Document:

Exhibit 10.1

Exhibit 10.1

EXECUTION COPY

LAS VEGAS SANDS CORP.

and

U.S. BANK NATIONAL ASSOCIATION

 

WARRANT AGREEMENT

Dated as
of November 14, 2008

 

 

WARRANT AGREEMENT

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	SECTION 1.
	 	APPOINTMENT OF WARRANT AGENT	 	 	1	 
	SECTION 2.
	 	WARRANT CERTIFICATES	 	 	1	 
	SECTION 3.
	 	EXECUTION OF WARRANT CERTIFICATES	 	 	1	 
	SECTION 4.
	 	REGISTRATION AND COUNTERSIGNATURE	 	 	2	 
	SECTION 5.
	 	REGISTRATION OF TRANSFERS AND EXCHANGES	 	 	2	 
	SECTION 6.
	 	TERMS OF WARRANTS; EXERCISE OF WARRANTS	 	 	2	 
	SECTION 7.
	 	PAYMENT OF TAXES	 	 	6	 
	SECTION 8.
	 	MUTILATED OR MISSING WARRANT CERTIFICATES	 	 	7	 
	SECTION 9.
	 	RESERVATION OF WARRANT SHARES	 	 	7	 
	SECTION 10.
	 	OBTAINING STOCK EXCHANGE LISTINGS	 	 	7	 
	SECTION 11.
	 	ADJUSTMENTS AND OTHER RIGHTS	 	 	8	 
	SECTION 12.
	 	FRACTIONAL INTERESTS	 	 	11	 
	SECTION 13.
	 	NOTICES TO WARRANT HOLDERS	 	 	12	 
	SECTION 14.
	 	MERGER, CONSOLIDATION OR CHANGE OF NAME OF WARRANT AGENT	 	 	13	 
	SECTION 15.
	 	WARRANT AGENT	 	 	13	 
	SECTION 16.
	 	CHANGE OF WARRANT AGENT	 	 	15	 
	SECTION 17.
	 	NOTICES TO COMPANY AND WARRANT AGENT	 	 	15	 
	SECTION 18.
	 	SUPPLEMENTS AND AMENDMENTS	 	 	16	 
	SECTION 19.
	 	SUCCESSORS	 	 	16	 
	SECTION 20.
	 	TERMINATION	 	 	16	 
	SECTION 21.
	 	GOVERNING LAW	 	 	16	 
	SECTION 22.
	 	BENEFITS OF THIS AGREEMENT	 	 	16	 
	SECTION 23.
	 	COUNTERPARTS	 	 	17	 

i

 

          WARRANT AGREEMENT dated as of November 14, 2008 between Las Vegas Sands Corp., a Nevada
corporation (the “Company”), and U.S. Bank National Association, a national banking association
organized under the laws of the United States, as Warrant Agent (the “Warrant Agent”).

          WHEREAS, the Company proposes to issue Common Stock Purchase Warrants, as hereinafter
described (the “Warrants”), to purchase up to an aggregate of 174,105,348 shares of Common Stock,
$0.001 par value (the “Common Stock”), of the Company (the Common Stock issuable on exercise of the
Warrants being referred to herein as the “Warrant Shares”), in connection with a registered
offering of 10,446,300 shares of the Company’s Series A Cumulative Perpetual Preferred Stock and
10,446,300 Warrants, each warrant entitling the holder thereof to receive 16.6667 fully paid and
non-assessable Warrant Shares at the initial exercise price (the “Exercise Price”) of $6.00 per
share. Capitalized terms used herein, but not defined in the body of this Warrant Agreement, have
the meanings given in Annex I;

          WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the
Warrant Agent is willing so to act, in connection with the issuance of Warrant Certificates (as
defined below) and other matters as provided herein;

          NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth,
the parties hereto agree as follows:

          SECTION 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance
with the instructions set forth in this Agreement, and the Warrant Agent hereby accepts such
appointment.

          SECTION 2. Warrant Certificates. The certificates evidencing the Warrants (the “Warrant Certificates”) to be delivered
pursuant to this Agreement shall be in registered form only and shall be substantially in the form
set forth in Exhibit A attached hereto.

          SECTION 3. Execution of Warrant Certificates. Warrant Certificates shall be signed on behalf of the Company by its Chairman of the Board
of Directors or its President or a Vice President and by its Secretary or an Assistant Secretary
under its corporate seal. Each such signature upon the Warrant Certificates may be in the form of
a facsimile signature of the present or any future Chairman of the Board of Directors, President,
Vice President, Secretary or Assistant Secretary and may be imprinted or otherwise reproduced on
the Warrant Certificates and for that purpose the Company may adopt and use the facsimile signature
of any person who shall have been Chairman of the Board, President, Vice President, Secretary or
Assistant Secretary, notwithstanding the fact that at the time the Warrant Certificates shall be
countersigned and delivered or disposed of he shall have ceased to hold such office. The seal of
the Company may be in the form of a facsimile thereof and may be impressed, affixed, imprinted or
otherwise reproduced on the Warrant Certificates.

          In case any officer of the Company who shall have signed any of the Warrant Certificates shall
cease to be such officer before the Warrant Certificates so signed shall have been countersigned by
the Warrant Agent, or disposed of by the Company, such Warrant Certificates nevertheless may be
countersigned and delivered or disposed of as though such

 

 

person had not ceased to be such officer
of the Company; and any Warrant Certificate may be signed on behalf of the Company by any person
who, at the actual date of the execution of such Warrant Certificate, shall be a proper officer of
the Company to sign such Warrant Certificate, although at the date of the execution of this Warrant
Agreement any such person was not such officer.

          Warrant Certificates shall be dated the date of countersignature by the Warrant Agent.

          SECTION 4. Registration and Countersignature. The Warrant Agent, on behalf of the Company, shall number and register the Warrant
Certificates in a register as they are issued by the Company.

          Warrant Certificates shall be manually countersigned by the Warrant Agent and shall not be
valid for any purpose unless so countersigned. The Warrant Agent shall, upon written instructions
of the Chairman of the Board of Directors, the President, a Vice President, the Treasurer or the
Controller of the Company, initially countersign, issue and deliver Warrants entitling the holders
thereof to purchase not more than the number of Warrant Shares referred to above in the first
recital hereof and shall countersign and deliver Warrants as otherwise provided in this Agreement.

          The Company and the Warrant Agent may deem and treat the registered holder(s) of the Warrant
Certificates as the absolute owner(s) thereof (notwithstanding any notation of ownership or other
writing thereon made by anyone), for all purposes, and neither the Company nor the Warrant Agent
shall be affected by any notice to the contrary.

          SECTION 5. Registration of Transfers and Exchanges. The Warrant Agent shall from time to time register the transfer of any outstanding Warrant
Certificates upon the records to be maintained by it for that purpose, upon surrender thereof
accompanied (if so required by it) by a written instrument or instruments of transfer in form
satisfactory to the Warrant Agent, duly executed by the registered holder or holders thereof or by
the duly appointed legal representative thereof or by a duly authorized attorney. Upon any such
registration of transfer, a new Warrant Certificate shall be issued to the transferee(s) and the
surrendered Warrant Certificate shall be cancelled by the Warrant Agent. Cancelled Warrant
Certificates shall thereafter be disposed of in a manner satisfactory to the Company.

          Warrant Certificates may be exchanged at the option of the holder(s) thereof, when surrendered
to the Warrant Agent at its office for another Warrant Certificate or other Warrant Certificates of
like tenor and representing in the aggregate a like number of Warrants. Warrant Certificates
surrendered for exchange shall be cancelled by the Warrant Agent. Such
cancelled Warrant Certificates shall then be disposed of by such Warrant Agent in a manner
satisfactory to the Company.

          The Warrant Agent is hereby authorized to countersign, in accordance with the provisions of
this Section 5 and of Section 4, the new Warrant Certificates required pursuant to the provisions
of this Section 5.

          SECTION 6. Terms of Warrants; Exercise of Warrants.

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          (a) Subject to the terms of this Agreement, each Warrant holder shall have the right, which
may be exercised commencing on the date hereof and until 5:00 p.m., New York City time on November
16, 2013 (the “Exercise Period”) to receive from the Company the number of fully paid and
nonassessable Warrant Shares which the holder may at the time be entitled to receive on exercise of
such Warrants and payment of the Exercise Price, in the manner described below, then in effect for
such Warrant Shares; provided, however that any Warrants originally issued by the Company to any
Related Party on the date hereof (the “Affiliate Warrants”) may not be exercised until the Warrant
Exercise Date (as defined in the Note Conversion and Securities Purchase Agreement).

          (b) Promptly after the Warrant Exercise Date, the Company shall notify the Warrant Agent of
the date of such Warrant Exercise Date and that the Affiliate Warrants are exercisable as of such
Warrant Exercise Date.

          Each Warrant not exercised prior to 5:00 p.m., New York City time, on November 16, 2013, shall
become void and all rights thereunder and all rights in respect thereof under this agreement shall
cease as of such time. No adjustments as to dividends will be made upon exercise of the Warrants.

