Former WWE Co-Presidents get 18-month severance package
In the latest FORM 10-Q filing with the United States Securities and Exchange Commission, WWE included the termination agreements of their former Co-Presidents George Barrios and Michelle Wilson.
The termination letter, effective January 30, included 20 points of what they will get and what they’re entitled and not entitled to do while collecting their severance pay.
WWE provided them with their regular salary, a lump-sum payment of the value of their accrued, unused vacation, and continued health insurance coverage for a whopping 18 months following their termination although other employee benefits were stopped. In addition to those payments and benefits, both Barrios and Wilson were eligible for a discretionary bonus payment pursuant to WWE’s discretionary bonus plan.
By signing the agreement, the two former Co-Presidents agreed to “amicably resolve potential disputes” with the company and frees WWE from any legal obligation with respect to any aspect of their employment or termination from employment.
The agreement also stated that if either of them do not notify WWE within five days of accepting an offer of employment or intention to start or take an ownership interest in a business, there would be grounds to terminate all payments.
The full agreement can be read here.