Document:

Exhibit 10.36

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT among Las Vegas Sands Corp., a Nevada
corporation (“LVSC”), Las Vegas Sands, Inc., a Nevada corporation and
wholly-owned subsidiary of LVSC (“LVSI” and together with LVSC, the “Company”)
and Sheldon G. Adelson (“Executive”) is made as of November 18, 2004 and
shall be effective as of the effective date of the first initial public
offering (the “IPO”) of the “Shares” (as defined herein) on a nationally
recognized stock exchange (the “Effective Date”).

 

WHEREAS,
the Company desires to continue to employ Executive pursuant to the terms,
provisions and conditions set forth in this employment agreement (the “Agreement”);
and

 

WHEREAS,
Executive desires to accept and continue his employment on the terms
hereinafter set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual
covenants, understandings, representations, warranties, undertakings and
promises hereinafter set forth, and intending to be legally bound thereby, the
Company and Executive agree as follows:

 

1.             Employment.  The Company shall employ Executive, during
the “Term” (as defined below) and subject to the conditions set forth in this
Agreement, to serve as Chief Executive Officer of the Company or in such other
managerial or executive capacity as the Board of Directors of LVSC (the “Board”)
may from time to time determine and, subject to Section 10(c)(ii), as the
Chairman of the Board and of the board of directors of LVSI.  Executive shall only report to the Board,
and all other executives of the Company shall report to Executive or to a
person who reports, directly or indirectly, to Executive.

 

2.             Duties.
Executive shall have such powers, duties and responsibilities as are generally
associated with his office, as the same may be modified and/or assigned to
Executive from time to time by the Board, and subject to the supervision,
direction and control of the Board, including but not limited to:

 

(a)           participation
and involvement in the proposed development activities of the Company,
including the planning, financing, construction and implementation stages, as
shall be requested by the Board;

 

(b)           the
efficient operation and maintenance of the hotel and casino properties of the
Company;

 

(c)           the
promotion, marketing and sale of the goods and services offered by the Company;

 

(d)           the
preparation of budgets and allocation of funds;

 

 

(e)           the
establishment or continuation of adequate management reporting and control
systems;

 

(f)            the
recruitment, selection, training, delegation of duties and responsibilities,
and supervision of subordinates; and

 

(g)           the
direction, review and oversight of all programs, systems, departments and
functions related to the management and administration of the Company.

 

3.             Performance.
Executive hereby accepts the employment described herein under the terms and
conditions set forth in this Agreement. 
Executive covenants and agrees faithfully and diligently to perform all
of the duties of his employment, devoting his full business and professional
time, attention, energy and ability to promote the business interests of the
Company. Executive further agrees that during the period of his employment with
the Company, he will not engage in any other business or professional pursuit
whatsoever unless the Board shall consent thereto in writing; provided, however,
that the foregoing shall not preclude Executive from engaging in civic,
charitable, or religious activities or from devoting a reasonable amount of
time to private investments that do not unreasonably interfere or conflict with
the performance of Executive’s duties under this Agreement.

 

4.             Term.
The initial term of Executive’s employment hereunder shall commence as of the
Effective Date and shall expire on the day prior to the fifth anniversary of
the Effective Date (the “Initial Term”), unless sooner terminated as
provided herein.  The term of
Executive’s employment shall thereafter be automatically extended for
successive one-year periods (each such period, a “Renewal Term”) unless,
no later than one hundred and twenty (120) days prior to the expiration of the
Initial Term or any Renewal Term, one party shall give written notice to the
other of his or its intention not to extend, in which event this Agreement, and
Executive’s employment hereunder, shall terminate at the end of the Initial
Term or Renewal Term, as applicable (the Initial Term plus any Renewal Term
shall collectively be referred to as the “Term”).

 

5.             Licensing
Requirement. Executive is presently licensed as a casino key employee (the
“License”) by the Nevada Gaming Commission upon the recommendation of
the state Gaming Control Board (collectively, the “Nevada Gaming Authorities”),
pursuant to the provisions of applicable Nevada laws and regulations. Executive
agrees, at the Company’s sole cost and expense, to cooperate with the Nevada
Gaming Authorities to maintain the License in full force and effect and in good
standing.

 

6.             Compensation
and Benefits. As more fully provided in this Section 6, Executive
shall be entitled to receive salary, benefits and other payments of regular
compensation.  In addition, Executive
shall be eligible to participate in LVSI’s Executive Cash Incentive Plan (the “Executive
Cash Incentive Plan”) and LVSC’s 2004 Equity Award Plan (the “2004 Equity
Award Plan”), each to be established following the date hereof and prior to
the IPO, and each to be administered by the Compensation Committee of the Board
(the “Committee”).

 

2

 

(a)           Base
Salary. During the Term, Executive shall receive a base salary of no less
than $1,000,000 per year, payable in accordance with the usual payroll
practices of the Company (the “Base Salary”).

 

(b)           Base
Bonus.

 

(i)            Subject
to Section 6(e), during the Term, Executive shall be eligible to receive an
annual cash bonus (the “Base Bonus”) under the Executive Cash Incentive
Plan in respect of each fiscal year of the Company (a “Fiscal Year”
which, as of the date hereof, is the period January 1 through December 31)
commencing after December 31, 2004 and ending during the Term.

 

(ii)           The
annual Base Bonus shall be earned and payable quarterly based on the attainment
of EBITDAR-based targets determined in the sole discretion of the Committee for
each such quarter following consultation with senior management.  If Executive fails to achieve the
EBITDAR-based targets for one or more fiscal quarters in a Fiscal Year, he
shall be eligible to earn the missed quarterly Base Bonus payment on account of
achieving additional targets in later quarters of the same Fiscal Year or
targets in respect of the entire Fiscal Year, in each case as established by
the Committee in its sole discretion following consultation with senior
management.

 

(iii)          The
target annual Base Bonus for the 2005 Fiscal Year shall be $500,000.

 

(iv)          Commencing
with the 2006 Fiscal Year and for each Fiscal Year of the Term during which
Executive is employed thereafter, the target annual Base Bonus shall increase
automatically by at least four percent (4%) of the sum of
(x) Executive’s Base Salary for the immediately preceding Fiscal Year plus
(y) the Base Bonus paid to Executive with respect to the immediately
preceding Fiscal Year.  In addition,
commencing with the 2006 Fiscal Year, if the Company sustains for at least six
(6) months annualized EBITDAR levels at the threshold levels described below,
the target annual Base Bonus shall be cumulatively increased by at least the
corresponding amount described in the following table:

 

	
  Annualized EBITDAR

  	
   

  	
  Target
  Base Bonus

  Cumulatively Increased By:

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  $

  	
  180,000

  	
   

  
	
  $

  	
  700,000,000

  	
   

  	
  $

  	
  130,000

  	
   

  
	
  $

  	
  800,000,000

  	
   

  	
  $

  	
  130,000

  	
   

  
	
  $

  	
  900,000,000

  	
   

  	
  $

  	
  130,000

  	
   

  
	
  $

  	
  1,000,000,000

  	
   

  	
  $

  	
  130,000

  	
   

  

 

3

 

(v)           Notwithstanding
any of the foregoing to the contrary, in the event that the Effective Date
first occurs after January 1, 2005, then the Committee shall determine, in its
sole discretion, the appropriate period (i.e., all or a portion of the
2005 Fiscal Year) in respect of which Executive shall have the right to receive
the Base Bonus for the 2005 Fiscal Year.

 

(c)           Annual
Supplemental Bonus.

 

(i)            In
addition to the Base Bonus, commencing with the 2005 Fiscal Year, Executive
shall be eligible to receive an additional annual cash bonus (the “Annual
Supplemental Bonus”) under the Executive Cash Incentive Plan equal to a
percentage (the “Percentage”) of the sum of (x) Executive’s Base
Salary for the Fiscal Year plus (y) the Base Bonus paid to Executive for
such Fiscal Year, subject to the achievement of annual targets primarily based
on EBITDAR to be established in the sole discretion of the Committee following
consultation with senior management (the “Target”).  In the event that: (A) eighty percent (80%)
of the Target is not achieved in respect of a Fiscal Year, the Percentage for
such Fiscal Year shall be zero percent (0%), (B) one hundred percent (100%) of
the Target is achieved in respect of a Fiscal Year, the Percentage for such
Fiscal Year shall be the Target Percentage (as defined below), and (C) one
hundred and ten percent (110%) or greater of the Target is achieved in respect
of a Fiscal Year, the Percentage for such Fiscal Year shall be the Maximum
Percentage; provided, however, that the Percentage shall be
determined using straight line interpolation for performance between eighty
percent (80%) of Target and one hundred percent (100%) of Target.

 

(ii)           The
target percentage for calculating the Annual Supplemental Bonus (the “Target
Percentage”) shall be eighty percent (80%) and the maximum percentage for
calculating the Annual Supplemental Bonus (the “Maximum Percentage”)
shall be one hundred and sixty percent (160%). 
Notwithstanding the foregoing, commencing with the 2006 Fiscal Year and
for each

 

4

 

Fiscal Year of the Term
during which Executive is employed thereafter, if the Company sustains for at
least six (6) months annualized EBITDAR levels at the threshold levels
described below, the Target Percentage and the Maximum Percentage shall at least
equal the corresponding percentages described in the following table:

 

	
  Annualized

  EBITDAR

  	
   

  	
  Target
  Percentage

  	
   

  	
  Maximum

  Percentage

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  85

  	
  %

  	
  170

  	
  %

  
	
  $

  	
  900,000,000

  	
   

  	
  90

  	
  %

  	
  180

  	
  %

  

 

(iii)          Notwithstanding
any of the foregoing to the contrary, in the event that the Effective Date
first occurs after January 1, 2005, then the Committee shall determine, in its
sole discretion, the appropriate period (i.e., all or a portion of the
2005 Fiscal Year) in respect of which Executive shall have the right to receive
the Annual Supplemental Bonus for the 2005 Fiscal Year.

 

(d)           Equity
Awards.

 

(i)            Subject
to Section 6(e), in the 2005 Fiscal Year, and in each Fiscal Year during the
Term thereafter while Executive is employed by the Company, Executive shall be
granted an equity award under the 2004 Equity Award Plan (each such award, an “Incentive
Award”).  One half of each Incentive
Award (the “Share Incentive Award”) shall be granted as restricted
shares of the Company’s common stock, $0.001 par value per share (“Shares”)
during the first quarter of the Fiscal Year following the Fiscal Year to which
the award relates (but in no event later than March 15 of such Fiscal Year)
upon certification by the Committee of, and subject to, the attainment of
performance goals determined by the Committee for such Fiscal Year, which
performance goals shall be substantially similar to those goals used to
determine the Annual Supplemental Bonus (for example, the Incentive Award for
the 2005 Fiscal Year would be made in the first quarter of the 2006 Fiscal Year
if the Performance Goals for the 2005 Fiscal Year are attained).  The other half of each Incentive Award (the
“Option Incentive Award”) shall be granted, in the form of a
nonqualified stock option to purchase Shares at a per Share exercise price
equal to the fair market value of a Share on the date of grant, (i) in the case
of the Option Incentive Award for the 2005 Fiscal Year, upon the Effective Date
and (ii) in the case of the Option Incentive

 

5

 

Award for each subsequent
Fiscal Year during the Term, 
immediately following the first meeting of the Board during the Fiscal
Year to which such Option Incentive Award relates (but in no event later than
March 15 of such Fiscal Year).

 

(ii)           The
value of the Incentive Award for the 2005 Fiscal Year shall be that number of
restricted Shares and options having a value of $2,200,000; provided, however,
that if the Effective Date occurs later than January 1, 2005 the value of such
Incentive Award may be pro-rated to the extent that the Committee determines
such pro-ration is appropriate.

 

(iii)          Commencing
with the 2006 Fiscal Year and for each Fiscal Year of the Term during which
Executive is employed thereafter, if during the immediately preceding Fiscal
Year the Company sustains for at least six (6) months annualized EBITDAR levels
at the threshold levels described below, the target value of the Incentive
Award for the subsequent Fiscal Year shall at least equal the corresponding
amount described in the following table:

 

	
  Annualized EBITDAR

  	
   

  	
  Target
  Incentive Award

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  $

  	
  2,650,000

  	
   

  
	
  $

  	
  700,000,000

  	
   

  	
  $

  	
  2,900,000

  	
   

  
	
  $

  	
  800,000,000

  	
   

  	
  $

  	
  3,150,000

  	
   

  
	
  $

  	
  900,000,000

  	
   

  	
  $

  	
  3,400,000

  	
   

  
	
  $

  	
  1,000,000,000

  	
   

  	
  $

  	
  3,650,000

  	
   

  

 

(iv)          The
value of any Option Incentive Award shall be measured by determining the grant
date Black-Scholes value of such Award; which value shall be determined by a
nationally recognized compensation consultant selected by the Committee in
consultation with senior management using the valuation methodology followed
for other senior executives of the Company. The value of any Share Incentive
Award shall be the aggregate grant date Fair Market Value (as defined in the
2004 Equity Award Plan) of the Shares subject to such Award.

 

(v)           Each
Option Incentive Award shall vest with respect to twenty-five percent (25%) of
the options subject thereto, on each of the first through fourth anniversaries
of the first day of the Fiscal Year in which such Incentive Award is granted.  Each

 

6

 

Share Incentive Award
shall vest with respect to thirty-three and one-third percent (33 1/3
%) of the restricted Shares subject thereto (and the restrictions on such
Shares shall lapse), on each of the first through third anniversaries of the
first day of the Fiscal Year in which such Share Incentive Award is
granted.  Each Option Incentive Award
and Share Incentive Award shall have such termination, forfeiture and other
terms as are applicable to stock option or restricted stock awards granted to
other senior executives of the Company, as set forth in the 2004 Equity Award
Plan and the applicable award agreement.

 

(vi)          If
a termination of this Agreement and Executive’s employment hereunder occurs on
or after the last day of a Fiscal Year, but prior to the date on which the
Share Incentive Award with respect to such Fiscal Year would have been granted
to Executive had his employment not terminated (the “Award Date”), then,
if the Committee certifies that the performance goals for such Fiscal Year have
been attained, the Executive shall be granted on the Award Date that number of
fully vested Shares equal to the product of (A) the Share Incentive Award
Executive would have received had his employment not terminated multiplied by
(B) the applicable percentage set forth in the following table:

 

	
  Termination Event

  	
   

  	
  Percentage

  	
   

  
	
  By the Company
  without Cause,

  By Executive for Good Reason,

  or Due to Retirement

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Due to Death or
  Disability

  	
   

  	
  33 1/3
  

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  By the Company
  for Cause,

  Voluntary Termination (other than Retirement)

  	
   

  	
  0

  	
  %

  

 

(e)           Notwithstanding
any provision of Sections 6(b), (c) and (d) to the contrary, no Base Bonus or
Annual Supplemental Bonus shall be paid, and no Incentive Award shall be
granted on or after the earlier of (A) the date of the first meeting of
shareholders of the Company at which directors are to be elected that occurs
after the close of the third calendar year following the calendar year in which
the IPO occurs or (B) such earlier date on which any such Bonus or Incentive
Award would cease to be exempt from the deduction limitations of Section 162(m)
of the Internal Revenue Code of 1986, as amended (the “Code”) (such
date, the “162(m) Effective Date”), unless Sections 6(b), (c) and (d)
have been approved

 

7

 

prior to such date by a
committee consisting of at least two (2) “outside directors” within the meaning
of Section 162(m) of the Code.

