Supplemental Compensation Agreement between Scientific Games Corporation and Steven Beason (August 30, 2007)
This agreement is between Scientific Games Corporation and Steven Beason, its Vice President and Chief Technology Officer. It documents an increase in Mr. Beason's base salary from $420,000 to $438,000, effective May 13, 2007, in exchange for his agreement to give up his contractual car allowance retroactive to January 1, 2007. Any car allowance payments made between January 1 and May 13, 2007, were deducted from the new salary. The agreement aims to simplify executive benefits and payroll processes.
Exhibit 10.57
August 30, 2007
Steven Beason
Vice President, Chief Technology Officer & President of Lottery Systems Group
Scientific Games
1500 Bluegrass Parkway
Alpharetta, Georgia
Dear Steve:
As you know, management has been working to both standardize the executive contracting processes and to simplify the payroll administration of certain contractual benefits, with the support of the Board. Consistent with that effort, we have been working to eliminate such benefits as car allowances and housing and transportation payments to executives. To further that objective, effective May 13, 2007, pursuant to your email agreement with me of April 12, 2007 and action by the Compensation Committee of May 3, 2007, your base salary was increased from $420,000 to $438,000 in consideration of your agreement to forgo the transportation benefits (car allowance) of your contract retroactive to January 1, 2007 and throughout the remainder of your contract. As part of this supplemental agreement, any payments for the car allowance between January 1, 2007 and the effective date of the base salary increase were netted out.
Please confirm your agreement to the foregoing by countersigning and returning an original signed copy of this letter to me.
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| Very truly yours, | ||
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| Scientific Games Corporation | ||
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| By: | /s/ Sally Conkright | |
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| Name: Sally Conkright | ||
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| Title: Vice President of Administration and Chief Human Resources Officer | ||
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| Accepted and Agreed to: |
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| By: | /s/ Steven Beason |
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| Steven Beason |
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