Brandon Thurston of Wrestlenomics, has uncovered details about Dwayne Johnson’s talent contract that he signed with WWE upon joining the TKO Board of Directors back in January.
Johnson’s contract was published as an exhibit for a Security and Exchange Commission this past February that part of of WWE’s annual report.
Below is some of what is in Johnson’s Independent Contractor Services and Merchandising Agreement, known as Exhibit 10.29. It notes that some of it has been reacted due to such information both (i) not being material (ii) is the type that the registrant treats as private or confidential.
Below are some highlights from Johnson’s contract as published by F4WOnline.
-Johnson is allowed to hire “third party service providers in connection with developing concepts, scripts, storylines” with WWE’s approval. As part of this process, WWE will reimburse Johnson’s Seven Bucks Entertainment for the costs of those service providers. There is person named in the contract, but their name is redacted. It is believed to be former WWE writer and Seven Bucks executive Brian Gewirtz.
-Johnson’s deal is worth $30 million in TKO equity (“the Johnson Equity Award”) that vests on a schedule through the end of 2025. The vast majority of the financial award will be doled out by the end of 2024. Part of the equity is for Johnson licensing his name, likeness and “certain other intellectual property rights to WWE for use in connection with certain categories of licensed products related to professional wrestling for up to 10 years, subject to certain earlier termination rights.” This intellectual property also includes The Rock and nearly all of his famous catchphrases, cannot be used on things like political ads, alcohol, tobacco, marijuana, porn, or pop-up ads without Johnson’s approval.
-At the end of 2023, Johnson got nearly $491,000 for royalties and will continue to receive yearly royalties for the sale of products with the aforementioned intellectual property.
Johnson is currently filming A24’s “The Smashing Machine.” He will then be starting production on Disney’s live action version of “Moana.”