 

(f)            Employee
Benefit Plans. During the Term, Executive shall be entitled to participate
in any fringe, group health, medical, dental, hospitalization, life, accident
insurance or other welfare plans, and any tax-qualified pension, tax-qualified
profit sharing or tax-qualified retirement plans, which may be placed in effect
or maintained by the Company during the Term hereof for the benefit of its
employees generally or for its senior executives, subject to all restrictions
and limitations contained in such plans or established by governmental
regulation.  In addition to the
foregoing, Executive shall be entitled to participate in such executive
retirement and capital accumulation plans as may be established, sponsored or
maintained by the Company and in effect from time to time for the benefit of
its senior executives, including without limitation, any nonqualified
supplemental executive retirement plan or deferred compensation plan.

 

(g)           Expense
Reimbursement. Executive is authorized to incur such reasonable expenses as
may be necessary for the performance of his duties hereunder and consistent
with his duties as Chief Executive Officer and Chairman of the Board and of the
board of directors of LVSI in accordance with the policies of the Company
established and in effect from time to time and, except as may be otherwise
agreed, the Company will reimburse Executive for all such authorized expenses
upon submission of an itemized accounting and substantiation of such
expenditures adequate to secure for the Company a tax deduction for the same,
in accordance with applicable Internal Revenue Service guidelines.

 

(h)           Additional
Reimbursement.  During the Term and
subject to a maximum of $100,000 per Fiscal Year, Executive shall be entitled
to reimbursement from the Company for (i) the fees and expenses incurred
by Executive’s outside legal counsel and (ii) financial planning expenses,
and, except as may be otherwise agreed, the Company will reimburse Executive
for such expenses upon submission of an itemized accounting and substantiation
of such expenditures in accordance with the policies of the Company established
and in effect from time to time.

 

(i)            Perquisites.

 

(i)            Vacations
and Holidays. Executive shall be entitled to vacations and holidays as
provided in the Company’s Flex Day Plan as in effect from time to time, but no
less than the following: four weeks of paid vacation leave per year at such
times as may be requested by Executive and approved by the Company.

 

8

 

(ii)           Automobile.  During the Term and at the Company’s sole
cost and expense, Executive shall be entitled to the full-time and exclusive
use of an automobile and driver of his choice.

 

(iii)          Aircraft
Usage.  The Company has obtained
access to a Boeing Business Jet pursuant to a timesharing agreement with an entity
controlled by Executive.  Subject to the
availability of such aircraft to the Company under the timesharing agreement,
the Company shall make such aircraft available to Executive for his travel in
connection with Company business.  When
such aircraft is not available to the Company, the Company shall make available
to Executive a Gulfstream large-cabin aircraft for his travel on Company
business.  Regardless of which aircraft
the Company provides to Executive, the Company shall cause the aircraft to be
provided with a customary level of staffing and amenities, including without
limitation, catering and communications capabilities.

 

(iv)          Security.  To ensure the personal safety of Executive
and his spouse and his children who are under age eighteen, the Company shall,
at its sole cost and expense, provide security services to such individuals
during the Term.

 

7.             Confidentiality.
Executive agrees that he will hold in strictest confidence and, without the
prior express written approval of the Board, will not disclose to any person,
firm, corporation or other entity, any confidential information which he has
acquired or may hereafter acquire during his employment by the Company
pertaining to the business or affairs of the Company or any of its subsidiaries
or affiliates, including but not limited to (i) proprietary information or
other documents concerning the Company’s or its subsidiaries’ or affiliates’
policies, prices, systems, methods of operation, contractual arrangements,
customers or suppliers; (ii) the Company’s or its subsidiaries’ or affiliates’
marketing methods, credit and collection techniques and files; or
(iii) the Company’s or its subsidiaries’ or affiliates’ trade secrets and
other “know how” or information concerning its business and affairs not of a
public nature. The covenant and agreement set forth in this Section shall apply
during Executive’s employment by the Company and shall survive termination of
this Agreement, and Executive’s employment hereunder, for any reason and shall
remain binding upon Executive without regard to the passage of time or other
events.

 

8.             Restrictive
Covenant.  Executive acknowledges
and recognizes the highly competitive nature of the businesses of the Company
and its subsidiaries and affiliates and accordingly agrees as follows:

 

(a)           During
the Term and (i) in the case of a termination of Executive’s employment
with the Company for any reason other than due to Executive’s “Retirement” (as
defined below) from the Company, (A) if

 

9

 

the termination occurs
prior to the third anniversary of the Effective Date, for a period of two (2)
years from the date of termination or (B) if the termination occurs on or after
the third anniversary of the Effective Date, for a period of one (1) year from
the date of termination or (ii) in the case of a termination of
Executive’s employment with the Company due to Retirement, until the date upon
which all Executive’s outstanding awards in respect of Shares become fully
vested, Executive shall not directly or indirectly, either as principal, agent,
employee, consultant, partner, officer, director, shareholder, or in any other
individual or representative capacity, own, manage, finance, operate, control
or otherwise engage or participate in any manner or fashion in, any hotel or
casino in (I) Clark County, Nevada (including, without limitation, the City of
Las Vegas), (II) the Macau Special Administrative Region of The People’s
Republic of China or (III) any other location in which the Company or any of
its affiliates is doing business or has made substantial plans to commence
doing business, in each case at the time of Executive’s termination.  Notwithstanding anything to the contrary in
the Agreement, Executive may, directly or indirectly, own, solely as an
investment, securities of any person engaged in the hotel or casino business
which are publicly traded on a national or regional stock exchange or on the
over-the-counter market if Executive (A) is not a controlling person of, or a member
of a group which controls, such person and (B) does not, directly or indirectly
own more than two percent (2%) of any class of securities of such person.

 

(b)           In addition to, and not in limitation
of, the provisions of Section 8(a), Executive agrees, for the benefit of the
Company and its affiliates, that during the Term and for the period commencing
on the date of Executive’s termination and ending on the second anniversary of
such date of termination, Executive shall not, directly or indirectly, either
as principal, agent, employee, consultant, partner, officer, director,
shareholder, or in any other individual or representative capacity, on behalf
of Executive or any other person or entity other than the Company or its
affiliates (i) solicit or induce, or attempt to solicit or induce, directly or
indirectly, any person who is, or during the six months prior to the
termination of Executive’s employment with the Company was, an employee or
agent of, or consultant to, the Company or any of its affiliates to terminate
its, his or her relationship therewith, or (ii) hire or engage any person who
is, or during the six months prior to the termination of Executive’s employment
with the Company was, an employee, agent of or consultant to the Company or any
of its affiliates.

 

(c)           Executive
understands that the provisions of this Section 8 may limit his ability to earn
a livelihood in a business similar to the business of the Company but he
nevertheless agrees and hereby acknowledges that (i) such provisions do not
impose a greater restraint than is necessary to protect the goodwill or other
business interests of the Company, (ii) such provisions contain reasonable
limitations as to time

 

10

 

and scope of activity to be
restrained, (iii) such provisions are not harmful to the general public,
(iv) such provisions are not unduly burdensome to Executive, and
(v) the consideration provided hereunder is sufficient to compensate
Executive for the restrictions contained in this Section 8.  In consideration of the foregoing and in
light of Executive’s education, skills and abilities, Executive agrees that he
shall not assert that, and it should not be considered that, any provisions of
Section 8 otherwise are void, voidable or unenforceable or should be
voided or held unenforceable.

 

(d)           It
is expressly understood and agreed that although Executive and the Company
consider the restrictions contained in this Section 8 to be reasonable, if
a judicial determination is made by a court of competent jurisdiction that the
time or territory or any other restriction contained in this Agreement is an
unenforceable restriction against Executive, the provisions of this Agreement
shall not be rendered void but shall be deemed amended to apply as to such
maximum time and territory and to such maximum extent as such court may
judicially determine or indicate to be enforceable.  Alternatively, if any court of competent jurisdiction finds that
any restriction contained in this Agreement is unenforceable, and such
restriction cannot be amended so as to make it enforceable, such finding shall
not affect the enforceability of any of the other restrictions contained
herein.

 

(e)           For
purposes of this Agreement, “Retirement” shall mean a “Voluntary Termination”
(as defined below) on or after the date on which Executive attains age 65.

 

(f)            In
the event that Executive violates any of the restrictive covenants set forth in
Sections 8(a) or 8(b), in addition to any other remedy which may be available
(i) at law or in equity, (ii) pursuant to any other provision of this
Agreement or (iii) pursuant to any applicable equity award agreement, all
outstanding stock options to purchase Shares and other unvested equity awards
granted to Executive shall be automatically forfeited effective as of the date
on which such violation first occurs.

 

9.             Disability.  If, during his employment with the Company,
Executive shall, in the opinion of an independent physician selected by
agreement between the Board and Executive, become so physically or mentally
incapacitated that he is unable to perform the duties of his employment for an
aggregate of 180 days in any 365 day consecutive period or for a continuous
period of six (6) consecutive months (in either case, a “Disability”), then
the Company shall have the right to terminate Executive’s employment hereunder
in accordance with the provisions of Sections 10(a)(ii) and 10(d)(ii).

 

11

 

10.           Termination
Events.

 

(a)           In
General.  Notwithstanding the
provisions of Section 4 of this Agreement, this Agreement and Executive’s
employment hereunder shall terminate upon the occurrence of any of the
following events:

 

(i)            Executive’s
death;

 

(ii)           the
giving of written notice of termination by the Company based upon Executive’s
Disability;

 

(iii)          the
giving of written notice to Executive by the Company that he is discharged for
“Cause” (as hereinafter defined);

 

(iv)          the
giving of written notice by Executive to the Company that “Good Reason” (as hereinafter
defined) has occurred and that he has elected to resign, in which event
termination shall occur thirty (30) days after delivery of such notice unless
such act or omission that gave rise to Good Reason has been cured by the
Company prior to the expiration of such thirty (30) day period;

 

(v)           the
giving of sixty (60) days written notice to Executive by the Company that the
Company has chosen to terminate Executive’s employment without Cause;

 

(vi)          (A)
the giving of written notice by Executive that Executive has chosen to
terminate his employment with the Company without Good Reason, in which case
his employment shall terminate sixty (60) days after receipt of such notice by
the Company or (B) the giving by Executive of a notice of intention not to extend
the Term pursuant to Section 4 hereof, in which case his employment shall
terminate at the end of the then current Initial or Renewal Term, as applicable
(in either case, a “Voluntary Termination”); or

 

(vii)         if
a notice of intention not to extend the Term is sent by the Company pursuant to
Section 4 hereof, upon the discharge of Executive at the end of the then
current Initial or Renewal Term, as applicable (a “Non-Renewal Termination”).

 

(b)           “Cause,”
as used in Section 10(a)(iii) above, shall mean that the Board, at a duly
noticed meeting, has determined that one or more of the following events has
occurred:

 

(i)            (A)
conviction of a felony, misappropriation of any material funds or material
property of the Company, its

 

12

 

subsidiaries or
affiliates, (B) commission of fraud or embezzlement with respect to the
Company, its subsidiaries or affiliates or (C) any material act of dishonesty
relating to Executive’s employment by the Company resulting in direct or
indirect personal gain or enrichment at the expense of the Company, its
subsidiaries or affiliates;

 

(ii)           use
of alcohol or drugs that renders Executive materially unable to perform the
functions of his job or carry out his duties to the Company;

 

(iii)          a
material breach of this Agreement by Executive;

 

(iv)          committing
any act or acts of serious and willful misconduct (including disclosure of
confidential information) that is likely to cause a material adverse effect on
the business of the Company, its subsidiaries or affiliates; or

 

(v)           the
revocation or suspension of the License by the Nevada Gaming Authorities; provided,
however, that in the event that the revocation or suspension occurs
without there having been any fault on the part of Executive, any termination
pursuant to this Section 10(b)(v) shall be treated in the same manner as a
termination due to Disability pursuant to the provisions of Section 10(d)(ii);

 

provided
that, with respect to (ii), (iii) or (v) above, the Board shall have first provided
Executive with written notice stating with specificity the acts, duties or
directives Executive has committed or failed to observe or perform, and
Executive shall not have corrected the acts or omissions complained of within
thirty (30) days of receipt of such notice.

 

(c)           “Good
Reason,” as used in Section 10(a)(iv) above, shall mean:

 

(i)            (A)
the failure of the Company to maintain Executive as a Chief Executive Officer
of the Company or (B) the failure of Executive to be retained as Chairman of
the Board or of the board of directors of LVSI, unless the Board determines
that the positions of Chairman and Chief Executive Officer must be held by
different persons (I) due to an applicable statutory, regulatory or stock
exchange requirement or (II) if such practice is common among companies of
similar size in similar industries to the Company and the Board determines,
based on the written advice of the Company’s or the Board’s outside counsel,
that such practice constitutes best practices corporate governance;

 

(ii)           a
reduction in Executive’s Base Salary;

 

13

 

(iii)          except
as provided in Section 6(e), a reduction in Executive’s target Base Bonus,
target Annual Supplemental Bonus or target Incentive Award opportunity;

 

(iv)          a
failure by the Company to obtain the approvals described in Section 6(e) prior
to the 162(m) Effective Date;

 

(v)           a
material change in the duties and responsibilities of office that would cause
Executive’s position to have less dignity, importance or scope than intended at
the Effective Date and as set forth herein; provided,  however,
that “Good Reason” shall not be deemed to occur solely as a result of a
transaction in which the Company becomes a subsidiary of another company, so
long as Executive’s duties and responsibilities of office are not materially
changed as they relate solely to the Company; or

 

(vi)          a
material breach of this Agreement by the Company.

 

(d)           Consequences.  Termination pursuant to this Section shall
have the following consequences:

 

(i)            Death.  In the case of a termination of this
Agreement and Executive’s employment hereunder due to Executive’s death,
Executive’s estate, as the case may be, shall be entitled to receive
(A) all accrued and unpaid Base Salary and bonus(es) through the date of
termination; (B) continued payment of the Base Salary and Base Bonus
Executive would have received had he remained employed for the twelve (12)
months following the date of termination; (C) a pro rata bonus for the year
of termination, payable when annual bonuses would normally be paid to other
executive officers of the Company, in an amount equal to the product of
(x) the Annual Supplemental Bonus Executive would have earned had
Executive remained employed with the Company for the entire Fiscal Year in
which the termination of Executive’s employment occurs, multiplied by
(y) a fraction, the numerator of which is the number of days in the Fiscal
Year prior to the date of termination and the denominator of which is 365 (the
“Pro Rated Bonus”); and (D) accelerated vesting of all equity
awards (including Incentive Awards) such that the portion of each such award
that would have vested during the twelve (12) month period following the date
of termination had Executive remained employed during such period shall be
immediately vested as of the date of termination.

 

(ii)           Disability.  In the case of a termination of this
Agreement and Executive’s employment hereunder by the

 

14

 

Company due to Disability,
Executive shall be entitled to receive (A) all accrued and unpaid Base
Salary and bonus(es) through the date of termination; (B) continued
payment of the Base Salary and Base Bonus Executive would have received had he
remained employed for the twelve (12) months following the date of termination,
less any short term disability insurance proceeds received by Executive during
such twelve (12) month period; (C) a Pro Rated Bonus; and
(D) accelerated vesting of all equity awards (including Incentive Awards)
such that the portion of each such award that would have vested during the
twelve (12) month period following the date of termination had Executive
remained employed during such period shall be immediately vested as of the date
of termination.

 

(iii)          Retirement;
Non-Renewal Termination.  In the
case of a termination of this Agreement and Executive’s employment hereunder
due to Executive’s Retirement or a Non-Renewal Termination, Executive shall be
entitled to receive (A) all accrued and unpaid Base Salary and bonus(es)
through the date of termination; (B) in the case of a termination due to
Retirement, a Pro Rated Bonus; and (C) continued vesting of all equity
awards (including Incentive Awards) in accordance with their terms so that all
such awards continue to vest and restrictions on any restricted Shares continue
to lapse at the same rate as if Executive had remained employed by the Company.

