Category: WWE

Vince McMahon Enters Employment Agreement With WWE

Vince McMahon is officially a WWE employee again as the Executive Chairman of the Board entered into an employment agreement with the company, effective as of March 29, 2023, according to a new SEC filing.

The agreement is retroactive to January 9, 2023 as that is the date he was appointed Executive Chairman.

McMahon previously resigned as WWE CEO and Chairman last July amid sexual misconduct and hush money allegations. He returned to the Board of Directors in January.

You can check out the SEC filing below:

“Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 28, 2023, in connection with Nick Khan’s transition to being the sole Chief Executive Officer of the Company following the departure of Stephanie McMahon, and the appointment of Vincent McMahon as the Company’s Executive Chairman, the Compensation & Human Capital Committee (the “Committee”) of World Wrestling Entertainment, Inc. (the “Company”) approved an amendment to Mr. Khan’s employment agreement with the Company and a new employment agreement with Mr. McMahon following a review of market data with the input of its independent compensation consultant and legal counsel.

Mr. Khan entered into an employment agreement amendment with the Company, effective as of March 29, 2023 (the “Khan Amendment”), pursuant to which, retroactive to January 10, 2023 (the date Mr. Khan was appointed the sole Chief Executive Officer of the Company), Mr. Khan’s (i) annual base salary increased from $1.35 million to $1.5 million; (ii) annual target bonus opportunity (as a percentage of annual base salary) increased from 160% to 175%; and (iii) annual equity grant date target value increased from $3.575 million to $5.375 million, subject to performance metrics and vesting periods (as determined by the Committee). These changes are being made in connection with certain changes to narrow the definition of “change of control” and “good reason” in Mr. Khan’s employment agreement.

Mr. McMahon entered into an employment agreement with the Company, effective as of March 29, 2023 (the “McMahon Employment Agreement”), pursuant to which, retroactive to January 9, 2023 (the date Mr. McMahon was appointed Executive Chairman of the Company), he will continue to serve as Executive Chairman for a term of two years from his start date of January 9, 2023, subject to automatic extension for additional one-year terms thereafter unless either the Company or Mr. McMahon provides at least 180 days’ notice of non-renewal. The McMahon Employment Agreement provides that Mr. McMahon will receive (i) an annual base salary of $1.2 million, (ii) an annual target bonus opportunity (as a percentage of annual base salary) of 175% and (iii) an annual equity grant date target value set at $4.3 million, subject to performance metrics and vesting periods (as determined by the Committee). In the event the Company terminates his employment without “cause” (as defined in McMahon Employment Agreement) or he terminates his employment for “good reason” (as defined in the McMahon Employment Agreement), Mr. McMahon will be eligible to receive as severance (a) base salary continuation through the end of the term (or, if longer, for one year), (b) a prorated portion of the annual bonus based on target performance for the year in which the termination occurs and (c) health and welfare continuation through the end of the term in accordance with the Company’s severance policy. In the event such a termination occurs within the two-year period following a “change in control” (as defined in the McMahon Employment Agreement), Mr. McMahon will instead be eligible to receive (1) a lump sum cash payment equal to two times Mr. McMahon’s then-current base salary, (2) a lump sum cash payment equal to two times Mr. McMahon’s annual bonus based on target performance, (3) a prorated portion of the annual bonus based on target performance for the year in which the termination occurs, (4) full accelerated vesting of Mr. McMahon’s unvested equity awards (with the payout of performance-based awards determined based on target-level achievement) and (5) health and welfare continuation for the twenty-four month period following the termination.

As disclosed in our annual proxy statements, the annual target bonus opportunity is a target opportunity only and the actual bonus paid may be above or below such amount based on, among other factors, the Company’s performance taking into account performance metrics established by the Committee. For annual equity grants, the Company’s current practice is to value grants at an average of the closing price of the Company’s Class A Common Stock on the New York Stock Exchange over the thirty trading days immediately preceding the grant date; however, the 2023 grants for Messrs. Khan and McMahon are instead valued over the thirty trading days immediately preceding February 7, 2023 (the date on which 2023 annual equity awards were granted to our other named executive officers).

The foregoing descriptions of the Khan Amendment and the McMahon Employment Agreement are qualified in its entirety by reference to the complete text of the Khan Amendment and the McMahon Employment Agreement, as applicable, copies of which are attached as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference. Further information about the Company’s executive compensation plans and programs, including the incentive plan, is included in the Company’s proxy statements.”

