2024 NOTICE OF ANNUAL MEETING & PROXY STATEMENT
| NOTICE OF ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY | 9, 2024 |
TO THE STOCKHOLDERS OF BOYD GAMING CORPORATION:
You are invited to attend our 20222024 Annual Meeting of Stockholders, which will be held on May 5, 20229, 2024 at 1:00 p.m., Pacific Daylight Time. This year’s Annual Meeting will be conducted virtually via a live audio webcast. Our executive corporate offices, located at 6465 South Rainbow Boulevard in Las Vegas, Nevada, will serve as the statutory location from which the Annual Meeting will be hosted. However, you will only be able to attend the Annual Meeting, submit your questions and vote online during the meeting via electronic communication at http://www.virtualshareholdermeeting.com/BYD2022BYD2024. By logging into this site, you will be deemed present at the Annual Meeting. At the Annual Meeting, ourOur stockholders will consider and vote on the following matters:matters at the Annual Meeting:
| 1. | To elect |
| 2. | To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, |
| 3. | To hold an advisory vote on executive compensation. |
| 4. | To consider and vote on a stockholder proposal regarding the commissioning of a report on the effects of a company-wide non-smoking policy. |
| 5. | To transact such other business as may properly come before the Annual Meeting and any adjournments or postponements thereof. |
The foregoing items of business are more fully described in the proxy statement attached to and made part of this notice.
Our board of directors has fixed the close of business on March 11, 202212, 2024 as the record date for determining the stockholders entitled to notice of and to vote at the Annual Meeting and any adjournments or postponements thereof.
We are mailing a Notice of Internet Availability of Proxy Materials (the “Internet Availability Notice”) instead of a paper copy of this proxy statement and our 20212023 Annual Report to Stockholders.stockholders. The Internet Availability Notice contains instructions on how to access those documents over the Internetinternet and also contains instructions on how to request a paper copy of our proxy materials, including this proxy statement, our 20212023 Annual Report and a form of proxy card or voting instruction card, as applicable. All stockholders who have previously requested a paper copy of the proxy materials by mail will receive a paper copy rather than the Internet Availability Notice.
All stockholders are invited to attend the virtual Annual Meeting conducted via live audio webcast. However, whether or not you expect to attend the Annual Meeting online, we urge you to vote as promptly as possible by following the instructions included in this proxy statement or by following the instructions detailed in the Internet Availability Notice, as applicable, in order to ensure your representation and the presence of a quorum at the Annual Meeting. If you mail your proxy card or vote by telephone or online, you may still decide to attend the Annual Meeting and vote your shares in person.
By Order of the Board of Directors
William S.
Marianne Boyd Johnson
Co-Executive ChairExecutive Chairman
Las Vegas, Nevada
March 23, 202222, 2024
TABLE OF CONTENTS
| 1 | |||||||
| 2 | |||||||
| 5 | |||||||
| 5 | |||||||
| 6 | |||||||
| 6 | |||||||
Board Leadership Structure and Role in Risk | |||||||
| 17 | |||||||
| 27 | ||||
Proposal 2—Ratification of | ||||
| 36 | ||||
| 37 | ||||
|  |
Our boardBoard of directors (our “Board”Directors (“Board”) is soliciting proxies for our 20222024 Annual Meeting of Stockholders. This summary highlights information you will find in this proxy statement. As it is only a summary, weWe encourage you to review the entire proxy statement before you vote.vote, as this is only a summary.
MEETING INFORMATION
| ||||||||||||
• Date and Time: | May | |||||||||||
• Location: | Virtual only, athttp://www.virtualshareholdermeeting.com/ | |||||||||||
• Record Date: | March | |||||||||||
• Proxy Mailing Date:
| On or about March |
HOW TO VOTE
| By internet: Visit the website listed on your proxy card |
| By phone: Call the telephone number on your proxy card. |
| By mail: Sign, date and return the proxy card |
| During the meeting: Vote during the annual meeting when the polls are open |
AGENDA AND VOTE RECOMMENDATIONS:RECOMMENDATIONS
Matter | Board Vote Recommendation | |||
Proposal 1 | Election of Directors | FOR | ||
Proposal 2 | Ratification of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal year | FOR | ||
Proposal 3 | Approval, on an advisory basis, of the compensation of our Named Executive Officers | FOR | ||
Proposal 4 | Approval, on an advisory basis, of a stockholder proposal regarding the commissioning of a report on the effects of a company-wide non-smoking policy | AGAINST | ||
In this proxy statement:
“we,” “us”, the “Company” and “Boyd Gaming” mean Boyd Gaming Corporation, a Nevada corporation, unless otherwise indicated; and
| • | “Annual Meeting” means our |
1 | |
Business: Boyd Style
Founded in 1975, we are a leading geographically diversified operator of 28 gaming entertainment properties in ten states.states, and we successfully manage a tribal casino in northern California. We are also a strategic partner and 5% equity owner of FanDuel Group, the nation’s leading sports-online sports betting and iGaming operator. Boyd Gaming isWe are built on a philosophy we call “Boyd Style”, which means sharing our success with others, treating our stakeholders with respect and honesty, and making sureworking to make our home communities are better places because we are a part of them. We believe our commitment to Environmental,Corporate Social and Corporate GovernanceResponsibility (“ESG”CSR”) initiatives supports and enhances our ability to create long-term stockholder value.
OUR ESGCSR PILLARS
ENVIRONMENT
| Conserving Energy and Water |
| Reducing Carbon Emissions |
| Diverting Waste from Landfill |
PEOPLE
| Promoting |
| Promoting Safety and Protecting Team Members |
| Responsible Gaming |
COMMUNITIES
| Corporate Philanthropy |
| Workplace Giving |
  |
2 |
 |
|
Conserving Energy and Water: Through our investments in “green” technology and continual changes throughout our operations, Boyd Gaming is committed to making meaningful and consistent reductions in our consumption of energy and water. In 2021, we continued to make progress reducing our consumption of energy and water compared to our 2017 baseline levels.
Reducing Carbon Emissions: In concert with our energy conservation measures, we support the fight against climate change through a focus on meaningful reductions in our carbon emissions. We anticipate that our continued energy savings will result in further reductions in our Scope I and Scope II emissions compared to our 2017 baseline, and we are looking to partner with our vendors to better track and reduce Scope III emissions.
Diverting Waste from Landfill: We have formed “Green Teams” of team members at every Boyd Gaming property, tasked with identifying and implementing ways to reduce the amount of waste sent to landfills through recycling and composting programs. We achieved an overall waste diversion rate of just under 50% in 2021 and have set a goal of 60% by 2025.
| • | Conserving Energy and Water: Through our investments in “green” technology and continual changes throughout our operations, Boyd Gaming is committed to making consistent and meaningful reductions in our water and energy consumption. In 2023, we continued to make progress in these areas compared to our 2017 baseline levels. |
| • | Reducing Carbon Emissions: In concert with our energy conservation measures, we support the fight against climate change through a focus on meaningful reductions in our carbon emissions. We anticipate that our continued energy savings will result in further reductions in our Scope I and Scope II emissions compared to our 2017 baseline. |
| • | Diverting Waste from Landfill: As a company, we are committed to reducing the amount of waste we send to landfill through recycling and reuse measures. These efforts lessen our environmental impact on our communities while reducing carbon emissions associated with transporting waste to landfill. We achieved an overall waste diversion rate of 57.9% in 2023, and we continue to enhance our efforts to reach our goal of 60% by 2025. |
 |
OUR PEOPLE |
Promoting Workforce Diversity & Inclusion: As the top-ranked gaming company in Forbes magazine’s 2021 listing of “America’s Best Employers for Diversity,” Boyd Gaming believes that our diverse workforce makes us a stronger company. We are committed to creating opportunities for team members of every background, gender and ethnicity, as evidenced by our “majority minority” and majority female workforce.
Sharing our Success with Team Members: In recognition of our team members’ extraordinary efforts in managing restrictions related to the COVID-19 pandemic (“Pandemic”) and labor shortages, Boyd Gaming paid two separate cash bonuses to all non-executive team members over the last nine months. Additionally, we have announced a pathway to a $15 per hour minimum wage for all non-tipped, non-represented team members by mid-2023.
Promoting Safety and Protecting Team Members: Thanks to our comprehensive workplace safety programs and training, Boyd Gaming continued to maintain our industry’s lowest overall workplace injury rates in 2021. Additionally, we have implemented robust programs to protect team members from wrongdoing, including universal anti-harassment training and a 24/7, anonymous “whistleblower” hotline.
Responsible Gaming: Boyd Gaming is committed to promoting responsible gaming throughout our nationwide operations, and to helping provide assistance to those who experience harm from gambling. We make annual contributions to national and state problem gambling organizations; post prominent responsible gaming signage throughout our properties; and require all Boyd Gaming team members to participate in annual responsible gaming training. Additionally, we have formed an internal committee of executives from across the Company tasked with reviewing our responsible gaming practices and implementing operational and marketing improvements to further enhance our responsible gaming initiatives.
| • | Promoting Workforce Diversity & Inclusion: We believe that our diverse workforce makes us a stronger company, allowing us to more effectively serve a range of customers from all backgrounds. We are committed to creating opportunities for all team members, as evidenced by our “majority minority” and majority female workforce. |
| • | Promoting Safety and Protecting Team Members: Thanks to our comprehensive workplace safety programs and training, we continued to maintain our workplace injury rates that are well below the averages in our industry in 2023. Additionally, we have implemented robust programs to protect team members from wrongdoing, including universal anti-harassment training and a 24/7 anonymous “whistleblower” hotline. |
| • | Responsible Gaming: We are committed to promoting responsible gaming throughout our nationwide operations and doing our part to assist those who experience harm from gambling. We make annual contributions to national and state problem gambling organizations, post prominent responsible gaming signage throughout our properties, and require all Boyd Gaming team members to participate in annual responsible gaming training. |
3 | |
 |
OUR COMMUNITIES |
Corporate Philanthropy: As part of our commitment to strengthen and serve our communities, Boyd Gaming contributed more than $43 million over the last three years to non-profit organizations serving the communities in which we operate. Our charitable giving focuses on our strategic priorities of Community & Culture; Education; and Health & Human Services.
Pandemic Relief: To assist our communities with the unprecedented health, social and economic impacts of the Pandemic, Boyd Gaming initiated a nationwide special relief campaign from late 2020 through mid-2021. The Company contributed $1.3 million in 2020 and 2021 (included in the total under “Corporate Philanthropy” above) to assist non-profits in 16 separate communities nationwide, with a majority of funds directed to organizations focused on food insecurity.
Workplace Giving: To facilitate charitable donations by our team members, Boyd Gaming has implemented “Giving the Boyd Way,” an online charitable giving and volunteering platform. In 2021, Boyd Gaming team members continued to contribute to non-profit organizations through this charitable giving tool.
Supporting Diverse Suppliers: Our Company is focused on leveraging our supply chain to create purchasing opportunities for diverse businesses in our communities. Boyd Gaming seeks to identify opportunities to purchase from and partner with small and midsized businesses; minority-owned business enterprises and/or women-owned business enterprises; veteran-owned business enterprises; and businesses owned and operated by members of the LGBTQ community.
| • | Corporate Philanthropy: As part of our commitment to strengthen and serve our communities, we contributed nearly $51 million over the last three years to non-profit organizations serving the communities in which we operate. Our charitable giving focuses on our strategic priorities of Community & Culture, Education, and Health & Human Services. |
| • | Workplace Giving: To facilitate charitable donations by our team members, we have implemented “Giving the Boyd Way,” an online charitable giving and volunteering platform. Since this program was introduced in 2020, Boyd Gaming team members have contributed nearly $2.7 million through Giving the Boyd Way to non-profit organizations across the country. |
| • | Partnering with Diverse Suppliers: Our Company is focused on leveraging our supply chain to create purchasing opportunities for diverse businesses in our communities. Boyd Gaming seeks to identify opportunities to purchase from and partner with small and midsized businesses, minority-owned business enterprises and/or women-owned business enterprises, veteran-owned business enterprises, and businesses owned and operated by members of the LGBTQ community. In 2023, 12.4% of our Company’s biddable spend went to diverse businesses, marking our third consecutive year of improvement in this metric. |
|
4 |
EFFECTIVE
GOVERNANCE
With one of the most experienced leadership teams in the casino industry, we pride ourselves on offering our guests an outstanding entertainment experience, delivered with unwavering attention to customer service.
We carry outfulfill this mission while demonstrating the highest level of integrity, which starts in the boardroom and carries through to each of our properties. Through teamwork, respect, and a disciplined approach to executing on our goals, we strive to maximize stockholder value, to be a leader in our industry, and to provide meaningful opportunities for our employees and throughout our communities.
As part of its ongoing commitment to good corporate governance, the Board has adopted Corporate Governance Guidelines setting forth its corporate governance practices and has adopted written charters for each of the Audit Committee, the Compensation Committee and the Governance and Nominating Committee. The Board has also adopted our Code of Business Conduct and Ethics that includes policies for directors, officers (including our principal executive officer, principal financial officer and principal accounting officer) and employees. The Corporate Governance Guidelines, Audit Committee Charter, Compensation Committee Charter, Governance and Nominating Committee Charter, and Code of Business Conduct and Ethics referenced above are each available in the “Investors – Governance” section of our website at www.boydgaming.com.
Web links throughout this document are provided for convenience only and are not intended to be active hyperlinks to the referenced websites. Information contained on our website is not part of this proxy statement.
CORPORATE GOVERNANCE HIGHLIGHTS
Our BoardWe continually reviewsreview our governance practices with a focus on promoting our commitment to deliverdelivering long-term stockholder value, strengthenstrengthening the Board’s accountability, and continue to maintainmaintaining a high level of public trust in our Company.Boyd Gaming.
|
| |||||||||||
Unclassified Board and annual election of directors
5 | |
BOARD QUALIFICATIONS AND EXPERIENCE
The Corporate Governance and Nominating Committee annually performs an assessment of our Board’s composition with a view that diversity, inclusive of gender, race and experience, is a critical component of sound corporate governance. The following outlines a subset of the attributes of our independent directors identified during the assessment.
* Includes all independent and non-independent members. The assessment includes results members running for Veronica Wilson, who subsequently announced her intent not to stand for re-election to the Board at the Annual Meeting.re-election.
Director Since:
Age:
Other Public Company | EXPERIENCE:
|
|
|
|
Ms. Johnson has served as
Ms. Johnson Ms. Johnson brings considerable public company experience in | |
| 6 |
Keith E. Smith
President, Chief Executive Officer and Director
Director Since: 2005
Age:
Other Public Company Boards: SkyWest, Inc. | EXPERIENCE: As President and Chief Executive Officer of Boyd Gaming Corporation, Keith Smith leads one of the largest and most respected casino entertainment companies in the United States. An industry veteran with more than 35 years of gaming experience, Mr. Smith first joined Boyd Gaming Corporation in 1990. He was promoted to Executive Vice President of Operations in 1998, Chief Operating Officer in 2001, and President in 2005. In January 2008, Mr. Smith was named Chief Executive Officer of Boyd Gaming. Mr. Smith has also been a member of the Company’s Board of Directors since April 2005.
