Exhibit 10.3(12)
AMENDMENT NUMBER ONE
TO THE
MGM MIRAGE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN II
WHEREAS, MGM MIRAGE sponsors and maintains the MGM MIRAGE Supplemental Executive Retirement
Plan II (the “Plan”) and is a participating employer therein; and
WHEREAS, the Board of MGM MIRAGE finds it desirable and in the best interests of MGM MIRAGE
and the participating employers in the Plan to amend the Plan as applicable to all such
participating employers to provide for the continued participation of certain individuals during
periods in which they are employed by a joint venture in which MGM MIRAGE has a direct or indirect
ownership or economic interest.
NOW, THEREFORE, the Plan is hereby amended as follows, effective July 10, 2007:
Article 2 of the Plan is hereby amended to add the following at the end thereof:
2.5
Continued Participation by Participants Employed by Joint Ventures. In
the event that any Participant in the Plan shall, at the request of
the Company or
the Participant’s Employer, become employed by a joint venture in which
the Company
has any direct or indirect ownership or other economic interest, then, to the extent
determined in writing by the Committee or the appropriate officer of
the Company,
the Participant’s Compensation for purposes of determining the Participant’s Annual
Company Contribution Amount shall include compensation paid or payable to the
Participant by such joint venture.
THIS AMENDMENT is hereby executed on behalf of MGM MIRAGE this 10th day of
July, 2007.
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By:
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/s/ Gary N. Jacobs |
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ATTEST
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Its:
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Executive Vice President |
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General Counsel and Secretary |