Sample Business Contracts

Employment Agreement - MGM Grand Inc. and Ed Jenkins

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  • Employment Agreement. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
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  • Executive Employment Agreement. 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.
  • Sales Representative Contract. 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.
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[Letterhead of MGM Grand, Inc.] 

October 10, 1995

Mr. Ed Jenkins
5164 McLeod Drive
Las Vegas, NV 89120

Dear Mr. Jenkins:

This letter will memorialize the agreement between you and MGM Grand, Inc. 

1.      Commencement Date: October 23, 1995

2.      Position/Title: Vice President

3.      Compensation:

        a)   Base: $140,000 per year

        b)   Stock Options: 25,000 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.

Mr. Ed Jenkins
October 10, 1995
Page 2

     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.

     e)   Sign on Bonus: You will receive $5,000 upon signing and 
          acceptance of this agreement.

     f)   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 including, but not limited to, security matters
     related to domestic and international Company ventures, and
     Company development matters as directed by the Senior Vice 
     President of Development.

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.

Mr. Ed Jenkins
October 10, 1995
Page 3

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.

If the foregoing properly reflects your understanding, please so acknowledge by 
signing where indicated below.

Sincerely yours,

/s/ J. Terrence Lanni
J. Terrence Lanni
Chairman & CEO
MGM Grand, Inc.

Agreed to and acknowledged:

/s/ Edward Jenkins
Ed Jenkins

Dated: 10/10/95