A filing of a Form 8-K with the United States Securities and Exchange Commission has revealed the nature of a new but similar role for the former CEO, essentially making him a full-on employee with the company once more.
Under Item 5.02 entitled “Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers” is a set of details pertaining to employment agreements between WWE, Nick Khan, and Vince McMahon.
The latter is noteworthy for the role of Executive Chairman given to McMahon and payment agreements in the event of his employment being terminated, whether by the company, by his own choice, or if it occurs due to a “change in control.” These agreements give McMahon quite the severance package in such instances, particularly offering him twice his base salary and annual bonus should a change in control happen.
Other details of McMahon’s employment agreement include his own intellectual property (particularly as it pertains to his life story) belonging solely to the Executive Chairman, while granting non-exclusive rights to WWE.
The full 8-K filing (with links to Exhibits 10.1 and 10.2 for further detail) can be found here.