Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

EMPLOYMENT AGREEMENT

(Robert H. Baldwin)

	This Employment Agreement (this “Agreement”) is entered into as of December 13, 2010 (the
Effective Date”) by and between MGM Resorts International (“Employer”, “Company”, “we” or
“us”), and Robert H. Baldwin (“Employee” or “you”).

	1.	 	Employment. We hereby employ you, and you hereby accept employment by us, as
Chief Design and Construction Officer of MGM Resorts International to perform such
executive, managerial or administrative duties in this role or other senior executive role
based in Las Vegas, Nevada as we may specify from time to time during the Employment 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 the Effective
Date and it terminates on December 13, 2014 (the “Employment Term”). This Agreement
replaces and supersedes in all respects the Employment Agreement between you and us dated
September 16, 2005, as amended on December 31, 2008 (the “Prior Agreement”).
	 
	3.	 	Compensation and Benefits.

	 	3.1	 	Base Salary. Effective January 5, 2010 through the end of the Employment
Term, we shall pay you a minimum annual salary of $1,650,000, payable in arrears at
such frequencies and times as we pay our other employees. No later than ten (10)
calendar days following the Effective Date, we will make a one-time catch-up payment in
an amount equal to the excess of the base salary payable under this Agreement for
periods on or after January 5, 2010 and prior to the Effective Date over the base
salary paid to you for such periods under the Prior Agreement.
	 
	 	3.2	 	Bonuses. You shall be entitled to an annual bonus (“Bonus”) determined
under our Annual Performance-Based Incentive Plan for Executive Officers, or any
successor plan (the “Bonus Plan”). The terms of your Bonus for fiscal year 2010 shall
be as currently established pursuant to the Prior Agreement. Commencing with fiscal
year 2011, your annual target bonus shall be $2,700,000. Any Bonus under this Section
3.2 shall be paid at such time as we pay Bonuses under the Bonus Plan to our other
senior executives with respect to such fiscal year, but not earlier than January 1 or
later than March 15 following the end of each fiscal year. Any such Bonus shall be
structured to comply with Section 162(m) of the Internal Revenue Code (“Code”) unless
otherwise determined by the Compensation Committee. Any such Bonus shall be subject to
the Policy on Recovery of Incentive Compensation in Event of Financial Restatement,
attached as Appendix A to this Agreement, as such policy may be modified by the Company
from time to time to apply generally to senior executive officers. You may be eligible
to receive additional bonuses as determined by us in our sole and absolute discretion.

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	 	3.3	 	Additional Cash Bonus. You shall be entitled to receive an additional cash
bonus for completion of the City Center Project in the amount of $1,500,000 payable within
ten (10) calendar days following the Effective Date.
	 
	 	3.4	 	Equity Awards.

	 	3.4.1	 	Any outstanding equity awards granted prior to the Effective Date shall be
subject to the terms of the applicable award agreement and the Prior Agreement, and
such terms shall remain in full force and effect with respect to such awards and
shall not be altered by this Agreement.
	 
	 	3.4.2	 	You shall be granted at the next meeting of the Compensation Committee
held on or after the Effective Date stock appreciation rights with respect to 750,000
shares of common stock of Employer pursuant to the Company’s Omnibus Incentive Plan
as amended and restated, which shall be subject to the standard terms set forth in
the applicable award agreements (“SARs Agreements”).
	 
	 	3.4.3	 	You shall be eligible for annual equity awards beginning in [ 2011] in
forms and amounts determined by the Compensation Committee in its discretion. These
and any other equity awards granted on or after the Effective Date shall be subject
to such terms as the Compensation Committee may determine in its discretion.

	 	3.5	 	Benefits. You are also eligible to receive generally applicable fringe benefits
commensurate with those received by our employees in the most senior executive positions.
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.
	 
	 	3.6	 	Indemnification. You shall be entitled to indemnification rights and directors
and officers liability insurance coverage no less favorable than that provided to other
directors and officers of Employer from time to time.

	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 while you are employed by us, 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 Resorts International or the person or persons designated by the Board of
Directors to determine such matters. Subject to the above-referenced discretion of the Board
of Directors, it is understood that you may continue to serve in the capacities specified on
Exhibit B hereto.
	 
	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

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	 	 	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., and other jurisdictions
in which we are engaged in a gaming business or where we have applied to (or during the
Employment 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
reasonable 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 Employment Term of this Agreement, you covenant and agree that,
except as otherwise explicitly provided in Section 10.7 of this Agreement, if you are not
employed by us for the entire Employment 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 (other than through
passive ownership of 1% or less of the outstanding voting securities) with any Competitor.
You further agree that in the event of any breach of your obligations under this Section
8.1, any obligations of Employer under this Agreement will terminate, other than
obligations under this Agreement with respect to any salary, Bonus attributable to our most
recently completed fiscal year prior to termination of your active

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	 	 	 	employment (determined in accordance with the Bonus Plan, including the exercise of
discretion by the committee administering such Bonus Plan which may reduce or eliminate such
Bonus), or business or travel expense reimbursements, in each case to the extent accrued and
unpaid as of the termination of your active employment, and except as otherwise provided in
Section 3.3 and the SARs Agreements. The terms “Confidential Information,” “Restrictive
Period” and “Competitor” are defined in Section 23. Your obligations during the period of
your employment and Restrictive Period under this Section 8.1 include but are not limited to
the following:

	 	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 Employment 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 Employment 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, to the extent it constitutes or uses Confidential Information, any
communication 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.

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	 	8.4	 	Notice to Employer. You agree to notify us immediately of any other persons or
entities for whom you work or provide services while you are employed by us or within the
Restrictive Period (excluding serving on boards of directors, occasional consulting services
for a non-Competitor, and similar activities), and to provide such information as we may
reasonably request regarding any compensation or benefits you earn or receive from such work
or services during the Restrictive Period within a reasonable time following such request. If
you fail to provide such notice or information, which failure is not cured by you within ten
(10) days after written notice thereof from us, our obligations under this Agreement shall
cease, other than obligations under this Agreement with respect to any salary, Bonus
attributable to our most recently completed fiscal year prior to termination of your active
employment (determined in accordance with the Bonus Plan, including the exercise of discretion
by the committee administering such Bonus Plan which may reduce or eliminate such Bonus), or
business or travel expense reimbursements, in each case to the extent accrued and unpaid as of
the termination of your active employment, and except as otherwise provided in Section 3.3 and
the SARs Agreements. You further agree to promptly notify us, while you are employed by us or
within the Restrictive Period, 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 during
your employment with us or the Restrictive Period.

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

	 	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 and your
employment with Employer.
	 
	 	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.

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	 	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 your employment
under this Agreement at any time during the Employment Term for Employer’s Good Cause (which
term is defined in Section 23). Upon any such termination, we will have no further liability
or obligations whatsoever to you under this Agreement, except as provided in this Section
10.1, Section 3.3, and the SARs Agreements and with respect to business or travel expense
reimbursements accrued and unpaid as of the date of such termination. In the event of such
termination, you will be entitled to receive (i) your salary through the date of such
termination (to the extent not previously paid) and (ii) any Bonus attributable to our most
recently completed fiscal year to the extent not previously paid (determined in accordance
with the Bonus Plan, including the exercise of discretion by the committee administering
such Bonus Plan which may reduce or eliminate such Bonus), which shall be paid on the Bonus
Payment Date for the applicable fiscal year.
	 