          A Warrant may be exercised upon surrender to the Company at the principal office of the
Warrant Agent of the certificate or certificates evidencing the Warrants to be exercised with the
form of election to purchase on the reverse thereof duly filled in and signed, which signature
shall be guaranteed by a bank or trust company having an office or correspondent in the United
States or a broker or dealer which is a member of a registered securities exchange or the Financial
Industry Regulatory Authority, Inc., and upon payment to the Warrant Agent for the account of the
Company of the Exercise Price as adjusted as herein provided, for the number of Warrant Shares in
respect of which such Warrants are then exercised. Payment of the aggregate Exercise Price shall
be made, at the option of the holder exercising a Warrant, by either (i) paying an amount in cash
equal to the aggregate Exercise Price by wire transfer or by certified or official bank check
payable to the Company’s order (the “Cash Exercise Option”), (ii) tendering shares of Series A
Cumulative Perpetual Preferred Stock having an aggregate liquidation preference, plus, without
duplication, accumulated and unpaid dividends through the last scheduled dividend payment date
(whether or not declared), at the time of tender equal to the Exercise Price (the “Preferred
Exercise Option”), or (iii) having the Company withhold, from the shares of Common Stock that would
otherwise be delivered to the holder of the Warrant upon exercise, shares of Common Stock with an
aggregate Market Value equal to the aggregate Exercise Price (the “Net Share Exercise Option”). The date on which a
holder surrenders the Warrant Certificates and accompanying form of election and pays the aggregate
Exercise Price through any of the three options set forth above shall be the “Exercise Date”.

          The “Market Value” of a share of Common Stock is equal to the average of the daily VWAPs of
such common stock for each day of the related observation period.

          The “observation period” with respect to any Warrant means the 20 consecutive trading day
period beginning on and including the third trading day after the Exercise Date of such Warrant.

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          The “daily VWAP” for the Common Stock of the Company means, for each of the 20 consecutive
trading days during the observation period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page LVS.N <equity> AQR (or any
successor page) in respect of the period from 9:30 a.m. to 4:00 p.m., New York City time, on such
trading day, or if such volume-weighted average price is unavailable, the market value of one share
of Common Stock on such trading day as the Board of Directors determines in good faith using a
volume-weighted method.

          For purposes of determining the payment of the Exercise Price, “trading day” means a day
during which (i) trading in the Common Stock generally occurs on the principal U.S. national or
regional securities exchange or market on which the Common Stock is listed or admitted for trading
and (ii) there is no Market Disruption Event. If the Common Stock is not so listed or traded, then
“trading day” means a Business Day.

          “Market disruption event” means (i) a failure by the principal U.S. national or regional
securities exchange or market on which the Common Stock is listed or admitted for trading to open
for trading during its regular trading session or (ii) the occurrence or existence prior to 1:00
p.m. New York City time, on any scheduled trading day for the Common Stock for an aggregate of one
half-hour period of any suspension or limitation imposed on trading (by reason or movements in
price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in any
options contracts or futures contracts relating to Common Stock.

          (c) Notwithstanding the foregoing, other than with respect to any Affiliate Warrants held by
any Related Party, the Company shall not effect the exercise or conversion of any Warrant held by a
Warrant holder, and such Warrant holder shall not have the right to exercise or convert any portion
of such Warrant, to the extent (but only to the extent) that after giving effect to such exercise
or conversion, such Warrant holder would become the owner of 5.0% or more of the number of shares
of Common Stock outstanding immediately after giving effect to such conversion, unless (i) such
Warrant holder is an “institutional investor” or qualifies under any other exemption from licensing
or finding of suitability as may be required from time to time under the applicable gaming
regulations of the State of Pennsylvania; or (ii) such Warrant holder has either (a) complied with
any license requirements or (b) obtained a waiver from the licensing requirements, under the gaming
regulations of the State of Pennsylvania.

          For any reason at any time, upon the written or oral request of the Warrant holder, the Company shall within one trading day confirm orally and in writing to the Warrant holder
the number of shares of Common Stock then outstanding. In any case, the number of outstanding
shares of Common Stock shall be determined after giving effect to the exercise or conversion of the
Warrants by the Warrant holder or its affiliates since the date as of which such number of
outstanding shares was reported.

          (d) Subject to the provisions of Section 7 hereof, upon the surrender of Warrants and payment
of the Exercise Price, the Company shall issue and cause to be delivered to or to the written order
of the holder of the Warrant and in such name or names as the holder of the Warrant may designate,
a certificate or certificates for the number of full Warrant Shares issuable upon the exercise of
such Warrants (reduced as described above in the case of a Net Share Exercise Option) together with
cash, to the extent applicable, as provided in Section 12, (i)

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in the case of the Cash Exercise
Option or the Preferred Exercise Option, on the third Business Day following the Exercise Date and
(ii) in the case of the Net Share Exercise Option, on the third scheduled trading Business Day
immediately following the last day of the applicable observation period. Such certificate or
certificates shall be deemed to have been issued and any person so designated to be named therein
shall be deemed to have become a holder of record of such Warrant Shares as of the date of the
surrender of such Warrants and payment of the Exercise Price.

          Notwithstanding anything to the contrary, the aggregate number of Warrant Shares in connection
with the exercise of the Warrants issued under this Agreement shall not exceed 174,105,359 (the
“Share Cap”). The Share Cap shall be adjusted in the same manner and at the same time as the
number of Warrant Shares issuable upon exercise of each Warrant pursuant to Section 11 herein.

          The Warrants shall be exercisable, at the election of the holders thereof, either in full or
from time to time in part and, in the event that a certificate evidencing Warrants is exercised in
respect of fewer than all of the Warrant Shares issuable on such exercise at any time prior to the
date of expiration of the Warrants, a new certificate evidencing the remaining Warrant or Warrants
will be issued, and the Warrant Agent is hereby irrevocably authorized to countersign and to
deliver the required new Warrant Certificate or Certificates pursuant to the provisions of this
Section and of Section 3 hereof, and the Company, whenever required by the Warrant Agent, will
supply the Warrant Agent with Warrant Certificates duly executed on behalf of the Company for such
purpose.

          All Warrant Certificates surrendered upon exercise of Warrants shall be cancelled by the
Warrant Agent. Such cancelled Warrant Certificates shall then be disposed of by the Warrant Agent
in a manner satisfactory to the Company. The Warrant Agent shall account promptly to the Company
with respect to Warrants exercised and concurrently pay or deliver to the Company all monies or
securities received by the Warrant Agent for the purchase of the Warrant Shares through the
exercise of such Warrants.

          The Warrant holder shall not be required to physically surrender Warrant Certificates upon
exercise or conversion of Warrants, except as provided in the immediately succeeding sentence. If
the Warrant holder is exercising or converting all of the Warrants represented by a Warrant
Certificate, the Warrant holder shall physically surrender the original copy of such Warrant Certificate (or a customary certificate of lost warrant certificate to
the Company promptly (but in no event later than five trading days) after such purchase. The
Warrant Agent, as agent for the Company, shall maintain records showing the number of Warrant
Shares purchased pursuant to the exercise or conversion of the Warrants issued hereunder and the
dates of such exercises and conversions, or shall use such other method, reasonably satisfactory to
the Warrant holders and the Company, so as not to require physical surrender of Warrant
Certificates upon the exercise or conversion of Warrants. The Warrant holder and any assignee, by
acceptance of the Warrant Certificate or any new Warrant Certificate, acknowledge and agree that,
by reason of the provisions of this Section 6, following exercise or conversion of any portion of
the Warrants represented by a Warrant Certificate, the number of Warrant Shares which may be
purchased upon exercise may be less than the number of Warrant Shares set forth on the face of the
Warrant Certificate.

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          The Warrant Agent shall keep copies of this Agreement and any notices given or received
hereunder available for inspection by the Warrant holders during normal business hours at its
office. The Company shall supply the Warrant Agent from time to time with such numbers of copies
of this Agreement as the Warrant Agent may request.

          (e) Notwithstanding any other provision in this Warrant Agreement, if any gaming authority
requires that a holder or beneficial owner of the Warrants must be licensed, qualified or found
suitable under any applicable gaming laws in order to maintain any gaming license or franchise of
the Company or any of its subsidiaries under any applicable gaming laws, and the holder or
beneficial owner fails to apply for a license, qualification or finding of suitability within 30
days after being requested to do so by the gaming authority (or within such period that may be
required by such gaming authority) or if such holder or beneficial owner is denied such license or
qualification or found not to be suitable, the Company shall have the right, at its option, (1) to
require such holder or beneficial owner to dispose of such holder’s or beneficial owner’s Warrants
within 30 days of receipt of such finding by the applicable gaming authority (or such time as may
be required by the applicable gaming authority) or (2) to call for redemption the Warrants of such
holder or beneficial owner at a redemption price equal to (i) the lesser of (a) the price at which
such holder or beneficial owner acquired the Warrants or (b) the fair market value of the Warrants
as determined in good faith by the Board of Directors of the Company or (ii) such other price as
may be ordered by the gaming authority. Immediately upon a determination that a holder or
beneficial owner will not be licensed, qualified or found suitable, the holder or beneficial owner
shall have no further rights (a) to exercise any right conferred by the Warrants, directly or
indirectly, through any trustee, nominee or any other person or (b) to receive any interest or
other distribution or payment with respect to the Warrants except the redemption price of the
Warrants described in this paragraph; provided, however, such holder or beneficial holder may, to
the extent permitted by such gaming authority, transfer the Warrants to any unaffiliated third
party, who shall then be entitled to exercise all rights of a holder or beneficial holder under the
Warrants. Under the Warrant Agreement, the Company is not required to pay or reimburse any holder
of Warrants or beneficial owner who is required to apply for such license, qualification or finding
of suitability for the costs of the licensure or investigation for such qualification or finding of
suitability. Such expenses will, therefore, be the obligation of such holder or beneficial owner.

