Digital World Acquisition in an 8-K said it entered into a $6.38 million retention bonus agreement today with merger partner Trump Media & Technology Group.
The retention bonus agreement “is consistent with the objective of attracting and retaining the employees and other personnel associated with TMTG (“Affiliates”) to ensure the continuity of TMTG’s ongoing business,” the filing states. The bonuses would be payable on completion of the business combination, which has a September deadline.
Neither the 8-K nor the agreement states whether Trump himself would receive any of the bonus funds.
Affiliates will be eligible to receive a bonus if: (1) he or she is employed by or otherwise contractually affiliated with TMTG on the date the bonus is payable and the affiliate has not forfeited the bonus either through voluntary or involuntary employement termination. “Retention Period” is the time between the date of the bonus agreement and the date of the merger closing. Read more.
