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Form 8-K LAS VEGAS SANDS CORP For: Mar 28

March 30, 2016 8:28 AM EDT

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (date of earliest event reported):  March 28, 2016

LAS VEGAS SANDS CORP.
(Exact name of registrant as specified in its charter)
NEVADA
(State or other jurisdiction
of incorporation)
001-32373
(Commission File Number)
27-0099920
(IRS Employer
Identification No.)

3355 LAS VEGAS BOULEVARD SOUTH
LAS VEGAS, NEVADA
(Address of principal executive offices)
 
89109
(Zip Code)

Registrant’s telephone number, including area code:  (702) 414-1000
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):
[   ] Written Communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 28, 2016, Las Vegas Sands Corp. (“LVSC”) and its wholly-owned subsidiary, Las Vegas Sands, LLC (together with LVSC, the “Company”), appointed Patrick Dumont to serve as the Company’s Executive Vice President and Chief Financial Officer.  Mr. Dumont, 41, has served as the Company’s Senior Vice President, Finance and Strategy since September 2013 and as its Vice President, Corporate Strategy from June 2010 until August 2013.  In addition, Mr. Dumont has served as the Company’s principal financial officer since February 23, 2016.

In connection with Mr. Dumont’s appointment, the Company entered into an employment agreement with him that is effective as of January 1, 2016 and expires on December 31, 2020.  Effective December 31, 2015, the prior offer letters and agreements between the Company and Mr. Dumont were terminated.  Pursuant to his employment agreement, Mr. Dumont will have the duties and responsibilities generally associated with his positions and those that may be assigned to him by the Company’s chief executive officer.

Under his employment agreement, Mr. Dumont will receive an annual base salary of $1,200,000 and is eligible to participate in the Company’s annual discretionary Management Incentive Program, with a maximum bonus opportunity of 100% of his base salary, based on performance criteria approved by the chief executive officer and established by the Compensation Committee.   In addition, Mr. Dumont will be eligible to receive other employee benefits generally made available to the Company’s employees.

On March 29, 2016, Mr. Dumont was granted options to purchase 650,000 shares of LVSC’s common stock under LVSC’s 2004 Equity Award Plan at an exercise price per share equal to the closing sale price of LVSC’s common stock on March 29, 2016.  The options will vest as follows, subject to Mr. Dumont’s continued employment on the applicable vesting date: 75,000 on December 31, 2016, 75,000 on December 31, 2017, 75,000 on December 31, 2018, 75,000 on December 31, 2019, and 350,000 on December 31, 2020.  The options will expire on March 28, 2026.
 
In the event of a termination of Mr. Dumont’s employment by the Company for cause (as defined in his employment agreement), he will be entitled to receive (1) his base salary through the date of the termination of his employment, (2) reimbursement for reasonable expenses incurred but not paid prior to the effective date of his termination and (3) such other compensation and benefits as may be required under applicable law.

In the event of a termination of Mr. Dumont’s employment by the Company without cause (other than due to his death or his disability or a change in control of the Company, each as defined in his employment agreement) or Mr. Dumont terminates his employment for good reason (as defined in his employment agreement), he will be entitled to receive (1) his base salary for a period of 12 months following the termination of his employment, (2) reimbursement for reasonable expenses incurred but not paid prior to the effective date of his termination, (3) continued participation in the Company’s health plans for one year, provided that the Company’s obligation to provide such health care benefits shall cease under certain circumstances described in his employment agreement, and (4) such other compensation and benefits as may be required under applicable law.


Mr. Dumont may terminate his employment with the Company following the 12-month anniversary of a change in control of the Company.  In the event that Mr. Dumont terminates his employment with the Company due to a change in control, he will be entitled to receive, in lieu of any severance payments or benefits otherwise payable to him, (1) his base salary through the effective date of the termination of his employment and any previously earned, but unpaid bonus with respect to the prior calendar year; (2) a lump sum payment of one times his base salary; (3) reimbursement for reasonable expenses incurred but not paid prior to the effective date of his termination, and (4) such other compensation and benefits as may be required under applicable law.

