Former Sports Agency Powerhouse Receiving $5 Million Sign-On Bonus With WWE
This week, WWE hired a new President and Chief Revenue Officer following the terminations of Michelle Wilson and George Barrios earlier this year.
The company announced in a press release, CAA sports agent Nick Khan will be joining the company. According to investor documents, Khan’s hire date was August 3, and he will working at the Stamford, CT offices no later than August 31, 2020.
Khan will receive an annual base salary of $1,200,000, in addition to a $5,000,000 signing bonus with WWE. He will also be eligible to participate in the WWE annual management plan, with a target incentive award for 2020 of $1,900,000 (prorated for the remainder of the year).
If Khan is leaves the company without good reason or is terminated with cause, the following clause has been added to his employee agreement.
- Within the first 12 months, Mr. Khan will reimburse the Company the full $5,000,000
- Between 12-24 months, Mr. Khan will reimburse the Company $3,100,000
- Btween 24-36 months, Mr. Khan will reimburse the Company $1,200,000.
- If Mr. Kahn is terminated by the Company without cause prior the fifth anniversary of his employment start date, he will be entitled to receive his then-current base salary for the remainder of such five-year term. Mr. Khan will also receive certain relocation expense benefits that are repayable if he voluntarily terminates his employment without good reason or is terminated for cause within the first 12 months.
Nick Khan was instrumental in assisting WWE in negotiating television rights fees with FOX and NBCUniversal. WWE paid Khan’s former employer CAA $5.1 million in commissions and management recruitment fees. The investor relations filing stresses Khan has no family relationships with anyone in WWE, and there are “no arrangements or understandings with any person pursuant to which he was selected as an officer of the Company”
WWE will pay for relocation costs for Khan, who is moving from California to Connecticut. He will be provided up to six months temporary housing, as well as reimbursement for costs of shipment of household goods.