By James Caldwell, PWTorch assistant editor

WWE executive Stephanie McMahon is now under contract as a WWE talent after signing a three-year deal with an annual salary of $325,000, according to an SEC filing Friday.

As part of WWE's quarterly financial report, WWE filed an official 10-Q document with the SEC that included a "Booking Agreement" between WWE and Stephanie McMahon Levesque.

The standard wrestler agreement, dated October 7, 2013, opens the door for McMahon to wrestle again and for WWE to promote appearances or other entertainment events that McMahon takes part in.

- The contract also captures the conflict between WWE's classification of wrestler/talent as independent contractors while owning their services in the entertainment industry (not just pro wrestling).

WWE established that the contracted wrestler "is an independent contractor" and "nothing contained in this Agreement shall be construed to constitute wrestler as an employee, partner, or joint venturer of promoter (WWE)."

However, WWE states in the very first item of the Booking Agreement that "wrestler hereby grants exclusively to promoter, and promoter hereby accepts, the following worldwide rights: during the Term, the exclusive worldwide rights to wrestler's services, appearances, and/or performances in the entertainment industry."

If an independently-contracted talent wants to pursue an opportunity outside of WWE, the contract states that the talent has to notify WWE, who "retains first priority" and must approve of the appearance. The idea is to protect WWE's intellectual property and copyrights if a talent appears on another show.

"In the event wrestler desires upon reasonable notice to promoter during the Term either individually or through her authorized representatives to participate in Other Appearances, whether or not procured by promoter, wrestler may do so only subject to and conditioned upon promoter's (WWE) express, written approval," states the agreement.

The agreement continues: "Provided that a written sublicense is executed between promoter, wrestler, and any relevant third parties, and further provided that wrestler shall not utilize the Intellectual Property in any manner in connection with such Permitted Activities without promoter's written consent."

This ties in with WWE owning the rights to the work created by the talent as part of a "Work For Hire" agreement, noting that "all Works and wrestler's contributions thereto shall belong solely and exclusively to promoter (WWE) in perpetuity notwithstanding any termination of this Agreement."

The agreement adds that WWE can negotiate licensing agreements on behalf of the independent contractor: "During the Term of this Agreement and thereafter as provided for in this Agreement, the right to solicit, negotiate, and enter into agreements for and on behalf of wrestler for the exploitation of wrestler Intellectual Property, as defined herein below, through any means whatsoever including internet websites, merchandising, commercial tie-ups, publishing, personal appearances, performances in non-wrestling events, and endorsements."

Also, if a wrestler is injured while wrestling for WWE, the company stipulates that - because the wrestler is an independent contractor - he or she cannot make a claim against WWE.

"In the event of physical injury arising out of wrestler's professional activities, wrestler acknowledges that as an independent contractor, she is not entitled to any worker's compensation coverage or similar benefits for injury, disability, death, or loss of wages; and wrestler shall make no claim against promoter for such coverage or benefit," WWE states.

Caldwell's Analysis: Basically, an independently-contracted talent is signing away his or her professional career to WWE, which owns the talent's schedule, likeness, works, and health.

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