Along with everyone else in the gaming industry, Scientific Games is suffering from hard times from the last year of COVID-19. However, it is still capable of inking new deals to expand its footprints in the right ways. It is probably one of the main reasons why the board of the company is deciding to hang on, along with the President and CEO, Barry Cottle.
The gaming industry, which is based in Las Vegas, is announcing through a filing along with the U.S Securities and the Exchange Commission (SEC) from last Friday. Cottle is going to remain at the helm, along with a foreseeable future. It is giving him a very nice boost in the salary. It is also showing its way as an appreciation.
The Scientific Games and Cottle have signed for an extension, along with their existing agreement last Thursday. Cottle is now on its current contract, which is going very good one through the end of May and as on the first of June. It is now going to continue along with another three years. As soon as things are not going to take a massive downturn, Cottle is going to hold its position until May 31 of 2024. After this, there are going to be capabilities for the automatic annual extension as everyone decides that it is time for moving on.
Cottle has come up with agreeing to take a cut in the pay to help out the company easily overcoming the pandemic of Coronavirus. It is foregoing along with his usual $1.75 million salary.
He is now also going to be rewarded with a gesture, along with a $1.8 million salary a year, as the Scientific Games approve the bump up. While agreeing to not receiving the salary in the last year, he still probably has been eligible for bonuses. It is reportedly going to be higher than 350% of the base salary.
The gaming executive is having a contract, which is stipulating a bonus of 100% for reaching the target goal. Also, there is a 250% surge for certain long-term incentives and opportunities. It is now totally clear how much of the bonuses got actually paid in the last year. With the additional increase in salary and bonuses, Cottle is also going to receive 50,000 restricted stock units. It is going to be vested in the “substantially equal installments on each of May 31, 2022, 2023, and 2024.”
Cottle has been at the helm of the Scientific games since June of 2018. When the company’s CEO, Kevin Sheehan, stepped down for steering his ship for only two years, he came to the gaming industry from the cruise ship business and served as the CEO of the Norwegian Cruise Line Holdings for 7 years before he joined Scientific Games. Before his promotion, Cottle served as the CEO of Scientific Games subsidiary, SG Interactive.
In the second half of 2020, Scientific Games started seeing some positive gains. The company gained $18.97 with a substantial improvement of over $4.09 in September. During the last quarter of the previous year in the first two months, the company continued with an upward push. Last Friday, it was trading near $47.18. Though it was not near its all-time high, it is trying to get closer.