Source: eWrestlingNews

Randy Orton Has Arrived In Los Angeles For WWE WrestleMania 39 Weekend

As expected, Randy Orton has traveled to Los Angeles, California for WWE WrestleMania 39 weekend.

Due to a back injury, The Viper has not been on WWE television since The Usos defeated RK-Bro in a unification title match on the May 20th episode of Friday Night SmackDown. Orton was attacked by The Bloodline to be written off television following the match.

Orton later had a fusion surgery done on his lower back that would keep him out of action for an extended period of time.

Pwinsider is reporting that Orton has arrived in Los Angeles for WrestleMania 39 weekend. It’s still unclear whether he will appear at WrestleMania or on the post-WrestleMania editions of RAW and SmackDown.

Source: eWrestlingNews

WWE Sale Process Said To Be ‘Hot And Heavy’ With Interest

David Faber on CNBC’s Squawk on the Street, commented on what he has heard regarding a potential WWE sale.

“What I’m hearing, at least from people familiar with the situation is, it’s shaping up to be a pretty good sale process. Some people saying, ‘pretty hot and heavy.’ Those who were even somewhat doubtful, in fact, that you’d get to a sale in the end, seem less so. Does that mean something gets done here? Unclear. Who is participating? We can all take our various guesses. As reported previously, is there interest from Endeavor, for example, in pursuing what would be a complex transaction in terms of reverse Morris trust where they would spin off UFC into [a new company] and control that company, which would be merged with WWE. Sure, they would like to explore that concept. Is there private equity interest in the part of some? Perhaps in partnership with well-known names in the sport. That’s a possibility. Does Liberty (media) have an interest in taking a look? Sure. The Saudis moved heavily into golf, took a look at Formula 1. Would the [Saudi Arabia Public Investment Fund] have interest? Yes, that’s a possibility. There may be others. Something has led, at least to a number of people close to this, to indicate to me that it is not just live, but it’s going quite well. It is expected to conclude in the not too distant future. A key here though, remains McMahon’s real willingness to sell…Comcast, my understanding, not part of this sale process.”

https://twitter.com/SquawkStreet/status/1640727643094917121

Source: WrestleView

Referee Tim White Announced As Final Inductee For WWE Hall Of Fame Class Of 2023

The late Tim White is heading into the WWE Hall of Fame. 

Just days before WrestleMania 39, White was announced as the final member of the WWE Hall of Fame Class of 2023 as the recipient of the Warrior Award on “The Bump.” He joins the esteemed company of Rey Mysterio, The Great Muta, the late comedy legend Andy Kaufman, and Stacy Keibler for this year’s induction ceremony and becomes the first wrestling referee to receive the honor. The festivities, hosted this year by Kayla Braxton, will take place Friday evening, streaming on Peacock immediately following the conclusion of “WWE SmackDown.”

https://twitter.com/WWE/status/1641125723510390796

White spent almost 25 years working with WWE. He joined the company in 1985 as Andre the Giant’s agent, but he worked as a part-time referee during that time as well. When Andre died in 1993, White took up refereeing duties full-time and became one of the most recognizable performers to don the black-and-white stripes during the Attitude and Ruthless Aggression eras.

The Hall of Fame inductee took charge of some of the most popular matches in WWE history, including the infamous Hell in a Cell match between Mick Foley and The Undertaker at King of the Ring 1998. He retired in 2004 after re-aggravating a shoulder injury at WrestleMania XX. After his refereeing career came to an end, White worked behind the scenes as a road agent until 2009.

Tim White passed away in 2022 aged 68. Prior to his death, he owned a bar called The Friendly Tap in Cumberland, Rhode Island.

Source: Wrestling Inc.

WWE RAW Preview 3/27/2023

WWE Raw airs live tonight on the USA Network and will emanate from the Footprint Center in Phoenix, Arizona.

This episode of Raw is the go-home for this weekend’s WrestleMania.

  • Cody Rhodes vs. Solo Sikoa
  • WrestleMania weigh-in with Brock Lesnar and Omos
  • Miz TV with Becky Lynch, Lita, and Trish Stratus
  • The Street Profits, Braun Strowman & Ricochet vs. Chad Gable, Otis & The Viking Raiders

WWE SmackDown Preview 3/24/2023

WWE SmackDown will air live tonight on FOX and emanate from the MGM Grand Garden Arena in Las Vegas, Nevada.

