secwatch.observer — SEC 8-K summary
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Issuer:     MGM Resorts International (MGM)
CIK:        0000789570
Form:       8-K
Filed at:   2025-05-08T23:59:59+00:00
Accession:  0000789570-25-000023
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

CEO Hornbuckle extends contract to Dec 2028; $8M signing bonus, $10M annual equity target
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- New employment agreement extends term from Aug 2026 to Dec 31, 2028; base salary unchanged at $2M.
- Target bonus increased to 250% of base; amounts above 150% paid in deferred RSUs vesting over 3 years.
- One-time $8M cash signing bonus, subject to pro-rata repayment if termination before Dec 2028.
- Annual equity grants of $10M expected (50% PSUs, 50% RSUs); also advisory role for Japan IR at $25k/month.
- Severance: 1.5x base plus target bonus (12 monthly payments) plus 24 months COBRA if terminated without cause.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/789570/000078957025000023/0000789570-25-000023-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/789570/000078957025000023/mgm-20250508.htm
  HTML page:      https://secwatch.observer/filing/0000789570-25-000023

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer