Document:

exv10w3x12y

 

Exhibit 10.3(12)

AMENDMENT NUMBER ONE

TO THE

MGM MIRAGE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN II

     WHEREAS, MGM MIRAGE sponsors and maintains the MGM MIRAGE Supplemental Executive Retirement
Plan II (the “Plan”) and is a participating employer therein; and

     WHEREAS, the Board of MGM MIRAGE finds it desirable and in the best interests of MGM MIRAGE
and the participating employers in the Plan to amend the Plan as applicable to all such
participating employers to provide for the continued participation of certain individuals during
periods in which they are employed by a joint venture in which MGM MIRAGE has a direct or indirect
ownership or economic interest.

     NOW, THEREFORE, the Plan is hereby amended as follows, effective July 10, 2007:

     Article 2 of the Plan is hereby amended to add the following at the end thereof:

2.5 Continued Participation by Participants Employed by Joint Ventures. In
the event that any Participant in the Plan shall, at the request of the Company or
the Participant’s Employer, become employed by a joint venture in which the Company
has any direct or indirect ownership or other economic interest, then, to the extent
determined in writing by the Committee or the appropriate officer of the Company,
the Participant’s Compensation for purposes of determining the Participant’s Annual
Company Contribution Amount shall include compensation paid or payable to the
Participant by such joint venture.

     THIS AMENDMENT is hereby executed on behalf of MGM MIRAGE this 10th day of
July, 2007.

	 	 	 	 	 	 	 
	/s/ Susan M. Walker

	 	 	 	By:
	 	/s/ Gary N. Jacobs
	 

	 	 	 	 	 	 
	ATTEST

	 	 	 	Its:
	 	Executive Vice President
	 

	 	 	 	 	 	General Counsel and Secretaryexv10w3x13y

 

Exhibit 10.3(13)

AMENDMENT NUMBER 2

TO THE

MGM MIRAGE DEFERRED COMPENSATION PLAN II

     WHEREAS, MGM MIRAGE sponsors and maintains the MGM MIRAGE Deferred Compensation Plan II (the
“Plan”) and is a participating employer therein; and

     WHEREAS, Section 11.2 of the Plan provides that the Board of Directors (the “Board”), or the
Committee appointed by the Board (the “Committee”) may, at any time and in its sole discretion,
amend or modify the Plan in whole or in part with respect to any employer; and

     WHEREAS, pursuant to the terms of its employment agreements with certain officers, MGM MIRAGE
has agreed under certain circumstances elaborated in the agreements to continue their participation
in the Plan following termination of employment; and

     WHEREAS, the Committee finds it desirable and in the best interests of MGM MIRAGE to amend the
Plan to specifically provide for continued participation in the Plan to the extent required by the
terms of an employment agreement.

     NOW, THEREFORE, the Plan is hereby amended to add the following sentence at the end of Section
3.6 of the Plan, effective as of October 9, 2007:

     Notwithstanding anything herein to the contrary, the Annual Company Matching Amount shall also
continue to be credited, and the Participant shall continue to vest in his Annual Company Matching
Amount pursuant to Section 3.7 of the Plan, to the extent required under any Participant’s
employment agreement with the Employer(s), provided such employment agreement is dated prior to
October 1, 2007. .

     THIS AMENDMENT is hereby executed on behalf of MGM MIRAGE this 15th day of
October, 2007.

	 	 	 	 	 	 	 
	/s/ Susan M. Walker

	 	 	 	By:
	 	/s/ Gary N. Jacobs
	 

	 	 	 	 	 	 
	ATTEST

	 	 	 	Its:
	 	Executive Vice President
	 

	 	 	 	 	 	General Counsel and Secretaryexv10w3x14y

 

Exhibit 10.3(14)

AMENDMENT NUMBER 2

TO THE

MGM MIRAGE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN II

     WHEREAS, MGM MIRAGE sponsors and maintains the MGM MIRAGE Supplemental Executive Retirement
Plan II (the “Plan”) and is a participating employer therein; and

     WHEREAS, Section 11.2 of the Plan provides that the Board of Directors (the “Board”) or the
Committee appointed by the Board (the “Committee”) may, at any time and in its sole discretion,
amend or modify the Plan in whole or in part with respect to any employer; and

     WHEREAS, pursuant to the terms of its employment agreements with certain officers, MGM MIRAGE
has agreed under certain circumstances elaborated in the agreements to continue their participation
in the Plan following termination of employment; and

     WHEREAS, the Committee finds it desirable and in the best interests of MGM MIRAGE to amend the
Plan to specifically provide for continued participation in the Plan to the extent required by the
terms of an employment agreement.