Mr. Smith
Mr. Smith brings a meaningful depth of experience and perspective from over 35 years in the gaming industry, including with respect to strategic operations, management, and financial matters along with his service on industry, financial and other public company boards. | |
William R. Boyd
Director and Vice President
Director Since: 1992
Age:
Other Public Company Boards: None | EXPERIENCE:
Mr. Boyd has served as Vice President of the Company since December 1990 and as a
Mr. Boyd has served | |
Peter M. Thomas
| |
Presiding Director
Director Since: 2004
Age:
Other Public Company Boards: None | EXPERIENCE:
Mr. Thomas is the Managing Director of Thomas & Mack Co. LLC, a commercial real estate development and management company. He also served as President and Chief Operating Officer of Bank of America, Nevada and its predecessor, Valley Bank of Nevada, for nearly 13 years. Mr. Thomas
Mr. Thomas brings extensive experience in the banking and finance industry from his prior service on the board of the Los Angeles Branch of the Federal Reserve Bank of San Francisco and prior service on other public company boards along with significant perspective regarding commercial real estate matters that are key to the Company’s operations. |
7 | |
Christine J. Spadafor
Director
Director Since: 2009
Age:
Other Public Company Boards: None | EXPERIENCE:
Ms. Spadafor is the Chief Executive Officer of SpadaforClay Group, Inc., a management consulting
Ms. Spadafor contributes broad business and management experiences to our Board and brings a sound foundation for understanding and applying strategic approaches to operational issues, both domestically and internationally. Her education and broad expertise in public health and human capital management, as well as in corporate social responsibility matters further enhances the Company’s approach to such issues, from both a strategic and an operational perspective. | |
|
|
John R. Bailey
Director
Director Since: 2015
Age:
Other Public Company Boards: None | EXPERIENCE:
Mr. Bailey is managing partner of Bailey Kennedy, a Las Vegas law firm which he founded in 2001. Mr. Bailey has more than 35 years of legal experience, with a particular focus on business practices, commercial corporate litigation, healthcare law and gaming law. Mr. Bailey has served in board positions with a wide range of regulatory and community organizations over the last 15 years, including as Chair of the Nevada State Athletic Commission, Chair of the Nevada State Bar Moral Character and Fitness Committee, Chair of the Governing Board of the Andre Agassi College Preparatory Academy, Member of the Southern Nevada District Court Review Commission, and a Director of the Council for a Better Nevada, the Las Vegas Global Economic Alliance,
Mr. Bailey introduces perspectives and best practices based on his more than 35 years in the practice of law, including his past service on regulatory boards and his prior service within the gaming industry on the board of directors of a publicly traded company. |
| 8 |
A. Randall Thoman
Director
Director Since: 2019
Age:
Other Public Company Boards: Southwest Gas Holdings, Inc. | EXPERIENCE:
Mr. Thoman is the principal of Thoman International, LLC, a business advisory and consulting firm, which he formed in 2009. Prior to his current responsibilities, Mr. Thoman held several positions at Deloitte & Touche LLP (“Deloitte”) during a more than 30-year career with the firm, including serving as a partner from 1991 until his retirement in 2009. For more than 15 years, Mr. Thoman served as the primary technical partner in Deloitte’s Las Vegas office, having responsibility for the technical interpretation and application of accounting principles and audit standards and the review of all reporting issues and financial statements for Nevada-based clients registered with the Securities and Exchange Commission (“SEC”). Currently, he is on the board of Southwest Gas Holdings and serves as the audit committee chairman. He previously served on the board of directors of SLS Las Vegas and SHFL
Mr. Thoman has extensive experience and expertise in audit and financial accounting, including more than 30 years as a Certified Public Accountant in addition to his extensive experience regarding technical accounting matters and management. Mr. Thoman also provides perspective as a result of his service on other boards of directors of public companies and within the gaming industry. | |
Paul W. Whetsell
Director
Director Since: 2015
Age:
Other Public Company Boards: Hilton Grand Vacations, Inc. | EXPERIENCE:
Mr. Whetsell previously served as Vice Chairman of Loews Hotels Holding Corporation and as President and Chief Executive Officer from January 2012 until 2015. Mr. Whetsell has served as President and Chief Executive Officer of Capstar Hotel Company since 2006. Currently, Mr. Whetsell is on the board of Hilton Grand Vacations, Inc. and serves as the Chair of the compensation committee. Mr. Whetsell is on the board of Vistry Group in the United Kingdom and serves as chair of its remuneration committee. Mr. Whetsell served on the board of NVR, Inc., a publicly traded company, from 2007 until his retirement from that board in 2018. Mr. Whetsell was a member of the American Hotel & Lodging Association’s Industry Real Estate and Financing Advisory Council and previously served on the Board of Governors of the National Association of Real Estate Investment Trusts (NAREIT).
Mr. Whetsell provides significant operational and strategic expertise from his more than 35 years of senior management responsibilities within the hospitality industry, his active involvement in lodging and hospitality associations and his service on other public company boards. | |
| |
Our Board held a total of elevennine meetings during 2021.2023. Each of our current directors attended at least 75% of the Board meetings and the committees of the Board on which the director served that were held during the applicable period of service. We encourage, but do not require, our directors to attend our annual stockholder meetings. Each of our directors attended the 20212023 annual stockholder meeting.meeting of stockholders.
Identifying and Evaluating Director Nominees
Our Corporate Governance and Nominating Committee uses a variety of methods to identify and evaluate director nominees. Candidates may come to the attention of the Corporate Governance and Nominating Committee via our current Board members, professional search firms, stockholders or other persons. These candidates will be evaluated by our Corporate Governance and Nominating Committee and may be considered at any point during the year.
The Corporate Governance and Nominating Committee considers diversity as one of many factors in the identification and evaluation of potential director nominees. The overriding principle guiding our director nomination process is a desire to ensure that our Board serves the interests of our stockholders. We believe that
9 | |
having diverse skills, experiences and perspectives represented on the Board maximizes stakeholder value. When theThe Committee evaluates director nominees, it may consider the following elements, among others:others, when evaluating director nominees:
| ✓ | Gender and ethnicity; |
| ✓ | Financial and accounting acumen; |
| ✓ | Personal and professional integrity; |
| ✓ | Business or management experience; |
| ✓ | Leadership and strategic planning experience; and |
| ✓ |
|
The Corporate Governance and Nominating Committee annually performs an assessment of our Board’s composition regarding age, skills and experience and the effectiveness of its efforts to consider diversity in its director nomination process. The Committee believes its director nomination process, including its policy of considering diversity in that process,all forms, has created a Board with diverse backgrounds and experiences that collectively serves the interests of our stockholders well.
|
|
Stockholders may also suggestrecommend a director candidate for consideration by submitting a recommendation to the Corporate Governance and Nominating Committee Chair, care ofc/o our Corporate Secretary, at 6465 South Rainbow Boulevard, Las Vegas, Nevada 89118, no later than 60 days prior to the date of the 20232025 Annual Meeting of Stockholders. Such notice must include the candidate’s name, biographical data, relationship to the stockholder and other relevant information. Such notice must also meetStockholders may nominate director candidates for election by following the timing, eligibility, procedural and any other requirements set forth in our Amended and Restated Bylaws.Bylaws as described further in Stockholder Proposals—Other Matters.
Our Corporate Governance Guidelines require that our Board consist of a majority of independent directors consistent with the New York Stock Exchange (“NYSE”) listing standards. These standards require the Board to determine, among other things, that our independent directors have no material relationship with Boyd Gaming other than as a director. The Board considers all known relevant facts and circumstances about the relationships bearing on the independence of a director or nominee and also considers sales and purchases of products and services in the ordinary course of business between Boyd Gaming and other companies where a director or immediate family member may have a relationship, including the interests of Mr. Thomas and certain family members in Switch, Inc.relationship.
Applying these standards, each of the following individuals is considered an “independent director”:
John R. Bailey
Christine J. Spadafor
A. Randall Thoman
Peter M. Thomas
Paul W. Whetsell
Veronica J. Wilson*
| ||||
| Christine J. Spadafor | ||||
| A. Randall Thoman | ||||
| Peter M. Thomas | ||||
| Paul W. Whetsell |
Board Leadership Structure and Role in Risk ManagementOversight
Our Board is responsible for company-wide risk oversight, with our senior management bearing primary responsibility for managing these risks. The Board has separated the positions of Chairman and CEO because it believes that the separation of the positions best enables the Board to ensure that our businesses, risks, opportunities and affairs are managed effectively and in the best interests of our stockholders. The Board’s oversight functions are primarily coordinated through each of our Board committees. Each of the Audit Committee, the Compensation Committee, and the Corporate Governance and Nominating Committee receives regular updates from management and works with management to assess potential risk exposures and understand the controls in place to mitigate potential impacts of such risks. In turn, our Board committees report to the full Board at least four times per yearregularly regarding their respective areas of risk oversight responsibilities.
| 10 |
Gaming and Regulatory Risk Management: We take our duty to be a responsible member of the gaming industry seriously. Our Corporate Compliance Committee oversees our Company’s gaming and regulatory compliance programs, which include gaming operations, government regulations, and financial crime prevention such as anti-money laundering (AML) compliance and procedures. To ensure proper visibility and transparency, the Corporate Compliance Committee is chaired by a member of our Board of Directors who provides regular reports of each meeting directly to the Corporate Governance and Nominating Committee.
Cybersecurity Risk Management: Led by a dedicated Information Security team, Boyd Gaming operates with the highest degree of integrity in designing, delivering and maintaining a comprehensive program that safeguards our systems, services and data from cybersecurity-related threats. We regularly assess the efficacy of our program through a multitude of externally led technical simulations and assessments, including annual tabletop exercises. The results of these efforts are shared with the Board of Directors. Supporting these efforts, Boyd Gaming team members are required to take regular information security training, ensuring our entire team is aware of the latest risks in cybersecurity and is prepared to do their part to keep our systems and information secure. Our Chief Information Security Officer (CISO) and Senior Vice President of Legal Operations and Compliance provide day-to-day oversight of our data privacy and cybersecurity programs. These positions work in coordination with other members of management, including the Company’s President and Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, and CISO, and report directly to the Chief Digital Officer and to the General Counsel, respectively. Our CISO provides the full Board quarterly updates on cybersecurity and data protection matters, our information and data security initiatives and practices and any developments in the threat environments that we face.
| |
ESGCSR and Risk Management: Our Board and management understand that operating on a foundation of corporate responsibility, community and stewardship are key to ensuring the Company’s long-term success. Our Corporate Governance and Nominating Committee is responsible for overseeing the Company’s strategies related to sustainability, diversity and stewardship (collectively, our “ESG“CSR Initiatives”), with clear communication to the other Board committees and the full Board on these topics. The Committee actively engages with management regarding the execution of our ESG initiativesCSR Initiatives and the proper public disclosure of these topics.
Our Board has three standing committees as outlined below, each comprised of independent directors. The charters for each of these committees are available on our website at www.boydgaming.com.www.boydgaming.com.
Director* | Audit Committee | Compensation Committee | Corporate Governance and Nominating Committee | |||
John R. Bailey | ● | ● | ||||
Christine J. Spadafor | F | C | ||||
A. Randall Thoman | C, F | |||||
Peter M. Thomas | F | C | ● | |||
Paul W. Whetsell | ● | ● | ||||
Committee Meetings in 2023 | 13 | 4 | 5 | |||
| ||||||
| ||||||
| ||||||
| ||||||
| ||||||
| ||||||
| ||||||
| ||||||
C: Chair, F: Audit Committee Financial Expert as defined in applicable SEC rules. |
|
| • | Audit Committee: Our Audit Committee is responsible for supervising our financial controls, appointing our independent registered public accounting firm, managing our financial statement and disclosure processes, meeting with our officers regarding our financial controls, acting |
11 | |
| • | Corporate Governance and Nominating |
| • | Compensation Committee: Our Compensation Committee oversees all compensation policies for employees, making recommendations to the Board regarding compensation matters, determining compensation for the Chief Executive Officer and providing oversight of our compensation philosophy as described under “Compensation Discussion and Analysis.” In addition, the Compensation Committee administers the Company’s stock plans and determines the terms and conditions of issuances thereunder. |
The Compensation Committee has the authority to retain consultants to assist in evaluating various elements of our compensation programs and in making compensation determinations, including for our Chief Executive Officer. The Compensation Committee continued its engagement of Exequity, LLP (“Exequity”) in 2021throughout 2023 to provide compensation-related analyses and consulting services. Our CEO also provides recommendations to the Compensation Committee for each Named Executive Officer (other than himself) and for members of our management committee (“Management Committee”), which performs an active role in the leadership and strategy for the development, operations and growth of the Company. The Compensation Committee determined that Exequity is independent and has not created any conflict of interest.
|
|
Compensation Committee Interlocks and Insider Participation
During 2021,2023, the members of our Compensation Committee consisted of Messrs. Thomas, Bailey, Thomas, and Whetsell and Ms. Wilson.Whetsell. None of the Company’s executive officers serves as a director or member of the compensation committee of another entity that has one or more executive officers serving as a director of the Company or on the Company’s Compensation Committee.
Our stockholders and other interested parties may communicate with our Board by writing to:
Boyd Gaming Corporation
6465 South Rainbow Boulevard
Las Vegas, Nevada 89118
Attn: Corporate Secretary
Communications will be reviewed by our Corporate Secretary and, if determined to be relevant to our operations and policies, they will be forwarded to our Board or our lead independentpresiding director, as appropriate.
Our non-employee director compensation program consists of cash retainers and an annual grant of time-based restricted stock units (RSUs) and eligibility for certain medical and health benefits.. The annual cash retainer component is available to non-employee directors as follows.
| Board Service | - Annual fee of | |
- Annual fee of | ||
| Audit Committee Service | - Chair annual fee of - Member annual fee of | |
| Compensation Committee Service | - Chair annual fee of $25,000 - Member annual fee of $10,000 | |
| Corporate Governance and Nominating Committee Service | - Chair annual fee of $20,000 - Member annual fee of $10,000 | |
| ||
All non-employee directors also receive ana stock award of RSUs equal to $175,000$200,000 on each annual meeting date. Beginning in 2021, RSUs granted to directors in recognition of their Board service fully vest on the grant date and are paid in shares of our common stock. All RSU grants made to non-employee Board members prior to 2021 will be fully released upon the Director’s retirement from our Board.
| 12 |
The following table sets forth the compensation earned for director services by each non-employee director during the fiscal year ended December 31, 2021.2023.
Name(1) | Fees Earned or Paid in Cash ($)(2) | Stock Awards ($)(3) | All Other Compensation ($)(4) | Total ($) | Fees Earned or Paid in Cash ($)(2) | Fees Earned or Paid in Cash ($)(2) | Stock Awards ($)(3) | Stock Awards ($)(3) | Total ($) | Total ($) | |||||||||||||||||||||
Peter M. Thomas | 144,000 | 175,000 | 14,435 | 333,435 | |||||||||||||||||||||||||||
Peter M. Thomas | |||||||||||||||||||||||||||||||
Peter M. Thomas | |||||||||||||||||||||||||||||||
Peter M. Thomas | |||||||||||||||||||||||||||||||
Peter M. Thomas | |||||||||||||||||||||||||||||||
Christine J. Spadafor | 104,000 | 175,000 | 9,096 | 288,096 | |||||||||||||||||||||||||||
Christine J. Spadafor | |||||||||||||||||||||||||||||||
Christine J. Spadafor | |||||||||||||||||||||||||||||||
Christine J. Spadafor | |||||||||||||||||||||||||||||||
Christine J. Spadafor | |||||||||||||||||||||||||||||||
A. Randall Thoman | 104,000 | 175,000 | 14,435 | 293,435 | |||||||||||||||||||||||||||
A. Randall Thoman | |||||||||||||||||||||||||||||||
A. Randall Thoman | |||||||||||||||||||||||||||||||
A. Randall Thoman | |||||||||||||||||||||||||||||||
A. Randall Thoman | |||||||||||||||||||||||||||||||
John R. Bailey | 91,667 | 175,000 | 14,435 | 281,102 | |||||||||||||||||||||||||||
Robert L. Boughner(5) | 37,500 | 175,000 | 9,623 | 222,123 | |||||||||||||||||||||||||||
John R. Bailey | |||||||||||||||||||||||||||||||
John R. Bailey | |||||||||||||||||||||||||||||||
John R. Bailey | |||||||||||||||||||||||||||||||
John R. Bailey | |||||||||||||||||||||||||||||||
Paul W. Whetsell | 91,667 | 175,000 | 14,435 | 281,102 | |||||||||||||||||||||||||||
Veronica J. Wilson | 99,000 | 175,000 | — | 274,000 | |||||||||||||||||||||||||||
Paul W. Whetsell | |||||||||||||||||||||||||||||||
Paul W. Whetsell | |||||||||||||||||||||||||||||||
Paul W. Whetsell | |||||||||||||||||||||||||||||||
Paul W. Whetsell | |||||||||||||||||||||||||||||||
| (1) | Neither Messrs. |
| |
| (2) | Includes amounts deferred under our Deferred Compensation Plan to the extent of such individual’s participation. The plan permits a participating director to defer up to 100% of his or her director fees that are paid in cash. |
| (3) | Reflects the grant date fair value of awards made pursuant to our Stock Incentive Plan, as determined in accordance with Accounting Standards Codification (“ASC”) 718. The grant date fair value for awards is measured based on the fair market value of our common stock on the date of grant, calculated as the closing price for our common stock. Assumptions used in the calculation of these amounts are included in Note |
|
|
| |
COMPENSATION
DISCUSSION
AND ANALYSIS
Our named executive officers (“NEOs”) for the fiscal year ended December 31, 20212023 are:
|
Keith Smith, President and Chief Executive Officer; |
Josh Hirsberg, |
Stephen Thompson, |
| ◾ | Theodore Bogich, Chief Operating Officer; |
| ◾ | Uri Clinton, General Counsel and Corporate Secretary; and |
|
We areremain focused on generating sustainable value for our stockholdersthrough continued revenue and EBITDAR growth while maintaining operating margins at competitive levels. We continue to do so by demonstrating operational excellence, delivering positive financial results,focusing on our core customer, and maintaining a diversified portfolio.
