Company: CZR
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001193125-25-093716
Chunk: 44

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 44
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 is fully informed of the competitive landscape. The Compensation Committee applies judgment and discretion in establishing targeted pay levels, taking into account not only competitive market data, but also factors such as Company, business and individual performance, scope of responsibility, critical needs and skill sets, leadership potential and succession planning. Realizable Pay Demonstrates Pay for Performance Alignment As described in more detail below, a core component of our compensation philosophy is to incentivize our executive officers by creating a strong link between their performance and compensation. To show the alignment of CEO pay outcomes with performance, it is useful to illustrate the amounts realizable as of April 1, 2025, relative to the target amounts of CEO compensation set by the Compensation Committee for the relevant year. Realizable pay shows this relationship because it reflects the actual value of compensation received or to be received by our CEO, and fluctuates with financial metric performance and changes in our share price. For this reason, contrasting target pay with realizable pay provides a meaningful demonstration of the pay for performance alignment of our executive compensation program.

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#### When we do not meet performance targets and/or our share price decreases, the CEO’s realizable pay is directly affected.The following chart demonstrates the relationship between the target and realizable pay values, in each of the past three years, of our CEO’s annual incentive cash bonus and equity grants, including annual PSU and RSU grants, as well as Mr. Reeg’s 2022 performance-based equity grant based on stock price hurdles (the “2022 Hurdle Award”) and the 2024 Contract Renewal Awards.The target grant values shown in the table above reflect the target level awards approved by the Compensation Committee for determining the number of RSUs and PSUs granted to our CEO, which differs from the values we are required to report in the Summary Compensation Table. Mr. Reeg’s performance-based hurdle award granted in 2022 and the Contract Renewal Awards granted in 2024 are based on the grant date fair value of the awards as no target value was used in determining such awards. Realizable value shown for the long-term incentive equity awards reflects (1) the actual value of all RSUs and PSUs that have vested, based on the stock price on the vesting date as applicable, (2) shares for unearned PSUs based on the achievement of applicable performance metrics as of April 1, 2025, multiplied by the then closing price of $24.83, (3) the performance-based hurdle award granted in 2022