Company: CZR
Filing Date: 2025-03-20
Form Type: 8-K
Source: 0001590895-25-000104
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Company: Caesars Entertainment, Inc.
Filing Date: 2025-03-20
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On March 17, 2025, Caesars Entertainment, Inc. (the “ Company”) entered into a Director Appointment and Nomination Agreement (the “ Agreement”) with Carl C. Icahn, Jesse Lynn, Ted Papapostolou, Icahn Partners Master Fund LP, Icahn Offshore LP, Icahn Partners LP, Icahn Onshore LP, Icahn Capital LP, IPH GP LLC, Icahn Enterprises Holdings L. P., Icahn Enterprises G. P. Inc, Beckton Corp. and Nakatomi Trading, LLC (collectively, the “ Icahn Group”).

Pursuant to the Agreement, the Board of Directors of the Company (the “ Board”) agreed to appoint Jesse Lynn and Ted Papapostolou (the “ Icahn Designees”) to the Board, effective immediately, with an initial term expiring at the Company’s 2025 annual meeting of stockholders (the “2025 Annual Meeting”) and agreed to nominate the Icahn Designees to stand for nomination at the 2025 Annual Meeting. In connection with the appointments of the Icahn Designees, the Icahn Group has agreed not to conduct a proxy contest or engage in any solicitation of proxies regarding any matter, including the election of directors, with respect to the 2025 Annual Meeting. At this time, the Icahn Designees have not been appointed to serve on any committees of the Board.

In connection with their appointment to the Board, the Board determined that each of the Icahn Designees qualified as an independent director under the listing rules of Nasdaq. The Icahn Designees will receive the same compensation as the Company’s other non-employee directors, which is described in the Company’s definitive proxy statement for its 2024 annual meeting of stockholders on Schedule 14A filed with the U. S. Securities and Exchange Commission on April 29, 2024.

In the event an Icahn Designee resigns from his position as a Board member or is unable to serve as a director of the Board due to death, disability or incapacity, the Agreement provides a mechanism for the Icahn Group to designate a substitute director, reasonably acceptable to the Board, to be appointed to the Board for the remainder of the term of such Icahn Designee.

The Agreement also includes other customary voting, standstill and