Document:

Amendment to MGM Resorts Int'l Restricted Stock Units Agreements

 EXHIBIT 10.25 
 AMENDMENT TO MGM MIRAGE RESTRICTED STOCK UNITS 
 AGREEMENTS

 This Amendment (this “Amendment”) is made and entered into as of June 30, 2011, between William J.
Hornbuckle (the “Employee”) and MGM Resorts International (formerly MGM MIRAGE), a Delaware corporation (the “Company”). 
 WHEREAS, on each of (i) October 6, 2008 and (ii) October 13, 2008 the Company granted Restricted Stock Units (as defined in the October 6, 2008 RSU Agreement or October 13,
2008 RSU Agreement (each, as defined below), as applicable) to the Employee under the Company’s Amended and Restated 2005 Omnibus Incentive Plan (the “Incentive Plan”) and a Restricted Stock Units Agreement (the “
October 6, 2008 RSU Agreement” or the “October 13, 2008 RSU Agreement,” as applicable, and collectively, the “RSU Agreements”); 

WHEREAS, on the date of grant of each of the Restricted Stock Units, the Employee had previously entered into that certain Employment
Agreement entered into as of February 4, 2008, effective as of April 2, 2008, by and between Mandalay Corp. and MAC, CORP. and the Employee (the “Employment Agreement”) which contained certain terms relating to the
Restricted Stock Units; 
 WHEREAS, the Company has determined that the RSU Agreements did not reflect the Company’s intent
with respect to the treatment of Restricted Stock Units upon certain terminations of employment of the Employee; and 
 WHEREAS,
the Company and the Employee desire to modify the terms of the Restricted Stock Units by amending the RSU Agreements; 
 NOW
THEREFORE, the Company hereby amends the RSU Agreements as follows: 
 1. A new Section shall be added to the RSU Agreements as
the last Section appearing prior to the signature page of the RSU Agreements which shall read as follows: 
 “Other Vesting.
Notwithstanding anything to the contrary contained in this Agreement, the Employment Agreement entered into as of February 4, 2008, effective as of April 2, 2008, by and between Mandalay Corp. and MAC, CORP. and the Participant (the
“Employment Agreement”) (including specifically Sections 10.2.1, 10.5.1. and 22) or otherwise: 
 A.
any continued vesting of the Restricted Stock Units which the Participant may be eligible to receive under Section 10.2.1 of the Employment Agreement shall continue for the shorter of twelve (12) months from the date the Participant is
placed in an inactive status or the remaining period of the Specified Term (as such term (or, if no such term is used, any similar term) is defined in the Participant’s 

  

 
employment agreement with the Company or any of its affiliates (including, without limitation, any Parent or Subsidiary) in effect as of the applicable date of determination (the “Current
Employment Agreement”)), in each case, if the Participant remains in inactive status for such period and, for the avoidance of doubt, any Restricted Stock Units that become vested in accordance with this section will be paid to the Participant
within 30 days following the vesting dates set forth in Section 3.1, subject to any provision of this Agreement and/or the Employment Agreement which may delay such payment pursuant to the requirements of Code Section 409A. 

B. for all purposes of the Restricted Stock Units granted hereunder, the term Change of Control (or other like term) shall
mean a “change in the ownership or effective control of the corporation, or in the ownership of a substantial portion of the assets of the corporation” (as defined in Code Section 409A) and, for the avoidance of doubt, any Restricted
Stock Units that become vested pursuant to Section 10.5 of the Employment Agreement will be paid to the Participant within 30 days following the date the Restricted Stock Units vest, subject to any provision of this Agreement and/or the
Employment Agreement which may delay such payment pursuant to the requirements of Code Section 409A. 
 C.
any accelerated vesting of the Restricted Stock Units which the Participant may be eligible to receive under Section 10.5.1 of the Employment Agreement (after giving effect to subsection B above) shall be determined by calculating the number of
Restricted Stock Units which would have vested but for such termination during the shorter of twelve (12) months after the date of termination or the remainder of the Specified Term (as such term (or, if no such term is used, any similar term)
is defined in the Current Employment Agreement).” 
 2. Except as specifically amended hereby, the RSU Agreements shall
remain in full force and effect as originally executed. 
 3. 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. 

