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EXHIBIT 10.3

 

EXECUTION VERSION

 

AMENDMENT TO MGM RESORTS INTERNATIONAL TIME- AND PRICE-VESTING STOCK APPRECIATION RIGHT AGREEMENT

 

This Amendment (this “Amendment”) is made and entered into as of  November 5, 2012, between James J. Murren (the “Employee”) and MGM Resorts International (formerly MGM MIRAGE), a Delaware corporation (the “Company”).

 

WHEREAS, on April 6, 2009 the Company granted a SAR (as defined in the SAR Agreement (as defined below)) to the Employee under the Company’s Amended and Restated 2005 Omnibus Incentive Plan (the “Incentive Plan”) and a Time- and Price-Vesting Stock Appreciation Right Agreement (the “SAR Agreement”) with a Vesting Price of $17.00;

 

WHEREAS, concurrent with the execution of this Amendment, Company and Employee have entered into that certain Employment Agreement entered into as of November 5, 2012, by and between the Company and the Employee (the “New Employment Agreement”);

 

WHEREAS, Section 3.4.1 of the New Employment Agreement provides for certain amendments to the SAR;

 

WHEREAS, the Company and the Employee desire to modify the terms of the SAR by amending the SAR Agreement;

 

NOW THEREFORE, the Company hereby amends the SAR Agreement as follows:

 

1.             Section 2.02(a) shall be deleted in its entirety and replaced with “[Intentionally Omitted].”

 

2.             Section 3.01 shall be amended by replacing the words “Employment Agreement” with “New Employment Agreement.”

 

3.             The existing definition of Change of Control set forth in Appendix A of the SAR Agreement shall be deleted in full and replaced with the following:  “‘Change of Control’ has the meaning ascribed to such term in the Company’s Change of Control Policy for Executive Officers.”

 

4.             The definition of COC Termination Right set forth in Appendix A of the SAR Agreement shall be deleted in its entirety.

 

5.             The phrase “by Employee pursuant to the exercise of the COC Termination Right” contained in the definitions of Exercise Period and Vesting Period as set forth in Appendix A of the SAR Agreement shall be deleted.

 

 

6.             A new definition entitled “New Employment Agreement” shall be inserted into the list of definitions which shall be as follows:  “‘New Employment Agreement” shall mean that certain employment agreement entered into as of [November 5], 2012, by and between the Company and the Employee.”

 

7.             Section (2) of the definition of Exercise Period as set forth in Appendix A of the SAR Agreement shall be deleted in full and replaced with the following:  “in the event of a termination of Employee’s employment (before a Change of Control or following a Continuing COC) by the Company without Employer’s Good Cause, by Employee for Employee’s Good Cause, or on account of death or Disability, the date that is two (2) years following the date of such termination;”

 

8.             Section (5) of the definition of Exercise Period as set forth in Appendix A of the SAR Agreement shall be deleted and the current section (6) of the definition of Exercise Period shall be renumbered as section (5).

 

9.             Except as specifically amended hereby, the SAR Agreement shall remain in full force and effect as originally executed.

 

10.          This Amendment may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

[The remainder of this page is left blank intentionally.]

 

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IN WITNESS WHEREOF, this Amendment to MGM Resorts International Time- and Price-Vesting Stock Appreciation Right Agreement is hereby executed in Las Vegas, Nevada to be effective as of the date set forth above.

 

 

	
 
    	
MGM   RESORTS INTERNATIONAL
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John M. McManus
    
	
 
    	
 
    	
 
    	
Name:   John M. McManus
    
	
 
    	
 
    	
 
    	
Title:   Executive Vice President,
    
	
 
    	
 
    	
 
    	
General Counsel & Secretary
    

 

 

IN WITNESS WHEREOF, this Amendment to MGM Resorts International Time- and Price-Vesting Stock Appreciation Right Agreement is hereby executed in Las Vegas, Nevada to be effective as of the date set forth above.