     NOW, THEREFORE, the Plan is hereby amended to add the following paragraph (g) to Section 3.1
of the Plan, effective as of October 9, 2007:

     (g) Notwithstanding anything herein to the contrary, the Annual Company Contribution Amount
shall continue to be made, and the Participant shall continue to vest in his Account Balance
pursuant to Section 3.2 of the Plan, to the extent required under any Participant’s employment
agreement with the Employer(s), provided such employment agreement is dated prior to October 1,
2007.

     THIS AMENDMENT is hereby executed on behalf of MGM MIRAGE this 15th day of
October, 2007.

	 	 	 	 	 	 	 
	/s/ Susan M. Walker

	 	 	 	By:
	 	/s/ Gary N. Jacobs
	 

	 	 	 	 	 	 
	ATTEST

	 	 	 	Its:
	 	 Executive Vice President
	 

	 	 	 	 	 	General Counsel and Secretaryexv10w3x20y

 

Exhibit 10.3(20)

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is entered into as of March 1, 2007 by and between MGM
MIRAGE (“Employer”, “we” or “us”), and Aldo Manzini (“Employee” or “you”).

	1.	 	Employment. We hereby employ you, and you hereby accept employment by us, as our
Executive Vice President and Chief Administrative Officer to perform such executive,
managerial or administrative duties as we may specify from time to time during the Specified
Term (as defined in Section 2). In construing the provisions of this Agreement, the term
“Employer”, “we” or “us” includes all of our subsidiary, parent and affiliated companies, but
specifically excludes Tracinda Corporation, its stockholder or stockholders, and its
subsidiaries.

	2.	 	Term. The term of your employment under this Agreement commences on or before
March 1, 2007 and it terminates on the fourth anniversary of the Start Date (the “Specified
Term”). Unless a new written employment agreement is executed by the parties, upon the
expiration of the Specified Term, all terms and conditions of this Agreement will continue,
except that the new Specified Term of the Agreement shall be three (3) months, which shall
renew for successive three (3) month periods on each successive three (3) month anniversary,
if the Agreement is not otherwise terminated pursuant to its terms.

	3.	 	Compensation. During the Specified Term, we shall pay you a minimum annual salary of
$500,000 payable in arrears at such frequencies and times as we pay our other employees. You
are also eligible to receive generally applicable fringe benefits commensurate with our
employees in positions comparable to yours. We will also reimburse you for all reasonable
business and travel expenses you incur in performing your duties under this Agreement, payable
in accordance with our customary practices and policies, as we may modify and amend them from
time to time. Your performance may be reviewed periodically. You are eligible for
consideration for a discretionary raise, annual bonus (up to a maximum of $750,000),
promotion, and/or participation in discretionary benefit plans; provided, however, whether and
to what extent you will be granted any of the above will be determined by us in our sole and
absolute discretion. The annual discretionary bonus applicable to 2007 will be considered on
a pro rata basis.

	4.	 	Extent of Services. You agree that your employment by us is full time and exclusive.
You further agree to perform your duties in a competent, trustworthy and businesslike manner.
You agree that during the Specified Term, you will not render any services of any kind
(whether or not for compensation) for any person or entity other than us, and that you will
not engage in any other business activity (whether or not for compensation) that is similar to
or conflicts with your duties under this Agreement, without the approval of the Board of
Directors of MGM MIRAGE or the person or persons designated by the Board of Directors to
determine such matters.

	5.	 	Policies and Procedures. You agree and acknowledge that you are bound by our
policies and procedures as they may be modified and amended by us from time to
time. In the event the terms in this Agreement conflict with our policies and procedures,
the terms of this Agreement shall take precedence. As you are aware,

 

 

	 	 	problem gaming and
underage gambling can have adverse effects on individuals and the gaming industry as a
whole. You acknowledge that you have read and are familiar with our policies, procedures
and manuals and agree to abide by them. Because these matters are of such importance to
us, you specifically confirm that you are familiar with and will comply with our policies
of prohibiting underage gaming, supporting programs to treat compulsive gambling, and
promoting diversity in all aspects of our business.
	 
