Vince McMahon marked a two-year agreement with WWE this week that dates to January, when he returned as executive of the board to assist with a possible offer of the organization.
A multimillion-dollar payout for McMahon in the event that the company is sold is included in the contract, which was submitted to the Securities and Exchange Commission on Wednesday. Additionally, McMahon retains exclusive rights to his “life story.”
His annual base salary is $1.2 million under the terms of the contract, with a bonus target of 175%.
According Report, McMahon could receive at least $11 million as part of a severance package because the WWE is actively seeking to sell the business.
According to the Report, McMahon is the majority shareholder and could receive approximately $2.6 billion from his shares, which were valued at more than $90 as of Friday.
According to the SEC filing, McMahon will also retain the rights to “exploit his life story” in any form, including a book, documentary, or scripted television show.
In the midst of a flurry of allegations of sexual misconduct, the 77-year-old left his position as CEO of WWE last summer, and his daughter Stephanie took over as co-CEO. In January, she resigned, making Nick Khan the sole CEO.
McMahon, according to Khan, is prepared to leave the business in the event of a sale.
This week, Khan stated, “Vince made it clear to me and to the marketplace that he does not need to be included in any offer or any deal moving forward, and he has held to his word on that as many of us predicted he would.”
McMahon is expecting to sell the organization for $9 billion, as per report.