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Former Wynn Resorts CEO not entitled to severance pay

Former Wynn Resorts Ltd. CEO and Chairman Steve Wynn, who resigned after allegations of sexual misconduct, will not be entitled to severance pay or any other compensation from the company, according to the terms of his separation agreement with the company, detailed in a Feb. 16 SEC filing.

The agreement said that Steve Wynn will not compete against the company for two years and he will cooperate in any investigation by the company related to his service in Wynn Resorts.

Wynn Resorts, meanwhile, said that should it cease to use the "Wynn" name and trademark, it would assign its rights to those assets back to the former CEO.

The separation agreement also detailed terms for ending the former CEO's residential lease at Wynn Las Vegas as of June 1, as well as dates for terminating his healthcare coverage as of Dec. 31 and administrative support provided by the company as of May 31.

According to the agreement, Wynn Resorts will enter into a registration rights agreement with Steve Wynn should the former executive elect to sell any of his owned shares in the company, with related expenses to be reimbursed by Steve Wynn. The former CEO is not permitted to sell more than one-third of his holdings in a fiscal quarter.

Steve Wynn stepped down from his position with the company Feb. 6 following allegations that he engaged in sexual misconduct against employees and others for decades. The news was first reported by the Wall Street Journal in January. S&P Global Ratings lowered its outlook on the U.S. hotel and casino operator and its subsidiaries after the allegations were made public.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.