Vince McMahon’s future in the company is certainly in doubt following the investigations led by the WWE board of directors. While Vince has temporarily stepped down from the role of CEO, he still holds tremendous power in the company. However, some conditions of which board of directors could terminate McMahon have possibly been revealed.
According to Brandon Thurston, McMahon’s employment agreement states that the WWE board of directors can terminate the him under the following conditions:
5.2. Termination by the Company. The Company may terminate the Executive’s employment under this Agreement at any time with or without Cause (as defined below). For purposes of this Agreement, the Company shall have “Cause” to terminate the Executive’s employment under this Agreement by reason of any of the following which is materially and demonstrably injurious to the interest, property, operations, business or reputation of the Company or its affiliates: (a) the Executive’s theft or embezzlement, or attempted theft or embezzlement, of money or property of the Company or its affiliates; (b) the Executive’s intentional perpetration or attempted perpetration of fraud, or participation in a fraud or attempted fraud, on the Company or its affiliates; (c) the Executive’s willful and intentional material misconduct in performance of his duties or gross negligence of his duties (other than due to the Executive’s Disability), including an intentional failure to follow any applicable Company policies or directives; (d) the Executive’s conviction of or plea of guilty or nolo contendere to a misdemeanor involving moral turpitude or any felony; or (e) the Executive’s willful and intentional material breach of this Agreement, including the restrictive covenants set forth in Section 8. For purposes of this Section 5.2, no act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. If, in the reasonable, good faith judgment of the Board, the act or omission that would otherwise constitute “Cause” hereunder is reasonably susceptible to cure, the Executive shall have thirty (30) days from his receipt of written notice from the Company describing such act or omission to effect the cure of such circumstances to the good faith satisfaction of the Board. If, in the reasonable, good faith judgment of the Board, the act or omission that would otherwise constitute “Cause” hereunder is not reasonably susceptible to cure, or such circumstances have not been satisfactorily cured within such thirty (30)-day cure period, such act or omission will thereupon constitute “Cause” hereunder.
As of now, Vince McMahon has relinquished power over Stephanie McMahon, who was taking a leave of absence just weeks ago. McMahon is expected to appear on SmackDown to address the situation possibly. We’ll have to wait and see what he does.
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