10/07/2010 11:05AM

Churchill Downs Inc. extends Evans's contract as CEO


The board of directors of Churchill Downs Inc. has extended the employment contract of chief executive officer Bob Evans through late 2016, according to documents filed with government regulators.

Evans, who was first brought in to Churchill in 2006, received the six-year extension Sept. 27, according to the filing. Under the agreement, Evans will continue to be paid $550,000 a year in base salary but will be eligible each year for a bonus worth 100 percent of his salary, up from a potential bonus of 75 percent of his base salary under the previous contract.

Evans also will receive approximately 126,000 shares of the company stock under the agreement, with certain vesting requirements, along with options to purchase another 180,000 shares. On Wednesday, shares in Churchill Downs closed at $36.70.

Last year, Evans received a bonus of $318,000, according to the company’s financial statements, about 57 percent of his base salary.