We achieved these goals by delivering record revenue and EBITDAR performance, which was attributable to strong growth from our online and managed businesses along with continued strength in core customer play and non-gaming revenues. We also maintained a disciplined yet forward-looking approach to capital deploymentallocation as we continued our quarterly share repurchases and dividend program, while keeping our focus on maintaining a strong balance sheet and an eye toward strategic opportunities. We also value our commitment to both creating and returning capitalvalue to our stockholders.
Throughout 2021,shareholders, and we were ablecontinue to build on the strong operating momentum that began when we reopened our properties that were closed during the first half of 2020. By streamlining our cost structure, using our technological and marketing capabilities, and maintaining a tight focus on our core customer,a balanced approach as we delivered the strongest annual performance in our Company’s history and placed the Company in a position of financial strength. look toward future growth.
We also made significantcontinued progress advancingon our ESG Initiatives in 2021, which included reducing energy consumptionCSR and natural resourcesdiversity initiatives, promoting waste reduction and lowering carbon emissions compared to our 2017 baseline, enhancing our Company’s responsible gaming initiatives, establishing a companywide waste diversion program, and continuing progress in furthering the diversity of our workforce, vendors, and leadership teams.service providers.
We seek to align the compensation packages of our NEOs with this long-term strategy. To achieve this, we tie a meaningful portion of compensation to achieving predetermined goals and reward individual contributions to our overall success. Our pay principles are structured to appropriately balance achievement of short- and long-term goals and promote our philosophy of being innovative yet disciplined. Mr. Smith’s 20212023 compensation was allocated as follows:
|
|
Our goal isWe seek to align executive interests with our stockholders and all stakeholders by setting performance incentives that provide a clear path to achieving long-term value. This philosophy carries into our executive pay design in the following ways:
Total executive compensation is targeted at the 50th percentile of the Company’s peer group |
Annual cash incentives are performance-based |
Long-term compensation is approximately 50% performance-based and 100% equity-denominated |
Executives are subject to stock ownership guidelines |
None of our executives has an employment agreement |
We believe our NEO compensation packages are competitive with other leading companies in the gaming and hospitality industries, which generally fall into three categories: (i) core gaming companies; (ii) gaming technology/equipment companies; and (iii) resort/hotel operators.industries. OurCompensation compensation consultant, Exequity, assists us in conducting peer group analyses with a view toward establishing NEO total compensation that is competitive with our peers. OurThe peer group considered for 2021purposes of setting 2023 pay consisted of the following: Bally’s Corporation; Caesars Entertainment Corp.; Churchill Downs, Inc.; Eldorado Resorts, Inc.;Golden Entertainment; Las Vegas Sands Corp.; MGM Resorts International; Penn National Gaming, Inc.; Red Rock Resorts, Inc.,; Travel + Leisure Co.; Wynn Resorts, Ltd.; Extended Stay America, Inc.; Hilton Grand Vacations, Inc.; Hyatt Hotels Corp.; Marriott Vacations Worldwide Corporation; Scientific Games Corporation;Light & Wonder, Inc.; Six Flags Entertainment Corp.; and Vail Resorts, Inc.; and Wyndham Worldwide Corp.
Short-Term Performance Incentives
We believe our management team’s effort and focus on transforming and executing on our strategy and commitment to sustaining a more efficientgrowth, operational efficiencies, and profitable operating model into the futurebalanced capital allocation has allowed Boyd Gaming to successfully navigate the challenges presented by the Pandemic.achieve record Company financial results.
The Compensation Committee continued its philosophy of executing on a measured approach to our2023 compensation, in 2021, including in response to the challenging circumstances facing the Company due to the Pandemic. The Compensation Committee recognized that 2021 presented the Company with another unique set of uncertainties as management navigated through the reopening of our properties after being forced to close temporarily due to the Pandemic. Recognizing these challenges, the Compensation Committee established two six-month performance periods under our Management Incentive Plan (the “2000 MIP”), which is our short-term incentive plan applicable to executive management that pays out annually in cash awards.
The Compensation Committee approvedapproving a design for the short-term incentive program based on two six-month performance periods. Target metrics for the first six-montha twelve-month performance period were based onthat considered a mix of Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Rent (“Adjusted EBITDAR”)1 and target metrics for the second six-month performance period were based on a mixachievement of Adjusted EBITDARCSR and on demonstrating meaningful progress toward achieving the Company’s ESG and Diversity Equity and Inclusion (“DEI”) initiatives.
| 1 | Adjusted EBITDAR is a non-GAAP financial measure. For supplemental financial data and corresponding reconciliation of Adjusted EBITDAR to the most comparable GAAP measure, please see Note |
First Half 2021 |
| |||||||||||||
Metric | Weight | Threshold | Target | Maximum | ||||||||||
Adjusted EBITDAR | 100% | $343,092,000* | $428,865,000 | $514,638,000* | ||||||||||
| ||||||||||||||
Second Half 2021 |
| |||||||||||||
Metric | Weight | Threshold | Target** | Maximum | ||||||||||
Adjusted EBITDAR | 80% | $480,141,600* | $600,177,000 | $720,212,400* | ||||||||||
ESG and DEI Growth | 20% | — | — | — | ||||||||||
Metric | Weight | Threshold | Target** | Maximum | ||||||||||
Adjusted EBITDAR* | 90% | $1,092,800** | $1,366,000 | $1,639,200** | ||||||||||
CSR and Diversity*** | 10% | — | — | — | ||||||||||
| * |
|
| ** | Threshold performance (80% of |
| *** | Level of achievement of the |
|
|
Maximum payout under the short-term incentive plan is capped at 200% of target. Actual 2023 Adjusted EBITDAR for the first half of 2021 equaled $678,000,000,$1,394,791, which resulted in a maximum payout under the plan for the first halfperformance at 102.1% of 2021 performance period. Actual Adjusted EBITDAR for the second half of 2021 equaled $688,000,000target, and the Compensation Committee determined the Company’s achievement of ESGperformance with respect to CSR and DEI growthDiversity initiatives to be at target, which resulted in a payout102.1% of 171% under the plan for the second half of the 2021 performance period.target. This resulted in a blended payout under the short-term incentive plan of 185.5%108.4%, which was paid entirely in 2022.2024.
15 | |
Long-Term Performance Incentives
We believe long-term compensation should serve both as an incentive for achieving longer term Company performance goals and as a retention tool for our executives. We also believe that stock price appreciation and ownership in the Company are valuable incentives that align executive and stakeholder interests. Our NEOs receive long-term incentive compensation in the form of RSUs, Performance Shares and Career Shares. Our Annualannual long-term incentive grants to our NEOs are comprised 50% of RSUs and 50% of Performance Shares. Long-term incentivesTime-based RSU grants and performance share grants for the 20212023 target period were granted as follows:
| Executive | Target Performance Shares ($) | Target RSUs ($) | ||||||||||||||||
Executive | ||||||||||||||||||
Executive | ||||||||||||||||||
Executive | ||||||||||||||||||
Executive | Target Performance Shares ($) | Target RSUs ($) | ||||||||||||||||
Keith Smith | ||||||||||||||||||
Keith Smith | ||||||||||||||||||
Keith Smith | ||||||||||||||||||
Keith Smith | ||||||||||||||||||
Keith Smith | 3,220,638 | 3,220,638 | ||||||||||||||||
Josh Hirsberg | ||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||
Josh Hirsberg | 1,073,524 | 1,073,524 | ||||||||||||||||
Stephen Thompson | ||||||||||||||||||
Stephen Thompson | ||||||||||||||||||
Stephen Thompson | ||||||||||||||||||
Stephen Thompson | ||||||||||||||||||
Stephen Thompson | 805,192 | 805,192 | ||||||||||||||||
Theodore Bogich | ||||||||||||||||||
Theodore Bogich | ||||||||||||||||||
Theodore Bogich | ||||||||||||||||||
Theodore Bogich | ||||||||||||||||||
Theodore Bogich | 805,192 | 805,192 | ||||||||||||||||
Uri Clinton | ||||||||||||||||||
Uri Clinton | ||||||||||||||||||
Uri Clinton | ||||||||||||||||||
Uri Clinton | ||||||||||||||||||
Uri Clinton | 590,487 | 590,487 | ||||||||||||||||
William S. Boyd | $700,000 | $700,000 | ||||||||||||||||
Keith Smith | $2,300,000 | $2,300,000 | ||||||||||||||||
Josh Hirsberg | $700,000 | $700,000 | ||||||||||||||||
Stephen Thompson | $500,000 | $500,000 | ||||||||||||||||
Theodore Bogich | $500,000 | $500,000 | ||||||||||||||||
William S. Boyd | ||||||||||||||||||
William S. Boyd | ||||||||||||||||||
William S. Boyd | ||||||||||||||||||
William S. Boyd | 751,500 | 751,500 | ||||||||||||||||
Performance Shares: Performance Share grants comprise approximately 50% of an executive’s annual2023 long-term compensation. In February 2023, the Compensation Committee granted target Performance Shares as follows:
Executive | 2023 Annual Grant | |
Keith Smith | 49,366 | |
Josh Hirsberg | 16,455 | |
Stephen Thompson | 12,342 | |
Theodore Bogich | 12,342 | |
Uri Clinton | 9,051 | |
William S. Boyd | 11,519 | |
2021-2023 performance period results: Performance Share achievement with respect to the 2019-20212021-2023 performance period was measured by Net Revenue growth and Adjusted EBITDAR, growth,weighted at 75%, and return on invested capital (“ROIC”), weighted at 25%. Achievement was based on two separate twelve-month performance periods, with possible achievement ranging from 0% to a maximum of 200%. Company performance for this periodthe two twelve-month performance periods resulted in a blended payout at 158%194%.
In July 2021, the Compensation Committee granted target Performance Shares as follows:
| ||||
| ||||
| ||||
| ||||
| ||||
RSUs: Time-based RSU grants comprise the remaining approximate 50% of an executive’s annual long-term compensation.compensation and vest over a three-year period. In February 2021,2023, the Compensation Committee granted target RSUs as follows:
| 2023 Annual Grant | |||||
Keith Smith | 49,366 | |||||
Josh Hirsberg | 16,455 | |||||
Stephen Thompson | 12,342 | |||||
Theodore Bogich | ||||||
| 12,342 | ||||
| | |||
2021 Special RSU Award: In recognition of the extraordinary efforts and leadership demonstrated by our NEOs throughout the Pandemic and their resulting accomplishments that benefited the Company, the Compensation Committee approved a special equity award grant of RSUs in February 2021 to our NEOs. The award amounts were targeted at levels that the Compensation Committee believed would provide appropriate recognition and meaningful retention incentives for each recipient. The number of RSUs granted are as follows:
| 9,051 | ||||
| ||||
| ||||
| ||||
| ||||
| 11,519 | |||
See “ —Compensation Tables” for the effects of the 2021 Special RSU Award on total compensation. Mr. Smith’s 2021 compensation had he not received the special RSU award in recognition of his efforts during the Pandemic would have been $11,116,182.
Career Shares Program:
Our NEOs participate in our Career Shares Program, which provides for additional capital accumulation opportunities for retirement and is intended to reward long-service executives. The Career Shares Program provides for the grant of RSUs (“Career RSUs” or “Career Shares”) under our Stock Incentive Plan to members of our senior management, including each of our Named Executive Officers. Each Career RSU entitles a holder to one share of restricted common stock, except that Career RSUs do not have voting rights and do not entitle the holder to
| 16 |
receive dividends. To receive any payout under the Career Shares Program, grantees must be at least 55 years of age and must have been continually employed by us for a minimum of ten years. Retirement after ten years of service will entitle a grantee to 50% of his or her Career RSUs. The amount increases to 75% after 15 years and 100% following 20 years of employment. Each NEO receivesreceived an annual grant of Career Shares equal to 15% of his base salary.salary in 2023. As of December 31, 2023, Messrs. Smith, Thompson, and Boyd were 100% vested in each of their respective Career RSUs, Messrs. Hirsberg and Bogich were 75% vested, and Mr. Clinton was entirely unvested. The Career Shares may be converted to common stock only at separation of service from the Company and are subject to vesting as outlined in “Grants“Grants of Plan-Based Awards”Awards”.
Perquisites Benefits and Other BonusesBenefits
We provide our NEOs with perquisites that we believe are reasonable, competitive and consistent with our overall executive compensation program. We provide certain of our NEOs with use of our corporate aircraft, and provide Mr. Boyd with use of a corporate car that is owned by the Company, as provided in the “Summary“Summary Compensation Table.Table.” In addition, we provide aprovided country club membershipmemberships for Mr.Messrs. Boyd and Smith for a portion of 2023, which iswere used for both business and personal purposes. The amount of allThese memberships were discontinued in 2023. All unreimbursed costs related to this membershipthese memberships for 2021 is2023 are reported as other compensation in the “Summary Compensation Table.”
Messrs. William S. Boyd, Smith and Hirsberg are eligible to participate in our Medical Expense Reimbursement Plan, which covers medical expenses incurred by participants and their spouses that are not covered by other medical plans. We also provide our NEOs with additional life insurance coverage than is generally made available to our other employees. See “—“Summary Compensation Table.”.
Our senior management members, including our Named Executive Officers, also are eligible to participate in our other benefit plans and programs on the same terms as other employees. These plans include our 401(k) plan and medical, vision and dental insurance. In addition, our senior management members and our non-employee directors are eligible to participate in our deferred compensation plan on the same terms as other eligible management-level employees. We also provide our NEOs with additional life insurance coverage than is generally made available to our other employees. See “—Summary Compensation Table”.
|
|
We believe the process we followed in 2023 is complete and sufficient for determining whether the Company’s practices are reasonably likely to encourage excessive risk taking. The Compensation Committee believes that our executive compensation program supports the objectives described above without encouraging inappropriate or excessive risk-taking.
Stock Ownership Guidelines
We believe having a meaningful ownership interest in the Company is an important tool to promote the long-term benefit of all Company stockholders. Our stock ownership guidelines require ownership by our NEOs based on a multiple of the participant’s base salary, as follows:
Multiple of Base Salary | |||||
| 5x | ||||
Chief Executive Officer | 5x | ||||
| 3x | ||||
Our non-employee director stock ownership guidelines require each independent Board member to hold Company stock at least equal to five times the annual cash retainer received by the Director.
Under our clawback policy, we may,will, under certain circumstances, recoup the value of cash, equity or equity-linked incentive compensation tied to performance metrics and paid to our NEOs. If it is determined that an NEO’s misconduct ledIn the event of any required restatement of our financial statements, we will seek to or contributed to financial reporting that requires restatement, we may require such executive officer to reimburse us for incentiverecover from our Section 16 officers incentive-based compensation received by(as defined in the executive officerpolicy) to the extent such compensation is in excess of that whichwhat would have been paid to the executive officer had it been based on the financial statements as restated. Recoupment applies
17 | |
In addition, our equity award agreements provide that, in addition to payments made within three yearsbeing subject to the Company’s clawback policy, the awards may be subject to forfeiture or recoupment if the award recipient violates restrictive covenants or company policies or otherwise engages in activity that has caused, or could reasonably be expected to cause, significant economic or reputational harm to the Company.
We will administer our clawback policy consistently with the requirements of Exchange Act Rule 10D-1 and any related rules or regulations adopted by the date whenSecurities and Exchange Commission or the NYSE or other applicable restatement is disclosed.laws.
Our NEOs are subject to Company policies that prohibit them from entering into hedging or monetization transactions involving the Company’s securities, including through the use of financial instruments such as prepaid variable forwards, equity swaps, collars, exchange funds or otherwise.
We have reviewed and discussed with management the Compensation Discussion and Analysis. Based on our review and discussions, we recommended to the boardBoard of directorsDirectors that the Compensation Discussion and Analysis be included in this proxy statement.
