Document:

EX 10.1 - FIRST AMENDMENT TO MANAGEMENT AGREEMENT

Exhibit 10.1
FIRST AMENDMENT TO MANAGEMENT AGREEMENT
This First Amendment to Management Agreement (this “Amendment”) is dated as of December 12, 2014 by and among Wynn Las Vegas, LLC, a Nevada limited liability company (the “Company”) and the entities listed on Exhibit A (and together with the Company, the “Wynn Entities”), and Wynn Resorts, Limited, a Nevada corporation (the “Manager”).
WHEREAS, the Wynn Entities and the Manager have entered into that certain Management Agreement, dated as of December 14, 2004 (the “Agreement”); and
WHEREAS, the Wynn Entities and the Manager desire to modify certain terms and conditions to the Agreement as more fully set forth herein. 
NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in the Agreement and this Amendment, the parties hereto agree as follows:
1.    Amendments. The parties hereto agree to amend Section 6 of the Agreement in its entirety to read as follows: 
“6. Term of Agreement.  The initial term of this Agreement shall be ten (10) years from the date first written above and at the expiration of the initial term, this Agreement will automatically renew for successive one month periods as long as the Company is in compliance with the indenture agreements to which the Company is a party, unless earlier terminated pursuant to the terms of this Agreement.  This Agreement may be terminated as follows: (a) by the mutual written consent of the Company and the Manager, (b) by the Company upon 60 days prior written notice to the Manager, or by the Manager upon 60 days prior written notice to the Company, in either case for any reason or no reason at all, or (c) by the Manager immediately upon written notice to the Company following the occurrence of any default by any Wynn Entity under any promissory note, indenture, loan agreement or other instrument or evidence of indebtedness.  Notwithstanding any other provision of this Agreement, the provisions of Section 7 shall survive any termination of this Agreement.”
2.    Effectiveness. The amendments set forth in Section 1 shall be effective as of December 12, 2014 (the “Effective Date”).
3.    Other Provisions of the Agreement. The parties hereto acknowledge that the Agreement is being modified only as stated herein, and agree that nothing else in the Agreement shall be affected by this Amendment.
4.     Counterparts.  This Amendment may be executed in any number of counterparts, each of which, when executed, shall be deemed to be an original and all of which together shall constitute one and the same instrument. 
[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.
WYNN RESORTS, LIMITED,
a Nevada corporation

		
	By: 
	_/s/ Stephen Cootey_________

Name: Stephen Cootey 
		
	Title:
	Chief Financial Officer, SVP and Treasurer

WYNN LAS VEGAS, LLC,
a Nevada limited liability company

By:    Wynn Resorts Holdings, LLC,
a Nevada limited liability company,
its sole member

By:    Wynn Resorts, Limited, 
a Nevada corporation,
its sole member

By:     _/s/ Stephen Cootey_________
Name: Stephen Cootey
Title:    Chief Financial Officer, SVP and Treasurer

WYNN SHOW PERFORMERS, LLC,
a Nevada limited liability company

By:    Wynn Las Vegas, LLC,
a Nevada limited liability company,
its sole member

By:    Wynn Resorts Holdings, LLC,
a Nevada limited liability company,
its sole member

By:    Wynn Resorts, Limited, 
a Nevada corporation,
its sole member

		
	By: 
	_/s/ Stephen Cootey_________

Name: Stephen Cootey
		
	Title:
	Chief Financial Officer, SVP and Treasurer

WYNN LAS VEGAS CAPITAL CORP.,
a Nevada corporation

		
	By: 
	_/s/ Stephen Cootey_________

Name: Stephen Cootey
		
	Title:
	Chief Financial Officer, SVP and Treasurer

WYNN GOLF, LLC,
a Nevada limited liability company

By:    Wynn Resorts, Limited,
a Nevada corporation,
its sole member

By:    _/s/ Stephen Cootey_________
            Name: Stephen Cootey
            Title:    Chief Financial Officer, SVP and Treasurer

WORLD TRAVEL, LLC,
a Nevada limited liability company

By:    Wynn Las Vegas, LLC,
a Nevada limited liability company,
its sole member

By:    Wynn Resorts Holdings, LLC,
a Nevada limited liability company,
its sole member

By:    Wynn Resorts, Limited, 
a Nevada corporation,
its sole member

		
	By: 
	_/s/ Stephen Cootey_________

Name: Stephen Cootey
		
	Title:
	Chief Financial Officer, SVP and Treasurer

LAS VEGAS JET, LLC,
a Nevada limited liability company

By:    Wynn Resorts, Limited,
a Nevada corporation,
its sole member

By:    _/s/ Stephen Cootey_________
            Name: Stephen Cootey
            Title:    Chief Financial Officer, SVP and Treasurer

WYNN SUNRISE, LLC,
a Nevada limited liability company

By:    Wynn Las Vegas, LLC,
a Nevada limited liability company,
its sole member

By:    Wynn Resorts Holdings, LLC,
a Nevada limited liability company,
its sole member