In the event Mr. Dumont’s employment with the Company is terminated due to his death or disability (as defined in his employment agreement), Mr. Dumont or his estate, as the case may be, shall be entitled to receive (1) his base salary through the effective date of the termination of his employment, (2) reimbursement for reasonable expenses incurred but not paid prior to the effective date of his termination, and (3) such other compensation and benefits as may be required under applicable law.  

Mr. Dumont’s employment agreement may not be amended, changed or modified except by a written document signed by each of the parties.

Mr. Dumont is the son-in-law of Sheldon G. Adelson, the Company’s Chairman of the Board, Chief Executive Officer and Treasurer.

On March 30, 2016, LVSC issued a press release announcing Mr. Dumont’s appointment as the Company’s Executive Vice President and Chief Financial Officer.  The press release is attached as Exhibit 99.1 to this report and is incorporated by reference into this Item 5.02.

 
Item 9.01.
Financial Statements and Exhibits.
(d)   Exhibits.

99.1        Press release, dated March 30, 2016.
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated:  March  30, 2016
  LAS VEGAS SANDS CORP.  
       
 
By:
/s/ Ira H. Raphaelson  
    Name:  Ira H. Raphaelson  
    Title:    Executive Vice President and Global General Counsel 
       
 
 
 
 

 

 


EXHIBIT 99.1
 
Press Release
 
For Immediate Release
 
Las Vegas Sands Announces Appointment of Patrick Dumont as Chief Financial Officer


LAS VEGAS, March 30, 2016 – Global Integrated Resort developer Las Vegas Sands
(NYSE: LVS) announced today that it has named Patrick Dumont as its chief financial officer.

Las Vegas Sands Chairman and Chief Executive Officer Sheldon G. Adelson said the appointment of Mr. Dumont is a well-earned formalization of a role Mr. Dumont has already been performing.  “Patrick has been providing strong leadership to the financial function and handling the principal duties of the CFO role very effectively for some time.  We are extremely pleased to formally appoint him to this role, and we look forward to his contributions in the years ahead.  The depth and strength of our senior leadership team is an important strategic advantage for the company, and Patrick’s appointment to lead our global financial organization further strengthens our team as we execute our growth strategy.”

“I’m excited to serve in this important role, and I’m honored to lead a strong and dedicated team of finance and accounting professionals.  Working closely with our leadership team, my primary focus will be on helping maintain the industry’s strongest balance sheet, preserving the financial flexibility needed to pursue new development opportunities, continuing our strong commitment to return excess capital to our shareholders and fulfilling our commitment to leading the industry in financial controls,” stated Mr. Dumont.

Mr. Dumont has served in operating and finance leadership positions since joining the company in June of 2010. Since July 2013, he has served as senior vice president of finance and strategy.
 

 
Prior to joining LVS, Mr. Dumont worked in investment banking at Miller Buckfire and Bear Stearns.  He earned a Bachelor of Science in Mechanical Engineering from Johns Hopkins University and a Master of Business Administration from Columbia Business School.
 
###

About Las Vegas Sands Corp.

Las Vegas Sands (NYSE: LVS) is the world's leading developer and operator of Integrated Resorts. Our collection of Integrated Resorts in Asia and the United States feature state-of-the-art convention and exhibition facilities, premium accommodations, world-class gaming and entertainment, destination retail and dining including celebrity chef restaurants and many other amenities.
 
Our properties include The Venetian and The Palazzo resorts and Sands Expo Center in Las Vegas, Sands Bethlehem in Eastern Pennsylvania, and the iconic Marina Bay Sands in Singapore. Through majority ownership in Sands China Ltd., LVS owns a portfolio of properties on the Cotai Strip in Macao, including The Venetian Macao, The Plaza and Four Seasons Hotel Macao and Sands Cotai Central, as well as the Sands Macao on the Macao Peninsula.
 
LVS is dedicated to being a good corporate citizen, anchored by the core tenets of delivering a great working environment for nearly 50,000 employees worldwide, driving impact through its Sands Cares corporate citizenship program and leading innovation with the company’s award-winning Sands ECO360° global sustainability program. To learn more, please visit www.sands.com.

Contacts:
 
Investment Community:
Daniel Briggs
(702) 414-1221
   
Media:
Ron Reese 
(702) 414-3607 
 




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