Company: CZR
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001193125-25-093716
Chunk: 54

Company: Caesars Entertainment, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 54
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esars Palace Online Casino and the Horseshoe Online Casino. In recognition of these activities and achievements during the performance period, which the Compensation Committee believes were not fully reflected in the Company’s rTSR result, the Compensation Committee used its discretion in 2025 to certify 2022 achievement at 61.5% of target for the purposes of the 2022 rTSR PSU grants, which the Compensation Committee believes reflects a significant discount from target to reflect the below-threshold TSR performance. The 61.5% payout level reflects the Compensation Committee’s judgement that these efforts delivered long-term shareholder value despite recent stock price volatility. 2022 Hurdle Award—Performance-Based Equity Grant As previously disclosed, in February 2022, the Board made a grant to our CEO of 100% performance-based RSUs with performance metrics consisting of three stock price hurdles of $125, $150, and $175, requiring significant growth and dramatic stock price appreciation, which were scheduled to settle at the end of the three-year performance period in February 2025. At the end of the performance period, it was determined that the trailing average stock price over any 20-day calendar-dayperiod did not meet any of the three stock price hurdles. As a result, this award was not earned and resulted in no payout.

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#### Changes to Equity Grants—2025 AwardsIn a continued effort to reduce overlap of performance metrics associated with our STI and LTI programs, beginning in 2025, we no longer grant PSUs based on Adjusted EBITDA performance. The 2025 LTI grants will continue to be 50% RSUs and 50% PSUs (based on dollar-denominated values); however, 40% of the 2025 PSUs are based on a three-year rTSR against a peer group which includes Caesars and 11 other companies within our industry and 60% of the 2025 PSUs are based on free cash flow achievement over a three-year performance period, as defined in the award agreement.Payout slopes for the 2025 PSUs based on a three-year rTSR are consistent with the payout slopes of our 2024 rTSR awards described above.Payout ranges, payout thresholds, target attainment and final attainment for the PSUs based on free cash flow achievement are determined by the Compensation Committee for each of the three calendar years. For the 2025 calendar year the Compensation Committee approved a payout range of 0% to