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The former chief executive officer of Zynga makes a few million dollars for resigning his position.
Over the next two years, Zynga will pay $4 million to Mattrick as part of his severance package, according to a filing with the Securities and Exchange Commission. Additionally, Zynga will also pay Mattrick his bonus for the days he worked in 2015, which will probably amount to around $1 million. On top of that, Zynga will immediately vest a little over in 5.1 million shares that are worth around $10 million total. That brings the grand total to somewhere in the neighborhood of $15 million for Mattrick.
Oh, and of course the former Zynga CEO and Xbox boss is eligible to sign up for COBRA health coverage. Only he won’t need it.
“I am excited about the company’s trajectory and wish the best for Mark, Zynga, and NaturalMotion as I plan to return to Canada to pursue my next challenge,” Mattrick said in a statement.
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It turns out that they have some weird single-payer government health care in that country.
A big payout is all part of the standard procedure for an exiting executive. A lot of these details were likely laid out in the contract or offer letter that Zynga and Mattrick agreed to when he joined the company in July 2013.
The SEC filing revealed that, other than a few small things, Mattrick decided to “terminate all other agreements” between himself and Zynga. Additionally, the two parties “agreed not to disparage” one another publicly. Again, that’s typical for these kinds of breakups.
We have plenty more on this story. You can read up on the future of Zynga under Pincus as well as why cofounder Mark Pincus likely wanted to get rid of Mattrick.
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