As a result of the impending sale of WWE to Endeavor, which will see WWE merged with UFC to create a new publicly traded sports and entertainment company, some major players are going to be getting some big bonuses.
If the deal is consummated on or before February 28, 2024, these WWE officers will receive the following bonuses:
— Paul “Triple H” Levesque (Chief Content Officer): $5 million
— Nick Khan (WWE Chief Executive Officer): $15 million
— Frank A Riddick III (WWE President and Chief Financial Officer): $5 million
Levesque and Khan will receive 100% of their bonus as soon as practicable following the closing date of the Qualifying Sale Transaction and is contingent on them being employed through that date. Riddick will receive 60% at that time as well, and the other 40% will come following the six-month anniversary of the closing date.
You can read the full SEC filing by clicking here. An excerpt is below:
In light of their significant contributions to the Company prior to and in connection with the Transactions and to promote retention, the Company, following the approval of the WWE Compensation Committee, entered into bonus letter agreements (each a “Bonus Agreement”), dated as of April 1, 2023 and effective as of April 2, 2023, with certain executive officers including Nick Khan, the Company’s Chief Executive Officer, Frank A. Riddick III, the Company’s President & Chief Financial Officer, and Paul Levesque, the Company’s Chief Content Officer. The Bonus Agreements each provide for a cash payment (the “Bonus”) in the event a Sale Transaction (as defined in the Bonus Agreements) is consummated on or before February 28, 2024 (unless such date is extended by the Company’s Board of Directors, in its discretion) (a “Qualifying Sale Transaction”).
For Messrs. Khan and Levesque, the amount of their Bonuses is equal to $15,000,000 and $5,000,000, respectively, with 100% of such amount payable as soon as practicable following the closing date of a Qualifying Sale Transaction, subject to their continuous employment through the closing date (except as otherwise noted below). For Mr. Riddick, the amount of his Bonus is equal to $5,000,000, with 60% of such amount payable as soon as practicable following the closing date of a Qualifying Sale Transaction and 40% of such amount payable as soon as practicable following the six-month anniversary of the closing date of a Qualifying Sale Transaction, subject to his continuous employment through each such date (except as otherwise noted below). In the event any of Messrs. Khan, Riddick and Levesque is terminated by the Company without Cause or resigns for Good Reason (each as defined in the applicable Bonus Agreement) prior to the payment date(s) described above, the unpaid portion of his respective Bonus shall vest and become payable as of the date of termination.