 

(iv)          For
Cause; Voluntary Termination.  In
the case of a termination of this Agreement and Executive’s employment
hereunder by the Company for Cause or due to a Voluntary Termination (other
than a Retirement or a “Post-Change in Control Voluntary Termination” (as
defined below)), Base Salary and benefits, including the vesting of any equity
awards, payable to Executive shall immediately cease, subject to any
requirements of law.

 

(v)           Without
Cause; For Good Reason (No Change in Control).  In the case of a termination of this Agreement and Executive’s
employment with the Company by Executive for Good Reason or by the Company
without Cause, in each case at any time other than within the two (2) year
period following a “Change in Control” (as that term shall be defined in the
2004 Equity Award Plan), then Executive shall be entitled to receive
(A) all accrued and unpaid Base Salary and bonus(es) through the date of
termination; (B) continued payment of the Base Salary and Base Bonus
Executive would have received had he remained employed through the remainder of
the Term, unless and until Executive shall become employed elsewhere in which
event the Company

 

15

 

shall pay only the
excess, if any, of the Base Salary and Base Bonus over fifty percent (50%) of
the salary and bonus compensation earned by Executive in such employment;
(C) the Pro Rated Bonus; (D) accelerated vesting of all equity awards
(including Incentive Awards) so that all such awards are fully vested as of the
date of termination; and (E) continued participation in the health and
welfare benefit plans of the Company during the remainder of the Initial Term
or the Renewal Term, as applicable; provided, that the Company’s
obligation to provide such benefits shall cease at the time Executive and his
covered dependents become eligible for comparable benefits from another
employer that do not exclude any pre-existing condition of Executive or any
covered dependent that was not excluded under the Company’s health and welfare
plans immediately prior to the date of termination.

 

(vi)          Without
Cause (Change in Control); For Good Reason (Change in Control); Post-Change in
Control Voluntary Termination.  In
the case of a termination of this Agreement and Executive’s employment with the
Company by Executive for Good Reason or by the Company without Cause, in each
case within the two (2) year period following a Change in Control,  or by Executive due to a Post-Change in
Control Voluntary Termination, then Executive shall be entitled to receive
promptly following the date of such termination, (A) all accrued and
unpaid Base Salary and bonus(es) through the date of termination; (B) a
lump sum payment of two (2) times the sum of (I) the Base Salary,
(II) the target Base Bonus for the year of termination and (III) the
target Annual Supplemental Bonus for the year of termination; (C) a pro
rata annual bonus for the year of termination in an amount equal to the product
of (x) the sum of Executive’s target Base Bonus and target Annual
Supplemental Bonus, in each case for the Fiscal Year in which the termination
of Executive’s employment occurs, multiplied by (y) a fraction, the
numerator of which is the number of days in the Fiscal Year prior to the date
of termination and the denominator or which is 365; (D) accelerated
vesting of all equity awards (including Incentive Awards) so that all such
awards are fully vested as of the date of termination; and (E) continued
participation in the health and welfare benefit plans of the Company and
employer contributions to non-qualified retirement plans and deferred
compensation plans, if any, for two years following the date of termination; provided,
that the Company’s obligation to provide such benefits shall cease at the time
Executive and his covered dependents become eligible for comparable benefits
from another employer that do not exclude any pre-existing condition of
Executive or any covered dependent that was not excluded under the Company’s
health and welfare

 

16

 

plans immediately prior
to the date of termination.  For
purposes of this Agreement, a “Post-Change in Control Voluntary Termination”
shall mean a Voluntary Termination by Executive at any time during the one (1)
year period following a Change in Control.

 

(vii)         Health
and Welfare Benefit Equivalents.  To
the extent that the health and welfare benefits provided for in
Sections 10(d)(iii) and (iv) are not permissible after termination of
employment under the terms of the benefit plans of the Company then in effect
(and cannot be provided through the Company’s paying the applicable premium for
Executive under COBRA), the Company shall pay to Executive such amount as is
necessary to provide Executive, after tax, with an amount equal to the cost of
acquiring, for Executive and his spouse and dependents, if any, on a non-group
basis, for the required period, those health and other welfare benefits that
would otherwise be lost to Executive and his spouse and dependents as a result
of Executive’s termination.

 

(e)           Excise
Tax Limitation.  Notwithstanding
anything contained in this Agreement to the contrary, (i) in the event that any
payment or benefit (within the meaning of Section 280G(b)(2) of the Code) to or
for the benefit of Executive that is paid or payable pursuant to the terms of
this Agreement or otherwise in connection with, or arising out of, Executive’s
employment with the Company on a “change of control” within the meaning of
Section 280G of the Code (a “Payment” or “Payments”) would be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), and (ii) (A) the net amount of the Payments Executive would retain
after payment of the Excise Tax and federal and state income taxes on the
Payments would be less than (B) the net amount of the Payments Executive would
retain, after payment of the Excise Tax and federal and state income taxes on
the Payments, if the Payments were reduced to the extent necessary that no
portion of the Payments would be subject to the Excise Tax (the “Section
4999 Limit”), then the Payments shall be reduced (but not below zero) to
the Section 4999 Limit.  Unless
Executive shall have given prior written notice specifying a different order to
the Company to effectuate the limitations described in the preceding sentence,
the Company shall reduce or eliminate the Payments by first reducing or eliminating
those Payments which are not payable in cash and then by reducing or
eliminating Payments that are payable in cash. For purposes of the calculations
described above, it shall be assumed that Executive’s tax rate will be the
maximum marginal federal and state income tax rate on earned income.

 

(f)            Release.  Notwithstanding any other provision of this
Agreement to the contrary, Executive acknowledges and agrees that any and all
payments to which Executive is entitled under this Section 10 are

 

17

 

conditional upon and
subject to Executive’s execution of the Release and Covenant Not to Sue in the
form attached hereto as Exhibit A (which form may be reasonably modified
to reflect changes in the law), of all claims Executive may have against the
Company and its directors, officers and affiliates, except as to matters
covered by provisions of this Agreement that expressly survive the termination
of this Agreement.

 

11.           Assignment
and Assumption.

 

(a)           This
Agreement is personal to Executive and shall not be assignable by Executive
otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of
and be enforceable by Executive’s legal representatives.  This Agreement shall inure to the benefit of
and be binding upon the Company and its successors.

 

(b)           The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place.  As used in this Agreement, “Company”
shall mean the Company as hereinbefore defined and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law, or otherwise.

 

12.           Approval
of Agreement. Executive and the Company acknowledge that the terms of this
Agreement are subject to the approval of the Nevada Gaming Authorities and each
agrees to use commercially reasonably efforts to obtain such approval,
including, without limitation, the making of any reasonable modifications in
this Agreement necessary to secure such approval.  If this Agreement shall be disapproved by the Nevada Gaming
Authorities and reasonable modifications shall be insufficient to obtain such
approval, then this Agreement shall terminate and neither party shall have any
further responsibility to the other hereunder.

 

13.           Miscellaneous.

 

(a)           Notices.
All notices and other communications required or permitted hereunder shall be
in writing and shall be deemed to have been duly given if sent via a national
overnight courier service or by certified mail, return receipt requested,
postage prepaid, addressed to the parties as follows:

 

  If to Executive, to:

 

Sheldon G. Adelson

c/o Las Vegas Sands, Inc.

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

 

18

 

If to the Company, to:

 

Las Vegas Sands, Inc.

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attn: General Counsel

 

With a copy to:

 

Charles D. Forman

Director, Member of the Compensation Committee

300 First Avenue

Needham, Massachusetts
02494

 

or to such other address
as any party shall request of the others by giving notice in accordance with
this Section.

 

(b)           Integration.  This Agreement is the result of substantial
negotiations between the parties, represents the complete agreement of the
parties with respect to the subject matter hereof, and supersedes all prior
agreements and understandings.

 

(c)           Severability.  If any provision of this Agreement shall be
declared void or unenforceable by any judicial or administrative authority, the
validity of any other provision and of the entire Agreement shall not be
affected thereby.

 

(d)           Waiver
of Provisions. The failure of either party to insist upon a strict
performance of any of the terms or provisions of this Agreement or to exercise
any option, right, or remedy herein contained, shall not be construed as a
waiver or as a relinquishment for the future of such term, provision, option,
right, or remedy, but the same shall continue and remain in full force and
effect. No waiver by either party of any term or provision hereof shall be
deemed to have been made unless expressed in writing and signed by such party.

 

(e)           Amendments.
This Agreement may not be amended, changed or modified except by a written
document signed by each of the parties hereto.

 

(f)            Entire
Agreement; Effectiveness of This Agreement.    This Agreement constitutes the entire agreement between the
parties as of the Effective Date and supersedes all previous agreements and
understandings between the parties with respect to the subject matter
hereof.  Notwithstanding anything to the
contrary herein, this Agreement shall not

 

19

 

become effective until
the Effective Date, i.e., if and only if the IPO is consummated.  If the IPO is not consummated, then this
Agreement shall be of no force or effect.

 

(g)           Successors
and Assigns. All provisions of this Agreement shall be binding upon, inure
to the benefit of, and be enforceable by and against the parties hereto, and
their respective heirs, personal representatives, successors and permitted
assigns.

 

(h)           Governing
Law. This Agreement shall be governed by, construed under, and interpreted
in accordance with the laws of the State of Nevada applicable to agreements
made and to be wholly performed within that State, without regard to its
conflict of laws provisions or any conflict of laws provisions of any other
jurisdiction which would cause the application of any law other than that of
the State of Nevada.  Any action to
enforce this agreement must be brought in a court situated in, and the parties
hereby consent to the jurisdiction of, courts situated in Clark County,
Nevada.  Each party hereby waives the
rights to claim that any such court is an inconvenient forum for the resolution
of any such action.

 

(i)            JURY
TRIAL WAIVER.  THE PARTIES EXPRESSLY
AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR EXECUTIVE’S EMPLOYMENT WITH THE
COMPANY IS LITIGATED OR HEARD IN ANY COURT.

 

(j)            Dispute
Resolution.

 

(i)            Executive
acknowledges and agrees that the Company’s remedies at law for a breach or
threatened breach of any of the provisions of Sections 7 or 8 herein would be
inadequate and, in recognition of this fact, Executive agrees that, in the
event of such a breach or threatened breach, in addition to any remedies at
law, the Company, without posting any bond, shall be entitled to obtain
equitable relief in the form of specific performance, temporary restraining order,
temporary or permanent injunction or any other equitable remedy which may then
be available.  In addition, and without
limiting Section 8(f) hereof, the Company shall be entitled to immediately
cease paying any amounts remaining due or providing any benefits (including the
vesting of equity) to Executive pursuant to Section 10 if Executive has
violated any provision of Section 7 or 8. 
Any controversy or claim arising out of or relating to Sections 7 or 8
of this Agreement (or the breach thereof) shall be settled by a state or
federal court located in Las Vegas, Nevada.

 

20

 

(ii)           Any
controversy or claim arising out of or related to any provision of this
Agreement other than Sections 7 or 8 shall be settled by final, binding and
non-appealable arbitration in Las Vegas, Nevada.  Subject to the following provisions, the arbitration shall be
conducted in accordance with the Commercial Rules of the American Arbitration Association
(the “AAA”) then in effect.  The
arbitration shall be conducted by a panel of three arbitrators.  One of the arbitrators shall be appointed by
the Company, one shall be appointed by Executive and the third shall be
appointed by the first two arbitrators. 
If the first two arbitrators cannot agree on the third arbitrator within
thirty (30) days of the appointment of the second arbitrator, then the third
arbitrator shall be selected from a list of seven arbitrators selected by the
AAA, each of whom shall be experienced in the resolution of disputes under
employment agreements for executive officers of major corporations.  From the list of seven arbitrators selected
by the AAA, one arbitrator shall be selected by each party striking in turn
with the party to strike first being chosen by a coin toss. Any award entered
by the arbitrators shall be final, binding and non-appealable and judgment may
be entered thereon by either party in accordance with applicable law in any
court of competent jurisdiction.  This
arbitration provision shall be specifically enforceable.  The remedial authority of the arbitrators
shall be the same as, but no greater than, would be the remedial power of a
court having jurisdiction over the parties and their dispute.  The Company shall be responsible for all of
the fees of the AAA and the arbitrators (if applicable).

 

(iii)          If
Executive prevails on any material issue which is the subject of an arbitration
or litigation, as applicable, the Company shall reimburse one hundred percent
(100%) of Executive’s reasonable legal fees and expenses. Otherwise, subject to
Section 13(j)(ii), each party shall be responsible for its own expenses
relating to the conduct of the arbitration or litigation, as applicable
(including reasonable attorneys’ fees and expenses).

 

(iv)          The
arbitrators shall render an award and written opinion explaining the award.

 

(v)           The
hearing and arbitration proceedings (as well as any resulting judicial
proceedings seeking to enforce or vacate any arbitration award) shall be
conducted in a confidential manner and both the conduct and the results of the
arbitration shall be kept confidential by the parties.  The arbitrators shall be advised of the
confidentiality of the proceedings and any award and decision of the arbitrators
shall be written in such a way as to protect the confidentiality of personal
information or information made (or

 

21

 

recognized as)
confidential by this Agreement or recognized as confidential by any
confidentiality agreement.

 

(vi)          In
the event of litigation to secure provisional relief, or to enforce, confirm or
review an arbitration award under this Agreement, any such court action shall
be brought under seal to the extent permitted by the court in order to maintain
the confidentiality of the matter as well as the confidentiality of the
arbitration, the decision and award, any personal information and the
confidentiality of any information which any party is required to keep
confidential pursuant to this Agreement or any other agreement involving the
parties.  Each party to any such
judicial action shall make every effort in any pleadings filed with the court
and in his or its conduct of any court litigation to maintain the
confidentiality of any personal information and any information which any party
is required to keep confidential pursuant to this Agreement or any other
agreement involving the parties.  To
this end, the court shall, inter alia, be informed of the
confidentiality obligations of this Agreement and shall be requested that any
decision, opinion or order issued by the court be written in such a manner as
to protect the confidentiality of any information which is required to be kept
confidential pursuant to this Agreement or any other agreement involving the
parties.

 

(vii)         In
the event of a dispute subject to this Section 13(j), the parties shall be
entitled to reasonable, but expedited discovery related to the claim that is
the subject of the dispute, subject to the discretion of the arbitrators.  Any discovery agreed upon or authorized by
the arbitrators shall be concluded prior to the date set for the hearing.  In the event of a conflict between the
applicable rules of the AAA and the procedures set forth in this Section 13(j),
the provisions of this Section 13(j) shall govern.

 

(k)           Withholding
Taxes.  The Company may withhold
from any amounts payable under this Agreement such Federal, state and local
taxes as may be required to be withheld pursuant to any applicable law or
regulation.

 

(l)            Indemnification.  The Company and its successors and/or
assigns, will indemnify and defend Executive to the fullest extent permitted by
applicable law and the Articles of Incorporation and By-Laws of the Company
with respect to any claims that may be brought against Executive arising out of
any action taken or not taken in the Executive’s capacity as an officer or
director of the Company.  In addition,
Executive shall be covered, in respect of Executive’s activities as a director
and officer of the Company, by the Company’s Directors and

 

22

 

Officer liability policy
or other comparable policies obtained by the Company’s successors, to the
fullest extent permitted by such policies

 

(m)          Continuation
of Employment.  Unless the parties
otherwise agree in writing, continuation of Executive’s employment with the
Company beyond the expiration of the Term shall be deemed an employment at will
and shall not be deemed to extend any of the provisions of this Agreement, and
Executive’s employment may thereafter be terminated “at will” by Executive or
the Company.