 

	
 
    	
/s/   James J. Murren
    
	
 
    	
James   J. MurrenEXHIBIT 10.4

 

EXECUTION VERSION

 

AMENDMENT TO MGM RESORTS INTERNATIONAL TIME- VESTING STOCK APPRECIATION RIGHT AGREEMENT

 

This Amendment (this “Amendment”) is made and entered into as of  November 5, 2012, between James J. Murren (the “Employee”) and MGM Resorts International (formerly MGM MIRAGE), a Delaware corporation (the “Company”).

 

WHEREAS, on April 6, 2009 the Company granted a SAR (as defined in the SAR Agreement (as defined below)) to the Employee under the Company’s Amended and Restated 2005 Omnibus Incentive Plan (the “Incentive Plan”) and a Time- Vesting Stock Appreciation Right Agreement (the “SAR Agreement”);

 

WHEREAS, concurrent with the execution of this Amendment, Company and Employee have entered into that certain Employment Agreement entered into as of November 5, 2012, by and between the Company and the Employee (the “New Employment Agreement”);

 

WHEREAS, Section 3.4.1 of the New Employment Agreement provides for certain amendments to the SAR;

 

WHEREAS, the Company and the Employee desire to modify the terms of the SAR by amending the SAR Agreement;

 

NOW THEREFORE, the Company hereby amends the SAR Agreement as follows:

 

1.             Section 2.02(a) shall be deleted in its entirety and replaced with “[Intentionally Omitted].”

 

2.             Section 3.01 shall be amended by replacing the words “Employment Agreement” with “New Employment Agreement.”

 

3.             The existing definition of Change of Control set forth in Appendix A of the SAR Agreement shall be deleted in full and replaced with the following:  “‘Change of Control’ has the meaning ascribed to such term in the Company’s Change of Control Policy for Executive Officers.”

 

4.             The definition of COC Termination Right set forth in Appendix A of the SAR Agreement shall be deleted in its entirety.

 

5.             The phrase “by Employee pursuant to the exercise of the COC Termination Right” contained in the definitions of Exercise Period and Vesting Period as set forth in Appendix A of the SAR Agreement shall be deleted.

 

 

6.             A new definition entitled “New Employment Agreement” shall be inserted into the list of definitions which shall be as follows:  “‘New Employment Agreement” shall mean that certain employment agreement entered into as of [November 5], 2012, by and between the Company and the Employee.”

 

7.             Section (2) of the definition of Exercise Period as set forth in Appendix A of the SAR Agreement shall be deleted in full and replaced with the following:  “in the event of a termination of Employee’s employment (before a Change of Control or following a Continuing COC) by the Company without Employer’s Good Cause, by Employee for Employee’s Good Cause, or on account of death or Disability, the date that is two (2) years following the date of such termination;”

 

8.             Section (5) of the definition of Exercise Period as set forth in Appendix A of the SAR Agreement shall be deleted and the current section (6) of the definition of Exercise Period shall be renumbered as section (5).

 

9.             Except as specifically amended hereby, the SAR Agreement shall remain in full force and effect as originally executed.

 

10           This Amendment may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

[The remainder of this page is left blank intentionally.]

 

2

 

IN WITNESS WHEREOF, this Amendment to MGM Resorts International Time- Vesting Stock Appreciation Right Agreement is hereby executed in Las Vegas, Nevada to be effective as of the date set forth above.

 

 

	
 
    	
MGM   RESORTS INTERNATIONAL
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John M. McManus
    
	
 
    	
 
    	
 
    	
Name:   John M. McManus
    
	
 
    	
 
    	
 
    	
Title:   Executive Vice President,
    
	
 
    	
 
    	
 
    	
General   Counsel & Secretary
    

 

 

IN WITNESS WHEREOF, this Amendment to MGM Resorts International Time- Vesting Stock Appreciation Right Agreement is hereby executed in Las Vegas, Nevada to be effective as of the date set forth above.