Peter M. Thomas, Chairman Chair
Paul W. Whetsell
Veronica J. Wilson
John R. Bailey
Members, Compensation Committee
|
|
The following table sets forth the compensation earned for services performed for us, or our subsidiaries, during the fiscal years ended December 31, 2019, 20202021, 2022, and 20212023 by each of our NEOs.
| Name and Principal Position | Year | Salary ($)(1)(2) | Bonus ($) | Stock Awards ($)(4)(5) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($)(6) | All Other Compensation ($)(7) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | 2021 | 1,065,000 | 250,000(3) | 2,748,152 | — | 1,977,492 | 59,112 | 6,099,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Co-Executive Chair of the Board | 2020 | 865,346 | 952,900 | 159,746 | — | — | 59,315 | 2,037,307 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 1,065,000 | 250,000 | 2,078,609 | — | 1,038,764 | 254,517 | 4,686,890 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith(8) | 2021 | 1,450,000 | — | 8,940,265 | — | 4,307,776 | 42,741 | 14,740,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name and Principal Position | Year | Salary ($)(1) | Bonus ($) | Stock Awards ($)(2)(3) | Non-Equity Incentive Plan Compensation ($)(4) | All Other Compensation ($)(5) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | 2023 | 1,550,000 | — | 6,666,287 | 3,168,200 | 26,159 | 11,410,646 | |||||||||||||||||||||||||||||||||||||||||||||||||||
President and Chief Executive Officer | 2020 | 1,178,170 | 1,531,200 | 213,746 | — | — | 50,490 | 2,973,606 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 1,425,000 | — | 5,814,675 | — | 2,340,876 | 64,943 | 9,645,494 | |||||||||||||||||||||||||||||||||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
President and Chief Executive Officer | 2022 | 1,500,000 | — | 6,430,512 | 2,400,000 | 39,209 | 10,369,721 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 1,450,000 | — | 8,940,265 | 4,307,776 | 42,741 | 14,740,782 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | 2021 | 700,000 | — | 2,693,396 | — | 1,299,760 | 25,479 | 4,718,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President, Treasurer and Chief Financial Officer | 2020 | 634,399 | 462,000 | 100,487 | — | — | 25,480 | 1,222,366 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 670,000 | — | 1,778,106 | — | 687,889 | 25,117 | 3,161,112 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | 2023 | 850,000 | — | 2,267,033 | 1,092,080 | 12,296 | 4,221,409 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer and Treasurer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer and Treasurer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Financial Officer and Treasurer | 2022 | 800,000 | — | 2,138,274 | 800,000 | 25,804 | 3,764,078 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 700,000 | — | 2,693,396 | 1,299,760 | 25,479 | 4,718,635 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | 2021 | 625,000 | — | 1,979,611 | — | 1,044,450 | 4,733 | 3,653,794 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President, Operations | 2020 | 566,428 | 371,250 | 90,000 | — | — | 4,733 | 1,032,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 600,000 | — | 1,313,072 | — | 554,418 | 4,658 | 2,472,148 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | 2023 | 730,000 | — | 1,715,411 | 852,640 | 5,408 | 3,303,459 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Administrative Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Administrative Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Administrative Officer | 2022 | 700,000 | — | 1,562,248 | 630,000 | 5,033 | 2,897,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 625,000 | — | 1,979,611 | 1,044,450 | 4,733 | 3,653,794 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | 2021 | 625,000 | — | 1,979,611 | — | 1,044,450 | 4,733 | 3,653,794 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Executive Vice President, Operations | 2020 | 566,428 | 371,250 | 90,000 | — | — | 4,733 | 1,032,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 | 600,000 | — | 1,307,449 | — | 554,418 | 4,658 | 2,466,525 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | 2023 | 730,000 | — | 1,715,411 | 852,640 | 5,408 | 3,303,459 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Operating Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Operating Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chief Operating Officer | 2022 | 700,000 | — | 1,562,248 | 630,000 | 5,033 | 2,897,281 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 625,000 | — | 1,979,611 | 1,044,450 | 4,733 | 3,653,794 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | 2023 | 600,000 | — | 1,263,484 | 700,800 | 5,408 | 2,569,692 | |||||||||||||||||||||||||||||||||||||||||||||||||||
General Counsel and Corporate Secretary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Counsel and Corporate Secretary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Counsel and Corporate Secretary | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General Counsel and Corporate Secretary |
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | 2023 | 961,912 | — | 1,662,742 | 518,300 | 52,767 | 3,195,721 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Former Co-Executive Chair of the Board | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Former Co-Executive Chair of the Board | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Former Co-Executive Chair of the Board | 2022 | 1,065,000 | — | 1,741,230 | 1,065,000 | 294,514 | 4,165,744 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| 2021 | 1,065,000 | 250,000 | 2,748,152 | 1,977,492 | 59,112 | 6,099,756 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (1) | Includes amounts deferred to the extent of such individual’s participation in our 401(k) Profit Sharing Plan and Trust and our Deferred Compensation Plan. |
| (2) |
|
|
Reflects the grant date fair value as determined in accordance with ASC 718. The value is based on the fair market value of our common stock on the grant date, calculated as the closing price for our common stock. Assumptions used in the calculation of these amounts are included in Note |
Includes Career RSUs, time-based RSUs and Performance Shares awarded as part of the |
Reflects the short-term incentive payment approved by the Compensation Committee under the 2000 |
| |
Includes the following perquisites and personal benefits: |
| Name | 401(k) Contributions | Life Insurance Premiums | Medical Reimbursements(A) | Use of Corporate Aircraft(B) | Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||
Name | ||||||||||||||||||||||||||||||||||||||||||||||||||
Name | ||||||||||||||||||||||||||||||||||||||||||||||||||
Name | ||||||||||||||||||||||||||||||||||||||||||||||||||
Name | 401(k) Contributions | Life Insurance Premiums | Medical Reimbursements(A) | Use of Corporate Aircraft and Company Car(B) | Other Benefits(C) | |||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | $ | 4,275 | $ | 602 | $ | 35,742 | $ | 12,643 | $ | 5,850 | ||||||||||||||||||||||||||||||||||||||||
Keith Smith | 4,275 | 602 | 19,738 | 18,126 | — | |||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | 4,275 | 602 | 20,602 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | 4,275 | 458 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | 4,275 | 458 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||
| (A) | Represents |
| (B) | Represents the aggregate incremental cost to the Company for use of our corporate |
| (C) | Represents country club membership for Messrs. Boyd and Smith. The memberships were terminated during 2023. |
|
|
The following table sets forth information regarding each grant of an award made under our incentive plans to our NEOs during the fiscal year ended December 31, 2021.2023.
| Name | Award Type | Grant Date | Date of Compensation Committee Action(6) | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards—Number of Shares or Units | All Other (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Equity Awards ($)(7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | Name | Award Type | Grant Date | Grant Date | Date of Compensation Committee Action(5) | Date of Compensation Committee Action(5) | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | Estimated Future Payouts Under Equity Incentive Plan Awards—Number of Shares or Units | Estimated Future Payouts Under Equity Incentive Plan Awards—Number of Shares or Units | All Other (#) | All Other (#) | All Other Option Awards: Number of Securities Underlying Options (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Equity Awards ($)(6) | Grant Date Fair Value of Equity Awards ($)(6) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Threshold ($) | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | All Other (#) | All Other Option Awards: Number of Securities Underlying Options (#) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ted Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ted Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | Short-term incentive(1) | — | — | 532,500 | 1,065,000 | 2,130,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Career RSUs(2) | 01/04/21 | 12/07/06 | — | — | — | — | — | — | 3,793 | — | — | 159,761 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(3) | 02/18/21 | — | — | — | — | — | — | — | 14,508 | — | — | 751,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(4) | 02/18/21 | — | — | — | — | — | — | — | 20,000 | — | — | 1,035,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance Shares(5) | 07/14/21 | — | — | — | — | 7,254 | 14,508 | 29,016 | — | — | — | 801,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith E. Smith | Short-term incentive(1) | — | — | 1,160,000 | 2,320,000 | 4,640,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Career RSUs(2) | 01/02/21 | 12/07/06 | — | — | — | — | — | — | 5,075 | — | — | 213,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(3) | 02/18/21 | — | — | — | — | — | — | — | 47,668 | — | — | 2,468,249 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(4) | 02/18/21 | — | — | — | — | — | — | — | 70,000 | — | — | 3,624,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance Shares(5) | 07/14/21 | — | — | — | — | 23,834 | 47,668 | 95,336 | — | — | — | 2,633,657 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | Short-term incentive(1) | — | — | 350,000 | 700,000 | 1,400,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Career RSUs(2) | 01/04/21 | 12/07/06 | — | — | — | — | — | — | 2,493 | — | — | 105,005 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(3) | 02/18/21 | — | — | — | — | — | — | — | 14,508 | — | — | 751,224 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(4) | 02/18/21 | — | — | — | — | — | — | — | 20,000 | — | — | 1,035,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance Shares(5) | 07/14/21 | — | — | — | — | 7,254 | 14,508 | 29,016 | — | — | — | 801,567 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | Short-term incentive(1) | — | — | 281,500 | 562,500 | 1,125,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Career RSUs(2) | 01/04/21 | 12/07/06 | — | — | — | — | — | — | 2,226 | — | — | 93,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(3) | 02/18/21 | — | — | — | — | — | — | — | 10,363 | — | — | 536,596 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(4) | 02/18/21 | — | — | — | — | — | — | — | 15,000 | — | — | 776,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance Shares(5) | 07/14/21 | — | — | — | — | 5,181 | 10,363 | 20,726 | — | — | — | 572,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | Short-term incentive(1) | — | — | 281,500 | 562,500 | 1,125,000 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Career RSUs(2) | 01/04/21 | 12/07/06 | — | — | — | — | — | — | 2,226 | — | — | 93,759 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(3) | 02/18/21 | — | — | — | — | — | — | — | 10,363 | — | — | 536,596 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RSUs(4) | 02/18/21 | — | — | — | — | — | — | — | 15,000 | — | — | 776,700 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance Shares(5) |
| 07/14/21 |
| — | — | — | — | 5,181 | 10,363 | 20,726 | — | — | — | 572,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (1) | Represents short-term cash bonus for fiscal year |
|
|
| (2) | Represents Career RSUs granted pursuant to our Career Shares Program under our Stock Incentive Plan. Each Career RSU represents a contingent right to receive one share of our common stock at the time of retirement based on the grantee’s attained age and years of continuous service at the time of retirement. To receive any payout under the Career Shares Program, grantees must be at least 55 years of age and must have been continually employed by us for a minimum of ten years. Retirement after ten years of service will entitle a grantee to 50% of his or her Career RSUs. The amount increases to 75% after 15 years and 100% following 20 years of employment. In the event of a grantee’s death or permanent disability, or following a change in control of the Company, the grantee will be deemed to have attained age 55 and the Career RSUs will immediately vest and convert into shares of our common stock based on the grantee’s years of continuous service through the date of the qualifying event. |
21 | |
| (3) | Represents RSUs granted under our Stock Incentive Plan. RSUs are subject to vesting |
| (4) |
|
Each Performance Share represents a contingent right to receive up to a maximum of two shares of our common stock, subject to satisfaction of certain performance metrics. The Performance Shares are subject to forfeiture and other terms and conditions contained in the award agreement and our Stock Incentive Plan. |
Career RSUs are based on the base salary of the participant in effect on December 31 of the immediately preceding year and the closing stock price of our common stock on January 2 or, if January 2 is not a business day, then the next business day. |
Represents the aggregate |
| |
Outstanding Equity Awards at Fiscal Year-End
The following table sets forth information regarding unexercised stock options and unvested stock awards for each of our NEOs outstanding as of December 31, 2021.2023.
| Option Awards | Stock Awards | Option Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of (#) | Market or Payout Value of Shares, Units or Other Rights That Have Not Vested ($)(1) | Equity Incentive (#) | Equity Incentive ($)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | — | — | — | — | — | — | 15,619 | (3) | 1,024,138 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of (#) | Market or Payout Value of Shares, Units or Other Rights That Have Not Vested ($)(1) | Equity Incentive (#) | Equity Incentive Rights That Have Not Vested ($)(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 18,911 | (4) | 1,239,994 | 14,625 | (6) | 627,705 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 19,500 | (5) | 1,278,615 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 14,508 | (8) | 751,224 | 14,508 | (10) | 751,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 20,000 | (9) | 1,035,600 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith Smith | 64,276 | — | 19.98 | 10/29/2025 | — | — | 50,205 | (3) | 3,291,909 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 101,675 | — | 17.75 | 11/08/2026 | 37,150 | (4) | 2,435,926 | 48,051 | (6) | 3,150,704 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 64,068 | (5) | 4,200,939 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 47,668 | (8) | 2,468,249 | 47,668 | (10) | 2,468,249 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 70,000 | (9) | 3,624,600 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 23,333 | (4) | 1,460,879 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
| 47,668 | (7) | 2,984,493 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | 32,000 | — | 9.86 | 11/07/2023 | 34,560 | (2) | 2,184,399 | 13,388 | (3) | 877,851 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 23,431 | — | 11.57 | 12/10/2024 | — | — | 14,625 | (6) | 958,961 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 21,549 | — | 19.98 | 10/29/2025 | 10,430 | (4) | 683,895 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 23,924 | — | 17.75 | 11/08/2026 | 19,500 | (5) | 1,278,615 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 14,508 | (8) | 751,224 | 14,508 | (10) | 751,224 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 20,000 | (9) | 1,035,600 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 21,549 | — | 19.98 | 10/29/2025 | 6,666 | (4) | 417,358 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
| 14,508 | (7) | 908,346 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | — | — | — | — | — | — | 10,041 | (3) | 658,388 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 8,374 | (4) | 549,083 | 10,446 | (6) | 684,944 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 13,928 | (5) | 913,259 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 10,363 | (8) | 536,596 | 10,363 | (10) | 536,596 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 15,000 | (9) | 776,700 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 5,000 | (4) | 313,050 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
| 10,363 | (7) | 648,827 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | — | — | — | — | 12,244 | (2) | 768,382 | 10,041 | (3) | 658,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | — | — | 10,446 | (6) | 684,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 8,224 | (4) | 539,248 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 13,928 | (5) | 913,259 | 10,363 | (10) | 536,596 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 10,363 | (8) | 536,596 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 15,000 | (9) | 776,700 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 5,000 | (4) | 313,050 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
| 10,363 | (7) | 648,827 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | — | — | — | 6,666 | (4) | 417,358 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
| 14,508 | (7) | 908,346 |
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (1) | Represents the value based on the closing price of our common stock on December |
| (2) | Represents RSUs granted under our Stock Incentive Plan on February 22, 2023. The RSUs vest in full on the third anniversary of the grant date. |
| 22 |
| (3) | Represents RSUs granted under our Stock Incentive Plan on February 18, 2022. The RSUs vest in full on the third anniversary of the grant date. |
| (4) | Represents RSUs granted under our Stock Incentive Plan on February 18, 2021. The RSUs vest in full on the third anniversary of the grant date. |
| (5) | Represents Performance Shares granted under our Stock Incentive Plan on February 22, 2023. Each Performance Share represents a contingent right to receive up to a maximum of two shares of our common stock, subject to three-year cliff vesting and satisfaction of certain performance metrics. Amounts reported assume performance metrics were achieved at target. |
| (6) | Represents Performance Shares granted under our Stock Incentive Plan on February 18, 2022. Each Performance Share represents a contingent right to receive up to a maximum of two shares of our common stock, subject to three-year cliff vesting and satisfaction of certain performance metrics. Amounts reported assume performance metrics were achieved at target. |
| (7) | Represents Performance Shares granted under our Stock Incentive Plan on July 14, 2021. Amount earned is based on performance through December 31, 2023. Shares remained unvested until settled on February 28, 2024. |
| (8) | Represents unvested Career RSUs. Each Career RSU represents a contingent right to receive one share of our common stock. The vested Career RSUs will be paid in shares of our common stock at the time of retirement based on the grantee’s attained age and years of continuous service at the time of retirement. As of December 31, |
|
|
|
Represents RSUs granted under |
|
|
|
|
|
Option Exercises and Stock Vesting
The following table sets forth information regarding the exercise of stock options and the vesting of stock awards for each of our NEOs during the fiscal year ended December 31, 2021.2023.
