United States-based casino operator Las Vegas Sands Corp says it will pay a one-time retention bonus of US$1.26 million to its executive vice president Lawrence Jacobs. Mr Jacobs is also the group’s general counsel and company secretary, and is described by the group as being responsible for the leadership and oversight of the group’s legal affairs around the world.
The information was disclosed in a recent filing to the U.S. Securities and Exchange Commission, which included an agreement to amend certain terms of Mr Jacobs’ employment contract.
Mr Jacobs has been Las Vegas Sands’ executive vice president and general counsel since September 8, 2016 and has been the firm’s secretary since November 2016. Las Vegas Sands is the parent of Macau casino operator Sands China Ltd.
Las Vegas Sands said the reason for a second amendment of the employment contract was because of Mr Jacobs’ “desire to pursue other opportunities and interests” and the company’s wish to retain the executive beyond July 31, 2019.
The company said the two parties have agreed to the amendment to provide for “an orderly transition” of Mr Jacobs’ duties and to allow the executive to depart earlier than anticipated in the original agreement. The parties had agreed in 2018 to a first amendment to the employment contract, although without the company paying a retention bonus.
Under the second amendment now announced, Mr Jacobs’ employment can be terminated by Las Vegas Sands on two weeks’ notice after August 1, 2019, and by Mr Jacobs himself on two weeks’ notice after January 1, 2020.
Upon termination of employment, Mr Jacobs will be entitled to a pro rata payment of the portion of his 2019 bonus incentive for the period between August 1 and December 31, 2019, and accelerated vesting of the remaining tranches of his unvested stock, according to the filing.
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Vitaly Umansky, Kelsey Zhu and Tianjiao Yu
Analysts at brokerage Sanford C. Bernstein