	 	10.2	 	Death. Your employment under this Agreement shall terminate in the event of your
death during the Employment Term. Upon any such termination, we will have no further
liability or obligations whatsoever to you under this Agreement, except as provided in this
Section 10.2, Section 10.8, Section 3.3, and the SARs Agreements and with respect to
business or travel expense reimbursements accrued and unpaid as of the date of such
termination. In the event of such termination, your beneficiary (as designated by you on our
benefit records) will be entitled to receive (i) your salary through the date of your death
(to the extent not previously paid) and for an additional twelve (12) month period following
your death, such amount to be paid at regular payroll intervals, (ii) any Bonus attributable
to our most recently completed fiscal year to the extent not previously paid (determined
through application of the Bonus formula with respect to such year on a non-discretionary
basis except to the extent all executives who participate in the same bonus arrangement that
applies to you are treated in an identical fashion with respect to their Bonuses), which
shall be paid on the Bonus Payment Date for the applicable fiscal year, and (iii) an
additional amount equal to what your Bonus would have been for the fiscal year in which your
death occurs (determined through application of the Bonus formula with respect to such year
on a non-discretionary basis except to the extent all executives who participate in the same
bonus arrangement that applies to you are treated in an identical fashion with respect to
their Bonuses), pro rated through the date of your death, which shall be paid on the Bonus
Payment Date for the applicable fiscal year.
	 
	 	10.3	 	Employer’s Termination Due to Disability. We have the right to terminate your
active employment under this Agreement at any time during the Employment Term hereof due to
your Disability (which term is defined in Section 23). Upon any such

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	 	 	 	termination, we will have no further liability or obligations whatsoever to you under this
Agreement, except as provided in this Section 10.3, Section 10.8, Section 3.3, and the SARs
Agreements and with respect to business or travel expense reimbursements accrued and unpaid as
of the date of such termination. In the event of Employer’s termination of your active
employment due to your Disability (which term is defined in Section 23) during the Employment
Term, we will pay you or your beneficiary (as designated by you on our benefit records) in the
event of your death during the period in which payments are being made (i) your salary through
the date of termination of active employment (to the extent not previously paid), and for an
additional twelve (12) month period following the date of such 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), (ii) any Bonus attributable to our most recently
completed fiscal year to the extent not previously paid (determined through application of the
Bonus formula with respect to such year on a non-discretionary basis except to the extent all
executives who participate in the same bonus arrangement that applies to you are treated in an
identical fashion with respect to their Bonuses), which shall be paid on the Bonus Payment
Date, and (iii) a lump sum payment in an amount equal to what your Bonus would have been for
the fiscal year in which termination of active employment occurs (determined through
application of the Bonus formula with respect to such year on a non-discretionary basis except
to the extent all executives who participate in the same bonus arrangement that applies to you
are treated in an identical fashion with respect to their Bonuses), pro rated through the date
of such termination, which amount shall be paid on the date that is one year following the
date of such termination or within ninety (90) days thereafter.
	 
	 	10.4	 	Employer’s No Cause Termination. We have the right to terminate your active
employment under 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 Employment Term. Upon such termination
(excluding any termination described in Section 10.1 or Section 10.3), our sole liability to you
under this Agreement shall be as follows, except as otherwise provided in Section 10.8, Section
3.3, and the SARs Agreements and with respect to business or travel expense reimbursements accrued
and unpaid as of the date of such termination:

	 	10.4.1	 	We will treat you as an inactive employee through the Restrictive Period and you will
be entitled to receive (i) your salary through the date of termination of active
employment (to the extent not previously paid), (ii) your salary for an additional
twelve (12) month period following the date of such termination, such amount to be paid
at regular payroll intervals, (iii) any Bonus attributable to our most recently
completed fiscal year to the extent not previously paid (determined through application
of the Bonus formula with respect to such year on a non-discretionary basis except to
the extent all executives who participate in the same bonus arrangement that applies to
you are treated in an identical fashion with respect to their Bonuses), which shall be
paid on the Bonus Payment Date, and (iv) a lump sum payment equal to the excess of

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	 	 	 	$4,000,000 over the aggregate amount of the payments described in (ii), such lump sum
payment to be paid on the date that is one year following the date of termination of
active employment or within ninety (90) days thereafter. You will not be entitled to
any pro-rated Bonus for the year in which the termination of active employment occurs.
During inactive status, you will not be eligible for flex or vacation time,
discretionary bonus, new equity grants, or any other compensation or benefits, except
as provided in this Section 10.4, Section 10.8, Section 3.3, and the SARs Agreements.
	 
	 	10.4.2	 	Upon any such termination of active employment, 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 up to $2,000,000 of the amounts
being paid by us pursuant to Section 10.4.1 by the compensation and/or consultant’s fees
being paid to or earned by you during the Restrictive Period (including any deferred
compensation from persons other than the Company and its affiliates, but excluding any
compensation received from serving on boards of directors, occasional consulting services for
a non-Competitor, and similar activities). The offset under the preceding sentence shall be
applied first by reducing the salary payment under (i) of Section 10.4.1 for any payroll
period by the amount of such compensation and/or consultant’s fees paid to you during that
payroll period, and then by reducing the payment under (iii) of Section 10.4.1 by any
remaining amount of such compensation and/or consultant’s fees; provided that such reductions
shall not exceed $2,000,000 in the aggregate.

	 	10.5	 	Employee’s Good Cause Termination. You may terminate your active employment under
this Agreement for Employee’s Good Cause (which term is defined in Section 23). Prior to any
such termination under this Section 10.5 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 and Exhibit
C. In the event your active employment under this Agreement is terminated under this Section
10.5, you will be treated as if your active employment had been terminated pursuant to Section
10.4 and shall be entitled to all the compensation and benefits provided for therein.
	 
	 	10.6	 	Employee’s No Cause Termination. In the event you terminate your active employment
under this Agreement without Employee’s Good Cause and other than pursuant to Section 10.7, we
will have no further liability or obligations whatsoever to you under this Agreement, except
as provided in this Section 10.6, Section 3.3 and the SARs Agreements and with respect to
business or travel expense reimbursements accrued and unpaid as of the date of such
termination. In the event of such termination, you will be entitled to (i) your salary through
the date of termination of

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	 	 	 	active employment (to the extent not previously paid) and (ii) any Bonus attributable to our
most recently completed fiscal year to the extent not previously paid (determined in
accordance with the Bonus Plan, including the exercise of discretion by the committee
administering such Bonus Plan which may reduce or eliminate such Bonus), which shall be paid
on the Bonus Payment Date; 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. You will
not be entitled to any pro-rated Bonus for the year in which the termination of active
employment occurs.
	 
	 	10.7	 	Change of Control. In the event there is a Change of Control of the Company
(which term is defined in Section 23), you shall have the right to terminate your employment
under this Agreement upon thirty (30) days notice to us, provided that such notice must be
given by you to us no later than ninety (90) days following the Change of Control (and may be
given to us prior to the Change of Control conditional upon occurrence of the Change of
Control), and our sole liability to you under this Agreement shall be as follows, except as
otherwise provided in Section 10.8, Section 3.3, and the SARs Agreements and with respect to
business or travel expense reimbursements accrued and unpaid as of the date of such
termination:

	 	10.7.1	 	Upon any such termination of active employment pursuant to this Section 10.7, we shall
pay you in a lump sum an amount equal to the sum of (i) $4,000,000 and (ii) any Bonus
attributable to our most recently completed fiscal year to the extent not previously paid
(determined through application of the Bonus formula with respect to such year on a
non-discretionary basis except to the extent all executives who participate in the same
bonus arrangement that applies to you are treated in an identical fashion with respect to
their Bonuses). You will not be entitled to any pro-rated Bonus for the year in which the
termination of active employment occurs.
	 
