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MONARCH CASINO & RESORT : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

05/23/2014 | 10:53am US/Eastern

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;

           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers.




(e)                  Adoption of 2014 Equity Incentive Plan


On May 21, 2014, the stockholders of Monarch Casino & Resort, Inc. (the "Company") adopted the Company's 2014 Equity Incentive Plan (the "2014 Plan"). The purposes of the 2014 Plan are to attract and retain the best available personnel, to provide additional incentives to employees, directors and consultants and to promote the success of the Company's business.

The 2014 Plan is an "omnibus plan" under which stock options, stock appreciation rights, performance awards, dividend equivalents, restricted stock, and restricted stock units can be awarded to employees, directors and consultants of the Company. The 2014 Plan's initial share reservation will be 1,000,000 shares. The term of the 2014 Plan is for 10 years from the date of its adoption.

Pursuant to the terms of the 2014 Plan, either the Board or a committee designated by the Board is authorized to administer the plan. The administrator has the authority, in its discretion, to select employees, consultants and directors to whom awards under the 2014 Plan may be granted from time to time, to determine whether and to what extent awards are granted, to determine the number of shares or the amount of other consideration to be covered by each award (subject certain limitations), to approve award agreements for use under the 2014 Plan, to determine the terms and conditions of any award (including the vesting schedule applicable to the award), to amend the terms of any outstanding award granted under the 2014 Plan (subject to certain limitations), to construe and interpret the terms of the 2014 Plan and awards granted, and to take such other action not inconsistent with the terms of the 2014 Plan as the administrator deems appropriate.

Incentive stock options granted under the 2014 Plan are those intended to qualify as "incentive stock options" as defined under Section 422 of the Internal Revenue Code. However, to qualify as "incentive stock options" under Section 422 of the Internal Revenue Code, the 2014 Plan must be approved by the stockholders of the Company within 12 months of its adoption. Non-qualified stock options granted under the 2014 Plan are option grants that do not qualify as incentive stock options under Section 422 of the Internal Revenue Code.

The foregoing summary of the terms and conditions of the 2014 Plan does not purport to be complete, and is qualified in its entirety by reference to the full text of the 2014 Plan attached as exhibit 10.1 hereto and incorporated herein by reference.


Item 9.01                      Financial Statements and Exhibits.



(d)                 Exhibits



Exhibit 10.1                2014 Equity Incentive Plan.



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