          “Gaming authority” means any agency, authority, board, bureau, commission, department, office
or instrumentality of any nature whatsoever of the United States or foreign government, any state,
province or any city or other political subdivision, whether now or hereafter existing, or any
officer or official thereof, including without limitation, the Nevada Gaming Commission, the Nevada
State Gaming Control Board, the Clark County Liquor and Gaming Licensing Board, the Macau Gaming
Authorities, the Pennsylvania Gaming Control Board, the Singapore Casino Regulatory Authority and
any other agency with authority to regulate any gaming operation (or proposed gaming operation)
owned, managed or operated by the Company or any of its subsidiaries.

          SECTION 7. Payment of Taxes. The Company will pay all documentary stamp taxes attributable to the initial issuance of
Warrant Shares upon the exercise of Warrants; provided, however, that the Company
shall not be required to pay any tax or taxes which may be payable in respect of any transfer
involved in the issue of any Warrant Certificates or any

6

 

certificates for Warrant Shares in a name
other than that of the registered holder of a Warrant Certificate surrendered upon the exercise of
a Warrant, and the Company shall not be required to issue or deliver such Warrant Certificates
unless or until the person or persons requesting the issuance thereof shall have paid to the
Company the amount of such tax or shall have established to the satisfaction of the Company that
such tax has been paid.

          SECTION 8. Mutilated or Missing Warrant Certificates. In case any of the Warrant Certificates shall be mutilated, lost, stolen or destroyed, the
Company may in its reasonable discretion (not to be unreasonably withheld, conditioned or delayed)
issue and the Warrant Agent may countersign, in exchange and substitution for and upon cancellation
of the mutilated Warrant Certificate, or in lieu of and substitution for the Warrant Certificate
lost, stolen or destroyed, a new Warrant Certificate of like tenor and representing an equivalent
number of Warrants, but only upon receipt of evidence reasonably satisfactory to the Company and
the Warrant Agent of such loss, theft or destruction of such Warrant Certificate and indemnity, if
requested, also reasonably satisfactory to them. Applicants for such substitute Warrant
Certificates shall also comply with such other reasonable regulations and pay such other reasonable
charges as the Company or the Warrant Agent may prescribe.

          SECTION 9. Reservation of Warrant Shares. The Company will at all times reserve and keep available, free from preemptive rights, out
of the aggregate of its authorized but unissued Common Stock or its authorized and issued Common
Stock held in its treasury, for the purpose of enabling it to satisfy any obligation to issue
Warrant Shares upon exercise of Warrants, the maximum number of shares of Common Stock which may
then be deliverable upon the exercise of all outstanding Warrants.

          The Company or, if appointed, the transfer agent for the Common Stock (the “Transfer Agent”)
and every subsequent transfer agent for any shares of the Company’s Capital Stock issuable upon the
exercise of any of the rights of purchase aforesaid will be irrevocably authorized and directed at all times to reserve such number of authorized shares as shall be
required for such purpose. The Company will keep a copy of this Agreement on file with the Transfer
Agent and with every subsequent transfer agent for any shares of the Company’s Capital Stock
issuable upon the exercise of the rights of purchase represented by the Warrants. The Warrant
Agent is hereby irrevocably authorized to requisition from time to time from such Transfer Agent
the stock certificates required to honor outstanding Warrants upon exercise thereof in accordance
with the terms of this Agreement. The Company will supply such Transfer Agent with duly executed
certificates for such purposes and will provide or otherwise make available any cash which may be
payable as provided in Section 12. The Company will furnish such Transfer Agent a copy of all
notices of adjustments and certificates related thereto, transmitted to each holder pursuant to
Section 13 hereof.

          The Company covenants that all Warrant Shares which may be issued upon exercise of Warrants
will, upon issue, be duly authorized, fully paid, nonassessable, free of preemptive rights and free
from all taxes, liens, charges and security interests with respect to the issue thereof.

          SECTION 10. Registration under the Securities Act; Obtaining Stock Exchange Listings. The Company shall use its commercially reasonable efforts to keep a shelf registration

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statement continuously effective under the Securities Act providing for the registration of, and
the issuance on a continuous or delayed basis by the Company of, Warrant Shares to be issued upon
exercise of Warrants pursuant to Rule 415 under the Securities Act and/or any similar rule that may
be adopted by the Securities and Exchange Commission; provided, however, that the Company may
suspend the use of the shelf registration statement for the registration of any Warrant Shares,
without incurring any additional obligations to the holders of the Warrants, for a period not to
exceed 90 consecutive days or an aggregate of 120 days in any 12-month period if the Company shall
have determined in good faith that because of valid business reasons (not including the avoidance
of the Company’s obligations hereunder), including the acquisition and divestiture of assets,
pending corporate developments, public filings with the Securities and Exchange Commission and
similar events, it is in the best interests of the Company to suspend the use of such shelf
registration statement. If a shelf registration statement is not available for the registration
and issuance of Warrant Shares upon exercise of Warrants, this shall not relieve any obligation of
the Company to deliver Warrant Shares upon the exercise of Warrants, even if they are not
registered under the Securities Act.

          The Company shall from time to time take all action which may be necessary so that the Warrant
Shares, immediately upon their issuance upon the exercise of Warrants, will be listed on the
principal securities exchanges and markets within the United States of America, if any, on which
other shares of Common Stock are then listed.

          SECTION 11. Adjustments and Other Rights. The Exercise Price and the number of Warrant Shares issuable upon exercise of each Warrant
shall be subject to adjustment from time to time as follows; provided, that if more than one
subsection of this Section 11 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall cause an adjustment
under more than one subsection of this Section 11 so as to result in duplication:

          (a) Stock Splits, Subdivisions, Reclassifications or Combinations. If the Company
shall (i) declare and pay a dividend or make a distribution on its Common Stock in shares of Common
Stock, (ii) subdivide or reclassify the outstanding shares of Common Stock into a greater number of
shares, or (iii) combine or reclassify the outstanding shares of Common Stock into a smaller number
of shares, the number of Warrant Shares issuable upon exercise of each Warrant at the time of the
record date for such dividend or distribution or the effective date of such subdivision,
combination or reclassification shall be proportionately adjusted so that the holder of a Warrant
after such date shall be entitled to purchase the number of shares of Common Stock which such
holder would have owned or been entitled to receive in respect of the shares of Common Stock
subject to the Warrant after such date had the Warrant been exercised immediately prior to such
date. In such event, the Exercise Price in effect at the time of the record date for such dividend
or distribution or the effective date of such subdivision, combination or reclassification shall be
adjusted to the number obtained by dividing (x) the product of (1) the number of Warrant Shares
issuable upon the exercise of the Warrant before such adjustment and (2) the Exercise Price in
effect immediately prior to the record or effective date, as the case may be, for the dividend,
distribution, subdivision, combination or reclassification giving rise to this adjustment by (y)
the new number of Warrant Shares issuable upon exercise of the Warrant determined pursuant to the
immediately preceding sentence.

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          (b) Certain Issuances of Common Shares or Convertible Securities. If the Company
shall issue shares of Common Stock (or rights or warrants or other securities exercisable or
convertible into or exchangeable (collectively, a “conversion”) for shares of Common Stock)
(collectively, “convertible securities”) (other than in Permitted Transactions or a transaction to
which subsection (a) of this Section 11 is applicable) without consideration or at a consideration
per share (or having a conversion price per share) that is less than 95% of the Closing Price on
the last trading day preceding the date of the agreement on pricing such shares (or such
convertible securities) then, in such event:

(A) the number of Warrant Shares issuable upon the exercise of each Warrant
immediately prior to the date of the agreement on pricing of such shares (or
of such convertible securities) (the “Initial Number”) shall be increased to
the number obtained by multiplying the Initial Number by a fraction (A) the
numerator of which shall be the sum of (x) the number of shares of Common
Stock of the Company outstanding on such date and (y) the number of
additional shares of Common Stock issued (or into which convertible
securities may be exercised or convert) and (B) the denominator of which
shall be the sum of (I) the number of shares of Common Stock outstanding on
such date and (II) the number of shares of Common Stock which the aggregate
consideration receivable by the Company for the total number of shares of
Common Stock so issued (or into which convertible securities may be
exercised or convert) would purchase at the Closing Price on the last
trading day preceding the date of the agreement on pricing such shares (or
such convertible securities); and

(B) the Exercise Price payable upon exercise of each Warrant shall be
adjusted by multiplying such Exercise Price in effect immediately prior to
the date of the agreement on pricing of such shares (or of such convertible
securities) by a fraction, the numerator of which shall be the number of shares of Common Stock issuable upon exercise of each Warrant prior to such
date and the denominator of which shall be the number of shares of Common
Stock issuable upon exercise of each Warrant immediately after the
adjustment described in clause (A) above.

          For purposes of the foregoing, the aggregate consideration receivable by the Company in
connection with the issuance of such shares of Common Stock or convertible securities shall be
deemed to be equal to the sum of the net offering price (after deduction of any related expenses
payable to third parties) of all such securities plus the minimum aggregate amount, if any, payable
upon exercise or conversion of any such convertible securities into shares of Common Stock; and
“Permitted Transactions” shall include issuances (i) as consideration for or to fund the
acquisition of businesses and/or related assets, (ii) in connection with employee benefit plans and
compensation related arrangements approved by the Board of Directors; and (iii) in connection with
a broadly marketed offering and sale of Common Stock or convertible securities for cash conducted
by the Company; and (iv) pursuant to the over-allotment option granted pursuant to the Underwriting
Agreement, dated November 10, 2008 (the “Underwriting Agreement”), of up to 18,181,818 shares of
Common Stock at the public offering price less the underwriting discount, as specified in the
Underwriting Agreement. Any

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adjustment made pursuant to this Section 11(b) shall become effective
immediately upon the date of such issuance.