	6.	 	Licensing Requirements. You acknowledge that we are engaged in a business that is or
may be subject to and exists because of privileged licenses issued by governmental authorities
in Nevada, New Jersey, Michigan, Mississippi, Illinois, Macau S.A.R., the United Kingdom and
other jurisdictions in which we are engaged in a gaming business or where we have applied to
(or during the Specified Term may apply to) engage in a gaming business. You shall apply for
and obtain any license, qualification, clearance or other similar approval which we or any
regulatory authority which has jurisdiction over us requests or requires that you obtain.

	7.	 	Failure to Satisfy Licensing Requirement. We have the right to terminate your
employment under Section 10.1 of this Agreement if: (i) you fail to satisfy any licensing
requirement referred to in Section 6 above; (ii) we are directed to cease business with you by
any governmental authority referred to in Section 6 above; (iii) we determine, in our sole and
exclusive judgment, that you were, are or might be involved in, or are about to be involved
in, any activity, relationship(s) or circumstance which could or does jeopardize our business,
reputation or such licenses; or (iv) any of our licenses is threatened to be, or is, denied,
curtailed, suspended or revoked as a result of your employment by us or as a result of your
actions.

8. Restrictive Covenants

	 	8.1	 	Competition. You acknowledge that, in the course of performing your
responsibilities under this Agreement, you will form relationships and become
acquainted with Confidential Information. You further acknowledge that such
relationships and the Confidential Information are valuable to us, and the
restrictions on your future employment contained in this Agreement, if any, are
reasonably necessary in order for us to remain competitive in our various businesses.
In consideration of this Agreement and the compensation payable to you under this
Agreement, and in recognition of our heightened need for protection from abuse of
relationships formed or Confidential Information garnered before and during the
Specified Term of this Agreement, you covenant and agree that, except as otherwise
explicitly provided in Section 10 of this Agreement, if you are not employed by us for
the entire Specified Term, then during the entire Restrictive Period you shall not
directly or indirectly be employed by, provide consultation or other services to,
engage in, participate in or otherwise be connected in any way with any Competitor.
The terms “Confidential Information,” “Restrictive Period” and “Competitor” are
defined in Section 22. Your obligations during the Specified Term and Restrictive
Period under this Section 8.1 include but are not limited to the following:

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	 	8.1.1	 	You will not make known to any third party the names and
addresses of any of our customers, or any other information pertaining to
those customers.

	 	8.1.2	 	You will not call on, solicit and/or take away, or attempt
to call on, solicit and/or take away, any of our customers, either for your
own account or for any third party.
	 
	 	8.1.3	 	You will not call on, solicit and/or take away, any of our
potential or prospective customers, on whom you called or with whom you became
acquainted during employment by us (either before or during the Specified
Term), either for your own account or for any third party.
	 
	 	8.1.4	 	You will not approach or solicit any of our employees with a
view towards enticing such employee to leave our employ to work for you or for
any third party, or hire any of our employees, without our prior written
consent, which we may give or withhold in our sole discretion.

	 	8.2	 	Confidentiality. You further covenant and agree that you will not at
any time during or after the Specified Term, without our prior written consent,
disclose to any other person or business entities any Confidential Information or
utilize any Confidential Information in any way, including communications with or
contact with any of our customers or other persons or entities with whom we do
business, other than in connection with your employment hereunder.
	 
	 	8.3	 	Employer’s Property. You hereby confirm that the Confidential
Information constitutes our sole and exclusive property (regardless of whether you
possessed or claim to have possessed any of such Confidential Information prior to the
date hereof). You agree that upon termination of your active employment with us, you
will promptly return to us all notes, notebooks, memoranda, computer disks, and any
other similar repositories of Confidential Information (regardless of whether you
possessed such Confidential Information prior to the date hereof) containing or
relating in any way to the Confidential Information, including but not limited to the
documents referred to on Exhibit A hereto. Such repositories of Confidential
Information also include but are not limited to any so-called personal files or other
personal data compilations in any form, which in any manner contain any Confidential
Information.
	 
	 	8.4	 	Notice to Employer. You agree to notify us immediately of any other
persons or entities for whom you work or provide services during the Specified Term or
within the Restrictive Period. You further agree to promptly notify us, during the
Specified Term, of any contacts made by any gaming licensee which concern or relate to
an offer to employ you or for you to provide consulting or other services.

