In a new 8-K filing, WWE has assigned new titles and raises in base salaries for their four top executives.
The filing outlined Vince McMahon’s resignation from all the positions he held within WWE while noting he retains controlling interest as a shareholder. His duties have been dispersed among Stephanie McMahon-Levesque, Nick Khan, Paul Levesque, and Frank Riddick III.
Riddick has been promoted to the President’s role while maintaining his existing role as Chief Financial Officer. This also comes with a salary raise from $850,000 to $950,000 per year.
Stephanie McMahon-Levesque has received a raise from a previous base salary of $730,000 up to $1.35 million along with a $750,000 booking agreement with the company on an annual basis. McMahon-Levesque has also received a special equity grant as outlined in the 8-K that will be measured based on performance over the next three years ending on September 30, 2025:
In addition to the foregoing, Ms. McMahon will receive a one-time special equity grant of performance stock units (“PSUs”) with a grant date target value (valued as described in Section 3 above) of $10 million on or about October 3, 2022. This grant will have a three-year performance measurement period ending September 30, 2025, at which time the PSUs, adjusted as a result of performance, would vest. 82.5% of the performance metrics for Ms. McMahon will be based on certain media rights agreements and consolidated revenue, and the remainder will be based on the Company attaining certain human capital and governance goals to be determined by the Compensation and Human Capital Committee. Similarly, Mr. Levesque will receive a one-time special equity grant of PSUs with a grant date target value of $8 million on or about October 3, 2022. This grant will also have a three-year performance measurement period ending September 30, 2025, at which time the PSUs, adjusted as a result of performance, would vest. 65.0% of the performance metrics for Mr. Levesque will be based on certain media rights agreements, and the remainder will be based on the attainment of certain milestones relating to talent development and creative matters to be determined by the Compensation and Human Capital Committee.
Nick Khan’s salary has been raised from $1.2 million to $1.35 million
Both McMahon-Levesque and Khan were named co-CEOs of the company after McMahon’s resignation.
Finally, Paul Levesque’s salary has been moved up to $900,000 from the previous figure of $730,000 along with a $1 million booking agreement. In the 8-K filing, Levesque is being listed with the title of Chief Content Officer.
All four will receive equity grants with Levesque’s valued at $1.6 million, Riddick’s listed value at $2.4 million, and both Khan & McMahon-Levesque’s listed at $3.575 million.
While grants of equity remain at all times within the discretion of the Company’s Compensation and Human Capital Committee, it is expected that annual grants beginning in 2023 shall have the following grant date target values, subject to performance metrics and vesting periods. The Company’s current practice is to value grants at an average of the closing price of the Company’s Class A Common Stock on the New York Stock Exchange over the thirty trading days immediately preceding the grant date: (i) Ms. McMahon: $3.575 million; (ii) Mr. Khan: $3.575 million; (iii) Mr. Riddick: $2.4 million; and (iv) Mr. Levesque: $1.6 million.