          (c) Other Distributions. In case the Company shall fix a record date for the making
of a distribution to all holders of shares of its Common Stock of securities, evidences of
indebtedness, assets, cash, rights or warrants (excluding dividends of its Common Stock and other
dividends or distributions referred to in Section 11(a)), in each such case, the Exercise Price in
effect prior to such record date shall be reduced immediately thereafter to the price determined by
multiplying the Exercise Price in effect immediately prior to the reduction by the quotient of (x)
the Closing Price of the Common Stock on the last trading day preceding the first date on which the
Common Stock trades regular way on the New York Stock Exchange without the right to receive such
distribution, minus the amount of cash or the Fair Market Value of the securities, evidences of
indebtedness, assets, rights or warrants to be so distributed in respect of one share of Common
Stock (the “Per Share Fair Market Value”) divided by (y) such Closing Price on such date specified
in clause (x); such adjustment shall be made successively whenever such a record date is fixed. In
such event, the number of Warrant Shares issuable upon the exercise of each Warrant shall be
increased to the number obtained by dividing (x) the product of (1) the number of Warrant Shares
issuable upon the exercise of each Warrant before such adjustment, and (2) the Exercise Price in
effect immediately prior to the distribution giving rise to this adjustment by (y) the new Exercise
Price determined in accordance with the immediately preceding sentence. In the event that such
distribution is not so made, the Exercise Price and the number of Warrant Shares issuable upon
exercise of each Warrant then in effect shall be readjusted, effective as of the date when the
Board of Directors determines not to distribute such shares, evidences of indebtedness, assets,
rights, cash or warrants, as the case may be, to the Exercise Price that would then be in effect and the number of Warrant Shares that would then
be issuable upon exercise of the Warrant if such record date had not been fixed.

          (d) Certain Repurchases of Common Stock. In case the Company effects a Pro Rata
Repurchase of Common Stock, then the Exercise Price shall be adjusted to the price determined by
multiplying the Exercise Price in effect immediately prior to the effective date of such Pro Rata
Repurchase by a fraction of which the numerator shall be (i) the product of (x) the number of
shares of Common Stock outstanding immediately before such Pro Rata Repurchase and (y) the Closing
Price of a share of Common Stock on the trading day immediately preceding the first public
announcement by the Company or any of its Subsidiaries of the intent to effect such Pro Rata
Repurchase, minus (ii) the aggregate purchase price of the Pro Rata Repurchase, and of which the
denominator shall be the product of (i) the number of shares of Common Stock outstanding
immediately prior to such Pro Rata Repurchase minus the number of shares of Common Stock so
repurchased and (ii) the Closing Price per share of Common Stock on the trading day immediately
preceding the first public announcement by the Company or any of its Subsidiaries of the intent to
effect such Pro Rata Repurchase. In such event, the number of shares of Common Stock issuable upon
the exercise of each Warrant shall be adjusted to the number obtained by dividing (x) the product
of (1) the number of Warrant Shares issuable upon the exercise of each Warrant before such
adjustment, and (2) the Exercise Price in effect immediately prior to the Pro Rata Repurchase
giving rise to this adjustment by (y) the new Exercise Price determined in accordance with the
immediately preceding sentence.

10

 

          (e) Reorganization. If the Company consolidates or merges with or into, or transfers
or leases all or substantially all its assets to, any person, upon consummation of such transaction
the Warrants shall automatically become exercisable for the kind and amount of securities, cash or
other assets which the Warrant holder would have owned immediately after the consolidation, merger,
transfer or lease if the Warrant holder had exercised the Warrant immediately before the effective
date of the transaction. Concurrently with the consummation of such transaction, the corporation
formed by or surviving any such consolidation or merger if other than the Company, or the person to
which such sale or conveyance shall have been made, shall enter into a supplemental Warrant
Agreement so providing and further providing for adjustments which shall be as nearly equivalent as
may be practical to the adjustments provided for in this Section 11(e). The successor Company
shall mail to Warrant holders a notice describing the supplemental Warrant Agreement.

          (f) Rounding of Calculations; Minimum Adjustments. All calculations under this
Section 11 shall be made to the nearest one-hundredth (1/100th) of a cent or to the nearest
one-ten-thousandth (1/10,000th) of a share, as the case may be.

          (g) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to
the taking of any action which would require an adjustment pursuant to this Section 11, the Company
shall take any action which may be necessary, including obtaining regulatory, New York Stock
Exchange or stockholder approvals or exemptions, in order that the Company may thereafter validly
and legally issue as fully paid and nonassessable all shares of Common Stock that each Warrant
holder is entitled to receive upon exercise of the Warrant pursuant to this Section 11.

          (h) Adjustment Rules. Any adjustments pursuant to this Section 11 shall be made
successively whenever an event referred to herein shall occur. If an adjustment in Exercise Price
made hereunder would reduce the Exercise Price to an amount below par value of the Common Stock,
then such adjustment in Exercise Price made hereunder shall reduce the Exercise Price to the par
value of the Common Stock.

          (i) Notwithstanding anything to the contrary herein, under no circumstances shall the Company
cause any adjustment should such adjustment cause the number of common shares issued and
outstanding upon completion of the adjustment to be in excess of the number of authorized shares of
the Company.

          SECTION 12. Fractional Interests. The Company shall not be required to issue fractional Warrant Shares on the exercise of
Warrants. If more than one Warrant shall be presented for exercise in full at the same time by the
same holder, the number of full Warrant Shares which shall be issuable upon the exercise thereof
shall be computed on the basis of the aggregate number of Warrant Shares purchasable on exercise of
the Warrants so presented. If any fraction of a Warrant Share would, except for the provisions of
this Section 12, be issuable on the exercise of any Warrants (or specified portion thereof), the
Company may either (i) deliver an amount in cash equal to the same fraction of the Closing Price of
the Common Stock on the Exercise Date or (ii) round the number of Warrant Shares to be issued upon
exercise up to the nearest whole number of Warrant Shares.

11

 

          SECTION 13. Notices to Warrant Holders. Upon any adjustment of the Exercise Price pursuant to Section 11, the Company shall
promptly thereafter (i) cause to be filed with the Warrant Agent a certificate executed by the
chief financial officer or the principal financial or accounting officer of the Company setting
forth the Exercise Price after such adjustment and setting forth in reasonable detail the method of
calculation and the facts upon which such calculations are based and setting forth the number of
Warrant Shares (or portion thereof) issuable after such adjustment in the Exercise Price, upon
exercise of a Warrant and payment of the adjusted Exercise Price, which certificate shall be
conclusive evidence of the correctness of the matters set forth therein, and (ii) cause to be given
to each of the registered holders of the Warrant Certificates at his address appearing on the
Warrant register written notice of such adjustments by first-class mail, postage prepaid. Where
appropriate, such notice may be given in advance and included as a part of the notice required to
be mailed under the other provisions of this Section 13.

          In case:

          (a) the Company shall authorize the issuance to all holders of shares of Common Stock of
rights, options or warrants to subscribe for or purchase shares of Common Stock or of any other
subscription rights or warrants; or

          (b) the Company shall authorize the distribution to all holders of shares of Common Stock
evidences of its indebtedness or assets (other than dividends payable in shares of Common Stock or
distributions referred to in subsection (a) of Section 11 hereof); or

          (c) of any consolidation or merger to which the Company is a party and for which approval of
any shareholders of the Company is required, or of the conveyance or transfer of the properties and
assets of the Company substantially as an entirety, or of any reclassification or change of Common
Stock issuable upon exercise of the Warrants (other than a change in par value, or from par value
to no par value, or from no par value to par value, or as a result of a subdivision or
combination), or a tender offer or exchange offer for shares of Common Stock; or

          (d) of the voluntary or involuntary dissolution, liquidation or winding up of the Company; or

          (e) the Company proposes to take any action (other than actions of the character described in
Section 11(a)) which would require an adjustment of the Exercise Price pursuant to Section 11,
then the Company shall cause to be filed with the Warrant Agent and shall cause to be given to each
of the registered holders of the Warrant Certificates at his address appearing on the Warrant
register, at least 20 days (or 10 days in any case specified in clauses (a) or (b) above) prior to
the applicable record date hereinafter specified, or promptly in the case of events for which there
is no record date, by first-class mail, postage prepaid, a written notice stating (i) the date as
of which the holders of record of shares of Common Stock to be entitled to receive any such rights,
options, warrants or distribution are to be determined, or (ii) the initial expiration date set
forth in any tender offer or exchange offer for shares of Common Stock, or (iii) the date on which
any such consolidation, merger, conveyance, transfer, dissolution, liquidation or winding up is
expected to become effective or consummated, and the date as of which it is expected that holders
of record of shares of Common Stock shall be entitled to

12

 

exchange such shares for securities or
other property, if any, deliverable upon such reclassification, consolidation, merger, conveyance,
transfer, dissolution, liquidation or winding up. The failure to give the notice required by this
Section 13 or any defect therein shall not affect the legality or validity of any distribution,
right, option, warrant, consolidation, merger, conveyance, transfer, dissolution, liquidation or
winding up, or the vote upon any action.

          Nothing contained in this Agreement or in any of the Warrant Certificates shall be construed
as conferring upon the holders thereof the right to vote or to consent or to receive notice as
shareholders in respect of the meetings of shareholders or the election of directors of the Company
or any other matter, or any rights whatsoever as shareholders of the Company.

