Document:

Form of Award Agreement for Restricted Stock Units

 Exhibit 10.3 
 BOYD GAMING CORPORATION 2002 STOCK INCENTIVE PLAN 
 Notice of Restricted Stock Unit Award

 You (the “Grantee”) have been granted an award of Restricted Stock Units (the “Award”), subject to the terms
and conditions of this Notice of Restricted Stock Unit Award (the “Notice”), the Boyd Gaming Corporation 2002 Stock Incentive Plan, as amended from time to time (the “Plan”) and the Restricted Stock Unit Agreement (the
“Agreement”) attached hereto, as follows. Unless otherwise provided herein, the terms in this Notice shall have the same meaning as those defined in the Plan. 
  

			
		
	Award Number	 	  
		
	Date of Award	 	  
		
	 TotalNumber of Restricted Stock
 UnitsAwarded (the “Units”)
	 	  
		
	Vesting Schedule:	 	Subject to other limitations set forth in this Notice, the Agreement and the Plan, the Units shall be fully vested (100%) as of the date of grant and shall not be subject to
forfeiture.

 IN WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the
Award is to be governed by the terms and conditions of this Notice, the Plan, and the Agreement. 
  

			
	 Boyd Gaming Corporation, a Nevada corporation

		
	By:	 	  
		
	Title:	 	  

 Grantee Acknowledges and Agrees: 
 The Grantee acknowledges receipt of a copy of the Plan and the Agreement and represents that he or she is familiar with the terms and provisions thereof,
and hereby accepts the Award subject to all of the terms and provisions hereof and thereof. The Grantee has reviewed this Notice, the Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of counsel prior to executing
this Notice and fully understands all provisions of this Notice, the Agreement and the Plan. The Grantee further agrees and acknowledges that this Award is a non-elective arrangement pursuant to Section 409A of the Code. 
 The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice, the Plan and the Agreement shall be resolved
by the Administrator in accordance 

  

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with Section 8 of the Agreement. The Grantee further agrees to the venue selection and waiver of a jury trial in accordance with Section 9 of the
Agreement. The Grantee further agrees to notify the Company upon any change in his or her residence address indicated in this Notice. 
  

					
			
	  	 		 	  
	Date	 		 	 Grantee’s Signature

			
		 		 	  
		 		 	 Grantee’s Printed Name

			
		 		 	  
		 		 	 Address

			
		 		 	  
		 		 	 City, State & Zip

  

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 Award Number:
                                        
             
 BOYD GAMING CORPORATION 2002 STOCK INCENTIVE PLAN

 RESTRICTED STOCK UNIT AGREEMENT 
 1. Issuance of Units. Boyd Gaming Corporation, a Nevada corporation (the “Company”), hereby issues to the Grantee (the “Grantee”) named in the Notice of Restricted Stock Unit Award (the
“Notice”) an award (the “Award”) of the Total Number of Restricted Stock Units Awarded set forth in the Notice (the “Units”), subject to the Notice, this Restricted Stock Unit Agreement (the “Agreement”) and
the terms and provisions of the Boyd Gaming Corporation 2002 Stock Incentive Plan, as amended from time to time (the “Plan”), which is incorporated herein by reference. Unless otherwise defined herein, the terms in this Agreement shall
have the same meaning as those defined in the Plan. 
 2. Transfer Restrictions. The Units may not be transferred in any manner other
than by will or by the laws of descent and distribution. 
 3. Conversion of Units and Issuance of Shares. 
 (a) General. Subject to Section 3(b), one share of fully vested Common Stock shall be issuable for each Unit subject to the Award (the
“Shares”) upon the earlier of: (i) the calendar year in which the Director separates from service (as defined in Section 409A of the Code) with the Company, or (ii) immediately prior to the specified effective date of a
Change in Control or a Corporate Transaction (each as defined in the Plan) which also constitutes a “change in the ownership or effective control, or in the ownership of a substantial portion of the assets” (as defined in Section 409A
of the Code) of the Company. Immediately thereafter, or as soon as administratively feasible, the Company will transfer such Shares to the Grantee. Effective upon the consummation of such a Change in Control or Corporate Transaction, the Award shall
terminate. Any fractional Unit remaining after the Award is settled in Shares shall be discarded and shall not be converted into a fractional Share. 
 (b) Delay of Conversion. The conversion of the Units to Common Stock under Section 3(a), above, shall be delayed in the event the Company reasonably anticipates that the issuance of Common Stock would
constitute a violation of federal securities laws or other Applicable Law. If the conversion of the Units to Common Stock is delayed by the provisions of this Section 3(b), the conversion of the Units to Common Stock shall occur at the earliest
date at which the Company reasonably anticipates issuing the Common Stock will not cause a violation of federal securities laws or other applicable law. For purposes of this Section 3(b), the issuance of Common Stock that would cause inclusion
in gross income or the application of any penalty provision or other provision of the Code is not considered a violation of Applicable Law. 
 4. Right to Shares. The Grantee shall not have any right in, to or with respect to any of the Shares (including any voting rights) issuable under the Award until the Award is settled by the issuance of such Shares to the Grantee. The
Grantee’s rights to dividends paid on the Common Stock shall be determined on a case by case basis. 
  

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 5. Tax Liability. The Grantee is ultimately liable and responsible for all taxes owed by the
Grantee. The Company does not commit and is under no obligation to structure the Award to reduce or eliminate the Grantee’s tax liability. 
 6. Entire Agreement; Governing Law. The Notice, the Plan and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and
agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the Grantee. These agreements are to be
construed in accordance with and governed by the internal laws of the State of Nevada without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of
Nevada to the rights and duties of the parties. Should any provision of the Notice or this Agreement be determined to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable. 
 7. Construction. The captions used in the Notice and this Agreement are inserted for convenience and shall not be deemed a part of the Award for
construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context
clearly requires otherwise. 
 8. Administration and Interpretation. Any question or dispute regarding the administration or
interpretation of the Notice, the Plan or this Agreement shall be submitted by the Grantee or by the Company to the Administrator. The resolution of such question or dispute by the Administrator shall be final and binding on all persons. 

9. Venue and Waiver of Jury Trial. The parties agree that any suit, action, or proceeding arising out of or relating to the Notice, the Plan or
this Agreement shall be brought in the United States District Court for the District of Nevada (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Nevada state court in the county in which the Company is located)
and that the parties shall submit to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in
such court. THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 9 shall for any reason be held invalid or unenforceable, it is
the specific intent of the parties that such provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
 10. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express
mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown in these instruments, or to such
other address as such party may designate in writing from time to time to the other party. 
  

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 11. Amendment to Meet the Requirements of Section 409A. The Grantee acknowledges that the
Company, in the exercise of its sole discretion and without the consent of the Grantee, may amend or modify this Agreement in any manner and delay the issuance of any shares issuable pursuant to this Agreement to the minimum extent necessary to meet
the requirements of Section 409A of the Code as amplified by any Treasury regulations or guidance from the Internal Revenue Service as the Company deems appropriate or advisable. 
 END OF AGREEMENT 
  