 

(n)           No
Mitigation.  Except as expressly
provided in Sections 10(d)(v) and (vi), Executive shall not be required to
mitigate the value of any payments or benefits contemplated by this Agreement,
nor shall any such benefits be reduced from any earnings or benefits that
Executive may receive from any other source.

 

(o)           Headings.
Section headings in this Agreement are included for convenience of reference
only and are not intended to define, limit or describe the scope or intent of
any provision of this Agreement.

 

(p)           Counterparts.
This Agreement may be executed in two counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

 

(q)           Survival.
Sections 7, 8, 10(d), 10(e), 11 and 13 (including, without limitation,
Section 13(j) and 13(l)) shall survive and continue in full force and effect in
accordance with their terms notwithstanding the termination of this Agreement
and Executive’s employment for any reason.

 

23

 

IN
WITNESS WHEREOF, the parties have executed and delivered this
Agreement at Las Vegas, Nevada as a contract under seal on the date first
written above.

 

	
   

  	
  LAS VEGAS SANDS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ CHARLES D. FORMAN

  	
   

  
	
   

  	
  By: Charles D. Forman

  
	
   

  	
  Its: Director—Chairman
  of Compensation Committee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAS VEGAS SANDS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ CHARLES D. FORMAN

  	
   

  
	
   

  	
  By: Charles D. Forman

  
	
   

  	
  Its:  Director—Chairman of Compensation
  Committee

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
  /s/ SHELDON G. ADELSON

  	
   

  
	
   

  	
  Sheldon G. Adelson

  

 

 

EXHIBIT
A

 

GENERAL RELEASE

AND
COVENANT NOT TO SUE

 

TO ALL
WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW that:

 

Sheldon G. Adelson (“Executive”), on
Executive’s own behalf and on behalf of Executive’s descendants, dependents,
heirs, executors and administrators and permitted assigns, past and present, in
consideration for the amounts payable and benefits to be provided to Executive
under that Employment Agreement dated as of November 18, 2004 (the “Employment
Agreement”) by and among Executive, Las Vegas Sands Corp. (“LVSC”),
a Nevada corporation, and Las Vegas Sands, Inc., a Nevada corporation and
wholly-owned subsidiary of LVSC (“LVSI” and together with LVSC, the “Company”)  does hereby covenant not to sue or pursue
any litigation against, and waives, releases and discharges the Company, its
assigns, affiliates, subsidiaries, parents, predecessors and successors, and
the past and present shareholders, employees, officers, directors, representatives
and agents of any of them (collectively, the “Company Group”), from any
and all claims, demands, rights, judgments, defenses, actions, charges or
causes of action whatsoever, of any and every kind and description, whether
known or unknown, accrued or not accrued, that Executive ever had, now has or
shall or may have or assert as of the date of this Release and Covenant Not to
Sue against the Company Group relating to his employment with the Company or
the termination thereof or his service as an officer or director of any
subsidiary or affiliate of the Company or the termination of such service,
including, without limiting the generality of the foregoing, any claims,
demands, rights, judgments, defenses, actions, charges or causes of action
related to employment or termination of employment or that arise out of or
relate in any way to the Age Discrimination in Employment Act of 1967 (“ADEA,”
a law that prohibits discrimination on the basis of age), the National Labor
Relations Act, the Civil Rights Act of 1991, the Americans With Disabilities
Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement
Income Security Act of 1974, the Family and Medical Leave Act, the
Sarbanes-Oxley Act of 2002, all as amended, and other Federal, state and local
laws relating to discrimination on the basis of age, sex or other protected
class, all claims under Federal, state or local laws for express or implied
breach of contract, wrongful discharge, defamation, intentional infliction of
emotional distress, and any related claims for attorneys’ fees and costs; provided,
however, that nothing herein shall release the Company from any of its
obligations to Executive under the Employment Agreement (including, without
limitation, its obligation to pay the amounts and provide the benefits upon
which this Release and Covenant Not to Sue is conditioned) or any rights
Executive may have to indemnification under any charter or by-laws (or similar
documents) of any member of the Company Group or any insurance coverage under
any directors and officers insurance or similar policies.

 

The Company Group does hereby covenant not to sue or
pursue any litigation against, and waives, releases and discharges Executive
and Executive’s

 

25

 

descendants,
dependents, heirs, executors and administrators and assigns, past and present
(collectively, the “Executive Group”), from any and all claims, demands,
rights, judgments, defenses, actions, charges or causes of action whatsoever,
of any and every kind and description, whether known or unknown, accrued or not
accrued, that the Company Group ever had, now have or shall or may have or
assert as of the date of this Release and Covenant Not to Sue against any
member of the Executive Group relating to his employment with the Company or
the termination thereof or his service as an officer or director of any
subsidiary or affiliate of the Company or the termination of such service,
(collectively, “Claims”); provided, however, that (i)
nothing herein shall release Executive from any of Executive’s obligations and
covenants under Sections 7, 8, and 13 of the Employment Agreement, and (ii)
nothing herein shall release the Executive Group from any Claims (A) which are
based upon any acts or omissions of Executive that involve fraud, gross
negligence or intentional misconduct or (B) which were not known to the
non-employee members of the Company’s board of directors on the date hereof.

 

The parties hereto agree that this Release and
Covenant Not to Sue may be pleaded as a full defense to any action, suit or
other proceeding covered by the terms hereof that is or may be initiated,
prosecuted or maintained by any such party or his or its heirs or assigns.  Executive understands and confirms that
Executive is executing this Release and Covenant Not to Sue voluntarily and
knowingly, but that this Release and Covenant Not to Sue does not affect
Executive’s right to claim otherwise under ADEA.  In addition, Executive shall not be precluded by this Release and
Covenant Not to Sue from filing a charge with any relevant Federal, state or
local administrative agency, but Executive agrees to waive Executive’s rights
with respect to any monetary or other financial relief arising from any such
administrative proceeding.

 

In furtherance of, and solely to the extend provided
by, the agreements set forth above,  the
parties hereby expressly waive and relinquish any and all rights under any
applicable statute, doctrine or principle of law restricting the right of any
person to release claims that such person does not know or suspect to exist at
the time of executing a release, which claims, if known, may have materially
affected such person’s decision to give such a release.  In connection with such waiver and
relinquishment, the parties acknowledge that they are aware that they may
hereafter discover claims presently unknown or unsuspected, or facts in
addition to or different from those that they now know or believe to be true,
with respect to the matters released herein. 
Nevertheless, it is the intention of the parties to fully, finally and
forever release all such matters, and all claims relating thereto, that now
exist, may exist or theretofore have existed, as specifically provided
herein.  The parties hereto acknowledge
and agree that this waiver shall be an essential and material term of the
releases contained above.  Nothing in
this paragraph is intended to expand the scope of the releases as specified
herein.

 

This Release and Covenant Not to Sue shall be governed
by and construed in accordance with the laws of the State of Nevada, applicable
to agreements made and to be performed entirely within such State.

 

26

 

To the extent that Executive is forty (40) years of age
or older, this paragraph shall apply. 
Executive acknowledges that Executive has been offered a period of time
of at least twenty-one (21) days to consider whether to sign this Release and
Covenant Not to Sue, which Executive has waived, and the Company agrees that
Executive may cancel this Release and Covenant Not to Sue at any time during
the seven (7) days following the date on which this Release and Covenant Not to
Sue has been signed by all parties to this Release and Covenant Not to Sue.  In order to cancel or revoke this Release
and Covenant Not to Sue, Executive must deliver to the General Counsel of the
Company written notice stating that Executive is canceling or revoking this
Release and Covenant Not to Sue.  If
this Release and Covenant Not to Sue is timely cancelled or revoked, none of
the provisions of this Release and Covenant Not to Sue shall be effective or
enforceable by any party and the Company shall not be obligated to make the
payments to Executive or to provide Executive with the other benefits described
in the Employment Agreement and all contracts and provisions modified,
relinquished or rescinded hereunder shall be reinstated to the extent in effect
immediately prior hereto.

 

The parties acknowledge and agree that they have
entered into this Release and Covenant Not to Sue knowingly and willingly and
have had ample opportunity to consider the terms and provisions of this Release
and Covenant Not to Sue.

 

27

 

IN WITNESS WHEREOF, the parties hereto have
caused this General Release and Covenant Not to Sue to be executed on this
              
day of                     ,
       .

 

 

	
   

  	
  LAS VEGAS SANDS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
  Its: 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAS VEGAS SANDS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
  Its:  

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  

 

28Exhibit
10.45

 

Las
Vegas Sands Corp.

2004
EQUITY AWARD PLAN

 

 

1.                                      Purpose

 

The purpose of the Plan
is to provide a means through which the Company and its Affiliates may attract
able persons to enter and remain in the employ of the Company and its Affiliates
and to provide a means whereby employees, directors and consultants of the
Company and its Affiliates can acquire and maintain Common Stock ownership, or
be paid incentive compensation measured by reference to the value of Common
Stock, thereby strengthening their commitment to the welfare of the Company and
its Affiliates and promoting an identity of interest between stockholders and
these persons.

 

So that the appropriate
incentive can be provided, the Plan provides for granting Incentive Stock
Options, Nonqualified Stock Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Stock Bonuses and Performance Compensation
Awards, or any combination of the foregoing.

 

2.                                      Definitions

 

The following definitions
shall be applicable throughout the Plan.

 

(a)                                  “Affiliate”
means (i) any entity that directly or indirectly is controlled by, controls or
is under common control with the Company and (ii) to the extent provided by the
Committee, any entity in which the Company has a significant equity interest.

 

(b)                                 “Award”
means, individually or collectively, any Incentive Stock Option, Nonqualified
Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock
Unit, Stock Bonus or Performance Compensation Award granted under the Plan.

 

(c)                                  “Board”
means the Board of Directors of the Company.

 

(d)                                 “Cause”
means the Company or an Affiliate having “cause” to terminate a Participant’s
employment or service, as defined in any existing employment, consulting or any
other agreement between the Participant and the Company or an Affiliate or, in
the absence of such an employment, consulting or other agreement, upon
(i) the determination by the Committee that the Participant has ceased to
perform his duties to the Company, or an Affiliate (other than as a result of
his incapacity due to physical or mental illness or injury), which failure
amounts to an intentional and extended neglect of his duties to such party,
(ii) the Committee’s determination that the Participant has engaged or is
about to engage in conduct materially injurious to the Company or an Affiliate,
(iii) the Participant having been convicted of, or plead guilty or

 

 

no
contest to, a felony or any crime involving as a material element fraud or
dishonesty, (iv) the failure of the Participant to follow the lawful
instructions of the Board or his direct superiors or (v) in the case of a
Participant who is a non-employee director, the Participant ceasing to be a
member of the Board in connection with the Participant engaging in any of the activities
described in clauses (i) through (iv) above.

 

(e)                                  “Change
in Control” shall, unless in the case of a particular Award the applicable
Award agreement states otherwise or contains a different definition of “Change
in Control,” be deemed to occur upon:

 

(i)                                        the acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 50% or more (on a fully diluted basis)
of either (A) the then outstanding shares of Common Stock of the Company,
taking into account as outstanding for this purpose such Common Stock issuable
upon the exercise of options or warrants, the conversion of convertible stock
or debt, and the exercise of any similar right to acquire such Common Stock
(the “Outstanding Company Common Stock”) or (B) the combined voting
power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this
Plan, the following acquisitions shall not constitute a Change in Control:  (I) any acquisition by the Company or
any Affiliate, (II) any acquisition by any employee benefit plan sponsored
or maintained by the Company or any Affiliate, (III) any acquisition by Sheldon
G. Adelson (“Adelson”) or any Related Party or any group of which
Adelson or a Related Party is a member (a “Designated Holder”), (IV) any
acquisition which complies with clauses (A) and (B) of subsection (v) of this
Section 2(e), or (V) in respect of an Award held by a particular
Participant, any acquisition by the Participant or any group of persons
including the Participant (or any entity controlled by the Participant or any
group of persons including the Participant);

 

(ii)                                   individuals
who, on the date hereof, constitute the Board (the “Incumbent Directors”)
cease for any reason to constitute at least a majority of the Board, provided
that any person becoming a director subsequent to the date hereof, whose
election or nomination for election was approved by a vote of at least
two-thirds of the Incumbent Directors then on the Board (either by a specific
vote or by approval of a registration statement of the Company describing such
person’s inclusion on the Board, or a proxy statement of the Company in which
such person is named as a nominee for director, without written objection to
such nomination) shall be an Incumbent Director; provided, however,
that no individual initially elected or nominated as a director of the Company
as a result of an actual or threatened election contest, as such terms are used
in Rule 14a-11 of Regulation A promulgated under the Exchange Act, with respect
to directors or as a result of any other actual or threatened solicitation of
proxies or consents by or on behalf of any person other than the Board shall be
deemed to be an Incumbent Director;

 

2

 

(iii)                                the
dissolution or liquidation of the Company;

 

(iv)                               the
sale, transfer or other disposition of all or substantially all of the business
or assets of the Company, other than any such sale, transfer or other
disposition to one or more Designated Holders; or

 

(v)                                  the
consummation of a reorganization, recapitalization, merger, consolidation,
statutory share exchange or similar form of corporate transaction involving the
Company that requires the approval of the Company’s stockholders, whether for
such transaction or the issuance of securities in the transaction (a “Business
Combination”), unless immediately following such Business Combination:  (A) more than 50% of the total voting power
of (x) the entity resulting from such Business Combination (the “Surviving
Company”), or (y) if applicable, the ultimate parent entity that directly
or indirectly has beneficial ownership of sufficient voting securities eligible
to elect a majority of the members of the board of directors (or the analogous
governing body) of the Surviving Company (the “Parent Company”), is
represented by the Outstanding Company Voting Securities that were outstanding
immediately prior to such Business Combination (or, if applicable, is
represented by shares into which the Outstanding Company Voting Securities were
converted pursuant to such Business Combination), and such voting power among
the holders thereof is in substantially the same proportion as the voting power
of the Outstanding Company Voting Securities among the holders thereof
immediately prior to the Business Combination, and (B) at least a majority of
the members of the board of directors (or the analogous governing body) of the
Parent Company (or, if there is no Parent Company, the Surviving Company)
following the consummation of the Business Combination were Board members at
the time of the Board’s approval of the execution of the initial agreement
providing for such Business Combination.

 

(f)                                    “Code”
means the Internal Revenue Code of 1986, as amended.  Reference in the Plan to any section of the Code shall be deemed
to include any amendments or successor provisions to such section and any
regulations under such section.

 

(g)                                 “Committee”
means (i) a committee of at least two people as the Board may appoint to
administer the Plan or (ii) (x) if no such committee has been appointed by the
Board or (y) even if such a committee has been appointed, with respect to the
grant of an Award to a Non-Employee Director and the administration of such
Award, the Board.  Unless the Board is
acting as the Committee or the Board specifically determines otherwise, each
member of the Committee shall, at the time he takes any action with respect to
an Award under the Plan, be an Eligible Director. However, the fact that a
Committee member shall fail to qualify as an Eligible Director shall not
invalidate any Award granted by the Committee which Award is otherwise validly
granted under the Plan.

 

3

 

(h)                                 “Common
Stock” means the common stock, par value $0.001 per share, of the Company
and any stock into which such common stock may be converted or into which it
may be exchanged.

 

(i)                                     “Company”
means Las Vegas Sands Corp., a Nevada corporation,  and  any successor thereto.

 

(j)                                     “Date
of Grant” means the date on which the granting of an Award is authorized,
or such other date as may be specified in such authorization or, if there is no
such date, the date indicated on the applicable Award agreement.

 

(k)                                  “Director
Stock Option” means a grant of a Nonqualified Stock Option to a
Non-Employee Director under Section 7 of the Plan.

