Earlier this year, WWE management drastically changed which made huge headlines at the time. Vince McMahon who is the majority shareholder of WWE removed three directors from the board in January. McMahon then added himself and two other former employees to the board by using his voting power.
A few days after returning to the board, Vince McMahon was elected as the Executive Chairman of WWE. Earlier this month, McMahon was spotted backstage at Monday Night RAW. He is also scheduled to attend WrestleMania 39.
According to a new SEC filing, Vince McMahon has been recruited as an employee from January 9th, 2023. The 77-year-old will serve as Executive Chairman of WWE for two years from January 9th.
“The McMahon Employment Agreement provides that Mr. McMahon will receive (i) an annual base salary of $1.2 million, (ii) an annual target bonus opportunity (as a percentage of annual base salary) of 175%, and (iii) an annual equity grant date target value set at $4.3 million, subject to performance metrics and vesting periods (as determined by the Committee).
In the event the Company terminates his employment without “cause” (as defined in McMahon Employment Agreement) or he terminates his employment for “good reason” (as defined in the McMahon Employment Agreement), Mr. McMahon will be eligible to receive as severance (a) base salary continuation through the end of the term (or, if longer, for one year), (b) a prorated portion of the annual bonus based on target performance for the year in which the termination occurs and (c) health and welfare continuation through the end of the term in accordance with the Company’s severance policy.
In the event such a termination occurs within the two-year period following a “change in control” (as defined in the McMahon Employment Agreement), Mr. McMahon will instead be eligible to receive (1) a lump sum cash payment equal to two times Mr. McMahon’s then-current base salary, (2) a lump sum cash payment equal to two times Mr. McMahon’s annual bonus based on target performance, (3) a prorated portion of the annual bonus based on target performance for the year in which the termination occurs, (4) full accelerated vesting of Mr. McMahon’s unvested equity awards (with the payout of performance-based awards determined based on target-level achievement) and (5) health and welfare continuation for the twenty-four month period following the termination.”
Recently, Vince McMahon entered a deal with WWE. He reimbursed the cost of the hush money payments. You can read more details by clicking here.
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