| OPTION AWARDS | STOCK AWARDS | OPTION AWARDS | STOCK AWARDS | ||||||||||||||||||||||||||||||||||||||
| Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1)(2) | |||||||||||||||||||||||||||||||||||||
| Name | |||||||||||||||||||||||||||||||||||||||||
| Name | |||||||||||||||||||||||||||||||||||||||||
| Name | |||||||||||||||||||||||||||||||||||||||||
| Name | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)(1) | |||||||||||||||||||||||||||||||||||||
Keith Smith | |||||||||||||||||||||||||||||||||||||||||
Keith Smith | |||||||||||||||||||||||||||||||||||||||||
Keith Smith | |||||||||||||||||||||||||||||||||||||||||
Keith Smith | |||||||||||||||||||||||||||||||||||||||||
Keith Smith | |||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | |||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | |||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | |||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | |||||||||||||||||||||||||||||||||||||||||
Stephen Thompson | |||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | |||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | |||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | |||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | |||||||||||||||||||||||||||||||||||||||||
Theodore Bogich | |||||||||||||||||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||||||||||||||||
William S. Boyd | — | — | 31,627 | 1,913,853 | |||||||||||||||||||||||||||||||||||||
Keith Smith | 300,486 | 18,129,975 | 106,733 | 6,365,423 | |||||||||||||||||||||||||||||||||||||
Josh Hirsberg | 25,510 | 1,581,336 | 27,192 | 1,616,150 | |||||||||||||||||||||||||||||||||||||
Stephen Thompson | 11,962 | 719,102 | 20,243 | 1,180,308 | |||||||||||||||||||||||||||||||||||||
Theodore Bogich | — | — | 19,687 | 1,156,869 | |||||||||||||||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||||||||||||||||
| (1) | Represents Career RSUs, time-based RSUs and Performance Shares that vested during |
|
Non-Qualified Deferred Compensation
Our Deferred Compensation Plan provides for the deferral of compensation on a basis that is not tax-qualified. Under the plan, our NEOs may defer up to 80% of their base salary and up to 100% of their incentive compensation. We did not make any discretionary matching contributions or discretionary additions to a participant’s account in 2021.2023. The following table sets forth amounts deferred, including under our predecessor plan, for the year ended December 31, 2021:2023:
| Name | Executive Contributions in Last Fiscal Year ($) | Aggregate Earnings (Losses) in Last Fiscal Year ($) | Aggregate Balance at Last Fiscal Year End ($) | ||||||||||||||||||||||||
| Name | |||||||||||||||||||||||||||
| Name | |||||||||||||||||||||||||||
| Name | |||||||||||||||||||||||||||
| Name | Executive Contributions in Last Fiscal Year ($) | Aggregate Earnings (Losses) in Last Fiscal Year ($) | Aggregate Balance at Last Fiscal Year End ($) | ||||||||||||||||||||||||
Keith E. Smith | |||||||||||||||||||||||||||
Keith E. Smith | |||||||||||||||||||||||||||
Keith E. Smith | |||||||||||||||||||||||||||
Keith E. Smith | |||||||||||||||||||||||||||
Keith E. Smith | |||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||
Josh Hirsberg | |||||||||||||||||||||||||||
Stephen S. Thompson | |||||||||||||||||||||||||||
Stephen S. Thompson | |||||||||||||||||||||||||||
Stephen S. Thompson | |||||||||||||||||||||||||||
Stephen S. Thompson | |||||||||||||||||||||||||||
Stephen S. Thompson | |||||||||||||||||||||||||||
Theodore A. Bogich | |||||||||||||||||||||||||||
Theodore A. Bogich | |||||||||||||||||||||||||||
Theodore A. Bogich | |||||||||||||||||||||||||||
Theodore A. Bogich | |||||||||||||||||||||||||||
Theodore A. Bogich | |||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||
Uri Clinton | |||||||||||||||||||||||||||
William S. Boyd | — | — | — | ||||||||||||||||||||||||
Keith E. Smith | — | 153,985 | 1,022,818 | ||||||||||||||||||||||||
Josh Hirsberg | 536,687 | 57,470 | 594,158 | ||||||||||||||||||||||||
Stephen S. Thompson | — | 307,771 | 2,080,633 | ||||||||||||||||||||||||
Theodore A. Bogich | — | 87,614 | 1,373,541 | ||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||
William S. Boyd | |||||||||||||||||||||||||||
| |
Potential Payments upon Termination or Change in Control
Under the terms of our 2000 MIP, Change in Control Plan (“CIC Plan”) and our equity incentive plans, including the individual award agreements under our equity incentive plans, payments may be made to our Named Executive Officers may be entitled to payments, enhanced vesting and other benefits upon their termination of employment or a change in control of the Company. The description of the plans is qualified by reference to the complete text of the plans, which have been filed with the SEC. We have not entered into any severance agreements with our currently serving NEOs.
The following table sets forth the estimated payments, enhanced vesting entitlements and other benefits that would be made to each of our NEOs upon voluntary termination, involuntary termination—not for cause, involuntary termination—for cause, a qualifying termination in connection with a change in control, and death or permanent disability. The payments would be made pursuant to the plans identified in the preceding paragraph. The information set forth in the table assumes:
The termination event occurred on December 31, 202129, 2023 (the last business day of our last completed fiscal year);
The price per share of our common stock on the date of termination is $65.57$62.61 per share (the closing market price of our common stock on December 31, 2021,29, 2023, the last trading day in 2021)2023);
For purposes of the short-term/annual awards under the 2000 MIP, (i) the NEO has earned and is paid theirhis target bonus, as applicable, under the 2000 MIP;
All payments are made in a lump sum on the date of termination;
The vesting of all unvested stock options, RSUs, Performance Shares and Career RSUs held by the executives (treating as unvested those Performance Shares that vested and settled based on the Compensation Committee’s subsequent determination of 20212023 performance) is immediately accelerated in full upon a change of control pursuant to discretionary authority of the plan administrator granted pursuant to the particularapplicable plan (if not otherwise accelerated pursuant to the terms of the applicable award agreements, terms of the CIC Plan or pursuant to “long service” benefits);
The portion of in-the-money stock options and other equity awards that are subject to accelerated vesting in connection with the termination are immediately exercised and the shares received upon exercise (or upon settlement in the case of RSUs, Performance Shares and Career RSUs) are immediately resold at the assumed price per share of our common stock on the date of termination; and
| • | The portion of in-the-money stock options and other equity awards that are subject to accelerated vesting in connection with the termination are immediately exercised and the shares received upon exercise (or upon settlement in the case of RSUs, Performance Shares and Career RSUs) are immediately resold at the assumed price per share of our common stock on the date of termination; and |
Any vested Career RSUs held by the executives are immediately resold at the assumed price per share of our common stock on the date of termination.
|
|
The actual amounts to be paid out can only be determined at the time of such executive’s separation from the Company and may differ materially from the amounts set forth in the table below. The amounts set forth in the table below do not reflect the withholding of applicable state and federal taxes.
| Name | Voluntary Termination ($) | Involuntary Termination | Death or Permanent Disability ($) | |||||||||||||||||||||||||||||||||||||||||||
| Not For Cause ($) | For Cause ($) | Change in Control ($) | ||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | — | — | — | 6,529,256 | — | |||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | 1,065,000 | 1,065,000 | 1,065,000 | 1,065,000 | (1) | 1,065,000 | ||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | 19,066,838 | 19,066,838 | 11,630,741 | 21,329,528 | 19,066,838 | |||||||||||||||||||||||||||||||||||||||||
Total | 20,131,838 | 20,131,838 | 12,695,741 | 28,923,783 | 20,131,838 | |||||||||||||||||||||||||||||||||||||||||
| Name | ||||||||||||||||||||||||||||||||||||||||||||||
| Name | Name | Voluntary Termination ($) | Involuntary Termination | Death or Permanent Disability ($) | ||||||||||||||||||||||||||||||||||||||||||
| Not For Cause ($) | For Cause ($) | Change in Control ($) | Death or Permanent Disability ($) | |||||||||||||||||||||||||||||||||||||||||||
Keith E. Smith | ||||||||||||||||||||||||||||||||||||||||||||||
Keith E. Smith | ||||||||||||||||||||||||||||||||||||||||||||||
Keith E. Smith | ||||||||||||||||||||||||||||||||||||||||||||||
Keith E. Smith | ||||||||||||||||||||||||||||||||||||||||||||||
Keith E. Smith |
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
CIC Plan | — | — | — | 11,442,611 | — | |||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | 2,320,000 | 2,320,000 | 2,320,000 | 2,320,000 | (1) | 2,320,000 | ||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | 40,086,941 | 40,086,941 | 12,849,359 | 43,212,531 | 40,086,941 | |||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | 42,406,941 | 42,406,941 | 15,169,359 | 56,975,143 | 42,406,941 | |||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg | ||||||||||||||||||||||||||||||||||||||||||||||
Josh Hirsberg |
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
CIC Plan | — | — | — | 6,028,693 | — | |||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | — | — | — | 700,000 | (2) | 700,000 | ||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | 8,298,572 | 8,298,572 | 2,225,282 | 13,300,678 | 8,298,572 | |||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | 8,298,572 | 8,298,572 | 2,225,282 | 20,029,371 | 8,998,572 | |||||||||||||||||||||||||||||||||||||||||
Stephen S. Thompson | ||||||||||||||||||||||||||||||||||||||||||||||
Stephen S. Thompson | ||||||||||||||||||||||||||||||||||||||||||||||
Stephen S. Thompson | ||||||||||||||||||||||||||||||||||||||||||||||
Stephen S. Thompson | ||||||||||||||||||||||||||||||||||||||||||||||
Stephen S. Thompson |
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
CIC Plan | — | — | — | 4,596,305 | — | |||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | 562,500 | 562,500 | 562,500 | 562,500 | (1) | 562,500 | ||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | 9,701,868 | 9,701,868 | 3,889,809 | 10,381,370 | 9,701,868 | |||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | 10,264,368 | 10,264,368 | 4,452,309 | 15,540,175 | 10,264,368 | |||||||||||||||||||||||||||||||||||||||||
Theodore A. Bogich | ||||||||||||||||||||||||||||||||||||||||||||||
Theodore A. Bogich | ||||||||||||||||||||||||||||||||||||||||||||||
Theodore A. Bogich | ||||||||||||||||||||||||||||||||||||||||||||||
Theodore A. Bogich | ||||||||||||||||||||||||||||||||||||||||||||||
Theodore A. Bogich |
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
CIC Plan | — | — | — | 4,900,533 | — | |||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | 562,500 | 562,500 | 562,500 | 562,500 | (1) | 562,500 | ||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | 7,176,145 | 7,176,145 | 2,381,273 | 9,656,756 | 7,176,145 | |||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Total | 7,738,645 | 7,738,645 | 2,943,773 | 15,119,789 | 7,738,645 | |||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton | ||||||||||||||||||||||||||||||||||||||||||||||
Uri Clinton |
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | — | — | — | 2,692,919 |
| |||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd | ||||||||||||||||||||||||||||||||||||||||||||||
William S. Boyd |
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
CIC Plan | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Short-term/Annual Bonus (2000 MIP) | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Unvested and Accelerated Awards Under Equity Incentive Plans | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||
| (1) | Represents the amount payable under the 2000 MIP in the event of a change of control followed by the executive’s termination with or without cause. |
| (2) | Represents the amount payable under the 2000 MIP in the event of a change of control followed by the executive’s termination without cause. In the event of the executive’s termination with cause following a change of control, the amount payable would be $0. |
| |
Chief Executive Officer Pay Ratio
In 2021,2023, the annual total compensation of Mr. Smith, our President and Chief Executive Officer, was $14,740,782,$11,410,646, as reported in the Summary Compensation Table. Based on the methodology described below, we determined that the median employee in terms of total 20212023 compensation of all Company employees (other than Mr. Smith) received an estimated $31,361$35,904 in annual total compensation for 2021.2023. Therefore, the estimated ratio of 20212023 total compensation of Mr. Smith to the median employee was 470318 to 1. The pay ratio provided is a reasonable estimate calculated in a manner consistent with SEC rules.
To identify our median employee and determine median employee compensation, we took the following steps:
We identified our employee population as of December 31, 2021,2023, which consisted of approximately 14,73216,032 full-time and part-time employees.
With respect to employees other than Mr. Smith, we used a “base salary” for 2021, which consisted of base cash salary for salaried employees and cash compensation paid at the applicable hourly rate, plus any applicable cash tip income reported, for non-salaried employees. We then identified the median employee whose compensation we believe best reflects the Company’s employees’ median 2021 compensation.
| • | With respect to employees other than Mr. Smith, we used a “base salary” for 2023, which consisted of base cash salary for salaried employees and cash compensation paid at the applicable hourly rate, plus any applicable cash tip income reported, for non-salaried employees, and Company matching contributions to the employees’ 401(k) accounts. We then identified the median employee whose compensation we believe best reflects the Company’s employees’ median 2023 compensation. |
In accordance with SEC rules, we then determined the median employee’s 20212023 total compensation ($31,361) using the approach required by the SEC when calculating our named executive officers’ compensation, as reported in the Summary Compensation Table. The median employee’s 20212023 total compensation included all cash compensation and Company matching contributions to the employee’s 401(k) account.
The median salary increased from $27,116$35,286 in 20202022 to $31,361$35,904 for 2021. The increase can be attributed to the closure of properties from mid-March 2020 to early June 2020 at the beginning of the Pandemic which negatively impacted individual’s annual compensation.2023. We experienced a slightan increase in the number of individuals we employed from 14,27815,246 as of December 31, 20202022 to 14,73216,032 as of December 31, 20212023, or an increase of 454786 year over year.
|
|
Pay Versus Performance | ||||||||||||||||||||||||||||||||
Value of $100 Initial Investment Based On: | ||||||||||||||||||||||||||||||||
Year | Summary Compensation Table Total for CEO ($) | Compensation Actually Paid to CEO ($)(1) | Average Summary Compensation Table Total for Non-CEO Named Executive Officers ($)(2) | Average Compensation Actually Paid to Non-CEO Named Executive Officers ($)(3) | Total Shareholder Return ($)(4) | Peer Group Total Shareholder Return ($)(5) | Net Income (Loss) (in thousands) ($) | Adjusted EBITDAR (in thousands) ($) | ||||||||||||||||||||||||
| 2023 | 11,410,646 | 14,804,618 | 3,318,748 | 4,115,019 | 213.58 | 75.96 | 620,023 | 1,394,791 | ||||||||||||||||||||||||
| 2022 | 10,369,721 | 7,120,582 | 3,431,198 | 2,454,683 | 184.16 | 58.28 | 639,377 | 1,390,509 | ||||||||||||||||||||||||
| 2021 | 14,740,782 | 25,387,421 | 4,531,494 | 7,532,905 | 219.00 | 78.17 | 463,846 | 1,365,985 | ||||||||||||||||||||||||
| 2020 | 2,973,606 | 8,720,802 | 1,331,123 | 2,975,201 | 143.35 | 89.66 | (134,700 | ) | 609,894 | |||||||||||||||||||||||
| (1) | Compensation actually paid to Mr. Smith for each of the fiscal years reported is calculated as follows: |
2023($) | 2022($) | 2021($) | 2020($) | |||||||||||||
| Total compensation reported in Summary Compensation Table | 11,410,646 | 10,369,721 | 14,740,782 | 2,973,606 | ||||||||||||
Less: | 6,666,287 | 6,430,512 | 8,940,265 | 213,746 | ||||||||||||
Plus: | ||||||||||||||||
| Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year | 6,181,611 | 4,952,415 | 10,841,081 | — | ||||||||||||
| Change in fair value of outstanding awards granted in prior fiscal years(b) | 1,307,514 | (2,628,668 | ) | 6,743,562 | 6,085,478 | |||||||||||
| Vesting date fair value of equity awards granted and vested during the fiscal year | 225,011 | 217,516 | 213,759 | 213,746 | ||||||||||||
| Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year(c) | 2,346,123 | 640,110 | 1,788,502 | (338,282 | ) | |||||||||||
| Earnings paid on unvested awards for dividends or other earnings | — | — | — | — | ||||||||||||
Less: | — | — | — | — | ||||||||||||
| Compensation actually paid(d) | 14,804,618 | 7,120,582 | 25,387,421 | 8,720,802 | ||||||||||||
| (a) | Includes time-based restricted shares and performance-based restricted shares, which do not vest during the fiscal year awarded, and career shares, which vest 100% when granted. |
| (b) | Change in fair value from December 31 of the covered fiscal year compared to December 31 of the prior fiscal year. Each performance share included as part of the calculation represents a contingent right to receive up to a maximum of two shares of common stock, subject to satisfaction of certain performance metrics. Amounts reported assume the performance metrics will be achieved at the target performance level, which is the most probable outcome as of the end of the fiscal year, unless otherwise noted. Interim values based on assumption of the most probable outcome may not ultimately reflect actual payouts. |
| (c) | Change in fair value from vesting date compared to December 31 of the prior fiscal year. |
| (d) | The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. |
| (2) | Named Executive Officers included in the calculation for 2023 are Josh Hirsberg, Stephen Thompson, Theodore Bogich, Uri Clinton, and William S. Boyd, and for each of 2022, 2021 and 2020 are Messrs. Boyd, Hirsberg, Thompson, and Bogich. |
27 | |
| (3) | Average compensation actually paid to non-CEO named executive officers (“NEOs”) reported on an average basis is calculated as follows: |
2023($) | 2022($) | 2021($) | 2020($) | |||||||||||||
| Total compensation reported in Summary Compensation Table | 3,318,748 | 3,431,198 | 4,531,494 | 1,331,123 | ||||||||||||
Less: (a) | 1,724,816 | 1,751,000 | 2,350,193 | 110,058 | ||||||||||||
Plus: | ||||||||||||||||
| Fair value as of December 31 of awards granted during and outstanding at the end of the fiscal year | 1,584,293 | 1,331,398 | 2,826,067 | 42,043 | ||||||||||||
Change in fair value of outstanding awards granted in prior fiscal years (b) | 362,981 | (810,433 | ) | 2,023,149 | 1,676,692 | |||||||||||
| Vesting date fair value of equity awards granted and vested during the fiscal year | 86,706 | 94,075 | 94,086 | 91,872 | ||||||||||||
Change in fair value of awards granted in prior fiscal years and vested during the covered fiscal year (c) | 487,278 | 159,445 | 408,302 | (56,471 | ) | |||||||||||
| Earnings paid on unvested awards for dividends or other earnings | — | — | — | — | ||||||||||||
Less: | — | — | — | — | ||||||||||||
Compensation actually paid (d) | 4,115,019 | 2,454,683 | 7,532,905 | 2,975,201 | ||||||||||||
| (a) | Includes time-based restricted shares and performance-based restricted shares, which do not vest during the fiscal year awarded, and career shares. As of December 31, 2023, Messrs. Thompson and Boyd were fully vested in each of their respective career shares, Messrs. Hirsberg and Bogich were 75% vested, and Mr. Clinton was entirely unvested in his career shares. See “ Compensation Discussion and Analysis—Career Shares Program |
| (b) | Change in fair value from December 31 of the covered fiscal year compared to December 31 of the prior fiscal year. Each performance share included as part of the calculation represents a contingent right to receive up to a maximum of two shares of common stock, subject to satisfaction of certain performance metrics. Amounts reported assume the performance metrics will be achieved at the target performance level, which is the most probable outcome as of the end of the fiscal year, unless otherwise noted. Interim values based on assumption of the most probable outcome may not ultimately reflect actual payouts. |
| (c) | Change in fair value from vesting date compared to December 31 of the prior fiscal year. |
| (d) | The valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant. |
| (4) | Assumes $100 was invested on December 31, 2019. |
| (5) | Represents the cumulative total return of the Dow Jones U.S. Gambling Index and assumes $100 was invested on December 31, 2019. |
| 28 |
29 | |
| 30 |
OWNERSHIP OF PRINCIPAL STOCKHOLDERS AND MANAGEMENT
The following table sets forth certain information regarding the beneficial ownership of our common stock as of March 11, 202212, 2024 by:
each of our directors or director nominees;
each of our NEOs;
all of our directors and executive officers as a group; and
each person who is known by us to beneficially own more than 5% of our common stock.