 3First Amendment to Limited Liability Company Agreement

 Exhibit 10.4 
 FIRST AMENDMENT TO MORGANS LAS VEGAS, LLC 
 LIMITED LIABILITY COMPANY AGREEMENT

 THIS FIRST AMENDMENT (“Amendment”) made effective as of the 15th day of May, 2006 (“Effective Date”),
by and between MORGANS LAS VEGAS LLC, a Delaware limited liability company (“Morgans”), and ECHELON RESORTS CORPORATION, a Nevada corporation (“Boyd”). Morgans and Boyd may hereinafter be referred to singularly as a
“Party” or “Member” or collectively as the “Parties” and the “Members”. 
 W I
T N E S S E T H: 
 WHEREAS, Morgans and Boyd entered into a certain
Limited Liability Company Agreement, dated January 3, 2006, for the formation of the Company (the “Operating Agreement”). 
 WHEREAS, each of the Members desire to enter into this Amendment to amend the Operating Agreement upon the terms and conditions hereinafter set forth. 
 NOW, THEREFORE, for and in consideration of the mutual promises of the Members and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members agree as
follows: 
 A. Incorporation of Recitals/Definitions. The foregoing recitals are hereby incorporated herein and made a part
hereof as if fully set forth herein. Unless specifically defined herein, all defined terms used in this Amendment shall have the same meanings as those set forth in the Operating Agreement. 
 B. Operative Amendments. 
 1. Definitions. The following definitions are hereby added to the Operating Agreement: 
 “Hard Rock
Property” shall mean, collectively, (a) that certain hotel casino property currently known as the “Hard Rock Hotel and Casino” and located at 4455 Paradise Road, Las Vegas, Nevada 89109, comprised of, but not necessarily
limited to, Clark County Assessor’s Parcel Numbers 162-22-202-001, 002, and 003, 162-22- 103-004, 162-21-504-005, 162-21-602-002, 003, (b) any expansions of such hotel casino property and improvements, and (c) other adjacent or
otherwise related properties and assets to be acquired by Morgans or a Morgans Affiliate. 
 “Non-Recourse Financing” shall
mean, in this instance, loan financing pursuant to which neither Morgans Parent nor any of its Affiliates, shall have any financial or credit obligations or any related liability to any lender or other third party, related to any capital
contributions or payment or credit support arising from or related to such financing of the Hard Rock Property (other than carve-outs and exceptions that may be reasonably customary for non-recourse financings). 

 2. Collateral for Funding Obligations and Commitments. The following new
Section 5.09 is hereby added to the Operating Agreement: 
 Section 5.09. Morgans Collateral and Failure to Proceed.

 (a) Upon the closing of the acquisition by Morgans or a Morgans Affiliate of the Hard Rock Property, Morgans agrees to wire
transfer to Boyd, into a segregated account designated by Boyd, a cash deposit in the amount of Thirty Million Dollars ($30,000,000) (the “Deposit”), and such Deposit shall be maintained in such account by Boyd and shall be retained or
applied by Boyd, or refunded to Morgans, in accordance with this Section 5.09. As consideration for Boyd’s agreement with respect to the acquisition of the Hard Rock Property (as permitted by Section 8.05(b) of the Operating
Agreement, as amended pursuant to this Amendment), Boyd shall have the right to retain and shall have no obligation to return or otherwise reimburse to Morgans the amount of the Deposit upon the occurrence of any of the following: (i) Morgans
fails to satisfy any of its financial commitments contained in this Operating Agreement following written notice from Boyd and the expiration of any applicable cure period set forth in the Operating Agreement and the Hotel Management Agreement,
including, without limitation, any obligation to fund a Capital Contribution or Cost Overruns, and/or (ii) the Contribution Date does not occur prior to the Outside Start Date (“Contribution Date Passage”) due to a breach by Morgans
of its obligations under the Operating Agreement and/or the Hotel Management Agreement following written notice from Boyd and expiration of all applicable cure periods set forth in the Operating Agreement (the occurrence of either (i) or
(ii) above shall hereinafter be referred to as a “Morgans Default”). In the event that the Contribution Date shall occur in accordance with this Operating Agreement, then the amount of the Deposit shall be applied by Boyd against the
Morgans Capital Commitment required to be contributed by Morgans on such date. The parties agree that the Contribution Date Passage date shall be extended day for day as a result of any decision by Boyd, made prior to the Outside Start Date, to
delay the commencement of construction and/or pre-construction activities of a material portion of Echelon Place (excluding the Hotels, to the extent caused by a breach of Morgans as set forth above) beyond June 30, 2008. Morgans and Boyd each
agree to proceed at all times in good faith in connection with the pre-development of the Hotels pursuant to the Operating Agreement. 
 (b) Notwithstanding Section 4.03 or any other provision of the Operating Agreement to the contrary, in the event of a Morgans Default, Boyd shall have the exclusive right to use at Echelon Place (and Morgans
shall not use within the greater Las Vegas metropolitan area, including, but not limited to, Clark County, Nevada), without payment of any fee or any other compensation to the Company or to Morgans or any of its Affiliates, (i) the plans,
specifications, reports, test results or other work product prepared in connection with the Project for Boyd to use in its construction of the Hotels on the Land or anywhere else within Echelon Place, and (ii) for the period of time commencing
on the date of the Contribution Date Passage or the dissolution of the Company as set forth above through December 31, 2055, the names “Delano Las Vegas” and “Mondrian Las Vegas”, and other marks and names that are
derivative from such names, pursuant to the brand standards for the Delano and Mondrian brands in effect 