  
 2 

 IN WITNESS WHEREOF, this Amendment to MGM Mirage Restricted Stock Units Agreements 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

  

AMENDMENT TO WILLIAM J. HORNBUCKLE RSUs AGREEMENTS COVERING OCTOBER 6, 2008 AND
OCTOBER 13, 2008 RSUs GRANTS 

 IN WITNESS WHEREOF, this Amendment to MGM Mirage Restricted Stock Units Agreements is hereby
executed in Las Vegas, Nevada to be effective as of the date set forth above. 

	
	
	/s/ William J. Hornbuckle
	William J. Hornbuckle

  

AMENDMENT TO WILLIAM J. HORNBUCKLE RSUs AGREEMENTS COVERING OCTOBER 6, 2008 AND
OCTOBER 13, 2008 RSUs GRANTSAmendment to MGM Resorts Int'l Nonqualified Stock Option Agreements

 EXHIBIT 10.26 
 AMENDMENT TO MGM MIRAGE NONQUALIFIED STOCK OPTION 
 AGREEMENTS

 This Amendment (this “Amendment”) is made and entered into as of June 30, 2011, between William J.
Hornbuckle (the “Employee”) and MGM Resorts International (formerly MGM MIRAGE), a Delaware corporation (the “Company”). 
 WHEREAS, on May 3, 2005 the Company granted a Nonqualified Option (as defined in the May 3, 2005 Option Agreement (as defined below)) to the Employee under the Company’s 2005 Omnibus
Incentive Plan and a Nonqualified Stock Option Agreement (Five Year Vesting) (the “Option Agreement”); 

WHEREAS, on the date of grant of the Nonqualified Options, the Employee had previously entered into that certain Employment Agreement
entered into as of July 9, 2001, by and between MGM Mirage and the Employee (the “Employment Agreement”) which contained certain terms relating to stock options; 

WHEREAS, the Company has determined that the Option Agreement did not reflect the Company’s intent with respect to the treatment of
the Nonqualified Option upon certain terminations of employment of the Employee; and 
 WHEREAS, the Company and the Employee
desire to modify the terms of the Nonqualified Option by amending the Option Agreement; 
 NOW THEREFORE, the Company hereby
amends the Option Agreement as follows: 
 1. A new Section shall be added to the Option Agreement as the last Section of the
Option Agreement which shall read as follows: 
 “Other Vesting; Additional Exercise Period. Notwithstanding anything to the
contrary contained in this Agreement, the Employment Agreement entered into as of July 9, 2001, by and between MGM Mirage and the Participant (the “Employment Agreement”) or otherwise, with respect to any continued vesting and
exerciseability of the Nonqualified Option which the Participant may be eligible to receive under Section 10 of the Employment Agreement that is determined, in whole or in part, by reference to a period of inactive status (including, without
limitation, during the term of an expired or superseded agreement, as applicable), the continued vesting and exercise period shall be determined, in whole or in part, as applicable, by reference to a period of inactive status, if any, as provided
under the Participant’s employment agreement with the Company or any of its affiliates (including, without limitation, any Parent or Subsidiary) in effect as of the applicable date of determination; provided, that such period shall in no event
exceed the term of the Nonqualified Option as set forth in Section 3(a) of this Agreement. ” 

  

 2. Except as specifically amended hereby, the Option Agreement shall remain in full force
and effect as originally executed. 
 3. 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. 

  
 2 

 IN WITNESS WHEREOF, this Amendment to MGM Mirage Nonqualified Stock Option 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

 AMENDMENT TO WILLIAM J.
HORNBUCKLE NQ OPTION AGREEMENT COVERING MAY 3, 2005 NONQUALIFIED STOCK OPTION 

GRANT 

 IN WITNESS WHEREOF, this Amendment to MGM Mirage Nonqualified Stock Option Agreement is
hereby executed in Las Vegas, Nevada to be effective as of the date set forth above. 
  

	
	/s/ William J. Hornbuckle
	William J. Hornbuckle

 AMENDMENT TO WILLIAM J.
HORNBUCKLE NQ OPTION AGREEMENT COVERING MAY 3, 2005 NONQUALIFIED STOCK OPTION 

GRANTSAmendment No. 2 to Amended and Restated Joint Venture Agreement

 Exhibit 10.27 
 AMENDMENT NO. 2 TO 
 AMENDED AND RESTATED JOINT VENTURE AGREEMENT

 THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED JOINT VENTURE AGREEMENT (this “Amendment”) is made and
entered into as of May 13, 2011, by and between NEVADA LANDING PARTNERSHIP, an Illinois general partnership (the “Nevada Group”), and RBG, L.P., an Illinois limited partnership (the “Illinois Group”).