	9.	 	Representation and Additional Agreements. You hereby represent, warrant and agree
that:

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	 	9.1	 	The covenants and agreements contained in Sections 4 and 8 above are
reasonable in their geographic scope, duration and content; our agreement to employ
you and a portion of the compensation and consideration we have agreed to pay you
under Section 3 of this Agreement, are in partial consideration for such covenants and
agreements; you agree that you will not raise any issue of the reasonableness of the
geographic scope, duration or content of such covenants and agreements in any
proceeding to enforce such covenants and agreements, and such covenants and agreements
shall survive the termination of this Agreement;
	 
	 	9.2	 	The enforcement of any remedy under this Agreement will not prevent you from
earning a livelihood, because your past work history and abilities are such that you
can reasonably expect to find work in other areas and lines of business;
	 
	 	9.3	 	The covenants and agreements stated in Sections 4, 6, 7 and 8 of this
Agreement are essential for our reasonable protection;
	 
	 	9.4	 	We have reasonably relied on your representations, warranties and agreements,
including those set forth in this Section 9; and
	 
	 	9.5	 	You have the full right to enter into this Agreement and by entering into and
performance of this Agreement, you will not violate or conflict with any arrangements
or agreements you may have with any other person or entity.
	 
	 	9.6	 	You agree that in the event of your breach of any covenants and agreements
set forth in Sections 4 and 8 above, we may seek to enforce such covenants and
agreements through any equitable remedy, including specific performance or injunction,
without waiving any claim for damages. In any such event, you waive any claim that we
have an adequate remedy at law.

10. Termination.

	 	10.1	 	Employer’s Good Cause Termination. We have the right to terminate
this Agreement at any time during the Specified Term hereof for Employer’s Good Cause
(which term is defined in Section 22). Upon any such termination, we will have no
further liability or obligations whatsoever to you under this Agreement except as
provided under Sections 10.1.1, 10.1.2, and 10.1.3 below.

	 	10.1.1	 	In the event Employer’s Good Cause termination is the result of your death
during the Specified Term, your beneficiary (as designated by you on our
benefit records) will be entitled to receive your salary for a three (3) month
period following your death, such amount to be paid at regular payroll
intervals.
	 
	 	10.1.2	 	In the event Employer’s Good Cause termination is the result of your
Disability (which term is defined in Section 22), we will pay you (or your
beneficiary in the event of your death during the
period in which payments are being made) an amount equal to

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	 	 	 	your salary
for three (3) months following your termination, such amount to be paid at
regular payroll intervals, net of payments received by you from any short
term disability policy which is either self-insured by us or the premiums
of which were paid by us (and not charged as compensation to you).
	 
	 	10.1.3	 	You or your beneficiary will be entitled to exercise your vested but
unexercised stock options to acquire Company’s stock, stock appreciation
rights (“SAR”) or other stock-based compensation (“Other Right”) as of the
date of termination, if any, upon compliance with all of the terms and
conditions required to exercise such options, SARs or Other Rights.

	 	10.2	 	Employer’s No Cause Termination. We have the right to terminate this
Agreement on written notice to you in our sole discretion for any cause we deem
sufficient or for no cause, at any time during the Specified Term. Upon such
termination, our sole liability to you shall be as follows:

	 	10.2.1	 	We will treat you as an inactive employee through the Specified Term and (i)
pay your salary for the period remaining in the Specified Term, and (ii)
maintain you as a participant in all health and insurance programs in which
you and your dependents, if applicable, are then participating (as such
programs may be changed by us from time to time for its employees in positions
comparable to yours and subject to satisfying the eligibility requirements of
such programs to the extent imposed by third party providers) through the
first to occur of (x) the end of the Specified Term or (y) the date on which
you become eligible to receive health and/or insurance benefits, as applicable
from a new employer. However, you would not be eligible for flex or vacation
time, discretionary bonus or new grants of stock options, SARs or Other
Rights, but (subject to Section 10.5.1 of this Agreement, if applicable) you
would continue to vest previously granted stock options, SARs or Other Rights,
if any, for the shorter of twelve (12) months from the date you are placed in
an inactive status or the remaining period of the Specified Term if you remain
in inactive status for such period; and
	 
	 	10.2.2	 	You will be entitled to exercise your vested but unexercised stock options
to acquire Company stock, SARs or Other Rights, if any, while you are on
inactive status and upon termination of your inactive status, upon your
compliance with all of the terms and conditions required to exercise such
options, SARs or Other Rights.

