[LETTERHEAD OF MGM GRAND, INC.]
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EXHIBIT 10.29
September 25, 1995
Mr. Xxxxxxx Xxxxx
000 Xxxxxx
Xxxxxxx Xxxxx, XX 00000
Dear Xxxxxxx:
This letter will memorialize the agreement between you and MGM Grand, Inc.
("Company").
1. Commencement Date: September 18, 1995
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2. Position/Title: Vice President - Real Estate Operations
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3. Compensation:
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a) Base: $250,000 per year
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b) Stock Options: 50,000 shares of MGM Grand, Inc.'s common stock
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pursuant to its Non-Qualified Stock Option Plan, and subject to the
following vesting schedule:
End of Year Percent Vesting
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1 0
2 0
3 20
4 20
5 20
6 40
c) Acceleration of Stock Options: If there is a change in control as a
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result of a sale or exchange to a third party of outstanding common
stock (as distinguished from a change in control resulting from the
issuance of treasury shares or from any other transaction) before the
stock options are fully vested, all unvested stock options shall
become fully vested as of the date of such sale or exchange.
d) Additional Compensation: You will be entitled to receive an annual
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bonus, not to exceed 50% of your base compensation, at the sole
discretion of the Company's executive committee.
Mr. Xxxxxxx Xxxxx
September 25, 1995
Page 2
e) Taxes: All payments to you under this section will be subject to
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withholding taxes and other tax requirements, as applicable.
4. Duties and Responsibilities: Those consistent with position/title.
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5. Exclusivity: You agree to devote your full business time to the Company,
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and to render your services solely and exclusively for the Company and
any of its affiliates.
6. Representations and Warranties: You represent and warrant that:
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a) You can and will be unconditionally licensed by all applicable
gaming authorities, and other authorities, including those to which
the Company may become subject in the future.
b) There are no existing conditions which may impair your ability to
perform your duties hereunder.
c) You have the full right to enter into this agreement, and your
entering into this agreement will not violate or conflict with any
arrangements or agreements you have with any other entity.
7. Termination Right: Each party shall have the right to terminate this
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agreement and your employment hereunder on thirty (30) days notice
without any further obligations to the other, including, without
limitation, any obligations under Paragraph 3 above.
8. Employee Benefits: You shall be entitled to all the employee benefits
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that are in place at the Company as of the commencement date of this
agreement, subject to change from time to time at the discretion of the
Company.
Mr. Xxxxxxx Xxxxx
September 25, 1995
Page 3
If the foregoing properly reflects your understanding, please so acknowledge by
signing where indicated below.
Sincerely yours,
J. Xxxxxxxx Xxxxx
Chairman & CEO
MGM Grand, Inc.
Agreed to and acknowledged:
________________________
Xxxxxxx Xxxxx
Dated: _________________