	 	10.7.2	 	Notwithstanding the foregoing, in the event that the Change of Control is not a Section
409A Change in Control Event (which term is defined in Section 23), you shall not be
entitled to payment under Section 10.7.1 but shall instead be entitled to receive: (i)
your salary through the date of termination of active employment (to the extent not
previously paid), (ii) your salary for an additional twelve (12) month period following
the date of such termination, such amount to be paid at regular payroll intervals, (iii)
any Bonus attributable to our most recently completed fiscal year to the extent not
previously paid (determined through application of the Bonus formula with respect to such
year on a non-discretionary basis except to the extent all executives who participate in
the same bonus arrangement that applies to you are treated in an identical fashion with
respect to their Bonuses), which shall be paid on the Bonus Payment Date, and (iv) a lump
sum payment equal to the excess of $4,000,000 over the aggregate amount of the payments
described in (ii), such lump sum payment to be paid on the date that is one year
following the date of termination of active employment or within ninety (90) days
thereafter. You

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	 	 	 	will not be entitled to any pro-rated Bonus for the year in which the
termination of active employment occurs.
	 
	 	Upon any termination of employment pursuant to this Section 10.7, you shall be released from
your obligations pursuant to Section 8.1. We will cooperate with you, consistent with
applicable law, to minimize excise tax, if any, pursuant to Section 4999 of the Code (or any
successor provision) which may arise as a consequence of any payment under this Section 10.7.

	 	10.8	 	Health and Insurance Benefits. Solely in the event of termination of your active
employment pursuant to Sections 10.2, 10.3, 10.4, 10.5, or 10.7, you shall be entitled to the
following benefits: we shall maintain you and your dependents, if any, as participants in all
health and insurance programs in which you or they are then participating (as such programs
may be changed by Employer from time to time for its employees in positions comparable to
yours and subject to the eligibility requirements of such programs to the extent imposed by
third party providers) for a period of up to four (4) years following the date of termination
of your active employment, provided that Employer shall not be obligated to provide such
coverage: (i) for any period during which you or your dependents are eligible to receive
equivalent health and/or insurance benefits, as applicable from an employer, (ii) as to your
spouse and any dependents solely of your spouse, following the date of your divorce or (in the
event of your death) the remarriage of your spouse, or (iii) as to your dependents other than
your spouse, after such other dependents reach age 25. In the event that Employer is unable to
provide continued coverage, then Employer shall make a cash payment equal to its cost of
providing such coverage (which will be the COBRA cost for medical coverage). Any coverage
provided by Employer will be secondary to, and subject to reduction by, any coverage which you
or your dependents are eligible to receive from another employer. Employer shall not be
required to make any tax gross-up payment in the event that any benefit under this Section
10.8 is taxable.
	 
	 	10.9	 	Excise Tax Limitation.

	 	10.9.1	 	Notwithstanding anything contained in this Agreement to the contrary, (i) in the event
that any payments or benefits (within the meaning of Section 280G(b)(2) of the Code) to
you or for your benefit paid or payable pursuant to the terms of this Agreement or
otherwise in connection with, or arising out of, your employment with the Company on a
change in ownership or control within the meaning of Section 280G of the Code
(“Payments”) would be subject to the excise tax imposed by Section 4999 of the Code
(“Excise Tax”), and (ii) (A) the net amount of the Payments that you would retain after
payment of the Excise Tax and federal and state income taxes with respect to the
Payments would be less than (B) the net amount of the Payments you would retain, after
payment of federal and state income taxes with respect to the Payments, if the Payments
were reduced to the maximum amount such that no portion of the Payments would be subject
to the Excise Tax (“Section 4999 Limit”), then the Payments shall be reduced (but not

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	 	 	 	below zero) to the Section 4999 Limit. The Company shall reduce or eliminate the
Payments first by reducing or eliminating those Payments that are not payable in cash and
then by reducing or eliminating cash Payments, in each case in reverse order beginning with
Payments that are to be paid the farthest in time from the Determination (as hereinafter
defined). For purposes of the calculations described above, it shall be assumed that your
tax rate will be the maximum marginal federal and state income tax rate on earned income.
	 
	 	10.9.2	 	If the Company or you believe in good faith that any of the Payments may be subject to the
Excise Tax, the determination of whether and to what extent the Payments are subject to the
Excise Tax and the amount of the Section 4999 Limit (“Determination”) shall be made, at the
Company’s expense, by the accounting firm which is the Company’s accounting firm prior to the
applicable change in ownership or control (within the meaning of Section 280G of the Code) or another nationally recognized accounting firm designated by
the Board (or a committee thereof) prior to the change in ownership or control (“Accounting
Firm”). The Accounting Firm shall provide its calculations, together with detailed
supporting documentation, both to the Company and to you before payment of the Payments (if
requested at that time by the Company or you) or at such other time as requested by the
Company or you (in either case provided that the Company or you believe in good faith that
any of the Payments may be subject to the Excise Tax). Within ten (10) calendar days of the
delivery of the Determination to you, you shall have the right to dispute the
Determination. The existence of any such dispute shall not in any way affect your right to
receive the Payments in accordance with the Determination. If there is no such dispute, the
Determination by the Accounting Firm shall be final, binding and conclusive upon the
Company and you, subject to the application of Section 10.9.3.
	 
	 	10.9.3	 	As a result of the uncertainty in the application of Sections 280G and 4999 of the Code, it
is possible that a Payment or portion thereof either will have been made or will not have been
made by the Company, in either case in a manner inconsistent with the limitations provided in
Section 10.9.1 (an “Excess Payment” or “Underpayment”, respectively). If it is established
pursuant to (i) a final determination of a court for which all appeals have been taken and
finally resolved or the time for all appeals has expired, or (ii) an Internal Revenue Service
(“IRS”) proceeding which has been finally and conclusively resolved, that an Excess Payment
has been made, such Excess Payment shall be deemed for all purposes to be a loan to you made
on the date you received the Excess Payment and you shall repay the Excess Payment to the
Company on demand, together with interest on the Excess Payment at one hundred twenty percent
(120%) of the applicable federal rate (as defined in
Section 1274(d) of the Code) compounded semi-annually from the date of your receipt of such
Excess Payment until the date of repayment. If it is determined (i) by the Accounting Firm,
the Company (including any position taken by the Company, together with its consolidated
group, on its federal income tax return), or the IRS, (ii) pursuant to a determination by a
court, or

- 11 -

 

(iii) upon the resolution to your satisfaction of any dispute in accordance with
Section 10.9.2, that an Underpayment has occurred, the Company shall pay an
amount equal to the Underpayment to you within ten (10) calendar days of such
determination or resolution, together with interest on such amount at one
hundred twenty percent (120%) of the applicable federal rate compounded
semi-annually from the date such amount should have been paid to you until the
date of payment.
 In the event that the Payments have been reduced pursuant to
Section 10.9.1, the Company will bear all fees and expenses of any audit, suit
or proceeding by the IRS or any other taxing authority against the Company or
against you, or of any claim for refund, appellate procedure, or suit brought by
the Company or you against the Internal Revenue Service or any other taxing
authority, in each case relating to the Excise Tax.

	 	10.10	 	Survival of Covenants. Notwithstanding anything contained in this
Agreement to the contrary, except as specifically provided in Section 10.7 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 and your employment with Employer,
regardless of the reason for such termination.

	11.	 	Disputed Claim/Arbitration. Any Disputed Claim (as such term is defined in Section
23) and any other dispute relating to this Agreement, the SARs Agreements, or your employment
with Employer shall be resolved by arbitration pursuant to Exhibit C (which constitutes a
material provision of this Agreement), except as otherwise provided in Exhibit C. Any
arbitration under this Section 11 shall take place in Las Vegas, Nevada. With respect to any
Disputed Claim, no Employee’s Good Cause exists for purposes of your termination rights
pursuant to Section 10.5 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.
Nothing herein shall preclude or prohibit us from invoking the provisions of Section 10.4, or
of our seeking or obtaining injunctive or other equitable relief. In the event of a purported
termination of your active employment by us pursuant to Section 10.1 or Section 10.3 or by you
under Section 10.5 which is disputed by the other party, if you prevail in the arbitration,
you shall not be entitled to reinstatement, but shall be entitled to the payments and benefits
due to you under the provisions of Section 10.4 or Section 10.5, respectively. To the extent
we shall not have paid such payments and benefits during the period of such dispute and you
are the prevailing party in such arbitration, in addition to any other award, you shall be
entitled to interest at a rate equal to our blended cost of funds during such period.
	 