 

(l)                                     “Director
Restricted Stock” means a grant of Restricted Stock to a Non-Employee
Director under Section 10 of the Plan.

 

(m)                               “Disability”
means, unless in the case of a particular Award the applicable Award agreement
states otherwise, the Company or an Affiliate having cause to terminate a
Participant’s employment or service on account of “disability,” as defined in
any existing employment, consulting or other similar agreement between the
Participant and the Company or an Affiliate or, in the absence of such an
employment, consulting or other agreement, a condition entitling the
Participant to receive benefits under a long-term disability plan of the
Company or an Affiliate or, in the absence of such a plan, the complete and
permanent inability by reason of illness or accident to perform the duties of
the occupation at which a Participant was employed or served when such
disability commenced, as determined by the Committee based upon medical
evidence acceptable to it.

 

(n)                                 “Effective
Date” means
               ,
2004.

 

(o)                                 “Eligible
Director” means a person who is (i) a “non-employee director” within the
meaning of Rule 16b-3 under the Exchange Act, or a person meeting any similar
requirement under any successor rule or regulation and (ii) an “outside
director” within the meaning of Section 162(m) of the Code, and the Treasury
Regulations promulgated thereunder; provided, however, that
clause (ii) shall apply only with respect to grants of Awards with respect to
which the Company’s tax deduction could be limited by Section 162(m) of the
Code if such clause did not apply.

 

(p)                                 “Eligible
Person” means any (i) individual regularly employed by the Company or
Affiliate who satisfies all of the requirements of Section 6; provided,
however, that no such employee covered by a collective bargaining
agreement shall be an Eligible Person unless and to the extent that such
eligibility is set forth in such collective bargaining agreement or in an
agreement or instrument relating thereto; (ii) director of the Company or an
Affiliate or (iii) consultant or advisor to the Company or an Affiliate who may
be offered securities pursuant to a Registration Statement on Form S-8 under
the Securities Act or any successor form that may be adopted by the Securities
and Exchange Commission.

 

4

 

(q)                                 “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(r)                                    “Fair
Market Value”, on a given date means (i) if the Stock is listed on a
national securities exchange, the average of the highest and lowest sale prices
reported as having occurred on the primary exchange with which the Stock is
listed and traded on the date prior to such date, or, if there is no such sale
on that date, then on the last preceding date on which such a sale was
reported; (ii) if the Stock is not listed on any national securities exchange
but is quoted in the Nasdaq National Market (the “Nasdaq”) on a last
sale basis, the average between the high bid price and low ask price reported
on the date prior to such date, or, if there is no such sale on that date, then
on the last preceding date on which a sale was reported; or (iii) if the Stock
is not listed on a national securities exchange nor quoted in the Nasdaq on a
last sale basis, the amount determined by the Committee to be the fair market
value based upon a good faith attempt to value the Stock accurately and
computed in accordance with applicable regulations of the Internal Revenue
Service.

 

(s)                                  “Incentive
Stock Option” means an Option granted by the Committee to a Participant
under the Plan which is designated by the Committee as an incentive stock
option as described in Section 422 of the Code and otherwise meets the
requirements set forth herein.

 

(t)                                    “Mature
Shares” means shares of Stock owned by a Participant which are not subject
to any pledge or other security interest and have either been held by the
Participant for six months, previously acquired by the Participant on the open
market or meet such other requirements as the Committee may determine are
necessary in order to avoid an accounting earnings charge on account of the use
of such shares to pay the Option Price or satisfy a withholding obligation in
respect of an Option.

 

(u)                                 “Negative
Discretion” shall mean the discretion authorized by the Plan to be applied
by the Committee to eliminate or reduce the size of a Performance Compensation
Award in accordance with Section 11(d)(iv) of the Plan; provided, that
the exercise of such discretion would not cause the Performance Compensation
Award to fail to qualify as “performance-based compensation” under Section
162(m) of the Code.

 

(v)                                 “Nevada
Gaming Laws” means the statutes of the State of Nevada, the regulations of
the Nevada Gaming Commission, the rules, directives and decisions of the Nevada
Gaming Commission and State Gaming Control Board, the ordinances of Clark
County, Nevada, and the regulations of the Clark County Liquor and Gaming
Licensing Board.

 

(w)                               “Non-Employee
Director” shall mean a director of the Company who is not also an employee
of the Company.

 

5

 

(x)                                   “Nonqualified
Stock Option” means an Option granted by the Committee to a Participant
under the Plan which is not designated by the Committee as an Incentive Stock
Option.

 

(y)                                 “Option”
means an Award granted under Section 7.

 

(z)                                   “Option
Period” means the period described in Section 7(c).

 

(aa)                            “Option
Price” means the exercise price for an Option as described in Section 7(a).

 

(bb)                          “Participant”
means an Eligible Person who has been selected by the Committee to participate
in the Plan and to receive an Award pursuant to Section 6.

 

(cc)                            “Parent”
means any parent of the Company as defined in Section 424(e) of the Code.

 

(dd)                          “Performance
Compensation Award” shall mean any Award designated by the Committee as a
Performance Compensation Award pursuant to Section 11 of the Plan.

 

(ee)                            “Performance
Criteria” shall mean the criterion or criteria that the Committee shall
select for purposes of establishing the Performance Goal(s) for a Performance
Period with respect to any Performance Compensation Award under the Plan.  The Performance Criteria that will be used
to establish the Performance Goal(s) shall be based on the attainment of
specific levels of performance of the Company (or Affiliate, division or
operational unit of the Company) and shall be limited to the following:

 

(i)                                     net
earnings or net income (before or after taxes);

 

(ii)                                  basic
or diluted earnings per share (before or after taxes);

 

(iii)                               net
revenue or net revenue growth;

 

(iv)                              gross
profit or gross profit growth;

 

(v)                                 net
operating profit (before or after taxes);

 

(vi)                              return
measures (including, but not limited to, return on assets, capital, invested
capital, equity, or sales);

 

(vii)                           cash
flow (including, but not limited to, operating cash flow, free cash flow, and
cash flow return on capital);

 

6

 

(viii)                        earnings
before or after taxes, interest, depreciation, amortization and/or rents;

 

(ix)                                gross
or operating margins;

 

(x)                                   productivity
ratios;

 

(xi)                                share
price (including, but not limited to, growth measures and total stockholder
return);

 

(xii)                             expense
targets;

 

(xiii)                          margins;

 

(xiv)                         operating
efficiency;

 

(xv)                            objective
measures of customer satisfaction;

 

(xvi)                         working
capital targets;

 

(xvii)                      measures
of economic value added; and

 

(xviii)                   inventory
control.

 

Any one or more of the
Performance Criterion may be used to measure the performance of the Company
and/or an Affiliate as a whole or any business unit of the Company and/or an
Affiliate or any combination thereof, as the Committee may deem appropriate, or
any of the above Performance Criteria as compared to the performance of a group
of comparator companies, or published or special index that the Committee, in
its sole discretion, deems appropriate, or the Company may select Performance
Criterion (xi) above as compared to various stock market indices.  The Committee also has the authority to
provide for accelerated vesting of any Award based on the achievement of
Performance Goals pursuant to the Performance Criteria specified in this
paragraph.  To the extent required under
Section 162(m) of the Code, the Committee shall, within the first 90 days of a
Performance Period (or, if longer, within the maximum period allowed under
Section 162(m) of the Code), define in an objective fashion the manner of
calculating the Performance Criteria it selects to use for such Performance
Period.  In the event that applicable
tax and/or securities laws change to permit Committee discretion to alter the
governing Performance Criteria without obtaining stockholder approval of such
changes, the Committee shall have sole discretion to make such changes without
obtaining stockholder approval.

 

(ff)                                “Performance
Formula” shall mean, for a Performance Period, the one or more objective
formulas applied against the relevant Performance Goal to determine, with
regard to the Performance Compensation Award of a particular Participant,
whether all, some portion but less than all, or none of the Performance
Compensation Award has been earned for the Performance Period.

 

7

 

(gg)                          “Performance
Goals” shall mean, for a Performance Period, the one or more goals established
by the Committee for the Performance Period based upon the Performance
Criteria.  The Committee is authorized
at any time during the first 90 days of a Performance Period (or, if longer or
shorter, within the maximum period allowed under Section 162(m) of the Code),
or at any time thereafter (but only to the extent the exercise of such
authority after such period would not cause the Performance Compensation Awards
granted to any Participant for the Performance Period to fail to qualify as
“performance-based compensation” under Section 162(m) of the Code), in its sole
and absolute discretion, to adjust or modify the calculation of a Performance
Goal for such Performance Period to the extent permitted under Section 162(m)
of the Code in order to prevent the dilution or enlargement of the rights of
Participants based on the following events:

 

(i)                                     asset write-downs,

 

(ii)                                  litigation or claim judgments or settlements,

 

(iii)                               the effect of changes in tax laws, accounting
principles, or other laws or provisions affecting reported results,

 

(iv)                              any reorganization and restructuring programs,

 

(v)                                 extraordinary nonrecurring items as described in
Accounting Principles Board Opinion No. 30 (or any successor pronouncement
thereto) and/or in management’s discussion and analysis of financial condition
and results of operations appearing in the Company’s annual report to
stockholders for the applicable year,

 

(vi)                              acquisitions or divestitures,

 

(vii)                           any other unusual or nonrecurring events,

 

(viii)                        foreign exchange gains and losses, and

 

(ix)                                a change in the Company’s fiscal year.

 

(hh)                          “Performance
Period” shall mean the one or more periods of time, as the Committee may
select, over which the attainment of one or more Performance Goals will be
measured for the purpose of determining a Participant’s right to and the
payment of a Performance Compensation Award.

 

(ii)                                  “Plan”
means this Las Vegas Sands Corp.  2004 Equity Award Plan.

 

(jj)                                  Related
Party means (i) any spouse, child, stepchild, sibling or descendant of
Adelson, (ii) any estate of Adelson or any person described in clause (i),
(iii) any person who receives a beneficial interest in the Company or any
Subsidiary from any estate described in clause (ii) to the extent of such
interest, (iv) any executor,

 

8

 

personal
administrator or trustee who hold such beneficial interest in the Company or
any Subsidiary for the benefit of, or as fiduciary for, any person under
clauses (i), (ii) or (iii) to the extent of such interest, (v) any corporation,
trust or similar entity owned or controlled by Adelson or any person referred
to in clause (i), (ii), (iii) or (iv) or for the benefit of any person referred
to in clause (i), or (vi) the spouse or issue of one or more of the persons
described in clause (i).

 

(kk)                            “Restricted
Period” means, with respect to any Award of Restricted Stock or any
Restricted Stock Unit, the period of time determined by the Committee during
which such Award is subject to the restrictions set forth in Section 9 or,
as applicable, the period of time within which performance is measured for
purposes of determining whether an Award has been earned.

 

(ll)                                  “Restricted
Stock Unit” means a hypothetical investment equivalent to one share of
Stock granted in connection with an Award made under Section 9.

 

(mm)                      “Restricted
Stock” means shares of Stock issued or transferred to a Participant subject
to forfeiture and the other restrictions set forth in Section 9.

 

(nn)                          “Securities
Act” means the Securities Act of 1933, as amended.

 

(oo)                          “Stock”
means the Common Stock or such other authorized shares of stock of the Company
as the Committee may from time to time authorize for use under the Plan.

 

(pp)                          “Stock
Appreciation Right” or “SAR” means an Award granted under Section 8
of the Plan.

 

(qq)                          “Stock
Bonus” means an Award granted under Section 10 of the Plan.

 

(rr)                                “Stock
Option Agreement” means any agreement between the Company and a Participant
who has been granted an Option pursuant to Section 7 which defines the rights
and obligations of the parties thereto.

 

(ss)                            “Strike
Price” means, (i) in the case of a SAR granted in tandem with an Option,
the Option Price of the related Option, or (ii) in the case of a SAR granted
independent of an Option, the Fair Market Value on the Date of Grant.

 

(tt)                                “Subsidiary”
means any subsidiary of the Company as defined in Section 424(f) of the Code.

 

(uu)                          “Vested
Unit” shall have the meaning ascribed thereto in Section 9(d).

 

9

 

3.                                      Effective Date, Duration and Shareholder
Approval

 

The Plan is effective as
of the Effective Date.  No Option shall
be treated as an Incentive Stock Option unless the Plan has been approved by
the shareholders of the Company in a manner intended to comply with the shareholder
approval requirements of Section 422(b)(i) of the Code; provided, that
any Option intended to be an Incentive Stock Option shall not fail to be
effective solely on account of a failure to obtain such approval, but rather
such Option shall be treated as a Nonqualified Stock Option unless and until
such approval is obtained.

 

The expiration date of
the Plan, on and after which no Awards may be granted hereunder, shall be the
tenth anniversary of the Effective Date; provided, however, that
the administration of the Plan shall continue in effect until all matters
relating to Awards previously granted have been settled.

 

4.                                      Administration

 

(a)                                  The
Committee shall administer the Plan. 
The majority of the members of the Committee shall constitute a quorum.  The acts of a majority of the members
present at any meeting at which a quorum is present or acts approved in writing
by a majority of the Committee shall be deemed the acts of the Committee.

 

(b)                                 Subject
to the provisions of the Plan and applicable law, the Committee shall have the
power, and in addition to other express powers and authorizations conferred on
the Committee by the Plan, to:  (i)
designate Participants; (ii) determine the type or types of Awards to be
granted to a Participant; (iii) determine the number of shares of Stock to be
covered by, or with respect to which payments, rights, or other matters are to
be calculated in connection with, Awards; (iv) determine the terms and
conditions of any Award; (v) determine whether, to what extent, and under what
circumstances Awards may be settled or exercised in cash, shares of Stock,
other securities, other Awards or other property, or canceled, forfeited, or
suspended and the method or methods by which Awards may be settled, exercised,
canceled, forfeited, or suspended; (vi) determine whether, to what extent, and
under what circumstances the delivery of cash, Stock, other securities, other
Options, other property and other amounts payable with respect to an Award
shall be deferred either automatically or at the election of the holder thereof
or of the Committee; (vii) interpret, administer, reconcile any inconsistency,
correct any defect and/or supply any omission in the Plan and any instrument or
agreement relating to, or Award granted under, the Plan; (viii) establish,
amend, suspend, or waive such rules and regulations; (ix) appoint such agents
as it shall deem appropriate for the proper administration of the Plan; and (x)
make any other determination and take any other action that the Committee deems
necessary or desirable for the administration of the Plan.

 

(c)                                  Unless
otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any
Award or any documents evidencing Awards granted pursuant to the Plan shall be
within the sole discretion of the Committee, may be made at any time and shall

 

10

 

be
final, conclusive and binding upon all parties, including, without limitation,
the Company, any Affiliate, any Participant, any holder or beneficiary of any
Award, and any shareholder.

 

(d)                                 No
member of the Committee shall be liable for any action or determination made in
good faith with respect to the Plan or any Award hereunder.

 

5.                                      Grant of Awards; Shares Subject to the Plan

 

The Committee may, from
time to time, grant Awards of Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Stock Bonuses and/or Performance Compensation
Awards to one or more Eligible Persons; provided, however, that:

 

(a)                                  Subject
to Section 13, the aggregate number of shares of Stock in respect of which
Awards may be granted under the Plan is 24,500,000  shares;

 

(b)                                 Shares
of Stock shall be deemed to have been used in settlement of Awards whether they
are actually delivered or the Fair Market Value equivalent of such shares is
paid in cash; provided, however, that shares of Stock delivered
(either directly or by means of attestation) in full or partial payment of the
Option Price in accordance with Section 7(b) shall be deducted from the number
of shares of Stock delivered to the Participant pursuant to such Option for
purposes of determining the number of shares of Stock acquired pursuant to the
Plan.  In accordance with (and without
limitation upon) the preceding sentence, if and to the extent an Award under
the Plan expires, terminates or is canceled for any reason whatsoever without
the Participant having received any benefit therefrom, the shares covered by
such Award shall again become available for future Awards under the Plan.  For purposes of the foregoing sentence, a
Participant shall not be deemed to have received any “benefit” (i) in the case
of forfeited Restricted Stock Awards by reason of having enjoyed voting rights
and dividend rights prior to the date of forfeiture or (ii) in the case of an
Award canceled pursuant to Section 5(e) by reason of a new Award being granted
in substitution therefor.