Upon any such termination, you will continue to be bound by the restrictions in
Section 8 above. Notwithstanding anything herein to the contrary, while you are in
an inactive status, you may be employed by or provide consultation services to a
non-Competitor, provided that we will be entitled to offset the compensation being
paid by us during the Specified Term by the compensation and/or consultant’s fees
being paid to you, and provided further, that we will not be required to continue
to
provide benefits to the extent that you are entitled to receive benefits from

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a
third party. In addition, at any time after the end of the Restrictive Period, if
you are in an inactive status, you may notify us in writing that you desire to
terminate your inactive status (an “Employee Inactive Termination Notice”) and
immediately thereafter we will have no further liability or obligations to you,
except under Section 10.2.2 above.

	 	10.3	 	Employee’s Good Cause Termination. You may terminate this Agreement
for Employee’s Good Cause (which term is defined in Section 22). Prior to any
termination under this Section 10.3 being effective, you agree to give us thirty (30)
days’ advance written notice specifying the facts and circumstances of our alleged
breach. During such thirty (30) day period, we may either cure the breach (in which
case your notice will be considered withdrawn and this Agreement will continue in full
force and effect) or declare that we dispute that Employee’s Good Cause exists, in
which case this Agreement will continue in full force until the dispute is resolved in
accordance with Section 11. In the event this Agreement is terminated under this
Section 10.3, you will be entitled to exercise your vested but unexercised stock
options to acquire Company stock, SARs or Other Rights, if any, upon your compliance
with all the terms and conditions required to exercise such options, SARs or Other
Rights, but you will have no further claim against us arising out of such breach. In
the event of termination of this Agreement under Section 10.3, the restrictions of
Section 8.1 shall no longer apply.

	 	10.4	 	Employee’s No Cause Termination. In the event you terminate your
employment under this Agreement without cause, we will have no further liability or
obligations whatsoever to you hereunder, except that you will be entitled to exercise
your vested but unexercised stock options to acquire Company stock, SARs or Other
Rights, if any, upon your compliance with all the terms and conditions required to
exercise such options, SARs or Other Rights and all salary through the date of
termination; provided, however, that we will be entitled to all of our rights and
remedies by reason of such termination, including without limitation, the right to
enforce the covenants and agreements contained in Section 8 and our right to recover
damages.

	 	10.5	 	Change in Control. In the event there is a Change in Control of
Company (which term is defined in Section 22), then:

	 	10.5.1	 	In the event this Agreement is terminated on or prior to the first
anniversary of a Change of Control: (a) by us under Section 10.1 by reason of
your death or disability or under Section 10.2 (Employer’s No Cause
Termination) or (b) by you under Section 10.3 (Employee’s Good Cause
Termination), then all of your options, SARs or Other Rights, if any, which
would have vested but for such termination during the shorter of twelve (12)
months of the date of termination or the remainder of the Specified Term shall
become vested and immediately exercisable. However, so long as you remain
employed by us after a Change of Control, your options, SARs or Other Rights
would not be accelerated, and if your employment was terminated by us under
Section 10.1 (Employer’s For Cause Termination), other than by reason of death
or disability, or by you under Section 10.4 (Employee’s No

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	 	 	 	Cause
Termination), your stock options, SARs or Other Rights would be
exercisable only to the extent they were exercisable at the date of
termination.
	 
	 	10.5.2	 	If the Change of Control results from an exchange of outstanding common
stock as a result of which the common stock of MGM MIRAGE is no longer
publicly held, then all your options to purchase common stock of MGM MIRAGE,
SARs and Other Rights will vest or be exercisable, as applicable, at the time
or times they would otherwise have vested or been exercisable for the
consideration (cash, stock or otherwise) which the holders of MGM MIRAGE
common stock received in such exchange. For example, if immediately prior to
the Effective Date, you had vested and exercisable options to acquire 5,000
shares of MGM MIRAGE’s common stock and the exchange of stock is one share of
common stock of MGM MIRAGE for two shares of common stock of the acquiring
entity, then your options will be converted into options to acquire, upon
payment of the exercise price, 10,000 shares of the acquiring entity’s common
stock. If, in addition, you had vested but unexercisable stock options, at
the time those options became exercisable, each option would, on exercise and
payment of the exercise price, entitle you to receive two shares of the
acquiring company’s common stock.
	 