  

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from time to time and pursuant to other customary non-monetary terms and conditions for licensing arrangements of this type. 
 (c) Notwithstanding anything to the contrary contained in the Operating Agreement or the Hotel Management Agreement, the Members agree
that in the event of a Morgans Default, Boyd may, in its sole discretion, terminate the Hotel Management Agreement, and neither the Company nor any Member or Affiliate of such Member, shall have any other rights or obligations thereunder.

 (d) Morgans agrees that to the extent a dispute arises between the Members under the Operating Agreement or Hotel
Management Agreement relating to or arising from the use of the Morgans brand names by Boyd, as set forth above in Section 5.09(b) above, Boyd shall continue to have the right to (i) use the Morgans Brand Names for the Hotels, during the
pendency of such dispute in accordance with such Section 5.09(b), and (ii) use the plans and specifications and other materials referenced in Section 5.09(b)(i) above, regardless of the outcome of such dispute; provided, however, that
to the extent that it is determined by a court of law, with proper jurisdiction over the dispute, that Boyd does not have a right to use the Brand Names, the use of such Brand Names shall be discontinued by Boyd in accordance with such ruling or
finding, as of that date, in connection with Boyd’s development, construction, and/or operation of the Hotels. 
 (e)
Boyd agrees that its rights under Section 5.09(a) and (b) shall be deemed terminated and void upon the occurrence of any of the following on or prior to the date of the Contribution Date Passage: (w) any sale or other disposition or
conveyance by Boyd or a Boyd Affiliate of (i) the Land or a material portion thereof, or its direct or indirect interests therein or (ii) its ownership interest in substantially all of the land on which Echelon Place is to be built, if
such sale or other disposition, as contemplated under sections (i) and (ii) above, is made to a third party, but which shall not include an entity that is a Boyd Affiliate or a Boyd Controlled Affiliate, provided that nothing in this
clause (w) is intended to, or shall have the effect of, granting to Boyd any rights with respect to the direct or indirect transfer of the Land or Boyd’s interests therein beyond Boyd’s rights as currently set forth in the Operating
Agreement (without giving effect to this Amendment), (x) the occurrence of the Contribution Date Passage for any reason other than a Morgans Default, (y) a merger, sale, consolidation or other transaction (or series of transactions) shall
occur resulting in the change of the direct or indirect ownership of 50% or more of the outstanding common stock of Boyd Parent, other than (i) through the trading of publicly held securities in the ordinary course or (ii) as a result of
transfers between and among family members of William S. Boyd, including estate planning related transfers, or (z) the acquisition by Boyd of the Morgans Interest pursuant to Section 12.05 of the Operating Agreement. Upon the occurrence of
any such event described in this Section 5.09(e), Boyd shall not have the right to retain, and shall promptly return or otherwise reimburse to Morgans, the amount of the Deposit and Boyd shall have no rights under Section 5.09(b) above.

 (f) The obligations of Boyd under this Section 5.09 shall be guaranteed by the Boyd Parent. 
  

