Vince McMahon Signs New 3-Year Deal With WWE: Full Details
WWE Chariman and CEO Vince McMahon has signed a new employment contract with World Wrestling Entertainment. You can read WWE’s official filing with the at Securities And Exchange Commission at Corporate.WWE.com .
Effective January 1, 2011, Mr. McMahon will remain with the company for three more years, with the contract renewing each year beyond that unless either party chooses not to extend.
Aside from his current duties as Chairman and CEO, he will serve as Creative Director as well as be a writer and performer.
Mr. McMahon’s annual base salary will be $1,100,000 and he’ll be entitled to an annual bonus target of 100% of base salary, depending on “degree of achievement of corporate and individual performance.” He’s entitled to 4 weeks of paid vacation per year.
The entire McMahon family (and their invited guests) will have unlimited access to WWE’s corporate jet for personal use when the aircraft is not needed for business purposes.
In the event that his relationship with WWE is terminated, Vince McMahon cannot compete against WWE or its affiliates for up to one year after termination.
If he is terminated or resigns with good reason, he will receive twice the amount each of his base salary and annual target bonus along with other accrued benefits.
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(For more on WWE’s corporate news, visit Corporate.WWE.com)