CEO Severance Package (Outside Protection Period)
Company: Core Scientific
The claim, verbatim
Upon termination without Cause outside the Protection Period, entitled to 18 months continued base salary, unpaid annual bonus, pro-rata bonus, COBRA continuation, and accelerated vesting of 2024 Equity Grant
Source (primary)
Core Scientific 8-K filed 2024-06-17 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “In the event Mr. Sullivan's employment is terminated as a result of a termination of employment by the Company without Cause or a resignation for Good Reason, and outside of the Protection Period (each as defined in the Employment Agreement), he will be entitled to (i) his continued base salary for 18 months following the termination date; (ii) payment of any unpaid annual bonus for completed fiscal year that ended prior to the termination date; (iii) continued eligibility to earn a pro-rata portion of the annual bonus for the fiscal year in which the termination date occurred; (iv) continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for up to 18 months following termination; and (v) accelerated vesting of the unvested portion of the 2024 Equity Grant”
How we checked this
Checked on September 18, 2026. The cited source supports every part of this claim.
The filing lists each of these severance benefits for a termination outside the Protection Period.
Confirmed in the source:
- The benefits apply on termination without Cause (or resignation for Good Reason) outside the Protection Period
- Benefits include 18 months of continued base salary
- Benefits include any unpaid annual bonus for a completed prior fiscal year
- Benefits include eligibility for a pro-rata bonus for the year of termination
- Benefits include COBRA continuation coverage (up to 18 months)
- Benefits include accelerated vesting of the unvested 2024 Equity Grant
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1839341/000162828024028404/core-20240614.htm) in full (8,661 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms Core Scientific 8-K filed 2024-06-17
Quote: “In the event Mr. Sullivan's employment is terminated as a result of a termination of employment by the Company without Cause or a resignation for Good Reason, and outside of the Protection Period (each as defined in the Employment Agreement), he will be entitled to (i) his continued base salary for 18 months following the termination date; (ii) payment of any unpaid annual bonus for completed fiscal year that ended prior to the termination date; (iii) continued eligibility to earn a pro-rata portion of the annual bonus for the fiscal year in which the termination date occurred; (iv) continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for up to 18 months following termination; and (v) accelerated vesting of the unvested portion of the 2024 Equity Grant”