Unless otherwise indicated, each individual listed below has sole investment power and sole voting power with respect to the shares of our common stock owned by that person. Percentage ownership is based on an aggregate of 109,972,11495,730,836 shares of our common stock outstanding on March 11, 2022.12, 2024.
Name** | Number of Shares Owned and Nature of Beneficial Ownership (1) | Percent of Class | ||||||
Director | ||||||||
William S. Boyd | 19,706,718 | (2) | 17.92 | % | ||||
Marianne Boyd Johnson | 6,704,737 | (3) | 6.10 | % | ||||
William R. Boyd | 2,174,524 | (4) | 1.98 | % | ||||
Keith E. Smith | 1,423,140 | (5) | 1.29 | % | ||||
Peter M. Thomas | 137,483 | (6) | * | |||||
Veronica J. Wilson | 132,350 | (7) | * | |||||
Christine J. Spadafor | 123,043 | (8) | * | |||||
John R. Bailey | 56,773 | (9) | * | |||||
Paul W. Whetsell | 52,273 | (10) | * | |||||
A. Randall Thoman | 9,754 | (11) | * | |||||
Other Named Executive Officers | ||||||||
Josh Hirsberg | 473,016 | (12) | * | |||||
Stephen S. Thompson | 127,637 | (13) | * | |||||
Theodore A. Bogich | 103,883 | (14) | * | |||||
All directors and executive officers as a group (15 persons) | 31,245,065 | (15) | 28.41 | % | ||||
|
|
|
| |||||
5% or Greater Stockholders | ||||||||
William S. Boyd | 19,706,718 | (2) | 17.92 | % | ||||
Marianne Boyd Johnson | 6,704,737 | (3) | 6.10 | % | ||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 6,882,089 | (16) | 6.25 | % | ||||
The Vanguard Group. 100 Vanguard Blvd. Malvern, PA 19355 | 8,670,986 | (17) | 7.78 | % | ||||
| |
Name** | Number of Shares Owned and Nature of Beneficial Ownership(1) | Percent of Class | ||||||
Director |
|
|
|
|
|
| ||
Marianne Boyd Johnson | 14,900,435 | (2) | 15.6 | % | ||||
William R. Boyd | 1,665,786 | (3) | 1.7 | % | ||||
Keith E. Smith | 1,011,975 | 1.1 | % | |||||
Peter M. Thomas | 143,850 | (4) | * | |||||
Christine J. Spadafor | 117,702 | (5) | * | |||||
John R. Bailey | 63,140 | (6) | * | |||||
Paul W. Whetsell | 58,640 | (7) | * | |||||
A. Randall Thoman | 13,621 | (8) | * | |||||
Other Named Executive Officers |
|
|
|
|
|
| ||
Josh Hirsberg | 389,683 | (9) | * | |||||
Stephen S. Thompson | 39,596 | * | ||||||
Theodore A. Bogich | 30,526 | * | ||||||
Uri Clinton | 335 | * | ||||||
William S. Boyd | 8,778,207 | (10) | ||||||
All directors and executive officers as a group (12 persons) | 27,213,496 | 28.4 | % | |||||
|
|
|
| |||||
5% or Greater Stockholders | ||||||||
William S. Boyd | 8,778,207 | (10) | 9.2 | % | ||||
Marianne Boyd Johnson | 14,900,435 | (2) | 15.6 | % | ||||
BlackRock, Inc. 55 East 52nd Street New York, NY 10055 | 8,159,557 | (11) | 8.5 | % | ||||
The Vanguard Group. 100 Vanguard Blvd. Malvern, PA 19355 | 7,434,379 | (12) | 7.8 | % | ||||
| * | Indicates less than 1% of class. |
| ** | Except as otherwise noted, the mailing address of all persons on the list set forth in the table below is 6465 South Rainbow Boulevard, Las Vegas, Nevada 89118. |
| (1) | Includes shares underlying certain Career RSUs and certain RSUs held by our outside directors that were fully vested upon grant but excludes shares underlying RSUs, |
31 | |
| (2) | Includes |
|
Includes |
|
|
Includes |
|
Includes |
Includes |
Includes |
Includes |
Includes |
|
|
|
|
Based solely on information contained in Schedule 13G, Amendment No. |
Based solely on information contained in Schedule 13G, Amendment No. |
SECTION 16(A) REPORTING COMPLIANCE
Delinquent Section 16(a) Reporting ComplianceReports
Section 16(a) of the Exchange Act requires the Company’s directors, certain of the Company’s officers, and persons who own more than 10% of a registered class of the Company’s equity securities, to file ownership reports on Forms 3, 4, and 5 with the SEC. Based solely on its review of the copies of such forms received by it, the Company believes that during 20212023 all Section 16(a) filing requirements applicable to such officers, directors and 10% stockholders were satisfied.satisfied, except for the following: on May 18, 2023, each of Messrs. Thomas, Thoman, Whetsell and Bailey and Ms. Spadafor filed respective Forms 4 to report shares granted to such individual under the Company’s annual incentive plan. The late filings were due to an administrative error in processing at the Company, which has been remediated.
|
|
YOUR VOTE
PROPOSAL 1—ELECTION OF DIRECTORS
The authorized number of directors is currently fixed at twelve,eight, as set by the Board. Veronica J. Wilson has decided notBoard pursuant to stand for re-election, and her Board service will end at the conclusion of the Annual Meeting. The Board would like to recognize Ms. Wilson for her service and contributions as a member of the Board. As a result of Ms. Wilson’s decision not to stand for re-election and the vacancy created as a result of Robert Boughner’s retirement from the Board in 2021, the Board has determined to fix the number of directors at nine.
our bylaws. The Board recommends the following individuals for election as directors to serve until the next annual election of directors.
William S. Boyd
Marianne Boyd Johnson
Keith E. Smith
William R. Boyd
John Bailey
Christine J. Spadafor
A. Randall Thoman
Peter Thomas
Paul W. Whetsell
Vacancies on our Board and newly created directorships will generally be filled by vote of a majority of the directors then in office, and any directors so chosen will hold office until the next annual election of directors. Our Board has no reason to believe that any of the nominees will be unable or unwilling to serve if elected to office and, to our Board’s knowledge, each of the nominees intends to serve the entire term for which election is sought. However, should any nominee become unable or unwilling to accept nomination or election as a director of the Company, the proxies solicited by management will be voted for such other person as our board of directorsBoard may determine.
OUR BOARD OF DIRECTORS RECOMMENDS THAT YOU
VOTE FOR THE ELECTION OF THE NOMINEES LISTED ABOVE.
| |
PROPOSAL 2—RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Deloitte and Touche, LLP (“Deloitte”) has served as our independent registered public accounting firm since 1981 and has been appointed by the Audit Committee to continue as our independent registered public accounting firm for the year ending December 31, 2022.2024.
If our stockholders do not ratify the selection of Deloitte as our independent registered public accounting firm, the Audit Committee will review its selection of auditors, and a change in its selection may or may not occur. Even if the appointment is ratified, the Audit Committee reserves the right to select a different independent registered public accounting firm at any time during the fiscal year without resubmitting the matter to stockholders for ratification.
A Deloitte representative is expected to be present at the Annual Meeting and will have an opportunity to make a statement and respond to appropriate questions.
The Audit Committee considered whether Deloitte’s provision of any professional services other than its audits of our annual financial statements and the effectiveness of our internal controls over financial reporting, reviews of quarterly financial statements and other audit-related services, is compatible with maintaining its independence.
The following table sets forth the aggregate fees billed by Deloitte for the audits and other services provided to the Company for fiscal years 20212023 and 2020.2022.
| 2023 | 2022 | |||||||||||||||
| 2021 | 2020 | |||||||||||||||
Audit Fees(1) | $ | 3,669,000 | $ | 3,651,000 | ||||||||||||
Audit Fees(1) | ||||||||||||||||
Audit Fees(1) | ||||||||||||||||
Audit Fees(1) | $ | 4,061,000 | $ | 4,183,000 | ||||||||||||
Audit-Related Fees(2) | 541,000 | 490,000 | ||||||||||||||
Audit-Related Fees(2) | ||||||||||||||||
Audit-Related Fees(2) | ||||||||||||||||
Audit-Related Fees(2) | 1,009,000 | 626,000 | ||||||||||||||
Tax Fees(3) | 98,000 | 116,000 | ||||||||||||||
Tax Fees(3) | ||||||||||||||||
Tax Fees(3) | ||||||||||||||||
Tax Fees(3) | 248,000 | 254,000 | ||||||||||||||
All Other Fees | ||||||||||||||||
All Other Fees | ||||||||||||||||
All Other Fees | ||||||||||||||||
All Other Fees | — | — | — | — | ||||||||||||
|
|
|
| |||||||||||||
Total | ||||||||||||||||
Total | ||||||||||||||||
Total | ||||||||||||||||
Total | $ | 4,308,000 | $ | 4,257,000 | $ | 5,318,000 | $ | 5,063,000 | ||||||||
|
|
|
| |||||||||||||
| (1) | Audit fees represent fees for professional services provided in connection with the audit of our consolidated financial statements, the review of our quarterly financial statements and the audit of the effectiveness of our internal controls over financial reporting, including professional services relating to our corporate transactions and |
| (2) | Audit-related fees consist primarily of services provided in connection with our regulatory audits, consulting on technical accounting matters and certain other audit-related consultation services. |
| (3) | Tax fees consist primarily of tax consultation and planning fees and tax compliance services, including services provided in connection with certain federal and state tax matters, cost segregation services, transaction support and Internal Revenue Service examination support services. |
Audit Committee Pre-Approval of Audit and Non-Audit Services: The Audit Committee has adopted a policy for the pre-approval of all audit and permissible non-audit services provided by our independent registered public accounting firm. These services may include audit services, audit-related services, tax services and other services. Under the policy, pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services and is subject to a specific budget. In addition, the Audit Committee may also pre-approve particular services on a case-by-case basis. The Audit Committee has delegated its pre-approval authority to the Chairman of the Audit Committee.Committee Chair. The ChairmanChair is required to report any decisions to the Audit Committee at the next scheduled committeeCommittee meeting. All services provided by Deloitte in fiscal year 20222023 were in compliance with our policy relating toapproved by the pre-approval of services.Audit Committee.
OUR BOARD OF DIRECTORS RECOMMENDS YOU
VOTE FOR RATIFICATION OF THE APPOINTMENT OF DELOITTE AS
THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FOR THE FISCAL YEAR 20222024
|
|
To the Board of Directors:
We have reviewed and discussed with management the Company’s audited financial statements as of and for the fiscal year ended December 31, 2021. 2023.
We have discussed with Deloitte, the Company’s independent registered public accounting firm, the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board and the SEC.
We have received and reviewed the written disclosures and the letter from Deloitte required by applicable requirements of the Public Company Accounting Oversight Board regarding Deloitte’s communications with the Audit Committee concerning independence and have discussed with Deloitte their independence.
Based on the reviews and discussions referred to above, we recommended to the board of directors that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.2023.
A. Randall Thoman, Chair
Christine J. Spadafor
Peter M. Thomas
Veronica J. Wilson
Members, Audit Committee
35 | |
PROPOSAL 3—ADVISORY VOTE ON EXECUTIVE COMPENSATION
The Company is providing stockholders with the opportunity to vote to approve, on a nonbinding, advisory basis, the compensation of our Named Executive Officers as disclosed in this proxy statement in accordance with the compensation disclosure rules of the SEC, as required by Section 14A of the Exchange Act and related SEC rules (a “say-on-pay” proposal). The vote on this resolution is not intended to address any specific element of compensation, but rather relates to the overall compensation of our Named Executive Officers, as described in this proxy statement in accordance with the SEC’s compensation disclosure rules. At the Company’s 2023 Annual Meeting, the majority of our stockholders voted to advise us to include a say-on-pay proposal every year, and consistent with that preference expressed by our stockholders, the Board of Directors determined that the Company will hold an advisory stockholder vote on the compensation of our Named Executive Officers every year. Following the stockholders’ vote on Proposal 3 at the Annual Meeting, the next say-on-pay proposal will be held at the Company’s 2025 Annual Meeting, and an advisory vote on the frequency of say-on-pay proposals will be held no later than the Company’s 2029 Annual Meeting.
As described in “Compensation Discussion and Analysis,” our compensation programs for our Named Executive Officers are designed to promote the Company’s long-term strategy. Accordingly, the compensation of our Named Executive Officers is based in large part on our success and achievements as assessed by our Board.
The Compensation Committee believes the Company’s executive compensation programs have been effective at recognizing the achievement of sound financial performance and accomplishment of strategic, long-term transformative corporate events.
Our Board and Compensation Committee value the opinions of our stockholders, who supported our compensation programs for our Named Executive Officers at the 2023 Annual Meeting with approximately 94.85% of votes cast. We are committed to ongoing engagement with our stockholders on executive compensation and corporate governance issues, in addition to the conducting of periodic advisory votes on executive compensation.
Accordingly, we ask our stockholders to vote on the following resolution at the Annual Meeting:
“RESOLVED, that the Company’s stockholders approve, on an advisory basis, the compensation of the Named Executive Officers, as disclosed in the Company’s Proxy Statement for the 2024 Annual Meeting of Stockholders pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the Summary Compensation Table and the other related tables and disclosure.”