	 	10.5.3	 	If the Change of Control results from a sale of MGM MIRAGE’s outstanding
common stock for cash with the result that MGM MIRAGE’s common stock is no
longer publicly held, then upon the Change of Control, all of your options to
purchase common stock of MGM MIRAGE, SARs and Other Rights will vest or be
exercisable, as applicable, at the time or times they would otherwise have
vested or been exercisable for cash equal to the difference between the
purchase price and the exercise price for the options, SARs or Other Rights.
For example, if immediately prior to the Change in Control, you have options to
acquire 2,000 shares of MGM MIRAGE’s common stock at an exercise price of $35,
and the purchase price for MGM MIRAGE common stock was $40, then upon the
vesting and exercisability of such options you would be entitled to receive
$10,000 in full satisfaction of such options (2,000 shares times $5 per share).
If, in addition, you had vested but unexercisable stock options, at the time
those options became exercisable, you would be entitled to receive $5, net of
applicable taxes, for each option that became exercisable in full satisfaction
of that option.

	 	10.6	 	Survival of Covenants. Notwithstanding anything contained in this
Agreement to the contrary, except as specifically provided in Section 10.3 with
respect to the undertaking contained in Section 8.1, the covenants and agreements
contained in Section 8 will survive a termination of this Agreement or of your
employment, regardless of the reason for such termination.
	 
	 	10.7	 	Acknowledgement Concerning Options, Stock Appreciation Rights and Other
Rights. The parties acknowledge that the provisions contained

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	 	 	 	herein with respect
to stock options, SARs or Other Rights are only applicable to stock options, SARs or
Other Rights, if any, which are granted to you contemporaneously with, or after the
date of this Agreement. With respect to any other stock options, SARs or Other
Rights, if any, granted to you prior to the date of this Agreement, such provisions
herein shall not be applicable and the provisions originally governing such stock
options, SARs or Other Rights shall remain in full force and effect and shall not be
altered by this Agreement.

	11.	 	Disputed Claim/Arbitration. In the event of any Disputed Claim (such term in defined
in Section 22), such Disputed Claim shall be resolved by arbitration administered by the
American Arbitration Association under its National Rules for the Resolution of Employment
Disputes (or its then equivalent). Any arbitration under this Section 11 shall take place in
Las Vegas, Nevada. Unless and until the arbitration process is finally resolved in your favor
and we thereafter fail to satisfy such award within thirty (30) days of its entry, no
Employee’s Good Cause exists for purposes of your termination rights pursuant to Section 10.3
with respect to such Disputed Claim. Nothing herein shall preclude or prohibit us from
invoking the provisions of Section 10.2, or of our seeking or obtaining injunctive or other
equitable relief.

	12.	 	Severability. If any provision hereof is unenforceable, illegal, or invalid for any
reason whatsoever, such fact shall not affect the remaining provisions of this Agreement,
except in the event a law or court decision, whether on application for declaration, or
preliminary injunction or upon final judgment, declares one or more of the provisions of this
Agreement that impose restrictions on you unenforceable or invalid because of the geographic
scope or time duration of such restriction. In such event, you and we agree that the
invalidated restrictions are retroactively modified to provide for the maximum geographic
scope and time duration which would make such provisions enforceable and valid. This
Section 12 does not limit our rights to seek damages or such additional relief as may be
allowed by law and/or equity in respect to any breach by you of the enforceable provisions of
this Agreement.

	13.	 	Attorneys’ Fees. In the event suit is brought to enforce, or to recover damages
suffered as a result of breach of this Agreement the prevailing party shall be entitled to
recover its reasonable attorneys fees and costs of suit.

	14.	 	No Waiver of Breach or Remedies. No failure or delay on the part of you or us in
exercising any right, power or remedy hereunder shall operate as a waiver thereof nor shall
any single or partial exercise of any such right, power or remedy preclude any other or
further exercise thereof or the exercise of any other right, power or remedy hereunder. The
remedies herein provided are cumulative and not exclusive of any remedies provided by law.

