SCIENTIFIC GAMES CORPORATION (NASDAQ:SGMS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 2, 2017, Karin-Joyce (“KJ”) Tjon resigned as Chief Operating Officer and President of Scientific Games Corporation (the “Company”) to pursue other professional opportunities.
On August 2, 2017, the Company and Ms. Tjon entered into a mutual separation agreement (the “Agreement”) in connection with her resignation. to the Agreement, Ms. Tjon will receive (i) over a 12-month period commencing upon her separation date, separation payments in an aggregate amount equal to her base salary plus half of her target bonus amount for 2017 and continued COBRA coverage at the Company’s expense, (ii) her 2017 bonus, pro-rated, payable at the time bonuses are normally paid and (iii) reimbursement of certain expenses.
In consideration for these payments and benefits, Ms. Tjon has executed a release of claims against the Company. Certain provisions from Ms. Tjon’s employment agreement with the Company, including the restrictive covenants and mitigation clause, will continue to apply following her separation.
