Empire Resorts Inc. (NYNY, Financial) filed Amended Annual Report for the period ended 2009-12-31.
Empire Resorts Inc. has a market cap of $140.3 million; its shares were traded at around $2.02 with and P/S ratio of 2.1. NYNY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Since June 2009, compensation for both Clifford A. Ehrlich, President and General Manager of Monticello Raceway Management, Inc. (“MRMI”), our wholly-owned subsidiary, and Charles Degliomini, Executive Vice President of the Company, has been established pursuant to their respective employment agreements with the Company, dated as of June 29, 2009. Messrs. Ehrlich s and Degliomini s base salaries under their respective employment agreements are $225,000 per year for the first year of the term of the agreement, $243,500 for the second year of the term of the agreement and $250,000 for the third year of the term of the agreement, unless increased by the Board of Directors of the Company in its sole discretion. Prior to entering into written employment agreements with the Company in June 2009, Mr. Ehrlich s compensation was established by the Compensation Committee, in its discretion, based upon its general compensation policies outlined above and all compensation paid to Mr. Degliomini prior to such date represents payments made to Mr. Degliomini pursuant to a consulting agreement.
Compensation for David P. Hanlon, the former President and CEO of the Company, whose employment with the Company terminated on April 13, 2009, and Ronald J. Radcliffe, the former CFO of the Company, whose employment with the Company terminated on June 30, 2009, was first set in their three year employment contracts, entered into on May 23, 2005. Messrs. Hanlon s and Radcliffe s employment contracts stated that the Compensation Committee was to review their respective base pay annually, and make upward adjustments, as it deemed appropriate. Mr. Hanlon s salary was set at $500,000, and it stayed at that level for the duration of his employment term. Mr. Radcliffe s salary was set at $275,000 in his employment contract. In 2007, the Compensation Committee exercised its discretion and raised Mr. Radcliffe s base pay from $275,000 to $310,000, at which level it remained for the remainder of his employment term. These employment agreements expired by their terms on June 23, 2008. Between June 2008 and April 2009, Messrs. Hanlon and Radcliffe continued to receive base salaries of $500,000 and $310,000, respectively, on a month-to-month basis. On April 13, 2009, Mr. Hanlon entered into a separation agreement with the Company pursuant to which Mr. Hanlon s employment with the Company terminated as of April 13, 2009. On April 14, 2009, Mr. Radcliffe tendered his resignation, effective June 30, 2009, and Mr. Radcliffe and the Company entered into a separation agreement with respect to Mr. Radcliffe s resignation.
We have properly accounted for all of our option grants. When we award options and set the exercise price, the exercise price is based on the fair market value of our stock on the grant date. Our Second Amended and Restated 2005 Equity Incentive Plan (the “2005 Equity Incentive Plan”) defines “fair market value” as the closing price of publicly traded shares of stock on the principal securities exchange on which shares of stock are listed, or on the NASDAQ Stock Market (if shares are regularly quoted on the NASDAQ Stock Market), or, if such bid and asked prices shall not be available, as reported by any nationally recognized quotation service selected by the Company or as determined by the Compensation Committee in a manner consistent with the provisions of United States Internal Revenue Code of 1986, as amended (the “Code”). During the period from April 15, 2009 to June 8, 2009 we granted approximately 3.2 million options to directors and officers at exercise prices that varied from $1.11 to $1.78 (exercise price was determined by using the closing stock price on the day of grant), but the grants were subject to stockholder approval of an amendment to increase the number of our shares in the 2005 Equity Incentive Plan. Stockholders approval was obtained on June 16, 2009 on which date the stock price was $1.57. On September 11, 2009, we granted 750,000 options to a director at an exercise price of $3.38 (exercise price was determined by using the closing stock price on the day of grant), but the grant was subject to stockholder approval, which was obtained on November 10, 2009 on which date the stock price was $3.11.
