MGM Mirage Contracts
Sample Business Contracts
Employment Agreement - MGM Grand Inc. and Patrick Smith
Employment Forms
- Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
- Answer simple questions to build a contract with a consultant. Specify the services rendered, when payment is due, as well as IP rights.
- Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
- Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
- Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
- More Employment Agreements
[LETTERHEAD OF MGM GRAND, INC.] ================================================================================ September 25, 1995 Mr. Patrick Smith 132 Ithaca Newport Beach, CA 92663 Dear Patrick: This letter will memorialize the agreement between you and MGM Grand, Inc. ("Company"). 1. Commencement Date: September 18, 1995 ----------------- 2. Position/Title: Vice President - Real Estate Operations -------------- 3. Compensation: ------------ a) Base: $250,000 per year ---- b) Stock Options: 50,000 shares of MGM Grand, Inc.'s common stock ------------- pursuant to its Non-Qualified Stock Option Plan, and subject to the following vesting schedule: End of Year Percent Vesting ----------- --------------- 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 ----------------------------- 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 ----------------------- bonus, not to exceed 50% of your base compensation, at the sole discretion of the Company's executive committee. <PAGE> Mr. Patrick Smith September 25, 1995 Page 2 e) Taxes: All payments to you under this section will be subject to ----- withholding taxes and other tax requirements, as applicable. 4. Duties and Responsibilities: Those consistent with position/title. --------------------------- 5. Exclusivity: You agree to devote your full business time to the Company, ----------- 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: ------------------------------ 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 ----------------- 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 ----------------- 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. <PAGE> Mr. Patrick Smith September 25, 1995 Page 3 If the foregoing properly reflects your understanding, please so acknowledge by signing where indicated below. Sincerely yours, J. Terrence Lanni Chairman & CEO MGM Grand, Inc. Agreed to and acknowledged: ________________________ Patrick Smith Dated: _________________