– Vince McMahon has signed a new three-year contract with WWE as their Chairman and CEO. Vince also has the titles of Creative Director, writer and performer. Vince’s new deal gives him a base salary of $1.1 million per year and incentive bonuses based on WWE reaching a certain level of profitability. Vince gets an annual bonus of $1.1 million if the company reaches profit goals.
Vince also receives four weeks of paid vacation per year and is allowed to use the company plane for personal travel with family members and any guests, unless the plane has a business matter it has to be used for.
Vince’s contract says that if he is terminated, which obviously won’t be happening, he receives a cash amount equal to double his base annual salary within 30 days. Vince would also receive two years worth of profit bonuses and would remain on the company benefits plan for two years after his termination.
If terminated, Vince would retain intellectual property rights to Vince McMahon and Mr. McMahon. Vince cannot compete against WWE or its affiliates while under contract or for up to one year after being terminated.
Vince’s new contract is effective as of January 1st, 2011. Besides the three years, it also has additional year extensions available.
