Wyndham extends contract with CEO for 3 years

AP News
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Posted: Nov 24, 2009 5:55 PM

Hotel chain Wyndham Worldwide Corp. has extended its contract with CEO and Chairman Stephen P. Holmes for another three years.

In a regulatory filing with the Securities and Exchange Commission on Tuesday, the company said Holmes' current contract is for July 31, 2010 through July 31, 2013. The contract amendment was made Nov. 19, the company said.

The amendment also states that Holmes will be entitled to a lump-sum payment equal to nearly three times his base salary at the time if he is terminated without cause. He would also receive a sum equal to his highest annual bonus in the three years preceding his termination.

Shares of Wyndham slipped 23 cents during the regular session to close at $18.83.