Vince McMahon has officially resumed his role with WWE as the Executive Chairman of the Board, following a new employment agreement effective March 29, 2023, according to a recent SEC filing.
This agreement is retroactive to January 9, 2023, the date McMahon was reinstated as Executive Chairman.
McMahon had previously resigned as WWE CEO and Chairman last July despite allegations of sexual misconduct and hush money. He returned to the Board of Directors in January.
The SEC filing details the following changes:
“Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 28, 2023, following Nick Khan’s transition to being the sole CEO after Stephanie McMahon’s departure, and Vincent McMahon’s appointment as Executive Chairman, the Compensation & Human Capital Committee approved an amendment to Mr. Khan’s contract and a new agreement with Mr. McMahon.
Mr. Khan’s updated agreement, effective March 29, 2023, includes an increase in annual salary from $1.35 million to $1.5 million, an increase in target bonus from 160% to 175%, and an annual equity grant value increase from $3.575 million to $5.375 million.
Mr. McMahon’s new contract, effective March 29, 2023, includes an annual salary of $1.2 million, a 175% annual target bonus, and a $4.3 million annual equity grant. The contract offers severance and benefits if terminated without cause or for good reason, with enhanced terms in the event of a change in control.
Full details are available in the complete text of the agreements attached to this SEC filing.”