Amendment to Employment Agreement between Stephen A. Wynn and Wynn Resorts, Limited
This amendment updates the employment agreement between Stephen A. Wynn and Wynn Resorts, Limited. Effective February 16, 2009, Mr. Wynn's base salary is set at $2,762,500 per year. All other terms of the original employment agreement remain unchanged. The amendment is intended to help the company maintain stability during challenging economic conditions while preserving Mr. Wynn's employment.
EXHIBIT 10.1
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement is by and between Stephen A. Wynn (Employee) and Wynn Resorts, Limited (Employer).
WHEREAS, Employee and Employer have entered in to that certain Employment Agreement dated as of October 4, 2002, as amended (the Employment Agreement);
WHEREAS, due to the ongoing negative economic climate, Employee and Employer desire to amend the Employment Agreement in order to assist Employer to maintain business stability thereby preserving Employees employment.
NOW THEREFORE, for good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto agree as follows:
1. | Amendment to Base Salary. Effective February 16, 2009, the term Base Salary shall be mean $2,762,500 per annum. |
2. | Other Provisions of Agreement. The parties acknowledge that the Employment Agreement is being modified only as stated herein, and agree that nothing else in the Employment Agreement shall be affected by this Amendment. |
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date below.
WYNN RESORTS, LIMITED | EMPLOYEE | |||||
/s/ Marc Schorr | /s/ Stephen A. Wynn Stephen A. Wynn | |||||
By: | Marc Schorr | Date: February 16, 2009 | ||||
Its: | COO |