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Empire Resorts Inc. has a market cap of $140.3 million; its shares were traded at around $2.02 with and P/S ratio of 2.1. NYNY is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
In setting base pay, the Compensation Committee pays at a level which is necessary to attract and retain the level of talent it needs. Compensation for Joseph A. D'Amato, the Company s chief executive officer (“CEO”) and chief financial officer (“CFO”) has been established pursuant to Mr. D Amato s amended and restated employment agreement with the Company, dated as of December 24, 2009. Mr. D Amato s base salary pursuant to his employment contract is $350,000 per year during the three year term thereof, unless increased by the Board of Directors of the Company in its sole discretion. Prior to December 24, 2009, Mr. D Amato served solely as the Company s CFO and received a base salary of $250,000 per year, unless increased by the Board of Directors of the Company in its sole discretion, pursuant to his then effective employment agreement with the Company, dated as of September 14, 2009.Since June 2009, compensation for both Clifford A. Ehrlich, President and General Manager of Monticello Raceway Management, Inc. (“MRMI”), our wholly-owned subsidiary, and Charles Degliomini, Executive Vice President of the Company, has been established pursuant to their respective employment agreements with the Company, dated as of June 29, 2009. Messrs. Ehrlich s and Degliomini s base salaries under their respective employment agreements are $225,000 per year for the first year of the term of the agreement, $243,500 for the second year of the term of the agreement and $250,000 for the third year of the term of the agreement, unless increased by the Board of Directors of the Company in its sole discretion. Prior to entering into written employment agreements with the Company in June 2009, Mr. Ehrlich s compensation was established by the Compensation Committee, in its discretion, based upon its general compensation policies outlined above and all compensation paid to Mr. Degliomini prior to such date represents payments made to Mr. Degliomini pursuant to a consulting agreement.
Compensation for David P. Hanlon, the former President and CEO of the Company, whose employment with the Company terminated on April 13, 2009, and Ronald J. Radcliffe, the former CFO of the Company, whose employment with the Company terminated on June 30, 2009, was first set in their three year employment contracts, entered into on May 23, 2005. Messrs. Hanlon s and Radcliffe s employment contracts stated that the Compensation Committee was to review their respective base pay annually, and make upward adjustments, as it deemed appropriate. Mr. Hanlon s salary was set at $500,000, and it stayed at that level for the duration of his employment term. Mr. Radcliffe s salary was set at $275,000 in his employment contract. In 2007, the Compensation Committee exercised its discretion and raised Mr. Radcliffe s base pay from $275,000 to $310,000, at which level it remained for the remainder of his employment term. These employment agreements expired by their terms on June 23, 2008. Between June 2008 and April 2009, Messrs. Hanlon and Radcliffe continued to receive base salaries of $500,000 and $310,000, respectively, on a month-to-month basis. On April 13, 2009, Mr. Hanlon entered into a separation agreement with the Company pursuant to which Mr. Hanlon s employment with the Company terminated as of April 13, 2009. On April 14, 2009, Mr. Radcliffe tendered his resignation, effective June 30, 2009, and Mr. Radcliffe and the Company entered into a separation agreement with respect to Mr. Radcliffe s resignation.
We have properly accounted for all of our option grants. When we award options and set the exercise price, the exercise price is based on the fair market value of our stock on the grant date. Our Second Amended and Restated 2005 Equity Incentive Plan (the “2005 Equity Incentive Plan”) defines “fair market value” as the closing price of publicly traded shares of stock on the principal securities exchange on which shares of stock are listed, or on the NASDAQ Stock Market (if shares are regularly quoted on the NASDAQ Stock Market), or, if such bid and asked prices shall not be available, as reported by any nationally recognized quotation service selected by the Company or as determined by the Compensation Committee in a manner consistent with the provisions of United States Internal Revenue Code of 1986, as amended (the “Code”). During the period from April 15, 2009 to June 8, 2009 we granted approximately 3.2 million options to directors and officers at exercise prices that varied from $1.11 to $1.78 (exercise price was determined by using the closing stock price on the day of grant), but the grants were subject to stockholder approval of an amendment to increase the number of our shares in the 2005 Equity Incentive Plan. Stockholders approval was obtained on June 16, 2009 on which date the stock price was $1.57. On September 11, 2009, we granted 750,000 options to a director at an exercise price of $3.38 (exercise price was determined by using the closing stock price on the day of grant), but the grant was subject to stockholder approval, which was obtained on November 10, 2009 on which date the stock price was $3.11.
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