 

(c)                                  Stock
delivered by the Company in settlement of Awards may be authorized and unissued
Stock, Stock held in the treasury of the Company, Stock purchased on the open
market or by private purchase, or a combination of the foregoing;

 

(d)                                 Subject
to Section 13, no person may be granted Options or SARs under the Plan during
any calendar year with respect to more than 3,000,000 shares of Stock; and

 

(e)                                  Without
limiting the generality of the preceding provisions of this Section 5, the
Committee may, but solely with the Participant’s consent, agree to cancel any
Award under the Plan and issue a new Award in substitution therefor upon such
terms as the Committee may in its sole discretion determine, provided that the
substituted Award satisfies all applicable Plan requirements and the
requirements of any

 

11

 

stock
exchange and stock quotation system on or over which the Stock is listed or
traded, as applicable, as of the date such new Award is granted.

 

6.                                      Eligibility

 

Participation shall be
limited to Eligible Persons who have entered into an Award agreement or who
have received written notification from the Committee, or from a person
designated by the Committee, that they have been selected to participate in the
Plan.

 

7.                                      Options

 

The Committee is
authorized to grant one or more Incentive Stock Options or Nonqualified Stock
Options to any Eligible Person; provided, however, that no
Incentive Stock Option shall be granted to any Eligible Person who is not an
employee of the Company or a Parent or Subsidiary.  Each Option so granted shall be subject to the conditions set
forth in this Section 7, or to such other conditions as may be reflected in the
applicable Stock Option Agreement.

 

(a)                                  Option
Price.  The exercise price (“Option
Price”) per share of Stock for each Option shall be set by the Committee at
the time of grant but shall not be less than (i) in the case of an
Incentive Stock Option, and subject to Section 7(e), the Fair Market Value
of a share of Stock on the Date of Grant, and (ii) in the case of a Nonqualified
Stock Option, the par value of a share of Stock; provided, however,
that (A) all Options intended to qualify as “performance-based compensation”
under Section 162(m) of the Code (other than those intended to be
Performance Compensation Awards) and (B) Director Stock Options shall have an
Option Price per share of Stock no less than the Fair Market Value of a share
of Stock on the Date of Grant.

 

(b)                                 Manner of
Exercise and Form of Payment.  No shares of Stock shall be delivered pursuant to any exercise of
an Option until payment in full of the Option Price therefor is received by the
Company.  Options which have become
exercisable may be exercised by delivery of written notice of exercise to the
Committee accompanied by payment of the Option Price.  The Option Price shall be payable (i) in cash and/or shares of
Stock valued at the Fair Market Value at the time the Option is exercised
(including by means of attestation of ownership of a sufficient number of
shares of Stock in lieu of actual delivery of such shares to the Company); provided,
that such shares of Stock are Mature Shares, (ii) in the discretion of the
Committee, either (A) in other property having a fair market value on the date
of exercise equal to the Option Price or (B) by delivering to the Committee a
copy of irrevocable instructions to a stockbroker to deliver promptly to the
Company an amount of loan proceeds, or proceeds from the sale of the Stock
subject to the Option, sufficient to pay the Option Price or (iii) by such
other method as the Committee may allow. 
Notwithstanding the foregoing, in no event shall a Participant be
permitted to exercise an Option in the manner described in clause (ii) or (iii)
of the preceding sentence if the Committee determines that exercising an Option
in such manner would violate the Sarbanes-Oxley Act of 2002, or any other
applicable law or the applicable rules and regulations of the Securities and
Exchange

 

12

 

Commission
or the applicable rules and regulations of any securities exchange or inter
dealer quotation system on which the securities of the Company or any
Affiliates are listed or traded.

 

(c)                                  Vesting,
Option Period and Expiration.  Options,
other than Director Stock Options, shall vest and become exercisable in such
manner and on such date or dates determined by the Committee and shall expire
after such period, not to exceed ten years, as may be determined by the
Committee (the “Option Period”); provided, however, that
notwithstanding any vesting dates set by the Committee, the Committee may, in
its sole discretion, accelerate the exercisability of any Option, which
acceleration shall not affect the terms and conditions of such Option other
than with respect to exercisability.  If
an Option is exercisable in installments, such installments or portions thereof
which become exercisable shall remain exercisable until the Option expires.

 

(d)                                 Stock Option
Agreement - Other Terms and Conditions. 
 Each Option granted
under the Plan shall be evidenced by a Stock Option Agreement.  Except as specifically provided otherwise in
such Stock Option Agreement, each Option granted under the Plan shall be
subject to the following terms and conditions:

 

(i)                                     Each
Option or portion thereof that is exercisable shall be exercisable for the full
amount or for any part thereof.

 

(ii)                                  No
shares of Stock shall be delivered pursuant to any exercise of an Option until
the Company has received full payment of the Option Price therefor. Each Option
shall cease to be exercisable, as to any share of Stock, when the Participant
purchases the share or exercises a related SAR or when the Option expires.

 

(iii)                               Subject
to Section 12(k), Options shall not be transferable by the Participant except
by will or the laws of descent and distribution and shall be exercisable during
the Participant’s lifetime only by him.

 

(iv)                              Each
Option (other than Director Stock Options) shall vest and become exercisable by
the Participant in accordance with the vesting schedule established by the
Committee and set forth in the Stock Option Agreement.

 

(v)                                 At
the time of any exercise of an Option, the Committee may, in its sole
discretion, require a Participant to deliver to the Committee a written
representation that the shares of Stock to be acquired upon such exercise are to
be acquired for investment and not for resale or with a view to the
distribution thereof and any other representation deemed necessary by the
Committee to ensure compliance with all applicable federal and state securities
laws.  Upon such a request by the
Committee, delivery of such representation prior to the delivery of any shares
issued upon exercise of an Option shall be a condition precedent to the right
of the Participant or such other person to purchase any

 

13

 

shares.  In the event certificates for Stock are
delivered under the Plan with respect to which such investment representation
has been obtained, the Committee may cause a legend or legends to be placed on
such certificates to make appropriate reference to such representation and to
restrict transfer in the absence of compliance with applicable federal or state
securities laws.

 

(vi)                              Each
Participant awarded an Incentive Stock Option under the Plan shall notify the
Company in writing immediately after the date he or she makes a disqualifying
disposition of any Stock acquired pursuant to the exercise of such Incentive
Stock Option.  A disqualifying
disposition is any disposition (including any sale) of such Stock before the
later of (A) two years after the Date of Grant of the Incentive Stock Option or
(B) one year after the date the Participant acquired the Stock by exercising
the Incentive Stock Option.  The Company
may, if determined by the Committee and in accordance with procedures
established by it, retain possession of any Stock acquired pursuant to the
exercise of an Incentive Stock Option as agent for the applicable Participant
until the end of the period described in the preceding sentence, subject to
complying with any instructions from such Participant as to the sale of such
Stock.

 

(vii)
                        An
Option Agreement may, but need not, include a provision whereby a Participant
may elect, at any time before the termination of the Participant’s employment
with the Company, to exercise the Option as to any part or all of the shares of
Stock subject to the Option prior to the full vesting of the Option.  Any unvested shares of Stock so purchased
may be subject to a share repurchase option in favor of the Company or to any
other restriction the Committee determines to be appropriate.  The Company shall not exercise its
repurchase option until at least six (6) months (or such longer or shorter
period of time required to avoid a charge to earnings for financial accounting
purposes) have elapsed following the exercise of the Option unless the
Committee otherwise specifically provides in an Stock Option Agreement.

 

(e)                                  Incentive
Stock Option Grants to 10% Stockholders.  Notwithstanding anything to the contrary in this Section 7, if an
Incentive Stock Option is granted to a Participant who owns stock representing
more than ten percent of the voting power of all classes of stock of the
Company or of a Subsidiary or Parent, the Option Period shall not exceed five
years from the Date of Grant of such Option and the Option Price shall be at
least 110 percent of the Fair Market Value (on the Date of Grant) of the Stock
subject to the Option.

 

(f)                                    $100,000 Per
Year Limitation for Incentive Stock Options.  To the extent the aggregate Fair Market
Value (determined as of the Date of Grant) of Stock for which Incentive Stock
Options are exercisable for the first time by any Participant during any
calendar year (under all plans of the Company) exceeds $100,000, such excess
Incentive Stock Options shall be treated as Nonqualified Stock Options.

 

14

 

(g)                                 Director
Stock Options.

 

(i)                                     Notwithstanding
any of this Section 7 to the contrary:

 

(A)                              On
the effective date of the initial public offering of the Common Stock, each
Non-Employee Director shall be automatically granted without further action by
the Committee a Nonqualified Stock Option to purchase such number of shares of
Stock as shall be determined by the Board to be necessary for such Nonqualified
Stock Option to have an aggregate grant date value (based on the Black-Scholes
option valuation model) of $100,000; and

 

(B)                                On
the date any person first becomes a Non-Employee Director following the
effective date of the initial public offering of the Common Stock, such person
shall be automatically granted without further action by the Committee a
Nonqualified Stock Option to purchase such number of shares of Stock as shall
be determined by the Board to be necessary for such Nonqualified Stock Option
to have an aggregate grant date value (based on the Black-Scholes option
valuation model) of $100,000.

 

(ii)                                  All
Options granted to Non-Employee Directors pursuant to Section 7(h)(i) shall
hereinafter be referred to as “Director Stock Options” and shall be
subject to the following conditions:

 

(A)                              Option
Price.  All Directors Stock
Options shall have an Option Price per share equal to the Fair Market Value of
a share of Stock on the Date of Grant.

 

(B)                                Vesting.  All Director Stock Options shall vest and
become exercisable over a period of five years at the rate of 20% on each of
the five consecutive anniversaries of the applicable Date of Grant, provided
the Non-Employee Director’s services as a director continues through each such
anniversary.

 

(C)                                Term.  The term of each Director Stock Option (the
“Director Option Term”), after which each such Director Stock Option
shall expire, shall be ten years from the Date of Grant.

 

(D)                               Expiration.  If prior to the expiration of the Director
Option Term of a Director Stock Option a Non-Employee Director shall cease to
be a member of the Board, the Director Stock Option shall expire on the earlier
of the expiration of the Director Option Term or (i) one year after

 

15

 

such cessation on account
of the death of the Non-Employee Director or (ii) three months after the date
of such cessation for any other reason. 
In the event a Non-Employee Director ceases to be a member of the Board
for any reason, any unexpired Director Stock Option shall thereafter be exercisable
until its expiration only to the extent that such Option was exercisable at the
time of such cessation, except in the case of a cessation on account of the
death of the Non-Employee Director, in which case such Option shall be fully
exercisable.

 

(E)                                 Director
Stock Option Agreement.  Each
Director Stock Option shall be evidenced by a Director Stock Option Agreement,
which shall contain such additional provisions as may be determined by the
Board.

 

8.                                      Stock Appreciation Rights

 

Any Option granted under
the Plan may include SARs, either at the Date of Grant or, except in the case
of an Incentive Stock Option, by subsequent amendment.  The Committee also may award SARs to
Eligible Persons independent of any Option. 
A SAR shall be subject to such terms and conditions not inconsistent
with the Plan as the Committee shall impose, including, but not limited to, the
following:

 

(a)                                  Vesting,
Transferability and Expiration.  A  SAR
granted in connection with an Option shall become exercisable, be transferable
and shall expire according to the same vesting schedule, transferability rules
and expiration provisions as the corresponding Option.  A SAR granted independent of an Option shall
become exercisable, be transferable and shall expire in accordance with a vesting
schedule, transferability rules and expiration provisions as established by the
Committee and reflected in an Award agreement.

 

(b)                                 Automatic
exercise.  If on the last day of the
Option Period (or in the case of a SAR independent of an option, the period
established by the Committee after which the SAR shall expire), the Fair Market
Value exceeds the Strike Price, the Participant has not exercised the SAR or
the corresponding Option, and neither the SAR nor the corresponding Option has
expired, such SAR shall be deemed to have been exercised by the Participant on
such last day and the Company shall make the appropriate payment therefor.

 

(c)                                  Payment.  Upon the exercise of a SAR, the Company
shall pay to the Participant an amount equal to the number of shares subject to
the SAR multiplied by the excess, if any, of the Fair Market Value of one share
of Stock on the exercise date over the Strike Price.  The Company shall pay such excess in cash, in shares of Stock
valued at Fair Market Value, or any combination thereof, as determined by the
Committee.  Fractional shares shall be
settled in cash.

 

16

 

(d)                                 Method
of Exercise.  A Participant may
exercise a SAR at such time or times as may be determined by the Committee at
the time of grant by filing an irrevocable written notice with the Committee or
its designee, specifying the number of SARs to be exercised, and the date on
which such SARs were awarded.

 

(e)                                  Expiration.  Except as otherwise provided in the case
of SARs granted in connection with Options, a SAR shall expire on a date
designated by the Committee which is not later than ten years after the Date of
Grant of the SAR.

 

9.                                      Restricted Stock and Restricted Stock Units

 

(a)                                  Award
of Restricted Stock and Restricted Stock Units.

 

(i)                                     The
Committee shall have the authority (A) to grant Restricted Stock and
Restricted Stock Units to Eligible Persons, (B) to issue or transfer
Restricted Stock to Participants, and (C) to establish terms, conditions
and restrictions applicable to such Restricted Stock and Restricted Stock
Units, including the Restricted Period, as applicable, which may differ with
respect to each grantee, the time or times at which Restricted Stock or
Restricted Stock Units shall be granted or become vested and the number of
shares or units to be covered by each grant.

 

(ii)                                  Each
Participant granted Restricted Stock shall execute and deliver to the Company
an Award agreement with respect to the Restricted Stock setting forth the
restrictions and other terms and conditions applicable to such Restricted
Stock.  If the Committee determines that
the Restricted Stock shall be held in escrow rather than delivered to the
Participant pending the release of the applicable restrictions, the Committee
may require the Participant to additionally execute and deliver to the Company
(A) an escrow agreement satisfactory to the Committee and (B) the appropriate
blank stock powers with respect to the Restricted Stock covered by such
agreement.  If a Participant shall fail
to execute an agreement evidencing an Award of Restricted Stock and, if
applicable, an escrow agreement and stock powers, the Award shall be null and
void.  Subject to the restrictions set
forth in Section 9(b), the Participant generally shall have the rights and
privileges of a stockholder as to such Restricted Stock, including the right to
vote such Restricted Stock.  At the
discretion of the Committee, cash dividends and stock dividends with respect to
the Restricted Stock may be either currently paid to the Participant or
withheld by the Company for the Participant’s account, and interest may be
credited on the amount of cash dividends withheld at a rate and subject to such
terms as determined by the Committee. 
The cash dividends or stock dividends so withheld by the Committee and
attributable to any particular share of Restricted Stock (and earnings thereon,
if applicable) shall be distributed to the Participant upon the release of
restrictions on such share and, if such share is forfeited, the Participant
shall have no right to such cash dividends, stock dividends or earnings.

