Vince McMahon signs 2-year WWE contract amid efforts to sell company
The chairman would receive a multimillion-dollar payout and retain the rights to his life story if the company sells
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Vince McMahon signed a two-year contract with WWE this week that dates to January, when he returned as chairman of the board to help with a potential sale of the company.
The contract was filed with the Securities and Exchange Commission Wednesday and includes a multimillion-dollar payout for McMahon in case the company is sold, and he retains the exclusive rights to his "life story."
Under the contract, his annual base salary is $1.2 million with a 175% bonus target on top of that.
The WWE is actively looking to sell the company, and McMahon could get at least $11 million in a severance package, according to The Hollywood Reporter.
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Vince McMahon stepped down as CEO last summer but returned as chairman in January to help sell the company. (Ethan Miller/Getty Images / Getty Images)
McMahon is the majority shareholder and could receive around $2.6 billion from his shares, which were valued at more than $90 as of Friday, according to the Reporter.
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The SEC filing says McMahon will also keep the rights to "exploit his life story" in any form, including a book, documentary or a scripted program.
The 77-year-old stepped down as CEO of WWE last summer amid a barrage of sexual misconduct allegations, and his daughter Stephanie and took over as co-CEO. She resigned in January, leaving Nick Khan as sole CEO.
Khan told CNBC McMahon is willing to leave the company in the event of a sale.
"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," Khan said this week.
McMahon is hoping to sell the company for $9 billion, according to Bloomberg.
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Fox Business has reached out to WWE for comment.