          SECTION 14. Merger, Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent may be merged or with which it may be
consolidated, or any corporation resulting from any merger or consolidation to which the Warrant
Agent shall be a party, or any corporation succeeding to the business of the Warrant Agent, shall
be the successor to the Warrant Agent hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto. In case at the time such successor to the
Warrant Agent shall succeed to the agency created by this Agreement, and in case at that time any
of the Warrant Certificates shall have been countersigned but not delivered, any such successor to
the Warrant Agent may adopt the countersignature of the original Warrant Agent; and in case at that
time any of the Warrant Certificates shall not have been countersigned, any successor to the
Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor
Warrant Agent or in the name of the successor to the Warrant Agent; and in all such cases such Warrant Certificates shall have the full force and effect provided
in the Warrant Certificates and in this Agreement.

          In case at any time the name of the Warrant Agent shall be changed and at such time any of the
Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent whose name
has been changed may adopt the countersignature under its prior name, and in case at that time any
of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign
such Warrant Certificates either in its prior name or in its changed name, and in all such cases
such Warrant Certificates shall have the full force and effect provided in the Warrant Certificates
and in this Agreement.

          SECTION 15. Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the
following terms and conditions, by all of which the Company and the holders of Warrants, by their
acceptance thereof, shall be bound:

          (a) The statements contained herein and in the Warrant Certificates shall be taken as
statements of the Company and the Warrant Agent assumes no responsibility for the correctness of
any of the same except such as describe the Warrant Agent or action taken or to be taken by it.
The Warrant Agent assumes no responsibility with respect to the distribution of the Warrant
Certificates except as herein otherwise provided.

          (b) The Warrant Agent shall not be responsible for any failure of the Company to comply with
any of the covenants contained in this Agreement or in the Warrant Certificates to be complied with
by the Company.

13

 

          (c) The Warrant Agent may consult at any time with counsel satisfactory to it (who may be
counsel for the Company) and the Warrant Agent shall incur no liability or responsibility to the
Company or to any holder of any Warrant Certificate in respect of any action taken, suffered or
omitted by it hereunder in good faith and in accordance with the opinion or the advice of such
counsel.

          (d) The Warrant Agent shall incur no liability or responsibility to the Company or to any
holder of any Warrant Certificate for any action taken in reliance on any Warrant Certificate,
certificate of shares, notice, resolution, waiver, consent, order, certificate, or other paper,
document or instrument believed by it to be genuine and to have been signed, sent or presented by
the proper party or parties.

          (e) The Company agrees to pay to the Warrant Agent reasonable compensation for all services
rendered by the Warrant Agent in the execution of this Agreement, to reimburse the Warrant Agent
for all expenses, taxes and governmental charges and other charges of any kind and nature incurred
by the Warrant Agent in the execution of this Agreement and to indemnify the Warrant Agent and save
it harmless against any and all liabilities, including judgments, costs and counsel fees, for
anything done or omitted by the Warrant Agent in the execution of this Agreement except as a result
of its negligence or bad faith.

          (f) The Warrant Agent shall be under no obligation to institute any action, suit or legal
proceeding or to take any other action likely to involve expense unless the Company or one or more
registered holders of Warrant Certificates shall furnish the Warrant Agent with reasonable security
and indemnity for any costs and expenses which may be incurred, but this provision shall not affect
the power of the Warrant Agent to take such action as it may consider proper, whether with or
without any such security or indemnity. All rights of action under this Agreement or under any of
the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrant
Certificates or the production thereof at any trial or other proceeding relative thereto, and any
such action, suit or proceeding instituted by the Warrant Agent shall be brought in its name as
Warrant Agent and any recovery of judgment shall be for the ratable benefit of the registered
holders of the Warrants, as their respective rights or interests may appear.

          (g) The Warrant Agent, and any stockholder, director, officer or employee of it, may buy, sell
or deal in any of the Warrants or other securities of the Company or become pecuniarily interested
in any transaction in which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Warrant Agent under this
Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for
the Company or for any other legal entity.

          (h) The Warrant Agent shall act hereunder solely as agent for the Company, and its duties
shall be determined solely by the provisions hereof. The Warrant Agent shall not be liable for
anything which it may do or refrain from doing in connection with this Agreement except for its own
negligence or bad faith.

          (i) The Warrant Agent shall not at any time be under any duty or responsibility to any holder
of any Warrant Certificate to make or cause to be made any

14

 

adjustment of the Exercise Price or
number of the Warrant Shares or other securities or property deliverable as provided in this
Agreement, or to determine whether any facts exist which may require any of such adjustments, or
with respect to the nature or extent of any such adjustments, when made, or with respect to the
method employed in making the same. The Warrant Agent shall not be accountable with respect to the
validity or value or the kind or amount of any Warrant Shares or of any securities or property
which may at any time be issued or delivered upon the exercise of any Warrant or with respect to
whether any such Warrant Shares or other securities will when issued be validly issued and fully
paid and nonassessable, and makes no representation with respect thereto.

          SECTION 16. Change of Warrant Agent. If the Warrant Agent shall become incapable of acting as Warrant Agent, the Company shall
appoint a successor to such Warrant Agent. If the Company shall fail to make such appointment
within a period of 30 days after it has been notified in writing of such incapacity by the Warrant
Agent or by the registered holder of a Warrant Certificate, then the registered holder of any
Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a
successor to the Warrant Agent. Pending appointment of a successor to such Warrant Agent, either
by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the
Company. The holders of a majority of the unexercised Warrants shall be entitled at any time to remove the Warrant Agent and appoint a successor to such
Warrant Agent. Such successor to the Warrant Agent need not be approved by the Company or the
former Warrant Agent. After appointment the successor to the Warrant Agent shall be vested with the
same powers, rights, duties and responsibilities as if it had been originally named as Warrant
Agent without further act or deed; but the former Warrant Agent shall deliver and transfer to the
successor to the Warrant Agent any property at the time held by it hereunder and execute and
deliver any further assurance, conveyance, act or deed necessary for the purpose. Failure to give
any notice provided for in this Section 16, however, or any defect therein, shall not affect the
legality or validity of the appointment of a successor to the Warrant Agent.

          SECTION 17. Notices to Company and Warrant Agent. Any notice or demand authorized by this Agreement to be given or made by the Warrant Agent
or by the registered holder of any Warrant Certificate to or on the Company shall be sufficiently
given or made when and if deposited in the mail, first class or registered, postage prepaid,
addressed (until another address is filed in writing by the Company with the Warrant Agent), as
follows:

Las Vegas Sands Corp.

3355 Las Vegas Blvd. South

Las Vegas, NV 89109

Attention: J. Alberto Gonzalez-Pita

          In case the Company shall fail to maintain such office or agency or shall fail to give such
notice of the location or of any change in the location thereof, presentations may be made and
notices and demands may be served at the principal office of the Warrant Agent.

15

 

          Any notice pursuant to this Agreement to be given by the Company or by the registered
holder(s) of any Warrant Certificate to the Warrant Agent shall be sufficiently given when and if
deposited in the mail, first-class or registered, postage prepaid, addressed (until another address
is filed in writing by the Warrant Agent with the Company) to the Warrant Agent as follows:

U.S. Bank National Association

60 Livingston Avenue

EP-MN-WS3C

St. Paul, MN 55107

Attention: Richard Prokosch

          SECTION 18. Supplements and Amendments. The Company and the Warrant Agent may from time to time supplement or amend this Agreement
without the approval of any holders of Warrant Certificates in order to cure any ambiguity or to
correct or supplement any provision contained herein which may be defective or inconsistent with
any other provision herein, or to make any other provisions in regard to matters or questions arising hereunder which the Company and the Warrant Agent may
deem necessary or desirable and which shall not in any way materially adversely affect the
interests of the holders of Warrant Certificates. All other modifications or amendments shall
require the written consent of the registered holders of a majority of the then outstanding
Warrants; provided, however, that no modification or amendment shall be made to any Warrant without
the consent of the holder of such Warrant if such modification or amendment would increase the
Exercise Price, reduce the number of Warrant Shares for which such Warrant is exercisable, or limit
the exercisability of such Warrant or otherwise disproportionately affect the rights of such holder
with respect to such Warrant.

          SECTION 19. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or
the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns
hereunder.

          SECTION 20. Termination. This Agreement shall terminate at 5:00 p.m., New York City time on November 16, 2013.
Notwithstanding the foregoing, this Agreement will terminate on any earlier date if all Warrants
have been exercised. The provisions of Section 15 shall survive such termination.

          SECTION 21. Governing Law. The terms and conditions of this Agreement (including any claim or controversy arising out
of or relating to this Agreement) shall be governed by the law of the State of New York without
regard to conflict of law principles that would result in the application of any law other than the
law of the State of New York.

          SECTION 22. Benefits of This Agreement. Nothing in this Agreement shall be construed to give to any person or corporation other
than the Company, the Warrant Agent and the registered holders of the Warrant Certificates any
legal or equitable right, remedy or claim under this Agreement; but this Agreement shall be for the
sole and exclusive benefit of the Company, the Warrant Agent and the registered holders of the
Warrant Certificates.

16

 

          SECTION 23. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts
shall for all purposes be deemed to be an original, and all such counterparts shall together
constitute but one and the same instrument.

[Signature Page Follows]

17

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed, as of
the day and year first above written.

	 	 	 	 	 
	 	LAS VEGAS SANDS CORP.