	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

- 12 -

 

	 	 	and/or equity in respect to any breach by you of the enforceable provisions of this
Agreement.
	 
	13.	 	Travel and Related Matters. During the Employment Term, it is anticipated that you
will be required to travel extensively on behalf of us. Such travel, if by air, may be on
aircraft provided by us (if authorized by the Chief Executive Officer), or if commercial
airlines are used, on a first-class basis (or best available basis, if first class is not
available).
	 
	14.	 	Attorneys’ Fees. In the event suit is brought (including arbitration proceedings) 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.
	 
	15.	 	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.
	 
	16.	 	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.
	 
	17.	 	Governing Law. The laws of the State of Nevada shall govern the validity,
construction and interpretation of this Agreement, and except as provided in Section 11 and
Exhibit C, the courts of the State of Nevada shall have exclusive jurisdiction over any claim
with respect to this Agreement.
	 
	18.	 	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.
	 
	19.	 	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.
	 
	20.	 	Assignment. This Agreement is personal to you and may not be assigned by you.
	 
	21.	 	Successors and Assigns. This Agreement shall be binding upon our successors and
assigns.
	 
	22.	 	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 after execution of this Agreement
and the SARs Agreements by both parties.

- 13 -

 

	23.	 	Certain Definitions. As used in this Agreement:
	 
	 	 	“Board” or “Board of Directors” means the Board of Directors of MGM Resorts
International.
	 
	 	 	“Bonus Payment Date” means, with respect to a fiscal year, the date we pay Bonuses for such
fiscal year to our other senior executives (but not earlier than January 1 or later than March
15 following the end of the applicable fiscal year).
	 
	 	 	“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;
	 
	 	(2)	 	At any time, individuals who, at the date of this Agreement, constitute
the Board of Directors of the Company, and any new 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%) of either (a) 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 (b) 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;
	 
	 	(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 Section 1563 of the Code) in which the Company is a member; or

- 14 -

 

	 	(6)	 	The occurrence of all three of the following: (i) the Principal Stockholder
Group ceases to be the beneficial owners (as that term is used in §13(d) of the
Exchange Act), directly or indirectly, of twenty percent (20%) or more of the
Company’s capital stock entitled to vote generally in the election of directors,
(ii) any “person” or “group” of persons (as such terms are used in §13 and 14(d)(2)
of the Exchange Act of 1934), other than any member or members of the Principal
Stockholder Group and other than any institutional shareholders or lenders that are
not seeking to exercise control, becomes the beneficial owner (as that term is used
in §13(d) of the Exchange Act), directly or indirectly, of more shares of the
Company’s capital stock entitled to vote generally in the election of directors
than are owned by the Principal Stockholder Group, and (iii) fewer than twenty
percent (20%) of the directors are designees of the Principal Stockholder Group or
employees of members of the Principal Stockholder Group other than the Company.

	 	 	 	“Company” means MGM Resorts International.
	 
	 	 	 	“Compensation Committee” means the Compensation Committee of the Board of Directors of MGM Resorts
International.
	 
	 	 	 	“Competitor” means any person, corporation, partnership, limited liability company or other entity
which is either directly, indirectly or through an affiliated company, engaged in gaming or
proposes to engage in gaming 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, if not already and generally known to the public or in the gaming
industry, 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, whether or 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.
	 
	 	 	 	“Disability” means Employee’s 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

- 15 -

 

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.)

“Disputed Claim” means that Employee maintains pursuant to Section 10.5 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 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, which failure or breach
is not cured by Employee within thirty (30) days after written notice thereof from
Employer specifying the facts and circumstances of the alleged failure or breach,
provided, however, that such notice and opportunity to cure shall not be required if,
in the good faith judgment of the Board, such breach is not capable of being cured
within thirty (30) days; or
	 
	 	(2)	 	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 Employment Term; provided, however, that in
the event of a termination of your active employment as described in Section 10.1 or Section 10.6,
the Restrictive Period shall end no later than the end of the Employment Term; and provided,
further, that in the event of a termination of your active employment as described in Section 10.7,
the Restrictive Period shall end on the date of such termination.

“Section 409A Change in Control Event” means a “change in control event” as described in Section
409A (as defined in Section 25), which shall include: a (i) Change in Ownership of the Company,
(ii) Change in Effective Control of the Company, or (iii) Change in the Ownership of Assets of the
Company, as described herein and construed in accordance with Section 409A.

- 16 -

 

	 	(i)	 	A Change in Ownership of the Company shall occur on the date that any one
Person acquires, or Persons Acting as a Group acquire, ownership of the capital stock
of the Company that, together with the stock held by such Person or Group, constitutes
more than 50% of the total fair market value or total voting power of the capital stock
of the Company. However, if any one Person is, or Persons Acting as a Group are,
considered to own more than 50% of the total fair market value or total voting power of
the capital stock of the Company, the acquisition of additional stock by the same
Person or Persons Acting as a Group is not considered to cause a Change in Ownership of
the Company or to cause a Change in Effective Control of the Company (as described
below). An increase in the percentage of capital stock owned by any one Person, or
Persons Acting as a Group, as a result of a transaction in which the Company acquires
its stock in exchange for property will be treated as an acquisition of stock.
	 
	 	(ii)	 	A Change in Effective Control of the Company shall occur on the date either (A)
a majority of members of the Company’s Board is replaced during any 12-month period by
directors whose appointment or election is not endorsed by a majority of the members of
the Company’s Board before the date of the appointment or election, or (B) any one Person,
or Persons Acting as a Group, acquires (or has acquired during the 12 month period ending
on the date of the most recent acquisition by such Person or Persons) ownership of stock
of the Company possessing 30% or more of the total voting power of the stock of the
Company.
	 
	 	(iii)	 	A Change in the Ownership of Assets of the Company shall occur on the date
that any one Person acquires, or Persons Acting as a Group acquire (or has or have
acquired during the 12-month period ending on the date of the most recent acquisition by
such Person or Persons), assets from the Company that have a total gross fair market value
equal to or more than 40% of the total gross fair market value of all of the assets of the
Company immediately before such acquisition or acquisitions. For this purpose, gross fair
market value means the value of the assets of the Company, or the value of the assets
being disposed of, determined without regard to any liabilities associated with such
assets.

	 	 	The following rules of construction apply in interpreting the definition of Section 409A Change in
Control Event:

	 	(A)	 	A Person means any individual, entity or group within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than employee
benefit plans sponsored or maintained by the Company and by entities controlled by the
Company or an underwriter of the capital stock of the Company in a registered public
offering.
	 
	 	(B)	 	Persons will be considered to be Persons Acting as a Group (or Group) if they are
owners of a corporation that enters into a merger, consolidation, purchase

- 17 -

 

	 	 	 	or acquisition of stock, or similar business transaction with the corporation.
If a Person owns stock in both corporations that enter into a merger,
consolidation, purchase or acquisition of stock, or similar transaction, such
shareholder is considered to be acting as a Group with other shareholders only
with respect to the ownership in that corporation before the transaction giving
rise to the change and not with respect to the ownership interest in the other
corporation. Persons will not be considered to be acting as a Group solely
because they purchase assets of the same corporation at the same time or
purchase or own stock of the same corporation at the same time, or as a result
of the same public offering.
	 
	 	(C)	 	For purposes of this definition of Section 409A Change in Control
Event, fair market value shall be determined by Board.
	 
	 	(D)	 	A Section 409A Change in Control Event shall not include a
transfer to a related person as described in Section 409A.

