Last July, Vince McMahon announced his retirement from WWE duties after Wall Street Journal published an article about McMahon’s hush money scandal. WSJ reported that the WWE board of directors started the investigation in June.
According to WSJ, McMahon paid nearly $20 million to several women over the past sixteen years. You can read more details by clicking here.
Last November, CNBC reported that WWE ended the investigation. “The Special Committee investigation is now complete and the Special Committee has been disbanded.”
According to the new SEC filing, the Executive Chairman of WWE Vince McMahon entered into an agreement with World Wrestling Entertainment this past Monday. McMahon paid $17.4 million to WWE on March 23rd. McMahon also agreed to pay additional costs related to his hush money scandal.
“On March 20, 2023, World Wrestling Entertainment, Inc. (the “Company”) entered into a reimbursement agreement (the “Agreement”) with Vincent K. McMahon, the Company’s Executive Chairman, director and controlling stockholder. The Agreement provides that Mr. McMahon will pay the Company approximately $17.4 million to reimburse the Company for the costs that have been incurred and paid by the Company and/or its subsidiaries, through January 31, 2023, in connection with and/or arising from the investigation conducted by a special committee of the Company’s board of directors, related revisions to the Company’s financial statements and other related matters. Such payment was made on March 23, 2023. The Agreement further provides that Mr. McMahon will also review in good faith and reimburse the Company for additional costs incurred by the Company and/or its subsidiaries subsequent to January 31, 2023 (or that have been incurred by the Company and/or its subsidiaries and not yet paid as of January 31, 2023), in connection with and/or arising from the same matters.”
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