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 (g) The obligations of Morgans under this Section 5.09 shall be guaranteed by the
Morgans Parent. 
 3. Duties and Conflicts. The following sentence shall be added at the end of Section 8.05(b) of
the Operating Agreement: 
 “Notwithstanding anything in this Section 8.05(b), the provisions of this subsection shall not apply to
any acquisition, investment, management, development or other activity described in the preceding sentence by Morgans or any Morgans Affiliate in, at (or of) the Hard Rock Property. In addition, the provisions of Section 3.5 of the Hotel
Management Agreement shall not be applicable to the Hard Rock Property, and the Hotel Management Agreement shall be deemed to be amended by this sentence in accordance with Section 22.13 of the Hotel Management Agreement.” 
 4. Additional Representation and Covenant. As a material inducement to Boyd to enter into this Amendment, Morgans represents,
warrants and covenants with Boyd that any financing obtained in connection with the acquisition of the Hard Rock Property shall be Non-Recourse Financing with respect to Morgans Parent and any of its Affiliates. 
 C. Effective Upon Hard Rock Closing. Notwithstanding anything in this Amendment to the contrary, this Amendment shall only be effective upon, and
shall have no force or effect prior to, the closing by a Morgans Affiliate of the acquisition of the Hard Rock Property. If, prior to the date of the Contribution Date Passage, the agreement of a Morgans Affiliate to acquire the Hard Rock Property
shall terminate and if Morgans shall notify Boyd in writing of such termination, then this Amendment shall thereafter be null, void and of no force or effect. 
 D. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed to be the same document. The provisions of this Amendment shall survive any termination or dissolution
of the Company. 
 E. No Other Amendments. Except as specifically amended hereby, all of the other terms and conditions of the
Operating Agreement remain in full force and effect in accordance with its terms. 
 F. Governing Law. All questions concerning the
construction, validity, and interpretation of this Amendment will be governed by and construed in accordance with the internal law (and not the law of conflicts) of Delaware. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the Parties have executed this Amendment as of the day and year first above
set forth. 
  

	

					
	 MORGANS/LV INVESTMENT LLC

		
	 By:
	 	Morgans Group LLC
		
	 By:
	 	 /s/ W. Edward Scheetz

		 	 Name:
	 	 W. Edward Scheetz

		 	 Title:
	 	 Chief Executive Officer

	
	AS TO SECTIONS 5.06(a) and 5.09 OF THE OPERATING AGREEMENT AS AMENDED HEREBY ONLY:
	
	 MORGANS HOTEL GROUP CO.

		
	 By:
	 	 /s/ W. Edward Scheetz

		 	 Name:
	 	 W. Edward Scheetz

		 	 Title:
	 	 Chief Executive Officer

 [Signatures Continue on Next Page] 
  

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 [Signatures Continued] 
  

	

					
	ECHELON RESORTS CORPORATION
		
	By:	 	/s/ Paul J. Chakmak
			
		 	Name:	 	Paul J. Chakmak
			
		 	Title:	 	Senior Vice President and Treasurer
	
	AS TO SECTIONS 4.02(c), 5.06(b), 5.09, 8.05(c) AND 11.02(b) ONLY OF THE OPERATING AGREEMENT AS AMENDED HEREBY:
		 		 	
	BOYD GAMING CORPORATION
		
	By:	 	/s/ Paul J. Chakmak
		 	Name:	 	Paul J. Chakmak
		 	Title:	 	SVP—Finance and Treasurer

 [Signatures Continue on Next Page] 
  

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 [Signatures Continued] 
  

					
	The parties to the Hotel Management Agreement have executed this Amendment below for purposes of amending the Hotel Management Agreement pursuant to the last sentence of Section
(B)(3) of this Amendment:
	
	OWNER
	
	MORGANS LAS VEGAS, LLC
		
	By:	 	Echelon Resorts Corporation
		
	By:	 	/s/ Paul J. Chakmak
		 	Name:	 	Paul J. Chakmak
		 	Title:	 	SVP and Treasurer

  
  

					
	OPERATOR
	
	MORGANS/LV MANAGEMENT LLC
		
	By:	 	Morgans Hotel Group Management LLC
		
	By:	 	Morgans Group LLC
		
	By:	 	Morgans Hotel Group Co.
		
	By:	 	/s/ W. Edward Scheetz
		 	Name:	 	W. Edward Scheetz
		 	Title:	 	  

  

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