Bally's Corporation
10/14/2025 | Press release | Distributed by Public on 10/14/2025 14:43
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Robeson Reeves Option Rights
On October 7, 2025, Bally's Corporation (the "Company") granted 1,881,000 option rights to Robeson Reeves, the Company's Chief Executive Officer, pursuant to a form of Option Right Award Agreement under the Bally's Corporation 2021 Equity Incentive Plan, as amended and restated (the "Plan"). One-half of the option rights will vest in three equal annual installments based on continuous service with the Company, and the other half will become eligible to vest based on continuous service with the Company through each of March 15, 2027, March 15, 2028 and March 15, 2029 (or such later dates as determined by the Board of Directors of the Company (the "Board')) and the achievement of applicable performance criteria to be established by the Compensation Committee of the Board (the "Compensation Committee") for each corresponding one-year performance period. Mr. Reeves may exercise each vested option right for a share of the Company's common stock ("Common Stock"), at an exercise price of $18.25 per share, until the earlier of the end of the term of the option and the end of the applicable exercise period following a termination of employment.
George Papanier Incentive Stock Options; Amendment to Employment Agreement
In addition, on October 7, 2025, the Company entered into Amendment No. 5 to Employment Agreement ("Amendment No. 5") with George Papanier, the Company's President. Amendment No. 5, which is effective as of November 1, 2025, amends the original Employment Agreement, dated March 29, 2016 and subsequently amended, between the Company and Mr. Papanier, to, among other things, extend the initial term of Mr. Papanier's employment to December 31, 2028. The Company also granted 1,254,000 incentive stock options to Mr. Papanier pursuant to a form of Incentive Stock Option Award Agreement under the Plan. One-half of the incentive stock options will vest in three equal annual installments based on continuous service with the Company, and the other half will become eligible to vest based on continuous service with the Company through each of March 15, 2027, March 15, 2028 and March 15, 2029 (or such later dates as determined by the Board) and the achievement of applicable performance criteria to be established by the Compensation Committee for each corresponding one-year performance period. Mr. Papanier may exercise each vested incentive stock option for a share of Common Stock, at an exercise price of $18.25 per share, until the earlier of the end of the term of the option and the end of the applicable exercise period following a termination of employment.
Marcus Glover Departure
On October 8, 2025, Marcus Glover, the Company's Executive Vice President, Global Operations, notified the Company he would depart to pursue other interests. The Company anticipates to negotiate and enter into a separation agreement with Mr. Glover on a future date.
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