary and bonus, which is greater than the $1.49 million that Chris Sherzinger was to receive 2021 at 100% targeted bonus. Beyond equity awards and retirement plan participation, below are additional details from the agreement that went into effect on September 23, 2022.
If there is termination without cause he will receive
- 18 months of salary continuation
- Lump sum pro rata target annual bonus for the year of termination
- 12 months continued participation in the companies health plan
If there is a change in control of Weber, and he’s terminated without cause within 24 months after the change, his bonus payout gets a little stronger and his equity fully vests.
In return for the compensation he’d receive if terminated without cause, he’d be bound by a 12 month non-compete and a 12 month non-solicitation.