	 	 	 	For purposes of this definition of Section 409A Change in Control Event, Section 318(a) of
the Code applies to determine stock ownership. Stock underlying a vested option is
considered owned by the individual who holds the vested option (and the stock underlying an
unvested option is not considered owned by the individual who holds the unvested option).
For purposes of the preceding sentence, however, if a vested option is exercisable for stock
that is not substantially vested (as defined by Treasury Regulation §1.83-3(b) and (j)), the
stock underlying the option is not treated as owned by the individual who holds the option.

	24.	 	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.
	 
	25.	 	Section 409A.

	 	25.1	 	This Agreement is intended to comply with, or otherwise be exempt from,
Section 409A of the Code and any regulations and Treasury guidance promulgated
thereunder (“Section 409A”). If we determine in good faith that any provision of this
Agreement would cause you to incur an additional tax, penalty, or interest under Section
409A, the Compensation Committee and you shall use reasonable efforts to reform such
provision, if possible, in a mutually agreeable fashion to maintain to the maximum
extent practicable the original intent of the applicable provision without violating the
provisions of Section 409A or causing the imposition of such additional tax, penalty, or
interest under Section 409A. The preceding provisions, however, shall

- 18 -

 

	 	 	 	not be construed as a guarantee by us of any particular tax effect to you under this
Agreement.
	 
	 	25.2	 	“Termination of employment,” “termination of active employment,” or words of similar
import, as used in this Agreement means, for purposes of any payments under this Agreement
that are payments of deferred compensation subject to Section 409A, your “separation from
service” as defined in Section 409A.
	 
	 	25.3	 	For purposes of Section 409A, the right to a series of installment payments under this
Agreement shall be treated as a right to a series of separate payments.
	 
	 	25.4	 	With respect to any reimbursement of your expenses, or any provision of in-kind
benefits to you, as specified under this Agreement, such reimbursement of expenses or
provision of in-kind benefits shall be subject to the following conditions: (1) the
expenses eligible for reimbursement or the amount of in-kind benefits provided in one
taxable year shall not affect the expenses eligible for reimbursement or the amount of
in-kind benefits provided in any other taxable year, except for any medical reimbursement
arrangement providing for the reimbursement of expenses referred to in Section 105(b) of
the Code; (2) the reimbursement of an eligible expense shall be made no later than the end
of the calendar year after the year in which such expense was incurred; and (3) the right
to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for
another benefit.
	 
	 	25.5	 	Any payment of “deferred compensation” (as defined under Treasury Regulation Section
1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation Sections
1.409A-1(b)(3) through (b)(12)) that arises under Section 10.3 (termination due to
Disability), Section 10.4 (Employer’s no cause termination), Section 10.5 (Employee’s Good
Cause termination), and Section 10.7 (termination after a Change of Control), and any other
provision of this Agreement, on account of your separation from service while you are a
“specified employee” (as defined under Section 409A), and is scheduled to be paid or
provided within six months after such separation from service (the aggregate of such
scheduled payments, the “Delayed Payment”) shall, in lieu thereof, be paid or provided, as
adjusted for interest, within fifteen (15) days after the end of the six-month period
beginning on the date of such separation from service or, if earlier, within fifteen (15)
days after the appointment of the personal representative or executor of your estate
following your death. For purposes of the foregoing, interest shall accrue at the prime
rate of interest published in the northeast edition of The Wall Street Journal on the date
of your separation from service. In addition, in the event that you must incur legal fees
or costs to enforce payment of any amounts subject to the six-month delay of payment under
this Agreement, we will pay all reasonable attorney’s fees associated with such action.

	26.	 	Rabbi Trust. We will, within five (5) business days after termination of your active
employment, make an irrevocable contribution of an amount equal to the aggregate amount of any
payments due to you following termination of active employment to a grantor trust established
consistent with the terms of Revenue Procedure 92-64, 1992-2 C.B. 422 (Aug. 17, 1992) with a
financial institution approved by you, which approval will not be

- 19 -

 

	 	 	withheld unreasonably, serving as the third-party trustee thereof, under the terms of which the
assets of the trust may be used, in the absence of our insolvency, solely for purposes of
fulfilling our obligation to make such payments to you. In the event that the provisions of Section
25.5 shall apply to any payment obligation under this Agreement, interest shall accrue with respect
to such Delayed Payment in accordance with Section 25.5.

[Signature page immediately follows.]

- 20 -

 

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

	 	 	 	 	 	 	 	 	 

	EMPLOYEE — ROBERT H. BALDWIN	 	 	 	EMPLOYER — MGM RESORTS INTERNATIONAL	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Robert H. Baldwin
 

	 	 	 	By:
	 	/s/ James M. Murren
 

Name:
	 	 
	 

	 	 	 	 	 	Title:	 	 

- 21 -

 

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

- 22 -

 

EXHIBIT B

PERMITTED OUTSIDE ACTIVITIES

Director, Keep Memory Alive Foundation

- 23 -

 

EXHIBIT C

ARBITRATION

This Exhibit C sets forth the methods for resolving disputes should any arise under the Agreement,
and accordingly, this Exhibit C shall be considered to be a part of the Agreement.

	1.	 	Except for a claim by either Employee or Employer for injunctive relief where such would be
otherwise authorized by law, any controversy or claim arising out of or relating to the
Agreement, the breach hereof, or Employee’s employment by Employer, including without
limitation any claim involving the interpretation or application of the Agreement or wrongful
termination or discrimination claims, shall be submitted to binding arbitration in accordance
with the employment arbitration rules then in effect of the Judicial Arbitration and Mediation
Service (“JAMS”), to the extent not inconsistent with this paragraph. This Exhibit C covers
any claim Employee might have against any officer, director, employee, or agent of Employer,
or any of Employer’s subsidiaries, divisions, and affiliates, and all successors and assigns
of any of them. The promises by Employer and Employee to arbitrate differences, rather than
litigate them before courts or other bodies, provide consideration for each other, in addition
to other consideration provided under the Agreement.
	 
	2.	 	Claims Subject to Arbitration. This Exhibit C covers all claims arising in the course
of Employee’s employment by Employer except for those claims specifically excluded from
coverage as set forth in paragraph 3 of this Exhibit C. It contemplates mandatory arbitration
to the fullest extent permitted by law. Only claims that are justiciable under applicable
state or federal law are covered by this Exhibit C. Such claims include any and all alleged
violations of any state or federal law whether common law, statutory, arising under regulation
or ordinance, or any other law, brought by any current or former employees. Such claims may
include, but are not limited to, claims for: wages or other compensation; breach of contract;
torts; work-related injury claims not covered under workers’ compensation laws; wrongful
discharge; and any and all unlawful employment discrimination and/or harassment claims.
	 
	3.	 	Claims Not Subject to Arbitration. Claims under state workers’compensation statutes
or unemployment compensation statutes are specifically excluded from this Exhibit C. Claims
pertaining to any of Employer’s employee welfare benefit and pension plans (other than claims
pertaining to benefits provided under Section 10 of the Agreement or the SARs Agreements) are
excluded from this Exhibit C. In the case of a denial of benefits under any of Employer’s
employee welfare benefit or pension plans, the filing and appeal procedures in those plans
must be utilized. Claims by Employer for injunctive or other relief for violations of
non-competition and/or confidentiality agreements are also specifically excluded from this
Exhibit C.
	 
	4.	 	Non-Waiver of Substantive Rights. This Exhibit C does not waive any rights or
remedies available under applicable statutes or common law. However, it does waive Employee’s
right to pursue those rights and remedies in a judicial forum. By signing the Agreement

- 24 -

 

	 	 	and the acknowledgment at the end of this Exhibit C, the undersigned
Employee voluntarily agrees to arbitrate his or her claims covered by this Exhibit
C.
	 
