September 16, 1997
Xx. Xxxxx Xxxxxxxx
Mirage Resorts, Incorporated
0000 Xxx Xxxxx Xxxxxxxxx, Xxxxx
Xxx Xxxxx, XX 00000
Dear Xxxxx:
This confirms our agreement that your August 18, 1992
Employment Agreement (the "Initial Agreement") has been
extended for five (5) years, commencing September 6, 1997.
You have been appointed President, Mirage Resorts Retail
Division, at an annual salary of $400,000. The Board of
Directors today authorized the grant of an additional
150,000 options to you, at an exercise price of 26-11/16
(the closing price on August 13, 1997), vesting 33-1/3%
on a cumulative basis at the end of each of the third,
fourth and fifth years of your extended employment period
(the "Options"). I will be providing you shortly with a
stock option agreement governing the Options.
Except as expressly provided herein, the provisions of the
Initial Agreement shall remain in full force and effect.
Please date and sign the additional enclosed copy of this
letter where indicated below to confirm your agreement to
the foregoing and return to me. Congratulations and keep
up the great work!
Very truly yours,
Mirage Resorts, Incorporated
By: /s/ XXXXX X. XXXXX
Xxxxx X. Xxxxx
Vice President, General
Counsel and Secretary
I agree to the foregoing:
/s/ XXXXX XXXXXXXX
Xxxxx Xxxxxxxx September 17, 1997
cc: Xxxxxxx X. Xxxx
EXHIBIT 10.8
