CAESARS ENTERTAINMENT CORPORATION (NASDAQ:CZR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On January 29, 2018, Caesars Enterprise Services, LLC (“CES”) entered into an amended and restated letter agreement (the “Amendment and Restatement”) with Timothy R. Donovan, Executive Vice President, General Counsel and Chief Regulatory& Compliance Officer of Caesars Entertainment Corporation. The Amendment and Restatement amends and restates Mr.Donovan’s Letter Agreement, dated October6, 2017, with respect to his employment agreement (as amended, the “Employment Agreement”).

The Amendment and Restatement provides that Mr.Donovan’s base salary be increased to $850,000 and he be paid a supplemental bonus of $320,963. In the event of a Qualifying Termination, which includes Mr.Donovan’s (i)resignation (or giving written notice thereof) of his employment with CES for Good Reason (as defined in the Employment Agreement, as modified by the Amendment and Restatement), (ii) resignation (or giving written notice thereof), for any or no reason, of his employment with CES on or after January1, 2020 on no less than 90 days’ notice, (iii)resignation (or giving written notice thereof) of his employment with CES on account of his retirement, or (iv)termination without Cause (as defined in the Employment Agreement, as modified by the Amendment and Restatement) (or giving written notice thereof) by CES or any affiliate thereof, Mr.Donovan will be entitled to, among other things, (1)a severance payment equal to 1.5 times his base salary; (2)a pro rata bonus; (3)the immediate vesting of all of his outstanding awards under long-term incentive plans granted on or before December31, 2017, subject to certain conditions; and (4)certain other benefits. Upon a Qualifying Termination, the Amendment and Restatement also provides that Mr.Donovan will be subject to an 18-month non-compete period and will enter into a one-year consulting agreement with CES under which he will receive an annualized fee of $500,000.

The foregoing description of the Amendment and Restatement does not purport to be complete and is qualified in its entirety by reference to the Amendment and Restatement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.

CAESARS ENTERTAINMENT Corp Exhibit
EX-10.1 2 d496869dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 AMENDED AND RESTATED LETTER AGREEMENT This Amended and Restated Letter Agreement (this “Letter Agreement”) is made as of this 29th day of January,…
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About CAESARS ENTERTAINMENT CORPORATION (NASDAQ:CZR)

Caesars Entertainment Corporation (Caesars) is a holding company. The Company offers casino-entertainment and hospitality services. It operates through three segments: Caesars Entertainment Resort Properties (CERP), Caesars Growth Partners Casino Properties and Developments (CGP Casinos) and Caesars Interactive Entertainment, Inc. (CIE). The Company’s facilities include gaming offerings, food and beverage outlets, hotel and convention space, and non-gaming entertainment options. In addition to its brick and mortar assets, it operates an online gaming business that provides social and mobile games offerings that utilize virtual currency, as well as real money games in certain jurisdictions. The Company owns CERP and an interest in Caesars Growth Partners, LLC (CGP). Through its consolidated entities, it owns and operates approximately 10 casinos in the United States, with over one million square feet of gaming space and over 23,000 hotel rooms.