	5.	 	Time Limit to Pursue Arbitration; Initiation. To ensure timely resolution of
disputes, Employee and Employer must initiate arbitration within the statute of limitations
(deadline for filing) provided for by applicable law pertaining to the claim, or one year,
whichever is shorter, except that the statute of limitations imposed by relevant law shall
solely apply in circumstances where such statute of limitations cannot legally be shortened by
private agreement. The failure to initiate arbitration within this time limit will bar any
such claim. The parties understand that Employer and Employee are waiving any longer statutes
of limitations that would otherwise apply, and any aggrieved party is encouraged to give
written notice of any claim as soon as possible after the event(s) in dispute so that
arbitration of any differences may take place promptly. The parties agree that the aggrieved
party must, within the time frame provided by this Exhibit C, give written notice of a claim
to the President of Employer with a copy to MGM Resorts International’s Executive Vice
President and General Counsel. Written notice shall identify and describe the nature of the
claim, the supporting facts and the relief or remedy sought.
	 
	6.	 	Selecting an Arbitrator. This Exhibit C mandates Arbitration under the then current
rules of the Judicial Arbitration and Mediation Service (JAMS) regarding employment disputes.
The arbitrator shall be either a retired judge or an attorney experienced in employment law
and licensed to practice in the state in which arbitration is convened. The parties shall
select one arbitrator from among a list of three qualified neutral arbitrators provided by
JAMS. If the parties are unable to agree on the arbitrator, each party shall strike one name
and the remaining named arbitrator shall be selected.
	 
	7.	 	Representation/Arbitration Rights and Procedures.

	 	a.	 	Employee may be represented by an attorney of his/her choice at his/her
own
expense.
	 
	 	b.	 	The arbitrator shall apply the substantive law (and the law of remedies, if
applicable) of Nevada (without regard to its choice of law provisions) and/or
federal law when applicable. In all cases, this Exhibit C shall provide for the
broadest level of arbitration of claims between an employer and employee under
Nevada law. The arbitrator is without jurisdiction to apply any different
substantive law or law of remedies.
	 
	 	c.	 	The arbitrator shall have no authority to award non-economic damages or
punitive
damages except where such relief is specifically authorized by an applicable state
or federal statute or common law. In such a situation, the arbitrator shall specify
in the award the specific statute or other basis under which such relief is granted.
	 
	 	d.	 	The applicable law with respect to privilege, including attorney-client
privilege, work product, and offers to compromise must be followed.

- 25 -

 

	 	e.	 	The parties shall have the right to conduct reasonable discovery, including written
and oral (deposition) discovery and to subpoena and/or request copies of records,
documents and other relevant discoverable information consistent with the procedural
rules of JAMS. The arbitrator shall decide disputes regarding the scope of discovery
and shall have authority to regulate the conduct of any hearing and/or trial
proceeding. The arbitrator shall have the right to entertain a motion to dismiss
and/or motion for summary judgment.
	 
	 	f.	 	The parties shall exchange witness lists at least thirty (30) days prior to the
trial/hearing procedure. The arbitrator shall have subpoena power so that either
Employee or Employer may summon witnesses. The arbitrator shall use the Federal Rules
of Evidence. Both parties have the right to file a posthearing brief. Any party, at
its own expense, may arrange for and pay the cost of a court reporter to provide a
stenographic record of the proceedings.
	 
	 	g.	 	Any arbitration hearing or proceeding shall take place in private, not open to
the public, in Las Vegas, Nevada.

	8.	 	Arbitrator’s Award. The arbitrator shall issue a written decision containing the
specific issues raised by the parties, the specific findings of fact, and the specific
conclusions of law. The award shall be rendered promptly, typically within thirty (30) days
after conclusion of the arbitration hearing, or the submission of post-hearing briefs if
requested. The arbitrator may not award any relief or remedy in excess of what a court could
grant under applicable law. The arbitrator’s decision is final and binding on both parties.
Judgment upon an award rendered by the arbitrator may be entered in any court having competent
jurisdiction.

	 	a.	 	Either party may bring an action in any court of competent jurisdiction to
compel arbitration under this Exhibit C and to enforce an arbitration award.
	 
	 	b.	 	In the event of any administrative or judicial action by any agency or third
party to adjudicate a claim on behalf of Employee which is subject to arbitration under
this Exhibit C, Employee hereby waives the right to participate in any monetary or
other recovery obtained by such agency or third party in any such action, and
Employee’s sole remedy with respect to any such claim shall be any award decreed by an
arbitrator pursuant to the provisions of this Exhibit C.

	9.	 	Fees and Expenses. Employer shall be responsible for paying any filing fee and the
fees and costs of the arbitrator; provided, however, that if Employee is the party initiating
the claim, Employee will contribute an amount equal to the filing fee to initiate a claim in
the court of general jurisdiction in the state in which Employee is (or was last) employed by
Employer. Employee and Employer shall each pay for their own expenses, attorney’s fees (a
party’s responsibility for his/her/its own attorney’s fees is only limited by any applicable
statute specifically providing that attorney’s fees may be awarded as a remedy), and costs and
fees regarding witness, photocopying and other preparation expenses. If any party prevails on
a statutory claim that affords the prevailing party attorney’s fees and costs, or if there is
a written agreement providing for attorney’s fees

-26-

 

	 	 	and/or costs, the arbitrator may award reasonable attorney’s fees and/or costs
to the prevailing party, applying the same standards a court would apply under the law
applicable to the claim(s).
	 
	10.	 	The arbitration provisions of this Exhibit C shall survive the termination of Employee’s
employment or active employment with Employer and the expiration of the Agreement. These
arbitration provisions can only be modified or revoked in a writing signed by both parties and
which expressly states an intent to modify or revoke the provisions of this Exhibit C.
	 
	11.	 	The arbitration provisions of this Exhibit C do not alter or affect the termination
provisions of this Agreement.
	 
	12.	 	Capitalized terms not defined in this Exhibit C shall have the same definition as in the
Agreement to which this is Exhibit C.
	 
	13.	 	If any provision of this Exhibit C is adjudged to be void or otherwise unenforceable, in
whole or in part, such adjudication shall not affect the validity of the remainder of Exhibit
C. All other provisions shall remain in full force and effect.

ACKNOWLEDGMENT

BOTH PARTIES ACKNOWLEDGE THAT: THEY HAVE CAREFULLY READ THIS EXHIBIT C IN ITS ENTIRETY, THEY
UNDERSTAND ITS TERMS, EXHIBIT C CONSTITUTES A MATERIAL TERM AND CONDITION OF THE EMPLOYMENT
AGREEMENT BETWEEN THE PARTIES TO WHICH IT IS EXHIBIT C, AND THEY AGREE TO ABIDE BY ITS TERMS.

The parties also specifically acknowledge that by agreeing to the terms of this Exhibit C, they are
waiving the right to pursue claims covered by this Exhibit C in a judicial forum and instead agree
to arbitrate all such claims before an arbitrator without a court or jury. It is specifically
understood that this Exhibit C does not waive any rights or remedies which are available under
applicable state and federal statutes or common law. Both parties enter into this Exhibit C
voluntarily and not in reliance on any promises or representation by the other party other than
those contained in the Agreement or in this Exhibit C.

Employee further acknowledges that Employee has been given the opportunity to discuss this Exhibit
C with Employee’s private legal counsel and that Employee has availed himself/herself of that
opportunity to the extent Employee wishes to do so.

	 	 	 	 	 	 	 

	EMPLOYEE — ROBERT H. BALDWIN	 	 	 	EMPLOYER — MGM RESORTS INTERNATIONAL
	 
	 	 	 	 	 	 
	/s/ Robert H. Baldwin

	 	 	 	By:	 	/s/ James M. Murren 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

- 27 -

 

APPENDIX A

POLICY ON RECOVERY OF INCENTIVE COMPENSATION IN EVENT OF

FINANCIAL RESTATEMENT

     The following rules shall apply if (1) there is a restatement of the Company’s financial
statements for the fiscal year for which a bonus is paid, other than a restatement due to changes
in accounting principles or applicable law, and (2) the Compensation Committee determines that a
participant has received an “excess bonus” for the relevant fiscal year.