As an advisory vote, this resolution is not binding on the Company, our Board or our Compensation Committee. However, we believe that it is important for our stockholders to have an opportunity to express their views regarding our executive compensation philosophy, our compensation policies and programs, and our decisions regarding executive compensation. The Compensation Committee will consider the outcome of this advisory vote when making future compensation decisions regarding our Named Executive Officers.
THE BOARD OF DIRECTORS RECOMMENDS
A VOTE FOR THE APPROVAL, ON AN ADVISORY BASIS, OF
THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS,
AS DISCLOSED IN THIS PROXY STATEMENT.
|
|
PROPOSAL 4—REPORT ON SMOKEFREE POLICY
Trinity Health and Americans for Nonsmokers’ Rights Foundation (the “proponents”) have notified the Company that they intend to present the following proposal for consideration at the Annual Meeting. The proponents have presented the proposal and supporting statements set forth below, and we are presenting the proposals and the supporting statements as they were submitted to us.
Although we do not support certain of the statements contained in the proposal and the supporting statements, we have limited our response to the most important points and have not attempted to address all the statements with which we disagree. The address and stock ownership of all proponents will be furnished by the Company’s Secretary to any person, orally or in writing as requested, promptly upon receipt of any oral or written request.
Resolved: Shareholders request the Board of Directors commission and disclose a report on the potential cost savings through the adoption of a smokefree policy for Boyd Gaming properties. The report, prepared at reasonable cost and omitting confidential and proprietary information, should be published within six months following the 2024 shareholders meeting.
Whereas:
The U.S. Surgeon General released a landmark report in 2006 stating that there is no safe level of exposure to secondhand smoke. Tobacco use and secondhand smoke exposure kills nearly 500,000 Americans every year.1 For the gaming industry, workers on casino floors are largely people of color and women; lack of access to smokefree air can deepen existing disparities in health outcomes.
The COVID-19 pandemic changed long-held business assumptions across many industries. For the gaming industry, customers became much more sensitive to indoor air quality and how such air affects their health.
While our Company may have efforts to address indoor air quality, the American Society of Heating, Refrigerating and Air-Conditioning Engineers states: “There is no currently available or reasonably anticipated ventilation or air cleaning system that can adequately control or significantly reduce the health risks of environmental tobacco smoke to an acceptable level.”2
As independent researchers C3 Gaming found in analyzing revenue performance in several competitive casino markets, smokefree casinos, for the first time, generated more revenue: “Data from multiple jurisdictions clearly indicates that banning smoking no longer causes a dramatic drop in gaming revenue. In fact, non-smoking properties appear to be performing better than their counterparts that continue to allow smoking.”3
There are potential business risks to allowing indoor smoking in Boyd Gaming properties, from higher employee health insurance premiums (when compared with casinos that don’t permit indoor smoking), greater maintenance costs, and deterring a significant number of potential visitors who won’t visit a casino due exposure to tobacco smoke (87% of the American public does not smoke).4
Shareholders have no guidance as to the costs our Company is bearing for continuing to allow indoor smoking, nor has the Company disclosed the social and environmental costs and risks imposed on its stakeholders.
Parx Casino’s Chief Marketing Officer told the Play Pennsylvania website in February 2023 that since the casino went smokefree, Parx has seen a positive effect on the health and morale of employees, and did not increase health insurance premiums: “Frankly, we are starting to see health costs go down…What’s been interesting to me, is a lot of our smoking guests have actually said things like, ‘I never realized how smoky and annoying it was. I really don’t mind walking 50 feet out to the smoking patio.”5
| 1 | https://www.cdc.gov/tobacco/data_statistics/fact_sheets/health_effects/tobacco_related_mortality/index.htm |
| 2 | https://www.ashrae.org/file%20library/about/position%20documents/pd_environmental-tobacco-smoke-202--07-1.pdf |
| 3 | https://8b3e0552-f01a-40e0-b077-ea4813c4af0b.usrfiles.com/ugd/8b3e05_348baee6d05949ad9b4adae2b7a77105.pdf |
| 4 | https://www.cdc.gov/tobacco/data_satistics/fact_sheets/adult_data/cig_smoking/index.htm |
| 5 | https://www.playpennsylvania.com/g2e-panel-discussion-parx-casino-smoking/ |
37 | |
New customer preferences require an examination of the status quo in which smoking is allowed in gaming properties around the country. We believe our Company could enhance its ESG initiatives by conducting the report that our proposal requests. We urge Boyd Gaming shareholders to vote in favor of this proposal.
Board Recommendation
The Board of Directors recommends a vote AGAINST this proposal.
The proposal asks for a report on implementing a smoke-free policy, but we believe this proposal is the first step toward forcing our Company to unilaterally adopt such a policy, regardless of the actions of our competitors. We recommend that you vote against the proposal knowing that we are focused on the issues covered by the proposal as we are with all other ways we can best cater to our customers and maintain the service of our excellent employees that provide our best-in-class customer service.
Catering to Guest Preferences
The success of our business depends on building guest loyalty to our brand. An important part of building that loyalty is the delivery of excellent customer service by our employees. Given the importance of both employees and customers to our Company, we value our relationship with both, and we care deeply about their health. As noted below, the customer experience we historically have been accustomed to providing was negatively impacted by smoking bans in our Midwest and South markets, and we experienced negative customer churn as a result.
Effectively Balancing Multiple Interests
The experience we offer at our properties is always at the forefront of our decision-making, as that is how we attract and maintain our customer base and in turn enhance shareholder value. The smoking policy for each of our properties takes into consideration a wide range of business factors, including the tastes and preferences of customers in those locations, local practices and regulations, the policies of competitors that are near our properties, the effectiveness of airflow technology solutions, and considerations of other alternative approaches. Balancing such interests is a complex issue, and the policies that our management implements with respect to our properties have a direct impact on our customer base and, by extension, our financial performance. Adopting a property-wide smokefree policy would have significant competitive implications, as customers who wish to smoke while gaming could consider patronizing a competitor. We have previously experienced such negative impacts in markets subject to smoking bans. Given the overwhelming number of competitors that permit smoking, unilateral implementation of the shareholder proposal would put our Company at a significant competitive disadvantage, adversely impact our gaming revenues and consequently reduce shareholder value. We need to balance these considerations.
Continuously Working to Enhance Customer Experience
We have a robust governance structure with an active board of directors, experienced executive oversight and subject matter experts who analyze our ongoing management of properties and ultimately make decisions in a manner that is appropriate for the Company, our customers and you, our shareholders. We work on ways to maintain and enhance customer experience on a day-to-basis and consider the impacts of smoking at our properties along with a myriad of other considerations. You have entrusted us with making decisions that are in your best interests as the owners of our Company, which we are committed to doing. We believe our performance demonstrates that.
ACCORDINGLY, THE BOARD OF DIRECTORS RECOMMENDS THAT YOU
VOTE AGAINST THIS SHAREHOLDER PROPOSAL.
| 38 |
EQUITY COMPENSATION PLAN INFORMATION
The following table provides additional information regarding our equity compensation plans as of December 31, 2021.2023.
| (a) | (b) | (c) | |||||||||||||||||||||||||
| (a)
| (b)
| (c)
| |||||||||||||||||||||||||
Plan Category | Number of Shares to be Issued upon Exercise of Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Shares Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Shares Reflected in Column(a)) | ||||||||||||||||||||||||
Plan Category | |||||||||||||||||||||||||||
Plan Category | |||||||||||||||||||||||||||
Plan Category | |||||||||||||||||||||||||||
Plan Category | Number of Shares to be Issued upon Exercise of Options, Warrants and Rights | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Shares Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Shares Reflected in Column(a)) | ||||||||||||||||||||||||
Equity compensation plans approved by stockholders | 3,160,589 | (1) | $ | 17.02 | (2) | 7,356,402 | (3) | ||||||||||||||||||||
Equity compensation plans approved by stockholders | |||||||||||||||||||||||||||
Equity compensation plans approved by stockholders | |||||||||||||||||||||||||||
Equity compensation plans approved by stockholders | |||||||||||||||||||||||||||
Equity compensation plans approved by stockholders | 2,326,364 | (1) | $ | 16.56 | (2) | 6,700,339 | (3) | ||||||||||||||||||||
Equity compensation plans not approved by stockholders | |||||||||||||||||||||||||||
Equity compensation plans not approved by stockholders | |||||||||||||||||||||||||||
Equity compensation plans not approved by stockholders | |||||||||||||||||||||||||||
Equity compensation plans not approved by stockholders | |||||||||||||||||||||||||||
Equity compensation plans not approved by stockholders | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||
Total | 3,160,589 | $ | 17.02 | 7,356,402 | |||||||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||||
| (1) | Includes options to purchase shares outstanding under our 2012 Stock Incentive Plan. Also includes RSUs, Performance Shares and Career Shares outstanding under our 2020 Stock Incentive Plan, our 2012 Stock Incentive Plan and our 2002 Stock Incentive Plan. |
| (2) | Weighted Average Exercise Price does not include RSUs, Performance Shares or |
| (3) | Consists of shares available for future issuance under our 2020 Stock Incentive Plan, which may also be issued as RSUs and Performance Shares under our 2000 MIP. Each Performance Share represents a contingent right to receive up to a maximum of two shares of our common stock. |
TRANSACTIONS WITH RELATED PERSONS
We consider transactions involving the Company and a related person who may have a direct or indirect material interest. Our Audit Committee is responsible for reviewing and approving certain related person transactions.
Marianne Boyd Johnson and William R. Boyd, and Samuel Boyd are children of William S. Boyd.Boyd, our Chairman Emeritus and former Co-Executive Chair of the Board. Samuel J. Johnson, III is the stepson of Marianne Boyd Johnson. Marianne Boyd Johnson received a base salary and cash bonustotal compensation equal to $703,424$1,715,100 for fiscal year 20212023, which included base salary, equity- and non-equity-based incentive compensation, time-based equity awards, career shares and other benefits. Ms. Boyd is receiving a base salary of $294,000$366,360 in fiscal year 2022.2024 in addition to equity- and non-equity-based compensation. William R. Boyd received total compensation equal to $1,023,897 for fiscal year 2023, which included base salary, equity- and non-equity-based incentive compensation, time-based equity awards, career shares and other benefits. William R. Boyd is receiving a base salary of $335,000 in fiscal year 2024 in addition to equity- and non-equity-based compensation. Samuel J. Johnson, III, Vice President of Business Improvement, received a base salary and cash bonus equal to $511,026 in$258,649 for fiscal year 20212023 and is receiving a base salary of $265,000 in 2022. Samuel Boyd, Director of Corporate Relationship Marketing, received a base salary and cash bonus equal to $125,611$210,000 for fiscal year 2021 and is receiving a base salary of $100,000 in 2022.2024. Samuel J. Johnson, III Vice President of Business Improvement with the Company, received a base salary and cash bonus equal to $257,849 for fiscal year 2021 and is receiving a base salary of $196,500 for 2022. Marianne Boyd Johnson, William R. Boyd, Samuel J. Johnson, III, and Samuel Boyd are also eligible to earn cash bonuses in fiscal year 2022.2024.
| |
ANSWERS
What is the purpose of the Annual Meeting?
The purpose of the annual meeting is to consider and vote on the following proposals:
| 1. | To elect |
| 2. | To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, |
| 3. | To hold an advisory vote on executive compensation. |
| 4. | To consider and vote on a stockholder proposal regarding the commissioning of a report on the effects of a company-wide non-smoking policy. |
| 5. | To transact such other business as may properly come before the Annual Meeting and any adjournments or postponements thereof. |
Who is entitled to vote at the Annual Meeting?
The close of business on March 11, 202212, 2024 has been fixed as the record date for determining the holders of shares of our common stock entitled to notice of and to vote at the Annual Meeting. Only stockholders of record at the close of business on that date are entitled to attend and vote at the Annual Meeting. The only class of stock that is currently outstanding and that can be voted at the Annual Meeting is our common stock. Each outstanding share of common stock is entitled to one vote on each matter that comes before the Annual Meeting.
At the close of business on the record date, there were 109,972,11495,730,836 shares of our common stock outstanding. Those shares represented by properly submitted proxies that are not duly revoked will be voted at the Annual Meeting.
How do I vote?
You may attend the virtual meeting via the live webcast and vote during the meeting when the polls are open. Alternatively, prior to the date of the Annual Meeting, you may vote by using any of the following methods:
| • | By Internet—You may vote online by going to www.proxyvote.comto complete an electronic proxy card. When voting online, please have the 16-digit control number from your proxy card, Internet Availability Notice or voting instruction form available, and follow the simple instructions contained on the website to vote. You must submit your vote before 11:59 p.m., Eastern Time, on May |
By Telephone—You may use any touch-tone telephone to vote by calling the phone number on your voter card. When voting by telephone, please have the 16-digit control number from your proxy card, Internet Availability Notice or voting instruction form available, and follow the simple voice-guided instructions. You must submit your vote before 11:59 p.m., Eastern Time, on May 4, 2022, the day before the Annual Meeting, for your vote to count.
| • | By Telephone—You may use any touch-tone telephone to vote by calling the phone number on your voter card. When voting by telephone, please have the 16-digit control number from your proxy card, Internet Availability Notice or voting instruction form available, and follow the simple voice-guided instructions. You must submit your vote before 11:59 p.m., Eastern Time, on May 8, 2024, the day before the Annual Meeting, for your vote to count. |
By Mail—If you receive or request a proxy card, you may vote by completing, signing and dating the proxy card and returning it in the provided postage-paid envelope. Please mail your completed proxy card to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. Broadridge must receive the proxy card no later than 11:59 p.m., Eastern Time, on May 4, 2022, the day before the Annual Meeting, for your vote to count.
| • | By Mail—If you receive or request a proxy card, you may vote by completing, signing and dating the proxy card and returning it in the provided postage-paid envelope. Please mail your completed proxy card to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. Broadridge must receive the proxy card no later than 11:59 p.m., Eastern Time, on May 8, 2024, the day before the Annual Meeting, for your vote to count. |
To determine how you may revoke or change your vote submitted by the Internet, telephone and mail methods described above, please refer to the section entitled “Can I change my vote after I submit my proxy or voting instructions?”
| 40 |
If your shares are not registered directly in your name (e.g., you hold your shares in a stock brokerage account or through a bank or other holder of record), you may vote by following the instructions provided by the record holder (i.e., your broker, bank or other holder of record) regarding how to vote.
|
|
Who will vote my shares if I specify how my shares are to be voted?
William S.Marianne Boyd Johnson and William R. Boyd are both directors and officers of the Company and were named by our board of directorsBoard as proxy holders. They will vote all proxies, or record an abstention or withholding, in accordance with the directions on the proxy card. For a discussion regarding how the proxy holders will vote proxies if no direction is given, please refer to the question entitled “What if I do not specify how my shares are to be voted?”
What if I do not specify how my shares are to be voted?
If you indicate that you wish to vote as recommended by our Board of Directors or if you execute and return your proxy card but you do not provide instruction with respect to any or all proposals to be acted upon at the Annual Meeting, your shares will be voted in accordance with the recommendations of our Board of Directors.Board. Your proxy will be voted “FOR” the election of each of the director nominees named in this proxy statement; “FOR” Proposal 2; “FOR” Proposal 3; “AGAINST” Proposal 4; and as the proxy holders deem advisable on other matters that may properly come before the Annual Meeting.
If you are a beneficial owner of our common stock and you do not provide instructions to your bank, broker or other holder of record on how to vote your shares, your bank, broker or other holder of record may vote your shares in its discretion only on Proposal 2. Your bank, broker or other holder of record may not vote your shares with respect to ProposalProposals 1, 3 or 4 without instructions. For a discussion regarding the difference between stockholders of record and beneficial owners, please refer to the section entitled “What is the difference between holding shares as a stockholder of record and as a beneficial owner?”
Currently, no matter is expected to be considered at the Annual Meeting other than the proposals set forth in the accompanying Notice of Annual Meeting of Stockholders (“Notice of Annual Meeting”). However, if any other matters are properly brought before the Annual Meeting for action, it is intended that the shares of our common stock represented by proxies will be voted by the persons named as proxy holders on the proxy card in accordance with their discretion on such matters.
Why did I receive an Internet Availability Notice instead of a full set of the proxy materials?
