Mr Cooper Group Inc (COOP)

[Evintos]

https://www.sec.gov/Archives/edgar/data/933136/000119312515186101/d924385d8k12g3.htm

On May 12, 2015, the Board approved an employment agreement with William Gallagher (the “Gallagher Employment Agreement”) pursuant to which, effective as of May 15, 2015, Mr. Gallagher will serve as the Chief Executive Officer of the Company. The initial term of the Gallagher Employment Agreement is three years. Under the Gallagher Employment Agreement, Mr. Gallagher will receive an annual base salary equal to $500,000, subject to applicable withholding taxes. In the event that Mr. Gallagher’s employment is terminated by the Company without “Cause” or due to Mr. Gallagher’s resignation for “Good Reason” prior to a “Qualifying Acquisition” (as such terms are defined in the Gallagher Employment Agreement), subject to Mr. Gallagher’s execution of a release of claims in favor of the Company, the Company will provide Mr. Gallagher with severance in an amount equal to $250,000. Mr. Gallagher will not receive any severance payment if such termination occurs following a Qualifying Acquisition.

Upon the consummation of a Qualifying Acquisition, the Company and Mr. Gallagher will enter into a restrictive covenants agreement containing customary terms and conditions, including twelve-month post-termination non-competition and non-solicitation covenants.

The foregoing description of the Gallagher Employment Agreement does not purport to be complete and is subject to, and qualified, in its entirety by, the full text of the Gallagher Employment Agreement, which is attached hereto as Exhibit 10.2 and incorporated herein by reference.

I'd copy and paste Fairfield's thing but it's basically the same. They're being paid (they also have golden parachutes if they're terminated before qualified acquisition). People are confusing their salaries with the restricted stock they also received. Restricted stock is worth $4 mil per person (starting) and is vested following QA. Without QA - they're still being paid.

$1.5 mil is basically their pay out (subject to taxes, withholding) even if they don't do QA. If they do, minimum 5.5 million each.

Up to those two whether or not they want to do their jobs for 5.5+million or if they want to do nothing and collect 1.5 million.