A new SEC filing with an update on both Vince McMahon and Nick Khan.
It is coming up on three months since Vince McMahon returned to WWE and was voted back onto the company’s Board of Directors as the Executive Chairman. With Stephanie McMahon resigning from her role, Nick Khan became WWE’s sole CEO.
A new SEC filing was released on March 31st and it is noted that effective March 28th, 2023, in connection to Nick Khan becoming the sole CEO of WWE, the company’s committee approved an amendment to Khan’s employment agreement and a new agreement with Vince McMahon.
Khan’s agreement went into effect on March 29th. His annual base salary went up from $1.35 million to $1.5 million with an annual target bonus opportunity.
Vince McMahon’s new agreement went into effect on March 29th. He will continue to serve as Executive Chairman for two years from his start date of January 9th, 2023, subject to automatic extension for additional one-year terms unless either WWE or McMahon provides at least 180 days’ notice of non-renewal.
Per what is being described in the filing as the ‘McMahon Employment Agreement’, he will receive a base salary of $1.2 million with a target bonus opportunity.
If WWE were to terminate his deal without cause or for good reason, he’ll be eligible to receive severance pay, base salary continuation through the end of the term in addition to health and welfare through the end of the term in accordance with WWE’s policy.
If McMahon is terminated from the company as a result of a ‘change in control’, he will then be eligible to receive a lump sum cash payment equal to two times of his then-current base salary in addition to benefits such as health and welfare continuation for a two-year period following the termination.