We are pleased to take advantage of the SEC rules that allow companies to furnish their proxy materials over the Internet. Accordingly, we sent to our stockholders the Internet Availability Notice regarding Internet availability of the proxy materials for this year’s Annual Meeting. Other stockholders who have previously requested a paper copy of the proxy materials by mail will receive a paper copy of the proxy materials rather than the Internet Availability Notice. Instructions on how to access the proxy materials over the Internet or to request a paper copy can be found in the Internet Availability Notice. In addition, stockholders may request to receive proxy materials in printed form by mail or electronically by e-mail on an ongoing basis by submitting a request to us at www.boydgaming.com/proxymaterials; by mail at Boyd Gaming Corporation, 6465 South Rainbow Boulevard, Las Vegas, Nevada 89118, Attn: David Strow, Vice President of Corporate Communications; via toll-free telephone: 800-695-2455, Attn: David Strow, Vice President of Corporate Communications; or via e-mail: davidstrow@boydgaming.com. A stockholder’s election to receive proxy materials by mail or e-mail will remain in effect until the stockholder terminates it.
What is “householding” and how does it work?
Under the rules adopted by the SEC, we may deliver a single set of proxy materials to one address shared by two or more of our stockholders. This delivery method is referred to as “householding” and can result in significant cost savings. To take advantage of this opportunity, we have delivered only one set of proxy materials to multiple stockholders who share an address, unless we received contrary instructions from the impacted stockholders prior to the mailing date. We agree to deliver promptly, upon written or oral request, a separate copy of the proxy materials, as requested, to any stockholder at the shared address to which a single copy of these
41 | |
documents was delivered. If you prefer to receive separate copies of the proxy statement or annual report, contact Broadridge Financial Solutions, Inc. by calling 1-866-540-7095 or in writing at 51 Mercedes Way, Edgewood, New York 11717, Attention: Householding Department.
| |
In addition, if you currently are a stockholder who shares an address with another stockholder and would like to receive only one copy of future notices and proxy materials for your household, you may notify your broker if your shares are held in a brokerage account or you may notify us if you hold registered shares. Registered stockholders may notify us by contacting Broadridge Financial Solutions, Inc. at the above telephone number or address.
Can I vote my shares by filling out and returning the Internet Availability Notice?
No. The Internet Availability Notice does, however, provide instructions on how to vote your shares.
How do I attend the Annual Meeting?
This year’s Annual Meeting will be held entirely online via audio webcast. You may attend, vote and ask questions at the Annual Meeting by following the instructions provided in the proxy materials to log in to http://www.virtualshareholdermeeting.com/BYD2022BYD2024. You will be asked to provide the 16-digit control number from your proxy card, Internet Availability Notice or voting instruction form.
What is the difference between holding shares as a stockholder of record and as a beneficial owner?
If your shares are registered directly in your name with our transfer agent, EQ Shareowner Services, you are considered, with respect to those shares, the “stockholder of record.” In such case, an Internet Availability Notice or, if you had previously requested the delivery of paper copies, the Notice of Annual Meeting, this proxy statement and our 20212023 Annual Report to Stockholders have been sent directly to you.
If your shares are held in a stock brokerage account or by a bank or other holder of record, you are considered the “beneficial owner” of shares held in street name. In such case, an Internet Availability Notice or paper copies of the Notice of Annual Meeting, this proxy statement and our 20212023 Annual Report to Stockholders should have been forwarded (or otherwise made available) to you by your broker, bank or other holder of record who is considered, with respect to those shares, the stockholder of record. As the beneficial owner, you have the right to direct your broker, bank or other holder of record on how to vote your shares by following their instructions for voting.
Can I change my vote after I submit my proxy or voting instructions?
Yes. You may revoke your proxy at any time before it is voted at the Annual Meeting by:
| • | properly submitting a subsequent proxy in one of the manners authorized and described in this proxy statement (such as via the Internet, by telephone or by mail pursuant to the voting procedures described above under “How do I vote?”); or |
giving written notice of revocation to our Corporate Secretary prior to or at the Annual Meeting; or
attending and voting at the virtual Annual Meeting.
Your attendance at the virtual Annual Meeting will not have the effect of revoking your properly submitted proxy unless you follow one of the procedures referenced above. Any written notice revoking a proxy should be sent to the Company at 6465 South Rainbow Boulevard, Las Vegas, Nevada 89118, Attention: Corporate Secretary and must be received before voting is closed at the Annual Meeting.
If you are a beneficial owner of our common stock, please follow the instructions provided by the record holder (e.g., your bank or broker) regarding how to change or revoke your voting instructions.
| 42 |
What are “broker non-votes”?
“Broker non-votes” are shares as to which a broker or nominee does not vote, or has indicated that it does not have discretionary authority to vote. Under the rules of the New York Stock Exchange (“NYSE”), certain matters submitted to a vote of stockholders are considered by the NYSE to be “routine” items upon which brokerage
|
|
firms may vote in their discretion on behalf of their customers if such customers have not furnished voting instructions within a specified period of time prior to the Annual Meeting. For those matters which the NYSE determines to be “non-routine,” brokerage firms that have not received instructions from their customers do not have discretion to vote. Consistent with applicable NYSE rules, with respect to the proposals set forth in this proxy statement, only Proposal 2 is considered a “routine” matter. ProposalProposals 1, is3 and 4 are each considered a “non-routine” matter, and therefore broker non-votes may exist in connection with Proposal 1.Proposals 1, 3 and 4. Neither our Amended and Restated Articles of Incorporation, our Amended and Restated Bylaws, nor Nevada corporate statutes specifically address the treatment of broker non-votes and abstentions.
What is a quorum, and how is it determined?
A quorum must be present for business to be properly conducted and the vote of stockholders to be valid at the Annual Meeting. The presence at the virtual meeting, whether personally or by proxy, of the holders of a majority of shares of our common stock issued and outstanding as of the record date is necessary to constitute a quorum. Shares represented at the meeting, whether personally or by proxy but not voted will nevertheless be counted for purposes of determining the presence of a quorum. Accordingly, abstentions and broker non-votes will be treated as shares that are present and entitled to vote for purposes of determining the presence of a quorum. If we do not have a quorum, we will be forced to reconvene the Annual Meeting at a later date.
How many votes are required to approve the proposals?
Assuming a quorum is present, the required votes to approve each proposal are as follows:
| • | Proposal 1—a plurality of the votes cast is required for the election of directors. This means that the eight director nominees receiving the greatest number of “FOR” votes will be elected to the board of directors. You may vote “FOR” or “WITHHELD” with respect to the election of directors. Only votes “FOR” are counted in determining whether a plurality has been cast in favor of a director. Withheld votes and broker non-votes are not counted for purposes of the election of directors. |
If the election of directors. This meansdirectors under Proposal 1 is uncontested, our Corporate Governance Guidelines provide that a director must tender his or her resignation to the nine director nominees receivingBoard if the greatest number of “FOR” votes will be elected to the board of directors. You may vote “FOR”withheld for his or “WITHHELD” with respect to theher election of directors. Only votes “FOR” are counted in determining whether a plurality has been cast in favor of a director. Withheld votes and broker non-votes are not counted for purposes of the election of directors.
Proposal 2—exceeds the number of affirmative votes cast in favor of Proposal 2his or her election. The Board must exceedthen consider whether to accept such director’s resignation but is not required to accept the number of votes cast against it for approval ofresignation as set forth in the ratification of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022. Abstentions are not counted for purposes of Proposal 2 and no broker non-votes are expected on this proposal.Corporate Governance Guidelines.
| • | Proposal 2—the number of affirmative votes cast in favor of Proposal 2 must exceed the number of votes cast against it for approval of the ratification of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2024. Abstentions are not counted for purposes of Proposal 2 and no broker non-votes are expected on this proposal. |
| • | Proposal 3—the number of affirmative votes cast in favor of Proposal 3 must exceed the number of votes cast against it for the approval, on an advisory basis, of the executive compensation of our Named Executive Officers. Broker non-votes and abstentions are not counted for purposes of Proposal 3. |
| • | Proposal 4—the number of affirmative votes cast in favor of Proposal 4 must exceed the number of votes cast against it for the approval, on an advisory basis, of the commissioning of a report on the effects of a company-wide non-smoking policy. Broker non-votes and abstentions are not counted for purposes of Proposal 4. |
Who will count the votes?
Votes cast by proxy or in person will be tabulated by the Inspector of Elections for the Annual Meeting, Broadridge Financial Solutions, Inc. The Inspector of Elections will also determine whether or not a quorum is present.
43 | |
Where can I find voting results of the meeting?
We will disclose final voting results on a Current Report on Form 8-K filed with the SEC within four business days after the Annual Meeting.
Who pays for the cost of this proxy solicitation?
This proxy solicitation will be conducted by mail, and we will bear all associated costs. These costs will include the expense of preparing and mailing the Internet Availability Notice and the proxy solicitation materials referenced therein for the Annual Meeting and reimbursements paid to brokerage firms and others for their expenses incurred in forwarding such materials to beneficial owners of our common stock. We may conduct further solicitation personally, telephonically, via the Internet or e-mail, or by facsimile or mail through our officers, directors and employees, none of whom will receive additional compensation for assisting with the solicitation.
|
|
STOCKHOLDER
PROPOSALS;
OTHER MATTERS
Stockholder Proposals
Our stockholders may submit proposals for inclusion in our proxy statement on matters appropriate for stockholder action at subsequent annual stockholder meetings consistent with Rule 14a-8 promulgated under the Exchange Act. Proposals of stockholders intended to be presented at our 20232025 Annual Meeting of Stockholders and included in our proxy statement and form of proxy for that meeting must be received no later than November 25, 202223, 2024 at the following address:
Boyd Gaming Corporation
6465 South Rainbow Boulevard, Las Vegas, Nevada 89118
Attn: Corporate Secretary
Consistent with the Company’s bylaws, notice of any proposal that a stockholder intends to present at the 20232025 Annual Meeting of Stockholders, but does not intend to have included in the board of directors’ proxy statement and form of proxy for that meeting, must be given to our Corporate Secretary in writing not less than 45 days and not more than 75 days prior to the anniversary of the date on which we first mailed our proxy materials for this year’s Annual Meeting of Stockholders, after which the notice is untimely. A stockholder’s notice to our Corporate Secretary must set forth for each matter proposed to be brought before the annual meeting the information required by the Company’s bylaws, including (a) a brief description of the matter the stockholder proposes to bring before the meeting and the reasons for conducting such business at the meeting, (b) the name and address, as they appear on the corporation’s books, of the stockholder proposing such business, (c) the class and number of shares of our common stock which are beneficially owned by the stockholder, and (d) any material interest of the stockholder in such business. If the date of the 20232025 Annual Meeting of Stockholders is moved by more than 30 days from the anniversary of this year’s annual meeting, these deadlines will be adjusted consistent with Rule 14a-8 of the Exchange Act and our bylaws.
If a stockholder chooses to nominate a candidate for election to the board of directors, under our Amended and Restated Bylaws, compliant notice of director nominations must be received by the Company, Attention: Corporate Secretary, at our principal offices, no later than 60 days prior to the date of the 20232025 Annual Meeting of Stockholders, and such notice must meet the eligibility, procedural, disclosure and other requirements set forth in the Amended and Restated Bylaws.
Our Board currently knows of no other business which will be presented at the Annual Meeting. If any other business is properly brought before the Annual Meeting, it is intended that proxies will be voted in respect thereof as the proxy holders deem advisable.
Important Notice Regarding the Availability of Proxy Materials
for the Annual Meeting of Stockholders to be held on May 5, 2022.9, 2024.
This proxy statement, the accompanying form of proxy card and our Annual Report on Form 10-K for the year ended December 31, 2021,2023, as filed with the SEC, are available at http://www.boydgaming.com/proxymaterials. A copy of our Annual Report on Form 10-K for the year ended December 31, 20212023 as filed with the SEC has been provided to our stockholders together with this proxy statement and will be provided to a stockholder, with exhibits, without charge upon written request to Boyd Gaming Corporation, 6465 South Rainbow Boulevard, Las Vegas, Nevada 89118, (702) 792-7200,702-792-7200, Attn: David Strow, Vice President Corporate Communications.
| |
BOYDGAMING
BOYD GAMING CORPORATION 6465 SOUTH RAINBOW BOULEVARD LAS VEGAS, NEVADA ATTN: DAVID STROW, VICE PRESIDENT CORPORATE COMMUNICATIONS |
VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.comor scan the QR Barcode above | |||||||||||||||||||||||||||||||||||||||||
Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.
| ||||||||||||||||||||||||||||||||||||||||||
During The Meeting - Go to www.virtualshareholdermeeting.com/
| ||||||||||||||||||||||||||||||||||||||||||
You may attend the meeting via the Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions.
| ||||||||||||||||||||||||||||||||||||||||||
| VOTE BY PHONE - 1-800-690-6903 | ||||||||||||||||||||||||||||||||||||||||||
Use any touch-tone telephone to transmit your voting instructions up until 11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call and then follow the instructions.
| ||||||||||||||||||||||||||||||||||||||||||
| VOTE BY MAIL | ||||||||||||||||||||||||||||||||||||||||||
| Mark, sign and date your proxy card and return it in the postage-paid envelope we have provided or return it to Vote Processing, c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717. | ||||||||||||||||||||||||||||||||||||||||||
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
| KEEP THIS PORTION FOR YOUR RECORDS |
| — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — |
| DETACH AND RETURN THIS PORTION ONLY |
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.
| BOYD GAMING CORPORATION | For All | Withhold All | For All Except | To withhold authority to vote for any individual nominee(s), mark | ||||||||||||||||||||||||||||||||||||||||||||||||||||
The Board of Directors recommends you vote FOR the following: | ☐ | ☐ | ☐ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
1. |
To elect nine members to our Board of Directors to serve until the next Annual Meeting of Stockholders or until their respective successors have been duly elected and qualified. | |||||||
Nominees:
| ||||||||
| 01) | John R. Bailey | 06) | Christine J. Spadafor | |||||
| 02) | William R. Boyd | 07) | A. Randall Thoman | |||||
| 03) | William S. Boyd | 08) | Peter M. Thomas | |||||
| 04) | Marianne Boyd Johnson | 09) | Paul W. Whetsell | |||||
| 05) | Keith E. Smith | |||||||
1. |
To elect eight members to our Board of Directors to serve until the next Annual Meeting of Stockholders or until their respective successors have been duly elected and qualified. | |||||||
Nominees:
| ||||||||
| 01) | Marianne Boyd Johnson | 05) | Christine J. Spadafor | |||||
| 02) | John R. Bailey | 06) | A. Randall Thoman | |||||
| 03) | William R. Boyd | 07) | Peter M. Thomas | |||||
| 04) | Keith E. Smith | 08) | Paul W. Whetsell | |||||
The Board of Directors recommends you vote FOR the following proposal: | For | Against | Abstain | |||||||||||||||||
| 2. | To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year ending | ☐ | ☐ | ☐ | ||||||||||||||||
The Board of Directors recommends you vote FOR the following proposal: | For | Against | Abstain | |||||||||||||||||
| 3. | Advisory vote on executive compensation. | ☐ | ☐ | ☐ | ||||||||||||||||
The Board of Directors recommends you vote AGAINST the stockholder proposal regarding the commissioning of a report on the effects of a company-wide non-smoking policy: | For | Against | Abstain | |||||||||||||||||
| 4. | Advisory vote on the stockholder proposal regarding the commissioning of a report on the effects of a company-wide non-smoking policy. | ☐ | ☐ | ☐ | ||||||||||||||||
Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. | |||||||||||||||||||||||||||||||||||||
Signature [PLEASE SIGN WITHIN BOX]
| Date | Signature (Joint Owners)
| Date
| ||||||||||||||||||||||||||||||||||
Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:
The Notice of Annual Meeting of Stockholders, Proxy Statement and Annual Report are available at
www.proxyvote.com.
| — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — |
D74603-P69545V00934-P86062
BOYD GAMING CORPORATION
Annual Meeting of Stockholders
May 5, 20229, 2024 at 1:00 PM (Pacific Daylight Time)
This proxy is solicited by the Board of Directors
The stockholder(s) hereby appoint(s) William S.Marianne Boyd Johnson and William R. Boyd (collectively, the “Proxies”), or either of them, as proxies, each with the power to appoint histheir substitute, and hereby authorize(s) them to represent and to vote, as designated on the reverse side of this ballot, all of the shares of common stock of BOYD GAMING CORPORATION that the stockholder(s) is/are entitled to vote at the Annual Meeting of Stockholders (the “Annual Meeting”) to be held at 1:00 PM PDT on May 5, 2022,9, 2024, virtually at www.virtualshareholdermeeting.com/BYD2022,BYD2024, and any adjournment or postponement thereof.
This proxy, when properly executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with the Board of Directors’ recommendations. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Annual Meeting.
Continued and to be signed on reverse side