	 	1.	 	The amount of the excess bonus shall be equal to the difference between the
bonus paid to the participant and the payment or grant that would have been made based
on the restated financial results.
	 
	 	2.	 	The requirement to repay the excess bonus shall only exist if the Audit
Committee has taken steps to consider restating the financials prior to the end of the
third year following the year in question.
	 
	 	3.	 	The Compensation Committee may take such action in its discretion that it
determines appropriate to recover the excess bonus, which discretion includes the
ability of the Compensation Committee to recover less than all of, or none of, the
excess bonus. Such actions may include recovery of such amount from the participant
from any of the following sources: prior incentive compensation payments, future
payments of incentive compensation, cancellation of outstanding equity awards, future
equity awards, gains realized on the exercise of stock options, and direct repayment by
the participant. Participant’s receipt of the bonus constitutes his agreement that, if
requested by the Compensation Committee, he shall repay to the Company the excess bonus
within 90 days of the time that he is notified by the Committee of the overpayment.
Application of this policy does not preclude the Company from taking any other action
to enforce a participant’s obligations to the Company, including termination of
employment or institution of civil or criminal proceedings.

     This Policy shall be applicable to all incentive compensation paid subsequent to the
adoption of the Policy, except as otherwise determined by the Compensation Committee.

     This Policy is in addition to the requirements of Section 304 of the Sarbanes-Oxley Act of
2002 that are applicable to the Company’s Chief Executive Officer and Chief Financial Officer.

- 28 -Exhibit 10.1

Exhibit 10.1

COMMITMENT INCREASE AGREEMENT

This COMMITMENT INCREASE AGREEMENT (this “Agreement”), dated as of December 17, 2010,
is entered into by and among (1) FULL HOUSE RESORTS, INC., a Delaware corporation (the
“Borrower”) and (2) the New Lender identified in Section 2 below, with respect to
the following:

A. The Borrower, the lenders from time to time party thereto (the “Lenders”) and Wells
Fargo Bank, National Association as administrative agent for the Lenders (the “Administrative
Agent”) have previously entered into that certain Credit Agreement, dated as of October 29,
2010 (as the same may be amended, restated, supplemented or otherwise modified and in effect from
time to time, the “Credit Agreement”). Capitalized terms are used in this Agreement as
defined in the Credit Agreement, unless otherwise defined herein.

B. The Borrower has elected to exercise the increase option to increase the Total Term Loan
Commitment and Total Revolving Loan Commitment under Section 2.01(h) of the Credit Agreement.

C. On the terms and subject to the conditions set forth in this Agreement, the New Lender
identified in Section 2 below is willing to provide such increase as set forth in
Section 2 below.

D. Substantially concurrently herewith, the New Lender is entering into (i) an Assignment
Agreement with Wells Fargo Bank, National Association (“Wells Fargo”) pursuant to which the
New Lender is obtaining by assignment from Wells Fargo a Term Loan Commitment in the amount of
$1,302,631.57 and a Revolving Loan Commitment in the amount of $197,368.43 and (ii) an Assignment
Agreement with Capital One, N.A. (“Capital One”) pursuant to which the New Lender is
obtaining by assignment from Capital One a Term Loan Commitment in the amount of $1,302,631.58 and
a Revolving Loan Commitment in the amount of $197,368.42 (collectively, the “Assignment
Agreements”).

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

1. Effectiveness. The effectiveness of the provisions of Section 2 of this
Agreement is subject to the satisfaction of the conditions further described in Section 3
of this Agreement.

 

 

 

2. Increase Option.

(a) The Borrower hereby requests that the Total Term Loan Commitment be increased in the
amount of $1,736,842.11 and Total Revolving Loan Commitment be increased in the amount of
$263,157.89 pursuant to Section 2.01(h) of the Credit Agreement (collectively, the “Greenshoe
Increase”) and the Borrower proposes that the Increase Effective Date for the Greenshoe
Increase be December 17, 2010, but in any event the Borrower understands and agrees that the
Increase Effective Date for the Greenshoe Increase shall be the Agreement Effective Date (as
defined in Section 3 below). In connection with the foregoing request, the certificate of
the Borrower certifying that no Default or Event of Default exists or will occur as a result of
such increase in the Total Term Loan Commitment and Total Revolving Loan Commitment as contemplated
in Section 3(c) below shall be deemed to satisfy the requirement for such certificate under
Section 2.01(h) of the Credit Agreement.

(b) On the terms and subject to the conditions of this Agreement, in furtherance of the
Borrower’s request for the Greenshoe Increase, as of the Agreement Effective Date, the New Lender
agrees to provide a Term Loan Commitment in the amount of $1,736,842.11 and a Revolving Loan
Commitment in the amount of $263,157.89 on the Increase Effective Date.

(c) After giving effect the Greenshoe Increase and the Assignment Agreements, the New Lender
shall have the Term Loan Commitment, Revolving Loan Commitment, Term Proportionate Share and
Revolving Proportionate Share set forth opposite such New Lender’s name on Attachment 1
attached hereto.

(d) As a matter of convenience, Schedule I attached hereto reflects the Term Loan
Commitment, Revolving Loan Commitment, Term Proportionate Share and Revolving Proportionate Share
of each of the Lenders (including the New Lender) after giving effect to the Assignment Agreements
and the Greenshoe Increase.

Bank of Nevada is the “New Lender” for purposes of the Credit Agreement and this Agreement.

3. Conditions Precedent to the Effectiveness of this Agreement. The effectiveness of
the provisions of Section 2 of this Agreement is conditioned upon, and such provisions
shall not be effective until, satisfaction of the following conditions (the first date on which all
of the following conditions have been satisfied being referred to herein as the “Agreement
Effective Date”):

(a) The Administrative Agent shall have received, on behalf of the New Lender, this Agreement,
duly executed and delivered by the Borrower and the New Lender.

(b) The Administrative Agent shall have received the Assignment Agreements, duly executed and
delivered by the parties thereto.

(c) The Administrative Agent shall have received a certificate of a Responsible Officer
of the Borrower, dated as of the Agreement Effective Date, certifying (i) that attached thereto are
true and correct copies of resolutions duly adopted by the governing body of the Borrower and
continuing in effect, which authorize the execution, delivery and performance by the Borrower of
this Agreement and the consummation of the transactions contemplated hereby and thereby, (ii) the
incumbency, signatures and authority of the officers of the Borrower authorized to execute, deliver
and perform this Agreement and (iii) the conditions set forth in Sections 3(e), (f) and (g) of this
Agreement are satisfied as of the Agreement Effective Date.

 

2

 

(d) The Administrative Agent shall have received (i) the fee described in Section 2 of the Fee
Letter in respect of the New Lender and (ii) the arrangement fee described in Section 1 of the Fee
Letter with respect to the Greenshoe Increase, in each case due and payable in full on the
Agreement Effective Date.

(e) The representations and warranties set forth in this Agreement shall be true and correct
in all material respects as of the Agreement Effective Date.

(f) All required third party consents and approvals required in connection with this Agreement
have been obtained.

(g) No Event of Default has occurred and is continuing or shall occur as a result of the
Greenshoe Increase.

4. Representations and Warranties. In order to induce the New Lender to enter into
this Agreement and to provide its Term Loan Commitment and Revolving Loan Commitment, the Borrower
represents and warrants to the Administrative Agent and each other Lender as follows:

(a) Authorization of Agreements. The execution and delivery of this Agreement by the
Borrower and the performance by the Borrower of the Credit Agreement (with the increase in the
Total Term Loan Commitment and Total Revolving Loan Commitment as set forth in this Agreement)
(hereafter referred to as the “Increased Credit Agreement”) (i) are within the power of the
Borrower and (ii) have been duly authorized by all necessary actions on the part of the Borrower.