 

17

 

(iii)                               Upon
the grant of Restricted Stock, the Committee shall cause a stock certificate
registered in the name of the Participant to be issued and, if it so
determines, deposited together with the stock powers with an escrow agent
designated by the Committee.  If an
escrow arrangement is used, the Committee may cause the escrow agent to issue
to the Participant a receipt evidencing any stock certificate held by it,
registered in the name of the Participant.

 

(iv)                              The
terms and conditions of a grant of Restricted Stock Units shall be reflected in
a written Award agreement.  No shares of
Stock shall be issued at the time a Restricted Stock Unit is granted, and the
Company will not be required to set aside a fund for the payment of any such
Award.  At the discretion of the
Committee, each Restricted Stock Unit (representing one share of Stock) may be
credited with cash and stock dividends paid by the Company in respect of one
share of Stock (“Dividend Equivalents”).  At the discretion of the Committee, Dividend Equivalents may be
either currently paid to the Participant or withheld by the Company for the
Participant’s account, and interest may be credited on the amount of cash
Dividend Equivalents withheld at a rate and subject to such terms as determined
by the Committee.  Dividend Equivalents
credited to a Participant’s account and attributable to any particular
Restricted Stock Unit (and earnings thereon, if applicable) shall be
distributed to the Participant upon settlement of such Restricted Stock Unit
and, if such Restricted Stock Unit is forfeited, the Participant shall have no
right to such Dividends Equivalents.

 

(b)                                 Restrictions.

 

(i)                                     Restricted
Stock awarded to a Participant shall be subject to the following restrictions
until the expiration of the Restricted Period, and to such other terms and
conditions as may be set forth in the applicable Award agreement: (A) if an escrow
arrangement is used, the Participant shall not be entitled to delivery of the
stock certificate; (B) the shares shall be subject to the restrictions on
transferability set forth in the Award agreement; (C) the shares shall be
subject to forfeiture to the extent provided in Section 9(d) and the applicable
Award agreement; and (D) to the extent such shares are forfeited, the stock
certificates shall be returned to the Company, and all rights of the
Participant to such shares and as a shareholder shall terminate without further
obligation on the part of the Company.

 

(ii)                                  Restricted
Stock Units awarded to any Participant shall be subject to (A) forfeiture
until the expiration of the Restricted Period, and satisfaction of any
applicable Performance Goals during such period, to the extent provided in the
applicable Award agreement, and to the extent such Restricted Stock Units are
forfeited, all rights of the Participant to such Restricted Stock Units shall
terminate without further obligation on the part of the Company and
(B) such other terms and conditions as may be set forth in the applicable
Award agreement.

 

(iii)                               The
Committee shall have the authority to remove any or all of the restrictions on
the Restricted Stock and Restricted Stock Units whenever it may

 

18

 

determine that, by reason
of changes in applicable laws or other changes in circumstances arising after
the date of the Restricted Stock or Restricted Stock Units are granted, such
action is appropriate.

 

(c)                                  Restricted
Period.  The Restricted
Period of Restricted Stock and Restricted Stock Units shall commence on the
Date of Grant and shall expire from time to time as to that part of the
Restricted Stock and Restricted Stock Units indicated in a schedule established
by the Committee in the applicable Award agreement.

 

(d)                                 Delivery of
Restricted Stock and Settlement of Restricted Stock Units.  Upon the expiration of the Restricted Period
with respect to any shares of Restricted Stock, the restrictions set forth in
Section 9(b) and the applicable Award agreement shall be of no further force or
effect with respect to such shares, except as set forth in the applicable Award
agreement.  If an escrow arrangement is
used, upon such expiration, the Company shall deliver to the Participant, or
his beneficiary, without charge, the stock certificate evidencing the shares of
Restricted Stock which have not then been forfeited and with respect to which
the Restricted Period has expired (to the nearest full share) and any cash
dividends or stock dividends credited to the Participant’s account with respect
to such Restricted Stock and the interest thereon, if any.

 

Upon the expiration of
the Restricted Period with respect to any outstanding Restricted Stock Units,
the Company shall deliver to the Participant, or his beneficiary, without
charge, one share of Stock for each such outstanding Restricted Stock Unit
(“Vested Unit”) and cash equal to any Dividend Equivalents credited with
respect to each such Vested Unit in accordance with Section 9(a)(iv) hereof and
the interest thereon, if any; provided, however, that, if
explicitly provided in the applicable Award agreement, the Committee may, in
its sole discretion, elect to (i) pay cash or part cash and part Stock in lieu
of delivering only shares of Stock for Vested Units or (ii) delay the delivery
of Stock (or cash or part Stock and part cash, as the case may be) beyond the
expiration of the Restricted Period.  If
a cash payment is made in lieu of delivering shares of Stock, the amount of
such payment shall be equal to the Fair Market Value of the Stock as of the
date on which the Restricted Period lapsed with respect to such Vested Unit.

 

(e)                                  Stock
Restrictions.  Each
certificate representing Restricted Stock awarded under the Plan shall bear a
legend substantially in the form of the following until the lapse of all
restrictions with respect to such Stock as well as any other information the
Company deems appropriate:

 

Transfer of this certificate and the shares
represented hereby is restricted pursuant to the terms of the Las Vegas Sands
Corp. 2004 Equity Award Plan and a Restricted Stock Purchase and Award
Agreement, dated as of
                      ,
between Las Vegas Sands Corp. and
                                    .  A copy of such Plan and Agreement is on file
at the offices of Las Vegas Sands Corp.

 

19

 

Stop
transfer orders shall be entered with the Company’s transfer agent and
registrar against the transfer of legended securities.

 

(f)                                    Director
Restricted Stock. 
Notwithstanding any of this Section 9 to the contrary, on the date of
each of the Company’s annual meetings of stockholders following the initial
public offering of the Common Stock, each Non-Employee Director shall be
automatically granted, without further action by the Committee, shares of
Restricted Stock having an aggregate Fair Market Value on the Date of Grant
equal to the annual cash retainer payable to the Non-Employee Director in
respect of the year commencing on the date of such annual meeting.  All such shares of Restricted Stock granted
to Non-Employee Directors shall hereinafter be referred to as “Director
Restricted Stock” and shall contain the following provisions:

 

(i)                                     Restricted
Period.  The Restricted
Period in respect of Director Restricted Stock shall expire on the one year
anniversary of the applicable Date of Grant; provided, that the
Non-Employee Director continues to serve as a member of the Board through such
anniversary or, if earlier, the date of the Non-Employee Director’s death; provided,
further, that Director Restricted Stock as to which the Restricted
Period has expired may not be sold or, other than as allowed under Section
12(k), transferred by a Non-Employee Director while a member of the Board.

 

(ii)                                  Forfeiture.  If a Non-Employee Director shall
cease to be a member of the Board for any reason prior to the expiration of the
Restricted Period as to any Director Restricted Stock, such Director Restricted
Stock shall be forfeited in its entirety.

 

(iii)                               Director
Restricted Stock Agreement. 
Each Award of Director Restricted Stock shall be evidenced by a Director
Restricted Stock Agreement, which shall contain such additional provisions as
may be determined by the Board.

 

10.                               Stock Bonus Awards

 

The Committee may issue
unrestricted Stock, or other Awards denominated in Stock, under the Plan to
Eligible Persons, alone or in tandem with other Awards, in such amounts and
subject to such terms and conditions as the Committee shall from time to time
in its sole discretion determine.  A
Stock Bonus Award under the Plan shall be granted as, or in payment of, a
bonus, or to provide incentives or recognize special achievements or
contributions.

 

11.                               Performance Compensation Awards

 

(a)                                  General.  The Committee shall have the authority, at
the time of grant of any Award described in Sections 7 through 10 (other than
Options and Stock Appreciation Rights granted with an exercise price or grant
price, as the case may be, equal to or greater than the Fair Market Value per
share of Stock on the date of grant),

 

20

 

to
designate such Award as a Performance Compensation Award in order to qualify
such Award as “performance-based compensation” under Section 162(m) of the
Code.

 

(b)                                 Eligibility.  The Committee will, in its sole discretion,
designate within the first 90 days of a Performance Period (or, if longer or
shorter, within the maximum period allowed under Section 162(m) of the Code)
which Participants will be eligible to receive Performance Compensation Awards
in respect of such Performance Period. 
However, designation of a Participant eligible to receive an Award
hereunder for a Performance Period shall not in any manner entitle the
Participant to receive payment in respect of any Performance Compensation Award
for such Performance Period.  The
determination as to whether or not such Participant becomes entitled to payment
in respect of any Performance Compensation Award shall be decided solely in accordance
with the provisions of this Section 11. 
Moreover, designation of a Participant eligible to receive an Award
hereunder for a particular Performance Period shall not require designation of
such Participant eligible to receive an Award hereunder in any subsequent
Performance Period and designation of one person as a Participant eligible to
receive an Award hereunder shall not require designation of any other person as
a Participant eligible to receive an Award hereunder in such period or in any
other period.

 

(c)                                  Discretion
of Committee with Respect to Performance Compensation Awards.  With regard to a particular Performance
Period, the Committee shall have full discretion to select the length of such
Performance Period, the type(s) of Performance Compensation Awards to be
issued, the Performance Criteria that will be used to establish the Performance
Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is(are)
to apply to the Company and the Performance Formula.  Within the first 90 days of a Performance Period (or, if longer
or shorter, within the maximum period allowed under Section 162(m) of the
Code), the Committee shall, with regard to the Performance Compensation Awards
to be issued for such Performance Period, exercise its discretion with respect
to each of the matters enumerated in the immediately preceding sentence of this
Section 11(c) and record the same in writing. 

 

(d)                                 Payment of
Performance Compensation Awards

 

(i)                                     Condition to
Receipt of Payment.  Unless
otherwise provided in the applicable Award agreement, a Participant must be
employed by the Company on the last day of a Performance Period to be eligible
for payment in respect of a Performance Compensation Award for such Performance
Period.

 

(ii)                                  Limitation.  A Participant shall be eligible to receive
payment in respect of a Performance Compensation Award only to the extent that:
(A) the Performance Goals for such period are achieved; and (B) the Performance
Formula as applied against such Performance Goals determines that all or some
portion of such Participant’s Performance Award has been earned for the
Performance Period.

 

(iii)                               Certification.  Following the completion of a Performance
Period, the Committee shall review and certify in writing whether, and to what
extent, the

 

21

 

Performance Goals for the
Performance Period have been achieved and, if so, calculate and certify in
writing that amount of the Performance Compensation Awards earned for the
period based upon the Performance Formula. 
The Committee shall then determine the actual size of each Participant’s
Performance Compensation Award for the Performance Period and, in so doing, may
apply Negative Discretion in accordance with Section 11(d)(iv) hereof, if and
when it deems appropriate.

 

(iv)                              Use of
Discretion.   In determining
the actual size of an individual Performance Award for a Performance Period,
the Committee may reduce or eliminate the amount of the Performance
Compensation Award earned under the Performance Formula in the Performance
Period through the use of Negative Discretion if, in its sole judgment, such
reduction or elimination is appropriate. 
The Committee shall not have the discretion to (a) grant or provide
payment in respect of Performance Compensation Awards for a Performance Period
if the Performance Goals for such Performance Period have not been attained; or
(b) increase a Performance Compensation Award above the maximum amount payable
under Sections 4(a) or 11(d)(vi) of the Plan.

 

(v)                                 Timing of
Award Payments. Performance Compensation Awards granted for a
Performance Period shall be paid to Participants as soon as administratively
practicable following completion of the certifications required by this Section
11.

 

(vi)                              Maximum
Award Payable. 
Notwithstanding any provision contained in this Plan to the contrary,
the maximum Performance Compensation Award payable to any one Participant under
the Plan for a Performance Period is 3,000,000 shares of Stock or, in the event
the Performance Compensation Award is paid in cash, the equivalent cash value
thereof on the first or last day of the Performance Period to which such Award
relates, as determined by the Committee. 
Furthermore, any Performance Compensation Award that has been deferred
shall not (between the date as of which the Award is deferred and the payment
date) increase (A) with respect to Performance Compensation Award that is
payable in cash, by a measuring factor for each fiscal year greater than a
reasonable rate of interest set by the Committee or (B) with respect to a
Performance Compensation Award that is payable in shares of Stock, by an amount
greater than the appreciation of a share of Stock from the date such Award is
deferred to the payment date.

 

12.                               General

 

(a)                                  Additional
Provisions of an Award.  Awards
to a Participant under the Plan also may be subject to such other provisions
(whether or not applicable to Awards granted to any other Participant) as the
Committee determines appropriate, including, without limitation, provisions to
assist the Participant in financing the purchase of Stock upon the exercise of
Options (provided, that the Committee determines that providing such financing
does not violate the Sarbanes-Oxley Act of

 

22

 

2002),
provisions for the forfeiture of or restrictions on resale or other disposition
of shares of Stock acquired under any Award, provisions giving the Company the
right to repurchase shares of Stock acquired under any Award in the event the
Participant elects to dispose of such shares, provisions allowing the
Participant to elect to defer the receipt of payment in respect of Awards for a
specified period or until a specified event, and provisions to comply with
Federal and state securities laws and Federal and state tax withholding
requirements.  Any such provisions shall
be reflected in the applicable Award agreement.

 

(b)                                 Privileges
of Stock Ownership.  Except
as otherwise specifically provided in the Plan, no person shall be entitled to
the privileges of ownership in respect of shares of Stock which are subject to
Awards hereunder until such shares have been issued to that person.

 

(c)                                  Government
and Other Regulations.  The
obligation of the Company to grant or settle Awards in Stock shall be subject
to all applicable laws, rules, and regulations, and to such approvals by
governmental agencies as may be required. 
Notwithstanding any terms or conditions of any Award to the contrary,
the Company shall be under no obligation to offer to sell or to sell, and shall
be prohibited from offering to sell or selling, any shares of Stock pursuant to
an Award made or granted hereunder unless such shares have been properly
registered for sale pursuant to the Securities Act with the Securities and
Exchange Commission or unless the Company has received an opinion of counsel,
satisfactory to the Company, that such shares may be offered or sold without
such registration pursuant to an available exemption therefrom and the terms
and conditions of such exemption have been fully complied with.  The Company shall be under no obligation to
register for sale under the Securities Act any of the shares of Stock to be
offered or sold under the Plan.  If the
shares of Stock offered for sale or sold under the Plan are offered or sold
pursuant to an exemption from registration under the Securities Act, the
Company may restrict the transfer of such shares and may legend the Stock
certificates representing such shares in such manner as it deems advisable to
ensure the availability of any such exemption.

 

(d)                                 Tax
Withholding.

 

(i)                                     A
Participant may be required to pay to the Company or any Affiliate, and the
Company or any Affiliate shall have the right and is hereby authorized to
withhold from any shares of Stock or other property deliverable under any Award
or from any compensation or other amounts owing to a Participant, the amount
(in cash, Stock or other property) of any required income tax withholding and
payroll taxes in respect of an Award, its exercise, or any payment or transfer
under an Award or under the Plan and to take such other action as may be
necessary in the opinion of the Company to satisfy all obligations for the
payment of such withholding and taxes.

 

(ii)                                  Without
limiting the generality of clause (i) above, the Committee may, in its sole
discretion, permit a Participant to satisfy, in whole or in part, the foregoing
withholding liability (but no more than the minimum required

 

23

 

withholding liability) by
(A) the delivery of Mature Shares owned by the Participant having a Fair Market
Value equal to such withholding liability or (B) having the Company withhold
from the number of shares of Stock otherwise issuable pursuant to the exercise
or settlement of the Award a number of shares with a Fair Market Value equal to
such withholding liability.

 

(e)                                  Claim to
Awards and Employment Rights.  No
employee of the Company or an Affiliate, or other person, shall have any claim
or right to be granted an Award under the Plan or, having been selected for the
grant of an Award, to be selected for a grant of any other Award.  Neither the Plan nor any action taken
hereunder shall be construed as giving any Participant any right to be retained
in the employ or service of the Company or an Affiliate.

