In addition, the amendment to Zaslav’s employment agreement says his signing options will remain “outstanding and eligible to vest and be exercised” following Dec. 31, 2026, not only if there’s a reverse spinoff but also if WBD or the new Warner Bros. enters into a “definitive agreement for a transaction that would, upon completion, constitute a ‘change in control’ of WBD, but excluding any sale of Discovery Global or all or substantially all of its assets.” If WBD enters into a “qualifying change in control agreement” before Dec. 31, 2026, and has not completed a separation (or reverse spinoff) by then, the amendment to Zaslav’s employment agreement provides that the term of his employment agreement will continue until Dec. 31, 2030 (as would have been the case had the separation been completed prior to the December 2026 end date) rather than ending Dec. 31, 2027. Zaslav will also be eligible to receive annual equity awards following the separation or reverse spin under a new Warner Bros. equity incentive plan with a target value of $15.5 million the first year that he receives an equity grant from the company; that will be reduced to an annual target value of $7.5 million per year thereafter during the term of his employment.
Author: Todd Spangler
Published at: 2025-11-13 22:45:45
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