WYNN RESORTS, LIMITED (NASDAQ:WYNN) 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
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
announced that it is appointing Craig S. Billings, age 44, to
serve as the Companys Chief Financial Officer and Treasurer and
as the Companys principal accounting officer, effective March 1,
2017. From November 2015 through February 2017, he was an
independent advisor to and an investor in the gaming industry.
From July 2012 to November 2015, Mr. Billings served in various
roles at Aristocrat Leisure Ltd, including Chief Digital Officer
and Managing Director of Strategy Business Development. Before
joining Aristocrat, Mr. Billings served as the Chief Executive
Officer and President of ZEN Entertainment, Inc. from March 2011
to June 2012. He served in various senior roles at International
Game Technology from March 2009 to October 2010 and also worked
in the Investment Banking Division of Goldman Sachs, most
recently as a Vice President in the London office. Mr. Billings
serves as a Director of NYX Gaming Group Limited. A copy of the
press release issued by the Company on February 23, 2017
announcing the appointment of Mr. Billings is filed as Exhibit
99.1 to this report.
into an employment agreement with him (the Billings Employment
Agreement) that is effective as of March 1, 2017 and will
terminate on March 1, 2020. The Billings Employment Agreement,
among other things, provides for a base salary of $750,000 per
year (which increases to $800,000 per year effective September 1,
2018) and a grant of 30,000 shares of restricted stock. The
restricted stock award will be granted on March 1, 2017 to the
Companys 2014 Omnibus Incentive Plan and will vest 20% per year,
over 5 years, commencing March 1, 2018.
by Mr. Billings 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 his employment agreement), subject to
the execution of a release of claims, Mr. Billings is entitled to
a separation payment equal to the sum of the following: (a) base
salary for the remainder of the term of the employment agreement,
but not less than 12 months, (b) 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; and (c) any
accrued but unpaid vacation pay. Mr. Billings also is entitled to
health benefits coverage under the same plan or arrangement he
had immediately prior to termination. Health benefits are to be
provided through the remainder of the original term, or until he
is covered by a plan of another employer, whichever occurs first.
In addition, the restricted stock grant 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.
only the base salary through the termination date. If his
employment terminates for any other reason before the expiration
of the term (e.g., because of his death, disability or revocation
of gaming license), the Company will pay him only the base salary
and any accrued but unpaid vacation pay through the termination
date.
as the Companys Chief Financial Officer, Senior Vice President
and Treasurer and as the Companys principal accounting officer,
effective March 1, 2017, to pursue other opportunities. Mr.
Cooteys decision to resign was not a result of any disagreement
with the Company relating to its operations, policies or
practices. The Company has entered into a Separation Agreement
and Release with Mr. Cootey (the Release), which includes
customary waiver and release, non-solicitation, confidentiality
and non-disparagement provisions and provides for the payment of
unpaid salary and accrued vacation through March 1, 2017 and
accrued annual bonus and accrued matching contributions made
under the Companys 401(k) Plan for 2016.
qualified in their entirety by reference to the full text of the
Billings Employment Agreement and the Release, which will be
filed as exhibits to the Registrants Quarterly Report on Form
10-Q for the quarter ended March 31, 2017.
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Item 9.01
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Financial Statements and Exhibits.
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Exhibit No.
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Description
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99.1
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Press release, dated February 23, 2017, of Wynn
Resorts, Limited. |
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 down -0.11 at 94.64 with 1,975,149 shares trading hands.