MGM Resorts International’s senior execs share $73m financial remuneration package
New SEC-filing data confirms multi-million-dollar basic salary plus equity grant arrangement affecting CEO, CFO, COO, and CLO
MGM Resorts International C-level executives could stand to receive as much as $73.7m in total financial remuneration in 2022, according to latest pay data revealed by the US casino resort operator.
In a filing detailing its pay structure sent to the Securities and Exchange Commission (SEC), MGM Resorts confirmed new employment agreements with CEO Bill Hornbuckle, CFO Jonathan Halkyard, COO Corey Sanders, and chief legal and administrative officer John McManus.
In each case, the executives will receive a basic salary, with bonuses paid in the form of equity grants of MGM Resorts International stock.
Hornbuckle has agreed an employment package granting him a basic salary of $2m a year until August 2026.
In addition, Hornbuckle’s agreement provides for an annual target bonus equal to 200% of his base salary ($4m) for the 2023 fiscal year, shrinking to a target bonus of 150% over a four-year period payable in fully vested deferred restricted stock units (DRSU) paid in 25% instalments over four years.
Subject to committee approval, Hornbuckle’s package includes an eligibility for annual equity grants over a four-year period with an accounting value of $10m each year, payable in 60% performance share units and 40% in deferred restricted stock units.
According to the filing, Halkyard will be paid a salary of $1.1m over a four-year period along with an annual target bonus equal to 150% of his base salary, with any excess over this amount being paid in DRSU shares.
As with Hornbuckle, Halkyard’s deal includes discretionary annual equity grants over a three-year period equal to a value of $2.75m each year.
Sanders’ employment agreement includes a minimum base salary of $1.25m per year until August 2025, with Sanders eligible to receive an annual target equal to 175% of his salary over the life of the agreement, with any excess paid in the form of shares.
In addition to these basic salary and bonus agreements, Sanders will be eligible for annual equity grants over a three-year period with a value of $3.75m every year.
Rounding out the financial disclosures, McManus has been confirmed as having signed off on an employment agreement granting a basic salary of $900,000 per year until 2026.
McManus’s agreement includes the payment of an annual bonus equal to 125% of his base salary over the life of the arrangement, with annual equity grants also payable subject to committee approval.
These grants have a value of $2.25m per year, payable in shares, until the agreement ends in 2026.
Public companies have been required to disclose details of executive level remuneration to the SEC since 2015.