-Cody Rhodes vs. Ludwig Kaiser

-LA Knight vs Rey Mysterio

-The build to WrestleMania 39 continues

WWE Reportedly Unhappy With Recent NXT Crowds

WWE is encouraging “WWE NXT” talent to ask their friends and family to come to tapings in hopes of building up more enthusiasm among the live audience, according to a new report. In the latest Wrestling Observer Newsletter, it’s reported that WWE sent a memo to the talent on its developmental “NXT” roster ahead of last Tuesday’s taping requesting that they “strongly encourage their friends and family in the central Florida area to attend “NXT” tomorrow evening at the Performance Center to help bring energy to the crowd in the final shows leading up to Stand and Deliver.”

The memo was reportedly sent out in response to lackluster crowds at “NXT” tapings in recent weeks, something that irked WWE officials. Tickets are free to “NXT” tapings, but fans need to request spots in the audience ahead of time online. “NXT” Stand and Deliver, the developmental promotion’s annual WrestleMania weekend premium live event, will take place next Saturday in Los Angeles. The event will be headlined by an “NXT” Championship match between current title holder Bron Breakker and challenger Carmelo Hayes, while several other key figures including Dragon Lee and Dwayne “The Rock” Johnson’s daughter Ava, will be making their highly anticipated in-ring debuts for the promotion.

The card will also include the return of former “NXT” Champion Johnny Gargano, who is set to face off against Grayson Waller, as well as several other title matches to be announced on this Tuesday night’s go-home show.

Source: Wrestling Inc.

Roxanne Perez Shares Message With Fans Amid Murky WWE NXT Status

It’s been two weeks since “WWE NXT” Women’s Champion Roxanne Perez mysteriously “collapsed” after her successful title defense against Meiko Satomura at the Roadblock special, a clear homage to the November 1995 angle where “NXT” booker Shawn Michaels collapsed during a match with Owen Hart due to what was claimed to be post-concussion syndrome. There have been conflicting reports as to whether this was a cover for any kind of real-life health issue, and WWE has been building to a ladder match for the title at Stand & Deliver during WrestleMania weekend, but officially, Perez is still champion. On Tuesday, hours after Dave Meltzer reported that Perez was cleared to return from whatever was keeping her on the sidelines, she shared an update on Twitter.

“I can’t thank the @WWENXT Universe enough for all the thoughts and prayers over the past two weeks,” she wrote in the presumably in-character tweet. “The outpouring of support fills my heart. I wish I had better news, but the doctors are saying we’re no closer to finding out what happened to me at RoadBlock. I’m very frustrated, but I promise I’ll be back, stronger than ever, but I just don’t know when!”

https://twitter.com/roxanne_wwe/status/1638321201310253058
https://twitter.com/roxanne_wwe/status/1638321317815496706

Perez —as Rok-C — was the first wrestler to hold the rebranded Ring of Honor Women’s World Championship, winning a tournament final in September 2021. After Sinclair Broadcasting announced the restructuring of ROH shortly thereafter and offered releases to all contracted talent, she took them up on it and dropped the title to Deonna Purrazzo before jumping to WWE. Perez has held both women’s titles on the “NXT” brand, winning the singles title from the departing Mandy Rose in December and briefly holding the tag titles with Cora Jade in between them defeating Toxic Attraction and Jade turning heel in July.

Source: Wrestling Inc.

WWE NXT Preview 3/21/2023

Tonight’s episode of WWE NXT from Orlando, Florida at the Capitol Wrestling Center on the USA Network: 

NXT Women’s Champion Roxanne Perez has been medically cleared.

WWE NXT’s Roxanne Perez Medically Cleared

WWE NXT Women’s Champion Roxanne Perez has been medically cleared after a mysterious issue that kept her sidelined. 

A few weeks ago, WWE did a collapsing angle following her latest title defense that reminded fans of a similar segment Shawn Michaels did in the mid-nineties. It was reported that there was concern within WWE about Perez as she was dealing with an issue that was keeping her from in-ring action and wasn’t an injury. 

WWE announced a ladder match for Stand & Deliver for the NXT Women’s Championship, although Perez has not been stripped of that title.

Speaking on Wrestling Observer Radio, Dave Meltzer noted that Perez is now cleared to compete again and is expected to appear on NXT TV soon. There’s still no word yet on what the issue was. 

Source: eWrestlingNews