 	 
	 	By  	/s/
William P. Weidner	 
	 	 	Name: 	William P. Weidner	 
	 	 	Title: 	President, Chief
Operating Officer and Secretary	 
	 	 	 	 
	 

 

	 	 	 	 	 
	Attest:	 	/s/ Scott D. Henry	 
	 	 	Name: 	Scott D. Henry	 
	 	 	Title: 	Senior Vice President — Finance	 
	 	 	 	 
	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By  	/s/
Richard Prokosch	 
	 	 	Title: 	Vice President	 
	 	 	 	 
	 

 

	 	 	 	 	 
	Attest:	 	/s/
Raymond Haverstock	 
	 	 	Title: 	Vice President	 

18

 

ANNEX I

          “Board of Directors” means the board of directors of the Company, including any duly
authorized committee thereof.

          “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which banking institutions in the City of New York or at a place of payment are authorized by
law, regulation or executive order to remain closed.

          “Capital Stock” means (A) with respect to any Person that is a corporation or company, any and
all shares, interests, participations or other equivalents (however designated) of capital or
capital stock of such Person and (B) with respect to any Person that is not a corporation or
company, any and all partnership or other equity interests of such Person.

          “Closing Price” means, with respect to the Common Stock, on any given day, the last sale
price, regular way, or, in case no such sale takes place on such day, the average of the closing
bid and asked prices, regular way, of the shares of the Common Stock on the New York Stock Exchange
on such day. If the Common Stock is not traded on the New York Stock Exchange on any date of
determination, the Closing Price of the Common Stock on such date of determination means the
closing sale price as reported in the composite transactions for the principal U.S. national or
regional securities exchange on which the Common Stock is so listed or quoted, or, if no closing
sale price is reported, the last reported sale price on the principal U.S. national or regional
securities exchange on which the Common Stock is so listed or quoted, or if the Common Stock is not
so listed or quoted on a U.S. national or regional securities exchange, the last quoted bid price
for the Common Stock in the over-the-counter market as reported by Pink Sheets LLC or similar
organization, or, if that bid price is not available, the Closing Price of the Common Stock on that
date shall mean the Fair Market Value per share as determined by the Board of Directors in reliance
on an opinion of a nationally recognized independent investment banking firm retained by the
Corporation for this purpose and certified in a resolution sent to the Warrant Agent. For the
purposes of determining the Closing Price of the Common Stock on the “trading day” preceding, on or
following the occurrence of an event, (i) that trading day shall be deemed to commence immediately
after the regular scheduled closing time of trading on the New York Stock Exchange or, if trading
is closed at an earlier time, such earlier time and (ii) that trading day shall end at the next
regular scheduled closing time, or if trading is closed at an earlier time, such earlier time (for
the avoidance of doubt, and as an example, if the Closing Price is to be determined as of the last
trading day preceding a specified event and the closing time of trading on a particular day is 4:00
p.m. and the specified event occurs at 5:00 p.m. on that day, the Closing Price would be determined
by reference to such 4:00 p.m. closing price).

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations promulgated thereunder.

          “Fair Market Value” means, with respect to any security or other property, the fair market
value of such security or other property as determined by the Board of Directors, acting in good
faith.

 

 

          “Note Conversion and Securities Purchase Agreement” means the Conversion and Securities
Purchase Agreement, dated November 14, 2008, between the Company and the person listed on Schedule
A thereto.

          “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act and as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act.

          “Pro Rata Repurchases” means any purchase of shares of Common Stock by the Company or any
Subsidiary thereof pursuant to (A) any tender offer or exchange offer subject to Section 13(e) or
14(e) of the Exchange Act or Regulation 14E promulgated thereunder or (B) any other offer available
to substantially all holders of Common Stock, in the case of both (A) or (B), whether for cash,
shares of Capital Stock of the Company, other securities of the Company, evidences of indebtedness
of the Company or any other Person or any other property (including, without limitation, shares of
Capital Stock, other securities or evidences of indebtedness of a subsidiary), or any combination
thereof, effected while this Warrant is outstanding. The “Effective Date” of a Pro Rata Repurchase
shall mean the date of acceptance of shares for purchase or exchange by the Company under any
tender or exchange offer which is a Pro Rata Repurchase or the date of purchase with respect to any
Pro Rata Purchase that is not a tender or exchange offer.

          “Related Party” means (1) Sheldon G. Adelson, (2) any spouse and any child, stepchild, sibling
or descendant of Sheldon G. Adelson or Dr. Miriam Adelson, (3) any estate of Sheldon G. Adelson or
any person under clause (2), (4) any person who receives a beneficial interest in the Company from
any estate under clause (3) to the extent of such interest, (5) any executor, personal
administrator or trustee who holds such beneficial interest in the Company for the benefit of, or
as fiduciary for, any person under clauses (2), (3) or (4) to the extent of such interest, (6) any
corporation, partnership, limited liability company, trust or similar entity owned or controlled by
Sheldon G. Adelson or any person referred to in clause (2), (3), (4) or (5) or for the benefit of
any person referred to in clause (2), and (7) the spouse or issue of one or more of the individuals
described in clause (2).

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

          “Subsidiary” means, with respect to any Person, (a) any corporation, partnership, limited
liability company, association, joint venture or other business entity of which more than 50% of
the total voting power of shares of stock or other ownership interests entitled (without regard to
the occurrence of any contingency) to vote in the election of the Person or Persons (whether
directors, managers, trustees or other Persons performing similar functions) having the power to
direct or cause the direction of the management and policies thereof is at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that
Person or a combination thereof and (b) any partnership or limited liability company of which more
than 50% of such entities’ capital accounts, distribution rights, partnership interests or
membership interests are owned or controlled directly or indirectly by such Person or one of more
other Subsidiaries of that Person or a combination thereof.

 

 

EXHIBIT A

[Form of Warrant Certificate]

EXERCISABLE ON OR BEFORE November 16, 2013

 

 

			
	No. ______
	 	Warrants

Warrant Certificate

[COMPANY]

          This Warrant Certificate certifies that [NAME OF HOLDER], or registered assigns, is the
registered holder of Warrants expiring November 16, 2013 (the “Warrants”) to purchase Common Stock,
$0.001 par value (the “Common Stock”), of Las Vegas Sands Corp., a Nevada corporation (the
“Company”). Each Warrant entitles the holder upon exercise to receive from the Company on or
before 5:00 p.m. New York City Time on November 16, 2013, [___] fully paid and nonassessable shares
of Common Stock (“Warrant Shares”) at the initial exercise price (the “Exercise Price”) of
$[_______] payable as set forth in the Warrant Agreement, dated November [___________], 2008, between the
Company and the [___________] (the “Warrant Agent”). The Exercise Price and number of Warrant
Shares issuable upon exercise of the Warrants are subject to adjustment upon the occurrence of
certain events set forth in the Warrant Agreement.

          No Warrant may be exercised after 5:00 p.m., New York City Time on November 16, 2013, and to
the extent not exercised by such time such Warrants shall become void.

          Reference is hereby made to the further provisions of this Warrant Certificate set forth on
the reverse hereof and such further provisions shall for all purposes have the same effect as
though fully set forth at this place.

          This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such
term is used in the Warrant Agreement.

          This Warrant Certificate (including any claim or controversy arising out of or relating to
this Warrant Certificate) shall be governed by the law of the State of New York without regard to
conflict of law principles that would result in the application of any law other than the law of
the State of New York.

 

 

          IN WITNESS WHEREOF,
________________________ has caused this Warrant Certificate to be
signed by its President and by its Secretary[, each by a facsimile of his signature,] and has
caused [a facsimile of] its corporate seal to be affixed hereunto or imprinted hereon.

Dated:

	 	 	 	 	 
	 	LAS VEGAS SANDS CORP.

 	 
	 	 	 
	 	By  	 	 
	 	 	President 	 
	 	 	 	 
	 
	 	 	 
	 	By  	
 	 
	 	 	Secretary 	 
	 	 	 	 
	 

Countersigned

U.S. BANK NATIONAL ASSOCIATION

as Warrant Agent

	 	 	 	 	 
	 	 	 
	By  	 	 
	 	Authorized Signature 	 
	 	 	 

 

 

	 	 	 	 	 

[Form of Warrant Certificate]

[Reverse]

          The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of
Warrants expiring November 16, 2013 entitling the holder on exercise to receive shares of Common
Stock, $0.001 par value, of the Company (the “Common Stock”), and are issued or to be issued
pursuant to a Warrant Agreement dated as of November [___], 2008 (the “Warrant Agreement”), duly
executed and delivered by the Company to U.S. Bank National Association, a national banking
association organized under the laws of the United States, as warrant agent (the “Warrant Agent”),
which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument
and is hereby referred to for a description of the rights, limitation of rights, obligations,
duties and immunities thereunder of the Warrant Agent, the Company and the holders (the words
“holders” or “holder” meaning the registered holders or registered holder) of the Warrants. A copy
of the Warrant Agreement may be obtained by the holder hereof upon written request to the Company.

          Warrants may be exercised at any time on or before November 16, 2013. The holder of Warrants
evidenced by this Warrant Certificate may exercise them by surrendering this Warrant Certificate,
with the form of election to purchase set forth hereon properly completed and executed, together
with payment of the Exercise Price in cash, or any other method of payment provided for in the
Warrant Agreement, at the office of the Warrant Agent. In the event that upon any exercise of
Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of
Warrants evidenced hereby, there shall be issued to the holder hereof or his assignee a new Warrant
Certificate evidencing the number of Warrants not exercised. No adjustment shall be made for any
dividends on any Common Stock issuable upon exercise of this Warrant.

