Amendment to Employment Agreement between Wynn Resorts, Limited and Matt Maddox

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Matt Maddox and Wynn Resorts, Limited. Effective February 16, 2009, Matt Maddox's base salary is set at $552,500 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 Maddox's employment.

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EX-10.3 4 dex103.htm AMENDMENT TO EMPLOYMENT AGREEMENT, MATT MADDOX Amendment to Employment Agreement, Matt Maddox

EXHIBIT 10.3

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment to Employment Agreement is by and between Matt Maddox (“Employee”) and Wynn Resorts, Limited (“Employer”).

WHEREAS, Employee and Employer have entered in to that certain Employment Agreement dated as of October 1, 2005, 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 Employee’s 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 $552,500 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/ Matt Maddox

Matt Maddox

By:

  

Marc Schorr

    

Date:  February 13, 2009

Its:

  

COO