 W I T N E S S E T H: 
 WHEREAS, the Nevada Group and the Illinois Group are the Partners of Elgin Riverboat Resort-Riverboat Casino, an Illinois general partnership (the “Joint Venture”), each with a fifty
percent (50%) Partnership Interest; 
 WHEREAS, the Joint Venture is governed by that certain Amended and Restated Joint
Venture Agreement, made and entered into as of June 25, 2002, as amended by that certain Amendment No. 1, made and entered into as of April 25, 2005 (as amended, the “JV Agreement”); 

WHEREAS, pursuant to Section 7.1 of the JV Agreement, the management and control of the Joint Venture is vested in the Committee,
which is currently comprised of six (6) members, three (3) of whom were appointed by the Illinois Group and three (3) of whom were appointed by the Nevada Group; 

WHEREAS, Dan Azark and Ken Rosevear have each voluntarily resigned from the Committee, resulting in two (2) vacancies on the
Committee; 
 WHEREAS, pursuant to Section 11.10 of the JV Agreement, the JV Agreement may only be amended in a document
duly executed by each Partner; and 
 WHEREAS, the Partners desire to amend the JV Agreement to, among other things, reduce the
number of members of the Committee to four (4). 
 NOW, THEREFORE, in consideration of the foregoing and the representations,
warranties, covenants and agreements herein contained, the parties hereto agree as follows: 
 1. Definitions.
Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the JV Agreement. 
 2.
Amendments related to the Committee. 
 (i) Section 7.1 of the JV Agreement is hereby amended to replace the second
sentence of the first paragraph of Section 7.1 (which, for the avoidance of doubt, begins with the words “The Committee shall at all times consist of ...”) with the following: 

“The Committee shall at all times consist of four (4) members of whom two (2) shall be appointed by the
Illinois Group and two (2) by the Nevada 

 
Group; provided, however, no Partner having a Partnership Percentage of twenty-five percent (25%) or less shall be entitled to appoint members to the Committee, and the size of the Committee
shall be permanently reduced by the number of members which such Partner would otherwise have been entitled to appoint.” 

(ii) Section 7.1 of the JV Agreement is hereby amended to replace the second full paragraph of Section 7.1 (which, for the
avoidance of doubt, begins with the words “The Committee shall meet at least once each quarter ...”) with the following: 
 “The Committee shall meet at least once each calendar quarter at the offices of the Joint Venture or such other times or places as the Committee shall determine (unless such meeting shall be waived
by all members thereof) or on the call of any two (2) members upon two (2) days notice to all members in person, by mail or by facsimile. An agenda for each meeting shall be prepared in advance by the Partners in consultation with each of
the other. Three (3) members of the Committee, present, in person or by proxy, shall constitute a quorum (unless the Committee shall then consist of less than three (3) members, in which event all members shall be required for a quorum). A
concurring vote of at least three (3) members of the Committee shall govern all its actions (unless the Committee shall then consist of less than three (3) members, in which event unanimous action is required). The Committee may act
without a meeting if a written consent thereto is signed by all of the members of the Committee entitled to vote with respect to the subject matter thereof. The Committee shall cause written minutes to be prepared of all action taken by the
Committee and shall deliver a copy thereof to each member of the Committee within thirty (30) days thereafter.” 
 3.
Amendments Relating to Transfers. Section 9.5 of the JV Agreement is hereby amended to replace the fourth full paragraph of Section 9.5 (which, for the avoidance of doubt, begins with the words “Anything herein
contained to the contrary notwithstanding . . .”) with the following: 
 “Anything herein contained to
the contrary notwithstanding, no person, including, without limitation, a substitute Partner in the Joint Venture admitted in connection with the transfer of any Partnership Interest, shall have the right to appoint any member of the Committee
unless such person or entity shall own more than a twenty-five percent (25%) Partnership Percentage, and each Partner owning more than a twenty-five percent, but less than a fifty percent (50%), Partnership Percentage shall be entitled to
appoint one (1) member of the Committee. Each Partner owning at least a fifty percent (50%) Partnership Interest shall be entitled to appoint two (2) members of the Committee.” 

