Don Mattrick To Get $50 Million In Cash And Stock As Zynga CEO
Zynga has filed an 8K regulatory filing that shows how much new CEO Don Mattrick will be getting paid. Mattrick will be paid $50 million in cash and stock compensation over several years. Mattrick’s cash and stock package will be worth $19.3 million for the first year. His signing bonus was $5 million in cash and a $1 million annual salary with a pro-rated cash bonus of $2 million. In the period, he will receive $11.3 million in Zynga stock as part of a make-whole grant related to the vesting shares he lost when he stepped down at Microsoft.
Mattrick will receive an inducement grant of 1,785,714 restricted stock units, which are valued at $5 million. He will have the option to buy 7,357,143 shares which are now worth $10 million. These shares will vest in the next few years. Next year, Mattrick will be eligible to receive a 200-400% annual cash bonus of his annual base salary at $2 to $4 million, according to AllThingsD. A large chunk of his salary is tied to equity. This will become a lot more valuable if he can help turn Zynga around.
Mattrick will receive $60,000 related to legal fees that are associated with his employment agreement at Zynga. His severance is two times his annual salary, two times target bonus, a pro-rated bonus for the fiscal year of the termination, and an accelerated vesting of his grants. Owen Van Natta has stepped down from the Zynga board of directors. Now Zynga has 9 total board members.