By James Caldwell, PWTorch assistant editor

WWE has made a long-term commitment to their movies division and Michael Luisi, the head of WWE Studios.

On Friday, WWE filed their 10-Q statement with the SEC, which includes a revised Employment Agreement with Luisi.

The agreement, which is dated July 19 and was effective as of January 1, notes that Luisi will be paid a base annual salary of $577,500.

Luisi will be considered for a raise beginning in Calendar Year 2014 "based upon your prior year’s performance evaluation/annual performance review, within management’s sole discretion."

Luisi can earn more money through a "Studio Incentive Bonus Payment" plan, which creates an extra incentive for WWE Studios to produce movies that make money. WWE's agreement with Luisi notes that Luisi "shall also be eligible for a payment equivalent to a percentage of" WWE Studios's profit.

Luisi is also entitled to stock benefits available to other WWE executives and a $100,000 "One-Time Performance Stock Unit Award Grant." WWE describes this as being in addition to the Studio Incentive plan.

The One-Time Grant description reads: "This grant is contingent upon achieving a minimum FY2013 Studios (profit) target as set by (Vince McMahon) in his sole discretion, which may be lower than but not higher than the current FY2013 Studios profit target. The actual value you receive will depend on the number of PSUs (Performance Stock Units) earned and the price of WWE shares at the time the PSUs are released, but not below $100,000."

As part of Luisi's new employment agreement, WWE is paying for Luisi to permanently relocate to Los Angeles, California to head up the movie division. Should Luisi's employment be terminated before May 1, 2014, Luisi will have to reimburse the company for moving expenses.

[ LINK: Full Employment Agreement HERE at Corporate.WWE.com ]

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