Wynn Resorts announced details of it employment contract with new CEO Matt Maddox, disclosing that he will receive a base salary of $2 million a year.
Maddox took over as CEO in February after Steve Wynn was forced to depart amidst allegations of sexual misconduct.
The CEO will also be eligible for a target annual bonus equal to 250 percent of the annual base salary. The termination date of the contract agreement was extended from December 31, 2019 to February 27, 2021.
Should his employment be terminated without cause, or for a good reason following a change of control, he is entitled to a base salary for the remainder of the employment agreement, but not less than 18 months: a bonus projected for all bonus periods through the end of the term of the employment agreement and any accrued but unpaid vacation pay.
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