	15.	 	Amendment or Modification. No amendment, modification, termination or waiver of any
provision of this Agreement shall be effective unless the same shall be in writing and signed
by you and a duly authorized member of our senior management. No consent to any departure by
you from any of the terms of this Agreement shall be effective unless the same is signed by a
duly authorized
member of our senior management. Any such waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given.

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	16.	 	Governing Law. The laws of the State of Nevada shall govern the validity,
construction and interpretation of this Agreement, and except for Disputed Claims, the courts
of the State of Nevada shall have exclusive jurisdiction over any claim with respect to this
Agreement.

	17.	 	Number and Gender. Where the context of this Agreement requires the singular shall
mean the plural and vice versa and references to males shall apply equally to females and vice
versa.

	18.	 	Headings. The headings in this Agreement have been included solely for convenience
of reference and shall not be considered in the interpretation or construction of this
Agreement.

     19. Assignment. This Agreement is personal to you and may not be assigned by you.

	20.	 	Successors and Assigns. This Agreement shall be binding upon our successors and
assigns.

	21.	 	Prior Agreements. This Agreement shall supersede and replace any and all other
employment agreements which may have been entered into by and between the parties. Any such
prior employment agreements shall be of no force and effect. Notwithstanding the foregoing,
the letter agreement between you and the Company dated December 4, 2006, to the extent not
inconsistent with this Agreement, remains in full force and effect.

22. Certain Definitions. As used in this Agreement:

     “Change of Control” shall mean the first to occur of any of the following events:

	 	(1)	 	Any “person” or “group” of persons (as such terms are used in
§13 and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)), other than the Company’s principal stockholder as reflected
in the Company’s Proxy Statement dated March 29, 2002 (the “Principal
Stockholder”), the Principal Stockholder’s sole shareholder, members of the
immediate family, as well as the heirs and legatees, of the Principal
Stockholder’s sole shareholder and trusts or other entities for the benefit of
such persons or affiliates of such persons (as such term “affiliates” is
defined in the rules promulgated by the Securities and Exchange Commission)
(the “Principal Stockholder Group”), becomes the beneficial owner (as that
term is used in §13(d) of the Exchange Act), directly or indirectly, of fifty
percent (50%) or more of the Company’s capital stock entitled to vote
generally in the election of directors. (For the avoidance of doubt, as of
the date hereof, the Principal Stockholder Group is the beneficial owner of
fifty percent (50%) or more of the Company’s capital stock);
	 
	 	(2)	 	At any time, individuals who, at the date of this Agreement,
constitute the Board of Directors of the Company, and any new

9

 

	 	 	 	director whose
election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of in excess of seventy five percent (75%) either (1)
the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so
approved, or (2) the members of the Company’s Executive Committee then still
in office who either were members at the beginning of the period or whose
election or nomination for election to the Executive Committee was previously
so approved by the directors or the Executive Committee, cease for any reason
to constitute at least a majority of the Board;
	 
	 	(3)	 	Any consolidation or merger of the Company, other than a
consolidation or merger of the Company in which the holders of the Stock
immediately prior to the consolidation or merger hold more than fifty percent
(50%) of the Stock of the surviving corporation immediately after the
consolidation or merger;
	 
	 	(4)	 	Any liquidation or dissolution of the Company; or
	 
	 	(5)	 	The sale or transfer of all or substantially all of the
assets of the Company to parties that are not within a “controlled group of
corporations” (as defined in Internal Revenue Code §1563) in which the Company
is a member.

“Company” means MGM MIRAGE.

“Competitor” means any person, corporation, partnership, limited liability company or other
entity which is either directly, indirectly or through an affiliated company, engaged in or
proposes to engage in the development, ownership, operation or management of  (i)  gaming
facilities; (ii) one or more hotels; (iii) resort-style condominiums; (iv) convention or
meeting facilities or (v) any retail or shopping venue in excess of 100,000 square feet,
and which activities are in the State of Nevada or in or within a 150 mile radius of any
other jurisdiction in which Employer is engaged in gaming or proposes to engage in gaming.