By:    Wynn Resorts, Limited, 
a Nevada corporation,
its sole member

		
	By: 
	_/s/ Stephen Cootey_________

Name: Stephen Cootey
		
	Title:
	Chief Financial Officer, SVP and Treasurer

Exhibit A
		
	1.
	Wynn Show Performers, LLC, a Nevada limited liability company.

		
	2.
	Wynn Las Vegas Capital Corp., a Nevada corporation.

		
	3.
	Wynn Golf, LLC, a Nevada limited liability company.

		
	4.
	World Travel, LLC, a Nevada limited liability company.

		
	5.
	Las Vegas Jet, LLC, a Nevada limited liability company.

		
	6.
	Wynn Sunrise, LLC, a Nevada limited liability company.exh10_1.htm

 

Exhibit 10.1

 

Description of Senior Management Bonus Program

 

(as amended on December 8, 2014)

 

The following is a description of the senior management bonus program, as adopted by the compensation committee (the “Committee”) of the board of directors of Houston Wire & Cable Company (the “Company”) on December 8, 2014.  The bonus program provides for the payment of discretionary annual cash bonuses to employees who are considered senior management level.  The bonus program is administered by the Committee, which has full authority to select participants, set bonus amounts and fix performance targets.  The Company’s board of directors receives a report from the Committee of all awards granted and targets established.

 

Beginning in 2015, the bonus is based on a single performance incentive measure: EBITDA (net income, plus interest expense, income tax provision, depreciation and amortization).  For each participant, the potential bonus award is based on the employee’s salary for the year with respect to which the bonus is payable (the “Bonus Year”) and the Company’s performance as against three EBITDA measures set by the Committee for the Bonus Year – “threshold,” “target” and “stretch.” If the Company achieves the EBITDA “threshold” amount, then the participant qualifies to receive a cash bonus equal to 10% of his or her salary; if the Company achieves the EBITDA “target” amount, the bonus will increase to 25% of base salary, and if the Company achieves the “stretch” amount, the bonus will be 50% of base salary, which is the maximum bonus payable under the program.  EBITDA performance between specified amounts will result in a bonus calculated on a straight line basis between the percentages that would apply at the specified amounts.  If the Company’s EBITDA is less than the threshold amount for the Bonus Year, no cash bonus will be payable under the program.  All bonuses are payable the year following the Bonus Year, after receipt of (and subject to) the audit of the financial statements for the Bonus Year.

 

The Committee retains full discretion to adjust the EBITDA amounts for a particular Bonus Year in the event the Company makes an acquisition during the Bonus Year or to reflect unusual items.

 

No award will be paid for any full or partial year to a participant whose employment with the Company terminates prior to the time the bonus is paid.  In all cases the payment is in the discretion of the Committee, and the Committee retains the right to terminate a participant’s participation in the bonus program at any time, in which case no bonus will be paid.

 

The Chief Executive Officer’s bonus, as described in his employment contract, is based on performance targets established by the Committee and board of directors each year.exh10_2.htm

 

Exhibit 10.2

 

 

THIRD AMENDMENT TO THE

 

HOUSTON WIRE & CABLE COMPANY

 

2006 STOCK PLAN

 

WHEREAS, Houston Wire & Cable Company, a Delaware corporation (the “Company”), maintains the Houston Wire & Cable Company 2006 Stock Plan, as amended (the “Plan”); and

 

WHEREAS, the Company has reserved the authority to amend the Plan and now deems it appropriate to do so.

 

NOW THEREFORE, the Plan is hereby amended, effective as of November 4, 2014, as follows:

 

	
1.  

	
Section 4.1 of the Plan is hereby amended to read in its entirety as follows:

 

The total number of shares of Common Stock that may be issued under the Plan shall be 1,800,000.  Such shares may be either authorized but unissued shares or treasury shares and shall be adjusted in accordance with the provisions of Section 4.3 below.  The number of shares of Common Stock delivered by a Participant or withheld by HWC on behalf of any such Participant as full or partial payment of any minimum required withholding taxes on Stock Awards or Stock Units shall once again be available for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number of shares of Common Stock that may be issued under the Plan.  Any shares of Common Stock subject to an Award may thereafter be available for issuance pursuant to subsequent Awards, and shall not count towards the aggregate number of shares of Common Stock that may be issued under the Plan, if there is a lapse, forfeiture, expiration, termination or cancellation of any such prior Award for any reason (including for reasons described in Section 3.3), or if shares of Common Stock are issued under such Award and thereafter are reacquired by HWC pursuant to rights reserved by HWC upon issuance thereof.

 

	
2.  

	
Section 4.2 of the Plan is hereby amended to add, after subsection (c), a new subsection (d) as follows:

 

(d)           The maximum aggregate number of shares of Common Stock as to which a Key Employee may receive Stock Awards and Stock Units in any calendar year is 150,000.

 

	
3.  

	
Section 12.1(b) of the Plan is hereby amended to add the following sentence at the end thereof:  “For this purpose, repricing includes a reduction in the exercise price of a Stock Option or the cancellation of a Stock Option in exchange for cash, Stock Options with an exercise price less than the exercise price of the cancelled Stock Options, other Awards or any other consideration provided by the Company.”

 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, this Second Amendment has been executed on this 4th day of November, 2014.

 

	 	HOUSTON WIRE & CABLE COMPANY
	 	 	 
	 	By:	Nicol G. Graham                                                                      
	 	 	Nicol G. Graham
	 	 	Chief Financial Officer, Treasurer and Secretary
	 	 	 

 

30186-0000

 

CH2\15785411.4

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