(b) Enforceability. Each of this Agreement and the Increased Credit Agreement has
been duly executed and delivered by the Borrower and constitutes a legal, valid and binding
obligation of the Borrower, enforceable against the Borrower in accordance with its terms, except
as limited by bankruptcy, insolvency or other laws of general application relating to or affecting
the enforcement of creditors’ rights generally and general principles of equity.

(c) Non-Contravention. The execution and delivery by the Borrower of this Agreement
and the performance by the Borrower of each of this Agreement and the Increased Credit Agreement do
not (i) violate any Requirement of Law applicable to the Borrower; (ii) violate any provision of,
or result in the breach or the acceleration of, or entitle any other Person to accelerate (whether
after the giving of notice or lapse of time or both), any Contractual Obligation of the Borrower;
(iii) result in the creation or imposition of any Lien (or the obligation to create or impose any
Lien) upon any property, asset or revenue of the Borrower or (iv) violate any provision of any
existing law, rule, regulation, order, writ, injunction or decree of any court or Governmental
Authority to which it is subject.

 

3

 

(a) Governmental Consents. Except as provided in Nevada Gaming Commission Regulation
8.130 with respect to Stockman’s Casino, no consent, approval, order or authorization of, or
registration, declaration or filing with, any Governmental Authority or other Person (including
without limitation, the equity holders of any Person) is required for the due execution, delivery
and performance by the Borrower of this Agreement, except for those which have been made or
obtained and are in full force and effect.

(d) Representations and Warranties in the Credit Agreement. The Borrower confirms
that as of the Agreement Effective Date and after giving effect to this Agreement, (i) the
representations and warranties contained in Article IV of the Credit Agreement and in the
other Credit Documents are true and correct in all material respects (except for such
representations and warranties made as of a specified date, which shall be true as of such date)
and (ii) no Default or Event of Default has occurred and is continuing.

5. New Lender Agreements, Representations and Warranties.

(a) Effective on the Agreement Effective Date, New Lender hereby (i) accepts and assumes all
rights and obligations under the Credit Documents of a Lender with the principal amount of
Commitments for such New Lender set forth in the Increase Agreement, (ii) agrees to be bound by the
Credit Agreement as it would have been if it had been an original Lender party thereto, and (iii)
agrees to perform in accordance with their terms all of the obligations which are required under
the Credit Documents to be performed by it as a Lender. New Lender appoints and authorizes the
Administrative Agent, the Collateral Agent and the Security Trustee to take such actions as agent
on its behalf and to exercise such powers under the Credit Documents as are delegated to
Administrative Agent by the terms thereof, together with such powers as are reasonably incidental
thereto.

(b) New Lender confirms that it has received a copy of the Credit Agreement and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Agreement.

(c) New Lender will, independently and without reliance upon the Administrative Agent or any
Lender and based upon such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Credit Agreement
and the other Credit Documents.

(d) Set forth on New Lender’s signature page to this Agreement is certain administrative
information with respect to New Lender.

(e) On or before the Agreement Effective Date, New Lender shall comply with the provisions of
Section 2.12(e) of the Credit Agreement.

 

4

 

6. Miscellaneous.

(a) Reference to and Effect on the Credit Agreement and the other Credit Documents.

(i) Except as specifically set forth in this Agreement, the Credit Agreement and the other
Credit Documents shall remain in full force and effect and are hereby ratified and confirmed by the
Borrower in all respects.

(ii) The execution and delivery of this Agreement and performance of the Increased Credit
Agreement shall not, except as expressly provided herein, constitute a waiver of any provision of,
or operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders
under, the Credit Agreement or any of the other Credit Documents.

(b) Expenses. The Borrower acknowledges that all reasonable costs and expenses of the
Administrative Agent incurred in connection with this Agreement will be paid by the Borrower in
accordance with Section 8.02 of the Credit Agreement.

(c) Headings. Section and subsection headings in this Agreement are included for
convenience of reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect.

(d) Counterparts. This Agreement may be executed in any number of identical
counterparts, any set of which signed by all the parties hereto shall be deemed to constitute a
complete, executed original for all purposes. Transmission by telecopier (or by email of a PDF or
similar electronic image file) of an executed counterpart of this Agreement shall be deemed to
constitute due and sufficient delivery of such counterpart.

(e) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York without reference to conflicts of law rules other than
Section 5-1401 of the General Obligations Law of the State of New York.

7. Credit Documents. This Agreement is a Credit Document as defined in the Credit
Agreement, and the provisions of the Credit Agreement generally applicable to Credit Documents are
applicable hereto and incorporated herein by this reference.

[This Space Intentionally Left Blank]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 	 	 	 	 

	 	 	FULL HOUSE RESORTS, INC.,

a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 

[Signature Page to Commitment Increase Agreement — Full House]

 

 

 

	 	 	 	 	 	 	 

	BANK OF NEVADA,

as the New Lender	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	Notices:	 	 
	 
	 	 	 	 	 	 
	Bank of Nevada

2700 W. Sahara Avenue

Las Vegas, Nevada 89102

Attention: Maria C. Fernandez

Tel. No. (702) 252-6131

Fax No. (702) 252-3720

E-mail: mfernandez@bankofnevada.com	 	 
	 
	 	 	 	 	 	 
	Domestic and Euro-Dollar Lending Office:	 	 
	 
	 	 	 	 	 	 
	Bank of Nevada

2700 W. Sahara Avenue

Las Vegas, Nevada 89102

Attention: Cathy Lynch

Tel. No. (702) 252-6141

Fax No. (702) 248-3861

E-mail: clynch@bankofnevada.com	 	 

[Signature Page to Commitment Increase Agreement — Full House]

 

 

 

ACKNOWLEDGED AND AGREED (INCLUDING THAT THE NEW LENDER IS ACCEPTABLE):

	 	 	 	 	 	 	 

	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Administrative Agent	 	 
	 
	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

[Signature Page to Commitment Increase Agreement — Full House]

 

 

 

ATTACHMENT 1

NEW LENDER

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Revolving	 	 	 	 	 	 	Term	 
	Name of New	 	Revolving Loan	 	 	Proportionate	 	 	Term Loan	 	 	Proportionate	 
	Lender	 	Commitment	 	 	Share	 	 	Commitment	 	 	Share	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of Nevada
	 	$	657,894.74	 	 	 	13.15789480	%	 	$	4,342,105.26	 	 	 	13.15789473	%

 

 

 

SCHEDULE I

THE LENDERS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Revolving	 	 	 	 	 	 	Term	 
	 	 	Revolving Loan	 	 	Proportionate	 	 	Term Loan	 	 	Proportionate	 
	Name of Lender	 	Commitment	 	 	Share	 	 	Commitment	 	 	Share	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Wells Fargo Bank,
National
Association
	 	$	1,973,684.20	 	 	 	39.47368400	%	 	$	13,026,315.80	 	 	 	39.47368424	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Capital One, N.A.
	 	$	1,710,526.32	 	 	 	34.21052640	%	 	$	11,289,473.68	 	 	 	34.21052630	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Nevada State Bank
	 	$	657,894.74	 	 	 	13.15789480	%	 	$	4,342,105.26	 	 	 	13.15789473	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Bank of Nevada
	 	$	657,894.74	 	 	 	13.15789480	%	 	$	4,342,105.26	 	 	 	13.15789473	%
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	$	5,000,000	 	 	 	100.00	%	 	$	33,000,000.00	 	 	 	100.00	%
	 	 	 	 	 	 	 	 	 	 	 	 	 

[Signature Page to Commitment Increase Agreement — Full House]

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