“Confidential Information” means all knowledge, know-how, information, devices or
materials, whether of a technical or financial nature, or otherwise relating in any manner
to the business affairs of Employer, including without limitation, names and addresses of
Employer’s customers, any and all other information concerning customers who utilize the
goods, services or facilities of any hotel and/or casino owned, operated or managed by
Employer, Employer’s casino, hotel, retail, entertainment and marketing practices,
procedures, management policies, any trade secret, including but not limited to any
formula, pattern, compilation, program, device, method, technique or process, that derives
economic value, present or potential, from not being generally known to, and not being
readily ascertainable by proper means by, other persons who can obtain any economic value
from its disclosure or use, and any other information regarding the Employer which is not
already and generally known to the public, whether or

10

 

not any of the foregoing is subject
to or protected by copyright, patent, trademark, registered or unregistered design, and
whether disclosed or communicated (in writing or orally) before, on or after the date of
this Agreement, by Employer to Employee. Confidential Information shall also specifically
include, without limitation, those documents and reports set forth on Exhibit A attached
hereto and incorporated herein by this reference.

“Disputed Claim” means that Employee maintains pursuant to Section 10.3 that Employer has
breached its duty to Employee and Employer has denied such breach.

“Employee’s Good Cause” shall mean (i) the failure of Employer to pay Employee any
compensation when due, save and except a Disputed Claim to compensation; or (ii) a material
reduction in the scope of duties or responsibilities of Employee or any reduction in
Employee’s salary save and except a Disputed Claim.

“Employee’s Physician” shall mean a licensed physician selected by Employee for purposes of
determining Employee’s disability pursuant to the terms of this Agreement.

“Employer’s Good Cause” shall mean:

	 	(1)	 	Employee’s death or disability; disability is hereby defined to include
incapacity for medical reasons certified to by Employer’s Physician which precludes
the Employee from performing the essential functions of Employee’s duties hereunder
for a substantially consecutive period of six (6) months or more. (In the event
Employee disagrees with the conclusions of Employer’s Physician, Employee (or
Employee’s representative) shall designate an Employee’s Physician, and Employer’s
Physician and Employee’s Physician shall jointly select a third physician, who shall
make the determination);
	 
	 	(2)	 	Employee’s failure to abide by Employer’s policies and procedures,
misconduct, insubordination, inattention to Employer’s business, failure to perform
the duties required of Employee up to the standards established by the Employer’s
senior management, or other material breach of this Agreement; or
	 
	 	(3)	 	Employee’s failure or inability to satisfy the requirements stated in
Section 6 above.

“Employer’s Physician” shall mean a licensed physician selected by Employer for purposes of
determining Employee’s disability pursuant to the terms of this Agreement.

“Restrictive Period” means the twelve (12) month period immediately following any
separation by Employee from active employment occurring during the Specified Term (or such
shorter period remaining in the Specified Term should
Employee separate from active employment with less than twelve (12) months remaining in the
Specified Term).

11

 

	23.	 	The parties acknowledge that neither Tracinda Corporation nor Kirk Kerkorian, individually or
collectively, is a party to this Agreement or any exhibit or agreement provided for herein.
Accordingly, the parties hereby agree that in the event (i) there is any alleged breach or
default by any party under this Agreement or any exhibit or agreement provided for herein, or
(ii) any party has any claim arising from or relating to any such agreement, no party, nor any
party claiming through it (to the extent permitted by applicable law), shall commence any
proceedings or otherwise seek to impose any liability whatsoever against Tracinda Corporation
or Kirk Kerkorian by reason of such alleged breach, default or claim.

       IN WITNESS WHEREOF, Employer and Employee have entered into this Agreement in Las Vegas,
Nevada, as of the date first written above.

	 	 	 
	EMPLOYEE – ALDO MANZINI
	 	 
	 
	 	 
	/s/ Aldo Manzini
 

	 	  
	 
	 	 
	EMPLOYER – MGM MIRAGE
	 	 
	 
	 	 
	By: /s/ J. Terrence Lanni
 

	 	  

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EXHIBIT A

	 	 	 
	Name of Report	 	Generated By
	 
	Including, but not limited to:
	 	 
	 
	 	 
	Arrival Report

	 	Room Reservation
	Departure Report

	 	Room Reservation
	Master Gaming Report

	 	Casino Audit
	Department Financial Statement

	 	Finance
	$5K Over High Action Play Report

	 	Casino Marketing
	$50K Over High Action Play Report

	 	Casino Marketing
	Collection Aging Report(s)

	 	Collection Department
	Accounts Receivable Aging

	 	Finance
	Marketing Reports

	 	Marketing
	Daily Player Action Report

	 	Casino Operations
	Daily Operating Report

	 	Slot Department
	Database Marketing Reports

	 	Database Marketing

13

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