 

(f)                                    Designation
and Change of Beneficiary.  Each
Participant may file with the Committee a written designation of one or more
persons as the beneficiary who shall be entitled to receive the amounts payable
with respect to an Award, if any, due under the Plan upon his death.  A Participant may, from time to time, revoke
or change his beneficiary designation without the consent of any prior
beneficiary by filing a new designation with the Committee.  The last such designation received by the
Committee shall be controlling; provided, however, that no
designation, or change or revocation thereof, shall be effective unless
received by the Committee prior to the Participant’s death, and in no event
shall it be effective as of a date prior to such receipt.  If no beneficiary designation is filed by a
Participant, the beneficiary shall be deemed to be his or her spouse or, if the
Participant is unmarried at the time of death, his or her estate.

 

(g)                                 Payments to
Persons Other Than Participants.  If
the Committee shall find that any person to whom any amount is payable under
the Plan is unable to care for his affairs because of illness or accident, or
is a minor, or has died, then any payment due to such person or his estate
(unless a prior claim therefor has been made by a duly appointed legal
representative) may, if the Committee so directs the Company, be paid to his
spouse, child, relative, an institution maintaining or having custody of such
person, or any other person deemed by the Committee to be a proper recipient on
behalf of such person otherwise entitled to payment.  Any such payment shall be a complete discharge of the liability
of the Committee and the Company therefor.

 

(h)                                 No Liability
of Committee Members.  No
member of the Committee shall be personally liable by reason of any contract or
other instrument executed by such member or on his behalf in his capacity as a
member of the Committee nor for any mistake of judgment made in good faith, and
the Company shall indemnify and hold harmless each member of the Committee and
each other employee, officer or director of the Company to whom any duty or
power relating to the administration or interpretation of the Plan may be
allocated or delegated, against any cost or expense (including counsel fees) or
liability (including any sum paid in settlement of a claim) arising out of any
act or omission to act in connection with the Plan unless arising out of such
person’s own fraud or willful bad faith; provided, however, that
approval of the Board shall be required for the payment of any amount in
settlement of a claim against

 

24

 

any such
person.  The foregoing right of
indemnification shall not be exclusive of any other rights of indemnification
to which such persons may be entitled under the Company’s Articles of
Incorporation or By-Laws, as a matter of law, or otherwise, or any power that
the Company may have to indemnify them or hold them harmless.

 

(i)                                     Governing
Law.  The Plan shall be
governed by and construed in accordance with the internal laws of the State of
Nevada applicable to contracts made and performed wholly within the State of
Nevada and, to the extent applicable, the Nevada Gaming Laws.

 

(j)                                     Funding.  No provision of the Plan shall require the
Company, for the purpose of satisfying any obligations under the Plan, to
purchase assets or place any assets in a trust or other entity to which
contributions are made or otherwise to segregate any assets, nor shall the
Company maintain separate bank accounts, books, records or other evidence of
the existence of a segregated or separately maintained or administered fund for
such purposes.  Participants shall have
no rights under the Plan other than as unsecured general creditors of the
Company, except that insofar as they may have become entitled to payment of
additional compensation by performance of services, they shall have the same
rights as other employees under general law.

 

(k)                                  Nontransferability.

 

(i)                                     Each
Award shall be exercisable only by a Participant during the Participant’s
lifetime, or, if permissible under applicable law, by the Participant’s legal
guardian or representative.  No Award
may be assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant other than by will or by the laws of descent and
distribution and any such purported assignment, alienation, pledge, attachment,
sale, transfer or encumbrance shall be void and unenforceable against the
Company or an Affiliate; provided that the designation of a beneficiary shall
not constitute an assignment, alienation, pledge, attachment, sale, transfer or
encumbrance.

 

(ii)                                  Notwithstanding
the foregoing, subject to compliance with applicable law, the Committee may, in
its sole discretion, permit Awards other than Incentive Stock Options to be
transferred by a Participant, without consideration, subject to such rules as
the Committee may adopt consistent with any applicable Award agreement to
preserve the purposes of the Plan, to:

 

(A)                              any
person who is a “family member” of the Participant, as such term is used in the
instructions to Form S-8 (collectively, the “Immediate Family Members”);

 

(B)                                a
trust solely for the benefit of the Participant and his or her Immediate Family
Members;

 

(C)                                a
partnership or limited liability company whose only partners or shareholders
are the Participant and his or her Immediate Family Members; or

 

25

 

(D)                               any
other transferee as may be approved either (a) by the Board or the Committee
in its sole discretion, or (b) as provided in the applicable Award
agreement;

 

(each
transferee described in clauses (A), (B), (C) 
and (D) above is hereinafter referred to as a “Permitted Transferee”);
provided that the Participant gives the Committee advance written notice
describing the terms and conditions of the proposed transfer and the Committee
notifies the Participant in writing that such a transfer would comply with the
requirements of the Plan.

 

(iii)                               The
terms of any Award transferred in accordance with the immediately preceding
sentence shall apply to the Permitted Transferee and any reference in the Plan,
or in any applicable Award agreement, to a Participant shall be deemed to refer
to the Permitted Transferee, except that (A) Permitted Transferees shall not be
entitled to transfer any Award, other than by will or the laws of descent and
distribution; (B) Permitted Transferees shall not be entitled to exercise any
transferred Option unless there shall be in effect a registration statement on
an appropriate form covering the shares of Stock to be acquired pursuant to the
exercise of such Option if the Committee determines, consistent with any
applicable Award agreement, that such a registration statement is necessary or
appropriate, (C) the Committee or the Company shall not be required to provide
any notice to a Permitted Transferee, whether or not such notice is or would
otherwise have been required to be given to the Participant under the Plan or
otherwise, and (D) the consequences of the termination of the Participant’s
employment by, or services to, the Company or an Affiliate under the terms of
the Plan and the applicable Award agreement shall continue to be applied with
respect to the Participant, including, without limitation, that an Option shall
be exercisable by the Permitted Transferee only to the extent, and for the
periods, specified in the Plan and the applicable Award agreement.

 

(l)                                     Reliance on
Reports.  Each member of the
Committee and each member of the Board shall be fully justified in acting or
failing to act, as the case may be, and shall not be liable for having so acted
or failed to act in good faith, in reliance upon any report made by the
independent public accountant of the Company and its Affiliates and/or any other
information furnished in connection with the Plan by any person or persons
other than himself.

 

(m)                               Relationship
to Other Benefits.  No
payment under the Plan shall be taken into account in determining any benefits
under any pension, retirement, profit sharing, group insurance or other benefit
plan of the Company except as otherwise specifically provided in such other
plan.

 

(n)                                 Expenses.  The expenses of administering the
Plan shall be borne by the Company and Affiliates.

 

(o)                                 Pronouns.  Masculine pronouns and other
words of masculine gender shall refer to both men and women.

 

26

 

(p)                                 Titles and
Headings.  The titles and
headings of the sections in the Plan are for convenience of reference only, and
in the event of any conflict, the text of the Plan, rather than such titles or
headings shall control.

 

(q)                                 Termination
of Employment.  Unless an
applicable Award agreement provides otherwise, for purposes of the Plan a
person who transfers from employment or service with the Company to employment
or service with an Affiliate or vice versa shall not be deemed to have
terminated employment or service with the Company or an Affiliate.

 

(r)                                    Severability.  If any provision of the Plan or any Award
agreement is or becomes or is deemed to be invalid, illegal, or unenforceable
in any jurisdiction or as to any person or Award, or would disqualify the Plan
or any Award under any law deemed applicable by the Committee, such provision
shall be construed or deemed amended to conform to the applicable laws, or if
it cannot be construed or deemed amended without, in the determination of the
Committee, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, person or Award and the
remainder of the Plan and any such Award shall remain in full force and effect.

 

13.                               Changes in Capital Structure

 

Awards granted under the
Plan and any agreements evidencing such Awards, the maximum number of shares of
Stock subject to all Awards stated in Section 5(a) and the maximum number of
shares of Stock with respect to which any one person may be granted Awards
during any period stated in Sections 5(d) or 11(d)(vi) shall be subject to
adjustment or substitution, as determined by the Committee in its sole
discretion, as to the number, price or kind of a share of Stock or other
consideration subject to such Awards or as otherwise determined by the
Committee to be equitable (i) in the event of changes in the outstanding Stock
or in the capital structure of the Company by reason of stock or extraordinary
cash dividends, stock splits, reverse stock splits, recapitalization,
reorganizations, mergers, consolidations, combinations, exchanges, or other
relevant changes in capitalization occurring after the Date of Grant of any
such Award or (ii) in the event of any change in applicable laws or any change
in circumstances which results in or would result in any substantial dilution
or enlargement of the rights granted to, or available for, Participants, or
which otherwise warrants equitable adjustment because it interferes with the
intended operation of the Plan.  Any
adjustment in Incentive Stock Options under this Section 13 shall be made only
to the extent not constituting a “modification” within the meaning of Section
424(h)(3) of the Code, and any adjustments under this Section 13 shall be made
in a manner which does not adversely affect the exemption provided pursuant to
Rule 16b-3 under the Exchange Act. 
Further, with respect to Awards intended to qualify as
“performance-based compensation” under Section 162(m) of the Code, such
adjustments or substitutions shall be made only to the extent that the
Committee determines that such adjustments or substitutions may be made without
causing the Company to be denied a tax deduction on account of Section 162(m)
of the Code.  The Company shall give
each Participant notice

 

27

 

of an adjustment hereunder and, upon notice, such
adjustment shall be conclusive and binding for all purposes.

 

Notwithstanding the
above, in the event of any of the following:

 

A.                                   The
Company is merged or consolidated with another corporation or entity and, in
connection therewith, consideration is received by shareholders of the Company
in a form other than stock or other equity interests of the surviving entity;

 

B.                                     All
or substantially all of the assets of the Company are acquired by another
person;

 

C.                                     The
reorganization or liquidation of the Company; or

 

D.                                    The
Company shall enter into a written agreement to undergo an event described in
clauses A, B or C above,

 

then
the Committee may, in its discretion and upon at least 10 days advance notice
to the affected persons, cancel any outstanding Awards and cause the holders
thereof to be paid, in cash or stock, or any combination thereof, the value of
such Awards based upon the price per share of Stock received or to be received
by other shareholders of the Company in the event.  The terms of this Section 13 may be varied by the Committee in any
particular Award agreement.

 

14.                               Effect of Change in Control

 

(a)                                  Except
to the extent provided in a particular Award agreement:

 

(i)                                     In
the event of a Change in Control, notwithstanding any provision of the Plan or
any applicable Award agreement to the contrary, the Committee may in its
discretion provide that all Options and SARs shall become immediately
exercisable with respect to 100 percent of the shares subject to such Option or
SAR, and/or that the Restricted Period shall expire immediately with respect to
100 percent of such shares of Restricted Stock or Restricted Stock Units
(including a waiver of any applicable Performance Goals).  To the extent practicable, such acceleration
of exercisability and expiration of the Restricted Period (as applicable) shall
occur in a manner and at a time which allows affected Participants the ability
to participate in the Change in Control transaction with respect to the Stock
subject to their Awards.

 

(ii)                                  In
the event of a Change in Control, all incomplete Performance Periods in effect
on the date the Change in Control occurs shall end on the date of such change,
and the Committee shall (A) determine the extent to which Performance Goals
with respect to each such Award Period have been met based upon such audited or
unaudited financial information then available as it deems relevant, (B) cause
to be paid to each Participant partial or full Awards with respect to
Performance Goals for each such Award Period based upon the

 

28

 

Committee’s determination of the degree of attainment
of Performance Goals, and (C) cause all previously deferred Awards to be
settled in full as soon as possible.

 

(b)                                 In
addition, in the event of a Change in Control, the Committee may in its discretion
and upon at least 10 days’ advance notice to the affected persons, cancel any
outstanding Awards and pay to the holders thereof, in cash or stock, or any
combination thereof, the value of such Awards based upon the price per share of
Stock received or to be received by other shareholders of the Company in the
event.

 

(c)                                  The
obligations of the Company under the Plan shall be binding upon any successor
corporation or organization resulting from the merger, consolidation or other
reorganization of the Company, or upon any successor corporation or
organization succeeding to substantially all of the assets and business of the
Company.  The Company agrees that it
will make appropriate provisions for the preservation of Participants’ rights
under the Plan in any agreement or plan which it may enter into or adopt to
effect any such merger, consolidation, reorganization or transfer of assets.

 

15.                               Nonexclusivity of the Plan

 

Neither the adoption of
this Plan by the Board nor the submission of this Plan to the stockholders of
the Company for approval shall be construed as creating any limitations on the
power of the Board to adopt such other incentive arrangements as it may deem
desirable, including, without limitation, the granting of stock options otherwise
than under this Plan, and such arrangements may be either applicable generally
or only in specific cases.

 

16.                               Amendments and Termination

 

(a)                                  Amendment
and Termination of the Plan. 
The Board may amend, alter, suspend, discontinue, or terminate the Plan or
any portion thereof at any time; provided, that no such amendment,
alteration, suspension, discontinuation or termination shall be made without
shareholder approval if such approval is necessary to comply with any tax or
regulatory requirement applicable to the Plan (including as necessary to comply
with any applicable stock exchange listing requirement or to prevent the
Company from being denied a tax deduction on account of Section 162(m) of the
Code); and provided, further, that any such amendment, alteration,
suspension, discontinuance or termination that would impair the rights of any
Participant or any holder or beneficiary of any Award theretofore granted shall
not to that extent be effective without the consent of the affected
Participant, holder or beneficiary.  The
termination date of the Plan, following which no Awards may be granted
hereunder, is November 8, 2014; provided, that such termination shall
not affect Awards then outstanding, and the terms and conditions of the Plan
shall continue to apply to such Awards.

 

(b)                                 Amendment of
Award Agreements.  The
Committee may, to the extent consistent with the terms of any applicable Award
agreement, waive any conditions or rights under, amend any terms of, or alter,
suspend, discontinue, cancel

 

29

 

or
terminate, any Award theretofore granted or the associated Award agreement,
prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would
impair the rights of any Participant or any holder or beneficiary of any Option
theretofore granted shall not to that extent be effective without the consent
of the affected Participant, holder or beneficiary; and provided, further,
that, without stockholder approval, (i) no amendment or modification may reduce
the Option Price of any Option and (ii) the Committee may not cancel any
outstanding Option and replace it with a new Option (with a lower Option Price)
in a manner which would either (A) be reportable on the Company’s proxy
statement as Options which have been “repriced” (as such term is used in Item
402 of Regulation S-K promulgated under the Exchange Act), or (B) result in any
Option being accounted for under the “variable” method for financial statement
reporting purposes.

 

(c)                                  Section
162(m) Approval.  If so
determined by the Committee, (i) the Plan shall be approved by the stockholders
of the Company no later than the first meeting of stockholders at which
directors are to be elected that occurs after the close of the third calendar
year following the calendar year in which the Company’s initial public offering
occurs, and (ii) the provisions of the Plan regarding Performance Compensation
Awards shall be disclosed to and reapproved by stockholders of the Company no
later than the first stockholder meeting that occurs in the fifth year
following the year that stockholders previously approved such provisions
following the Company’s initial public offering, in each case in order for
certain Awards granted after such time to be exempt from the deduction
limitations of Section 162(m) of the Code. 
Nothing in this Section 16(c), however, shall affect the validity of
Awards granted after such time if such stockholder approval has not been
obtained.

 

*       *       *

 

As adopted by the Board of
Directors of

Las Vegas Sands Corp. at a
meeting

held on November 8, 2004.

 

30

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