 

	
 
    	
/s/   James J. Murren
    
	
 
    	
James   J. MurrenEXHIBIT 10.5

 

EXECUTION VERSION

 

AMENDMENT TO MGM RESORTS INTERNATIONAL RESTRICTED STOCK UNITS AGREEMENT

 

This Amendment (this “Amendment”) is made and entered into as of November 5, 2012, between James J. Murren (the “Employee”) and MGM Resorts International, a Delaware corporation (the “Company”).

 

WHEREAS, on October 3, 2011 the Company granted Restricted Stock Units (as defined in the RSU Agreement (as defined below)) to the Employee under the Company’s Amended and Restated 2005 Omnibus Incentive Plan (the “Incentive Plan”) and a Restricted Stock Units Agreement (the “RSU Agreement”);

 

WHEREAS, the Employee and the Company have entered into that certain Employment Agreement entered into as of November 5, 2012, (the “Employment Agreement”) and the Employee has been appointed a participant to the Company’s Change of Control Policy for Executive Officers;

 

WHEREAS, Section 3.4.3 of the Employment Agreement provides for certain amendments to the Restricted Stock Units; and

 

WHEREAS, the Company and the Employee desire to modify the terms of the Restricted Stock Units by amending the RSU Agreement;

 

NOW THEREFORE, the Company hereby amends the RSU Agreement as follows:

 

1.             Section 3.2 shall be deleted in its entirety and replaced with the following:

 

“3.2        Vesting at Termination.  Upon termination of employment with the Employer for any reason the unvested portion of the Restricted Stock Units shall be forfeited without any consideration; provided, however, that,

 

(i)            upon termination of employment by the Employer without Employer’s Good Cause, by the Participant with Participant’s Good Cause, or due to the Participant’s death or Disability, subject to the satisfaction of the Performance Criteria, the Restricted Stock Units that would have become vested (but for such termination) under the schedule determined in Section 3.1 herein during the twenty-four (24) months from the date of termination of employment shall be paid on the same schedule determined in Section 3.1 herein; provided, however that such continued vesting shall immediately cease and unvested Restricted Stock Units shall be forfeited in the event the Participant materially breaches any post-termination covenant with the Company or its affiliate in an employment agreement (after taking into account any applicable cure period); and

 

 

(ii)           upon termination of employment due to the Participant’s death or Disability, in each case, within twelve (12) months following a Change of Control, subject to the satisfaction of the Performance Criteria, the Restricted Stock Units that would have become vested (but for such termination) under the schedule determined in Section 3.1 herein during the twenty-four (24) months after the date of termination of the Participant’s employment shall become immediately vested and shall be paid within thirty (30) days thereafter; and

 

(iii)          upon termination of employment by the Employer without Employer’s Good Cause or by the Participant with Participant’s Good Cause, in each case, within twelve (12) months following a Change of Control, subject to the satisfaction of the Performance Criteria, any then unvested Restricted Stock Units shall become immediately vested and shall be paid within thirty (30) days thereafter; and

 

(iv)          upon termination of employment by the Employer without Employer’s Good Cause or by the Participant with Participant’s Good Cause, in each case, within six (6) months prior to a Change of Control, subject to the satisfaction of the Performance Criteria, the Restricted Stock Units that would have become vested (but for such termination) under the schedule determined in Section 3.1 herein shall be paid on the same schedule determined in Section 3.1 herein.”

 

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

 

3.             This Amendment may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

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

 

 

	
 
    	
MGM   RESORTS INTERNATIONAL
    
	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John M. McManus
    
	
 
    	
 
    	
 
    	
Name:   John M. McManus
    
	
 
    	
 
    	
 
    	
Title:   Executive Vice President,
    
	
 
    	
 
    	
 
    	
General   Counsel & Secretary
    

 

 

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

 

	
 
    	
/s/   James J. Murren
    
	
 
    	
James   J. Murren

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