4. Amendment to Notice Provision. Section 11.2 of the JV Agreement is hereby amended to replace the second sentence of
Section 11.2 (which, for the avoidance of doubt, begins with the words “All notices or other communications ...”) with the following: 

  
 2 

 “All notices or other communications shall be addressed to the parties
at their respective addresses as set forth on the signature pages hereof, and in the case of notice or other communications addressed to the Illinois Group, with a copy to Latham & Watkins LLP, 233 South Wacker Drive, Suite 5800, Chicago,
Illinois 60606; Attention: Michael A. Pucker.” 
 5. Matters related to the Committee. 

(i) The Illinois Group hereby reaffirms the appointment of Peter Liguori and Martha Sabol as its members of the Committee, each to act in
such capacity until his or her successor shall have been duly appointed and qualified in accordance with the JV Agreement or, if earlier, his or her death, resignation or removal. 

(ii) The Nevada Group hereby reaffirms the appointment of Corey Sanders and William Martin as its members of the Committee, each to act
in such capacity until his or her successor shall have been duly appointed and qualified in accordance with the JV Agreement or, if earlier, his or her death, resignation or removal. 

6. Matters Related to Notices. The current notice addresses of the Partners are as follows: 

Illinois Group: 

RBG, L.P. 
 c/o
HCCA, L.L.C. 
 71 South Wacker Drive 
 Suite 4600 
 Chicago, Illinois 60606 

Nevada Group: 

Nevada Landing Partnership 
 3600 Las Vegas Boulevard South 
 Las Vegas, Nevada 89109 

Attention: John M. McManus 
 7. No Other Amendments. Except as specifically amended hereby, the JV Agreement shall continue in full force and effect as written. 

8. Governing Law. This Amendment is made pursuant to and shall be governed by and construed in accordance with the laws of the
State of Illinois without regard to Illinois’s conflict of laws principles. 
 9. Captions. All article and section
headings or captions contained in this Amendment are inserted only as a matter of convenience and for reference and in no way define, limit, extend or describe the scope of this Amendment or the intent of any provision hereof. 

  
 3 

 10. Severability. If any provision of this Amendment or application to any party or
circumstances shall be determined by any court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Amendment or the application of such provision to such person or circumstances, other than as to which it is
so determined invalid or unenforceable shall not be affected thereby, and each provision shall be valid and shall be enforced to the fullest extent permitted by law. 
 11. Entire Agreement. The JV Agreement, as amended hereby, and that certain letter agreement, dated April 25, 2005, between the Illinois Group and the Nevada Group regarding the appointment of
the Illinois Group as the Managing Joint Venture Partner, contain the entire understanding and agreement of the parties hereto with respect to the subject matter hereof and all prior agreements relative hereto which are not contained herein are
terminated. All references in the JV Agreement to “this Agreement”, “hereof”, “hereby” and words of similar import shall refer to the JV Agreement as amended hereby. 

12. Counterparts. This Amendment may be executed in one or more counterparts, each of which shall be deemed an original, and all
of which, when taken together, shall be deemed one agreement, but no counterpart shall be binding unless an identical counterpart shall have been executed and delivered by each of the other parties hereto. 

13. Further Assurances. The parties hereto shall do and perform or cause to be done and performed all such further acts and things
and shall execute and deliver all such other agreements, certificates, instruments or documents as any other party may reasonably request in order to carry out the intent and purposes of this Amendment. 

14. Illinois Gaming Laws. All of the provisions of this Amendment are subject to the Illinois Riverboat Gambling Act and the rules
and regulations of the Illinois Gaming Board. 
 [Signature Page Follows] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of
the day and year first written above. 
  

					
	PARTNERS:
	
	ILLINOIS GROUP
	
	RBG, L.P., an Illinois limited partnership
		
	By:	 	HCCA, L.L.C., its general partner
			
		 	By:	 	  /s/ Peter M. Liguori

		 		 	Name: Peter M. Liguori
		 		 	Title: Operational Manager
	
	NEVADA GROUP
	
	NEVADA LANDING PARTNERSHIP, an
Illinois general partnership
		
	By:	 	 M.S.E. INVESTMENTS, INCORPORATED,
a general partner

			
		 	By:	 	  /s/ Corey Sanders

		 		 	Name: Corey Sanders
		 		 	Title: Authorized Signatory

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]