Vince McMahon has forfeited unvested stock units after retiring as WWE CEO and Chairman.
In a SEC filing on July 26th it was confirmed that Vince McMahon has forfeited 38,519 units of unvested WWE stock.
The stock disposal comes in relation to McMahon’s retirement from WWE on July 22nd. Despite the forfeit, McMahon still owns 27.8 million shares.
Following McMahon’s departure, Stephanie McMahon was installed as Chairwoman and co-CEO alongside Nick Khan, while Triple H has been appointed Head of Talent Relations and Head of Creative.
You can find an excerpt from the filing below.
Explanation of Responses:
(1) Consists of a portion of unvested stock units previously reported in Table I which were forfeited by Mr. McMahon in connection with his retirement from the Company effective July 22, 2022.
(2) Excludes 100 shares of Class A Common Stock owned individually by Mr. McMahon’s wife, Linda McMahon. Mr. McMahon disclaims beneficial ownership of those shares.
Vince McMahon remains under investigation regarding allegations that he paid a former employee $3 million in “hush money” after the pair had an affair. More allegations have since been made public, including claims that McMahon paid four women more than $12 million across 16 years as part of similar agreements.
On July 25th WWE disclosed via a SEC filing that they’ve made “a preliminary determination” regarding payments made by McMahon. The payments made between 2006 and 2022 totalling $14.6, should have been recorded as business expenses.
As a result, WWE will be reissuing financial statements for 2019, 2020, and 2021, as well as Q1 of 2022. They aim to republish these statements by Tuesday, 9 August, though “there is no assurance that it will be able to meet this deadline”.