EXHIBIT 10.3

 

EXECUTION VERSION

 

AMENDMENT TO MGM RESORTS INTERNATIONAL TIME- AND PRICE-VESTING STOCK
APPRECIATION RIGHT AGREEMENT

 

This Amendment (this “Amendment”) is made and entered into as of  November 5,
2012, between James J. Murren (the “Employee”) and MGM Resorts International
(formerly MGM MIRAGE), a Delaware corporation (the “Company”).

 

WHEREAS, on April 6, 2009 the Company granted a SAR (as defined in the SAR
Agreement (as defined below)) to the Employee under the Company’s Amended and
Restated 2005 Omnibus Incentive Plan (the “Incentive Plan”) and a Time- and
Price-Vesting Stock Appreciation Right Agreement (the “SAR Agreement”) with a
Vesting Price of $17.00;

 

WHEREAS, concurrent with the execution of this Amendment, Company and Employee
have entered into that certain Employment Agreement entered into as of
November 5, 2012, by and between the Company and the Employee (the “New
Employment Agreement”);

 

WHEREAS, Section 3.4.1 of the New Employment Agreement provides for certain
amendments to the SAR;

 

WHEREAS, the Company and the Employee desire to modify the terms of the SAR by
amending the SAR Agreement;

 

NOW THEREFORE, the Company hereby amends the SAR Agreement as follows:

 

1.             Section 2.02(a) shall be deleted in its entirety and replaced
with “[Intentionally Omitted].”

 

2.             Section 3.01 shall be amended by replacing the words “Employment
Agreement” with “New Employment Agreement.”

 

3.             The existing definition of Change of Control set forth in
Appendix A of the SAR Agreement shall be deleted in full and replaced with the
following:  “‘Change of Control’ has the meaning ascribed to such term in the
Company’s Change of Control Policy for Executive Officers.”

 

4.             The definition of COC Termination Right set forth in Appendix A
of the SAR Agreement shall be deleted in its entirety.

 

5.             The phrase “by Employee pursuant to the exercise of the COC
Termination Right” contained in the definitions of Exercise Period and Vesting
Period as set forth in Appendix A of the SAR Agreement shall be deleted.

 

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6.             A new definition entitled “New Employment Agreement” shall be
inserted into the list of definitions which shall be as follows:  “‘New
Employment Agreement” shall mean that certain employment agreement entered into
as of [November 5], 2012, by and between the Company and the Employee.”

 

7.             Section (2) of the definition of Exercise Period as set forth in
Appendix A of the SAR Agreement shall be deleted in full and replaced with the
following:  “in the event of a termination of Employee’s employment (before a
Change of Control or following a Continuing COC) by the Company without
Employer’s Good Cause, by Employee for Employee’s Good Cause, or on account of
death or Disability, the date that is two (2) years following the date of such
termination;”

 

8.             Section (5) of the definition of Exercise Period as set forth in
Appendix A of the SAR Agreement shall be deleted and the current section (6) of
the definition of Exercise Period shall be renumbered as section (5).

 

9.             Except as specifically amended hereby, the SAR Agreement shall
remain in full force and effect as originally executed.

 

10.          This Amendment may be signed in counterparts, each of which shall
be an original, with the same effect as if the signatures thereto and hereto
were upon the same instrument.

 

[The remainder of this page is left blank intentionally.]

 

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IN WITNESS WHEREOF, this Amendment to MGM Resorts International Time- and
Price-Vesting Stock Appreciation Right Agreement is hereby executed in Las
Vegas, Nevada to be effective as of the date set forth above.

 

 

 

MGM RESORTS INTERNATIONAL

 

 

 

 

 

 

By:

/s/ John M. McManus

 

 

 

Name: John M. McManus

 

 

 

Title: Executive Vice President,

 

 

 

General Counsel & Secretary

 

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IN WITNESS WHEREOF, this Amendment to MGM Resorts International Time- and
Price-Vesting Stock Appreciation Right Agreement is hereby executed in Las
Vegas, Nevada to be effective as of the date set forth above.

 

 

/s/ James J. Murren

 

James J. Murren

 

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