Consistent with its historical practice of confirming the terms of its executive’s employment in written agreements, on February 28, 2017, Wynn Resorts, Limited (the “Company”) entered into an amended and restated employment agreement with Matt Maddox, President of the Company (the “2017 Maddox Employment Agreement”). The 2017 Maddox Employment Agreement is effective as of November 4, 2016 and contains substantially the same terms as his previous employment agreement with the Company, except as described herein. The 2017 Maddox Employment Agreement, among other things, provides for a base salary of $1,500,000 per year (the same as provided under Mr. Maddox’s previous employment agreement with the Company) and a grant of 200,000 shares of restricted stock, and terminates on December 31, 2019. The restricted stock award was granted to the Company’s 2014 Omnibus Incentive Plan (“Omnibus Plan”) and will vest in full on November 4, 2021.
On February 28, 2017, the Company entered into an amended and restated employment agreement with Kim Sinatra, Executive Vice President and General Counsel of the Company (the “2017 Sinatra Employment Agreement”). The 2017 Sinatra Employment Agreement is effective as of November 4, 2016 and contains substantially the same terms as her previous employment agreement with the Company, except as described herein. The 2017 Sinatra Employment Agreement, among other things, provides for a base salary of $1,000,000 per year and a grant of 100,000 shares of restricted stock, and terminates on February 17, 2020. The restricted stock award was granted to the Omnibus Plan and will vest in full on November 4, 2021.
In addition, the following provisions apply to each of the employment agreements described above:
Upon termination without “cause” by the Company or upon termination by the executive due to a “material breach” at any time by the Company or for “good reason” following a “change of control” (as these terms are defined in the employment agreements), subject to the execution of a release of claims, such executive is entitled to a separation payment equal to the sum of the following: base salary for the remainder of the term of the employment agreement, but not less than 12 months; bonus projected for all bonus periods through the end of the term of the employment agreement (based upon the last bonus paid to the employment agreement), but not less than the preceding bonus that was paid; any accrued but unpaid vacation pay; and an excise tax gross-up. Each executive also is entitled to health benefits coverage under the same plan or arrangement such executive had immediately prior to termination. Health benefits are to be provided through the remainder of the original term, or until the employee is covered by a plan of another employer, whichever occurs first. In addition, each of the restricted stock grants described above will vest pro rata for the number of months served since the grant date upon termination by the Company without “cause” and will vest in full upon termination for “good reason” following a “change of control.”
If such executive is discharged for “cause”, the Company will pay the executive only the base salary through the termination date. If such executive’s employment terminates for any other reason before the expiration of the term (e.g., because of death, disability or revocation of gaming license), the Company will pay such executive only the base salary and any accrued but unpaid vacation pay through the termination date.
The foregoing descriptions do not purport to be complete and are qualified in their entirety by reference to the full text of the 2017 Maddox Employment Agreement and the 2017 Sinatra Employment Agreement, which will be filed as exhibits to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.
About WYNN RESORTS, LIMITED (NASDAQ:WYNN) Wynn Resorts, Limited is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company operates through two segments: Macau Operations and Las Vegas Operations. In Macau, it owns interest in Wynn Macau, Limited and operates Wynn Macau and Encore at Wynn Macau. Its integrated Macau resort of Wynn Macau and Encore at Wynn Macau features approximately 284,000 square feet of casino space with over 460 table games and over 710 slot machines. In Las Vegas, Nevada, it owns and operates Wynn Las Vegas and Encore at Wynn Las Vegas. Its integrated Las Vegas resort of Wynn Las Vegas and Encore at Wynn Las Vegas features approximately 186,000 square feet of casino space with over 230 table games and approximately 1,870 slot machines. In addition, the Company is developing an integrated casino resort in Everett, Massachusetts.
WYNN RESORTS, LIMITED (NASDAQ:WYNN) Recent Trading Information WYNN RESORTS, LIMITED (NASDAQ:WYNN) closed its last trading session up +6.56 at 102.71 with 6,072,700 shares trading hands.