          The Warrant Agreement provides that upon the occurrence of certain events the Exercise Price
set forth on the face hereof may, subject to certain conditions, be adjusted. If the Exercise
Price is adjusted, the Warrant Agreement provides that the number of shares of Common Stock
issuable upon the exercise of each Warrant shall be adjusted. No fractions of a share of Common
Stock will be issued upon the exercise of any Warrant, but the Company will pay the cash value
thereof determined as provided in the Warrant Agreement.

          Warrant Certificates, when surrendered at the office of the Warrant Agent by the registered
holder thereof in person or by legal representative or attorney duly authorized in writing, may be
exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but
without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
like tenor evidencing in the aggregate a like number of Warrants.

          Upon due presentation for registration of transfer of this Warrant Certificate at the office
of the Warrant Agent a new Warrant Certificate or Warrant Certificates of like tenor and evidencing
in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant

 

 

Agreement, without charge except for any tax or other governmental charge imposed in
connection therewith.

          The Company and the Warrant Agent may deem and treat the registered holder(s) thereof as the
absolute owner(s) of this Warrant Certificate (notwithstanding any notation of ownership or other
writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the
holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate
entitles any holder hereof to any rights of a stockholder of the Company.

 

 

[Form of Election to Purchase]

(To Be Executed Upon Exercise Of Warrant)

TO: [COMPANY]

          1. The undersigned hereby irrevocably elects to exercise the right, represented by the
attached Warrant Certificate, to receive Warrant Shares pursuant to the Cash Exercise Option as
specified in the fourth paragraph of Section 6 of the Warrant Agreement. This election is
exercised with respect to _____________ of the shares covered by the Warrant Certificate.

          1. The undersigned hereby irrevocably elects to exercise the right, represented by the
attached Warrant Certificate, to receive Warrant Shares without the exchange of any funds pursuant
to the Preferred Exercise Option as specified in the fourth paragraph of Section 6 of the Warrant
Agreement. This election is exercised with respect to _____________ of the shares covered by
the Warrant Certificate.

          1. The undersigned hereby irrevocably elects to exercise the right, represented by the
attached Warrant Certificate, to receive Warrant Shares on a net basis without the exchange of any
funds pursuant to the Net Share Exercise Option as specified in the fourth paragraph of Section 6
of the Warrant Agreement. This election is exercised with respect to _____________ of the
shares covered by the Warrant Certificate (prior to taking into account any withholding of shares).

[Strike paragraphs above that do not apply]

          2. Please issue a certificate or certificates representing said shares of stock in the name of
the undersigned or in such other name as is specified below:

 

(Name)

 

(Address)

 

          [3. [If receiving unregistered shares] The undersigned represents that the aforesaid shares of
stock are being acquired for the account of the undersigned for investment and not with a view to,
or for resale in connection with, the distribution thereof and that the undersigned has no present
intention of distributing or reselling such shares in violation of the Securities Act.]

 

 

	 	 	 	 	 
	 	Name of Warrantholder:

 	 
	 	

 	 
	 	 
                                   
By:  	

 	 
	 	 	Name:  	 	 
	 	 	Title:Exhibit 10.2

Exhibit
10.2

EXECUTION COPY

SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

by and among

LAS VEGAS SANDS CORP.

and the STOCKHOLDERS named therein

 

Dated: November 14, 2008

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	1.	 	Definitions	 	 	4	 
	 
	 	 	 	 	 	 	 	 
	2.	 	General; Securities Subject to this Agreement	 	 	10	 
	 
	 	(a)	 	Grant of Rights	 	 	10	 
	 
	 	(b)	 	Registrable Securities	 	 	10	 
	 
	 	(c)	 	Holders of Registrable Securities	 	 	11	 
	 
	 	(d)	 	Transfer of Registration Rights	 	 	11	 
	 
	 	 	 	 	 	 	 	 
	3.	 	Demand Registration	 	 	12	 
	 
	 	(a)	 	Request for Demand Registration	 	 	12	 
	 
	 	(b)	 	Incidental or “Piggy-Back” Rights with Respect to a Demand Registration	 	 	12	 
	 
	 	(c)	 	Effective Demand Registration	 	 	13	 
	 
	 	(d)	 	Expenses	 	 	13	 
	 
	 	(e)	 	Underwriting Procedures	 	 	13	 
	 
	 	(f)	 	Selection of Underwriters	 	 	14	 
	 
	 	(g)	 	Withdrawal	 	 	14	 
	 
	 	 	 	 	 	 	 	 
	4.	 	Incidental or “Piggy-Back” Registration	 	 	14	 
	 
	 	(a)	 	Request for Incidental Registration	 	 	14	 
	 
	 	(b)	 	Expenses	 	 	15	 
	 
	 	 	 	 	 	 	 	 
	5.	 	Form S-3 Registration	 	 	16	 
	 
	 	(a)	 	Request for a Form S-3 Registration	 	 	16	 
	 
	 	(b)	 	Form S-3 Underwriting Procedures	 	 	16	 
	 
	 	(c)	 	Limitations on Form S-3 Registrations	 	 	17	 
	 
	 	(d)	 	Expenses	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	6.	 	Hedging Transactions	 	 	18	 
	 
	 	 	 	 	 	 	 	 
	7.	 	Holdback Agreements	 	 	18	 
	 
	 	(a)	 	Restrictions on Public Sale by Designated Holders	 	 	18	 
	 
	 	(b)	 	Restrictions on Public Sale by the Company	 	 	19	 
	 
	 	 	 	 	 	 	 	 
	8.	 	Registration Procedures	 	 	19	 
	 
	 	(a)	 	Obligations of the Company	 	 	19	 
	 
	 	(b)	 	Seller Information	 	 	22	 
	 
	 	(c)	 	Notice to Discontinue	 	 	23	 
	 
	 	(d)	 	Registration Expenses	 	 	23	 
	 
	 	 	 	 	 	 	 	 
	9.	 	Indemnification; Contribution	 	 	24	 
	 
	 	(a)	 	Indemnification by the Company	 	 	24	 
	 
	 	(b)	 	Indemnification by Designated Holders	 	 	24	 
	 
	 	(c)	 	Conduct of Indemnification Proceedings	 	 	25	 
	 
	 	(d)	 	Contribution	 	 	26	 

			
	 
	Registration Rights Agreement	Page 2 of 38

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 
	 	 	 	 	 	 	 	 
	10.	 	Rule 144	 	 	27	 
	 
	 	 	 	 	 	 	 	 
	11.	 	Miscellaneous	 	 	27	 
	 
	 	(a)	 	Registration Defaults	 	 	27	 
	 
	 	(b)	 	Stock Splits, etc.	 	 	28	 
	 
	 	(c)	 	No Inconsistent Agreements	 	 	28	 
	 
	 	(d)	 	Remedies	 	 	28	 
	 
	 	(e)	 	Amendments and Waivers	 	 	28	 
	 
	 	(f)	 	Notices	 	 	28	 
	 
	 	(g)	 	Permitted Assignees; Third Party Beneficiaries	 	 	29	 
	 
	 	(h)	 	Counterparts	 	 	29	 
	 
	 	(i)	 	GOVERNING LAW	 	 	29	 
	 
	 	(j)	 	Severability	 	 	29	 
	 
	 	(k)	 	Rules of Construction	 	 	29	 
	 
	 	(l)	 	Entire Agreement	 	 	30	 
	 
	 	(m)	 	Further Assurances	 	 	30	 
	 
	 	(n)	 	Other Agreements	 	 	30	 

Page 3 of 38

 

SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

          SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT, dated as of November 14, 2008, by
and among Las Vegas Sands Corp., a Nevada corporation (the “Company”), Dr. Miriam Adelson
(the “Adelson Purchaser”), the other Adelson Holders (as defined below) and the Other
Holders (as defined below) that are party to this Agreement from time to time.

          WHEREAS, the Company consummated an Initial Public Offering (as hereinafter defined) on
December 20, 2004;

          WHEREAS, on September 30, 2008, the Company issued and sold to the Adelson Purchaser $475.0
million aggregate principal amount of its 6 1/2% Convertible Senior Notes due 2013 (the
“Notes”) and in connection therewith, the Company, and the parties thereto, entered into
the Amended and Restated Registration Rights Agreement, dated as of September 30, 2008;

          WHEREAS, under the Note Conversion and Securities Purchase Agreement, dated November 10, 2008
(the “Note Conversion and Securities Purchase Agreement”), by and between the Adelson
Purchaser and the Company, (x) the Company has agreed to issue and sell, and the Adelson Purchaser
has agreed to purchase, 5,250,000 shares of the Company’s Series A cumulative perpetual preferred
stock, par value $0.001 per share, having a liquidation preference of $100.00 per share (the
“Preferred Stock”), and warrants (the “Warrants,” and together with the Preferred
Stock, the “Securities”) to purchase up to an aggregate of 87,500,175 shares of the
Company’s common stock, par value $0.001 per share (the “Common Stock”), and (y) the
Adelson Purchaser has agreed to convert $475,000,000 aggregate principal amount of the Notes;

          WHEREAS, in order to induce the Adelson Purchaser to purchase the Securities pursuant to the
Note Conversion and Securities Purchase Agreement and to provide for the grant of registration
rights with respect to the Registrable Securities (as hereinafter defined), the Company is willing
to enter into this Agreement.

          NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and
for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree as follows:

          1. DEFINITIONS. As used in this Agreement, and unless the context requires a different meaning,
the following terms have the meanings indicated:

          “Adelson Holders” means collectively Sheldon G. Adelson, the Sheldon G. Adelson 2002
Remainder Trust, the Adelson Purchaser, the Sheldon G. Adelson 2005 Family Trust u/d/t dated April
25, 2005, the Dr. Miriam and Sheldon G. Adelson Charitable Trust u/d/t dated December 12, 1994, the
ESBT Y TRUST u/d/t dated October 1, 2002, the ESBT S TRUST u/d/t dated October 1, 2002, the QSST A
TRUST u/d/t dated October 1, 2002, the QSST M TRUST u/d/t dated October 1, 2002, the Sheldon G.
Adelson 2004 Remainder Trust u/d/t dated May 31, 2004, the Sheldon G. Adelson 2007 Two Year LVS
Annuity Trust u/d/t

Page 4 of 38

 

dated May 1, 2007, the Sheldon G. Adelson 2007 Three Year LVS Annuity Trust u/d/t dated May 1,
2007, the Sheldon G. Adelson July 2007 Two Year LVS Annuity Trust u/d/t dated July 30, 2007, the
Sheldon G. Adelson July 2007 Three Year LVS Annuity Trust u/d/t dated July 30, 2007, the Sheldon G.
Adelson April 2008 Two Year LVS Annuity Trust u/d/t dated April 1, 2008, the Sheldon G. Adelson
April 2008 Three Year LVS Annuity Trust u/d/t dated April 1, 2008, the Sheldon G. Adelson July 2008
Two Year LVS Annuity Trust u/d/t dated July 28, 2008, the Sheldon G. Adelson July 2008 Three Year
LVS Annuity Trust u/d/t dated July 28, 2008 and the assignees of each of the foregoing as permitted
by Section 2(d) of this Agreement.

          “Affiliate” means, with respect to a Person, any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to a Person,
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise.

          “Agreement” means this Registration Rights Agreement as the same may be amended,
supplemented or modified in accordance with the terms hereof.

          “Approved Underwriter” has the meaning set forth in Section 3(f) of this Agreement.

          “Board of Directors” means the Board of Directors of the Company.

          “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks in the State of New York or Nevada are authorized or required by law or executive
order to close.

          “Certificate of Designations” means the Certificate of Designations setting forth the
rights, preferences, privileges and other terms of the Preferred Stock as duly adopted by the
Company and filed with the Secretary of State of the State of Nevada.

          “Closing Price” means, with respect to the Registrable Securities, as of the date of
determination, (a) if the Registrable Securities are listed on a national securities exchange, the
closing price per share or other applicable unit of a Registrable Security on such date published
in The Wall Street Journal (National Edition) or, if no such closing price on such date is
published in The Wall Street Journal (National Edition), the average of the closing bid and
asked prices on such date, as officially reported on the principal national securities exchange on
which the Registrable Securities are then listed or admitted to trading; or (b) if the Registrable
Securities are not then listed or admitted to trading on any national securities exchange but are
designated as national market system securities by the NASD, the last trading price per share or
other applicable unit of a Registrable Security on such date; or (c) if there shall have been no
trading on such date or if the Registrable Securities are not designated as national market system
securities by the NASD, the average of the reported closing bid and asked prices of the Registrable
Securities on such date as shown by The

Page 5 of 38

 

Nasdaq Stock Market, Inc. (or its successor) and reported by any member firm of The New York
Stock Exchange, Inc. selected by the Company; or (d) if none of (a), (b) or (c) is applicable, a
market price per share or other applicable unit determined in good faith by the Board of Directors.
If trading is conducted on a continuous basis on any exchange, then the closing price shall be as
set forth at 4:00 P.M. New York City time.

          “Commission” means the Securities and Exchange Commission or any similar agency then
having jurisdiction to enforce the Securities Act.

          “Common Stock” means (i) the Common Stock, par value $0.001 per share, of the Company,
(ii) any other common stock of the Company, (iii) any securities of the Company or any successor or
assign of the Company into which such stock described in clauses (i) and (ii) is reclassified or
reconstituted or into which such stock is converted or otherwise exchanged in connection with a
combination of shares, recapitalization, merger, sale of assets, consolidation or other
reorganization or otherwise or (iv) any securities received as a dividend or distribution in
respect of the securities described in clauses (i), (ii), and (iii) above.

          “Company” has the meaning set forth in the preamble to this Agreement.

          “Company Underwriter” has the meaning set forth in Section 4(a) of this Agreement.

          “Demand Registration” has the meaning set forth in Section 3(a) of this Agreement.

          “Designated Holder” means each of the Adelson Holders and Other Holders.

          “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission thereunder.

          “Hedging Counterparty” means a broker-dealer registered under Section 15(b) of the
Exchange Act or an Affiliate thereof.

          “Hedging Transaction” means any transaction involving a security linked to the
Registrable Securities or any security that would be deemed to be a “derivative security” (as
defined in Rule 16a-1(c) under the Exchange Act) with respect to the Registrable Securities or
transaction (even if not a security) which would (were it a security) be considered such a
derivative security, or which transfers some or all of the economic risk of ownership of the
Registrable Securities, including, without limitation, any forward contract, equity swap, put or
call, put or call equivalent position, collar, non-recourse loan, sale of exchangeable security or
similar transaction. For the avoidance of doubt, the following transactions shall be deemed to be
Hedging Transactions:

          (a) transactions by a Designated Holder in which a Hedging Counterparty engages in short sales
of Registrable Securities pursuant to a Prospectus and may use Registrable Securities to close out
its short position;

Page 6 of 38

 

          (b) transactions pursuant to which a Designated Holder sells short Registrable Securities
pursuant to a Prospectus and delivers Registrable Securities to close out its short position;

          (c) transactions by a Designated Holder in which the Designated Holder delivers, in a
transaction exempt from registration under the Securities Act, Registrable Securities to the
Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable
Securities pursuant to a Prospectus or an exemption from registration under the Securities Act; and

          (d) a loan or pledge of Registrable Securities to a Hedging Counterparty who may then become a
selling stockholder and sell the loaned shares or, in an event of default in the case of a pledge,
then sell the pledged shares, in each case, in a public transaction pursuant to a Prospectus.

          “Holders’ Counsel” has the meaning set forth in Section 8(a)(i) of this Agreement.

          “Incidental Registration” has the meaning set forth in Section 4(a) of this Agreement.

          “Indemnified Party” has the meaning set forth in Section 9(c) of this Agreement.

          “Indemnifying Party” has the meaning set forth in Section 9(c) of this Agreement.

          “Initial Public Offering” means the initial public offering of the shares of Common
Stock of the Company pursuant to an effective Registration Statement filed under the Securities
Act.

          “Initiating Holders” has the meaning set forth in Section 3(a) of this Agreement.

          “Inspector” has the meaning set forth in Section 8(a)(vii) of this Agreement.

          “IPO Effectiveness Date” means the date upon which the Company consummates the Initial
Public Offering.

          “Liability” has the meaning set forth in Section 9(a) of this Agreement.

          “Liquidated Damages” has the meaning set forth in Section 11(a) of this Agreement.

          “Lock-up Agreement” means, with respect to each Designated Holder, the lock-up
agreement, dated the IPO Effectiveness Date, entered into by such Designated Holder with the
underwriters of the Initial Public Offering.

Page 7 of 38

 

          “Majority Designated Holders” means beneficial owners of Registrable Securities
representing more than 50% of the total number of outstanding Registrable Securities (on an
as-converted basis).

          “Market Price” means, on any date of determination, the average of the daily Closing
Price of the Registrable Securities for the immediately preceding thirty (30) days on which the
national securities exchanges are open for trading; provided, however, that if the
Closing Price is determined pursuant to clause (d) of the definition of Closing Price, the “Market
Price” means such Closing Price on the date of determination.

          “NASD” means the National Association of Securities Dealers, Inc.

          “Note Conversion and Securities Purchase Agreement” has the meaning set forth in the
recitals to this Agreement.

          “Notes” has the meaning set forth in the recitals to this Agreement.

          “Other Holders” means collectively William P. Weidner, Weidner Holdings, LLC, Bradley
H. Stone, The Stone Crest Trust, Robert G. Goldstein, The Robert and Sheryl Goldstein Trust, SC
Goldstein Holdings, LLC, David Friedman, Richard Heller, Dan Raviv, Harry D. Miltenberger and
Charles D. Forman and the assignees of each of the foregoing as permitted by Section 2(d) of this
Agreement.

          “Permitted Assignee” means, with respect to any Person, to the extent applicable, (i)
such Person’s parents, spouse, spouse’s issue, siblings, children (including stepchildren and
adopted children), childrens’ spouses, grandchildren or grandchildrens’ spouses thereof and issue
of the same (“Family Members”), (ii) a trust, corporation, partnership or limited liability
company, a majority of the beneficial interests of which shall be held by such Person, such
Person’s Affiliates and/or such Person’s Family Members, (iii) such Person’s heirs, executors,
administrators, estate or a trust under such Person’s will, (iv) an entity described in Section
501(c)(3) of the United States Internal Revenue Code of 1986, as amended, that is established by
such Person and (v) any Person to whom such Person transfers Registrable Securities representing at
least 1% of the outstanding Common Stock as of the date of such transfer.

          “Permitted Withdrawal” has the meaning set forth in Section 3(g) of this Agreement.

          “Person” means any individual, firm, corporation, partnership, limited liability
company, trust, incorporated or unincorporated association, joint venture, joint stock company,
limited liability company, government (or an agency or political subdivision thereof) or other
entity of any kind, and shall include any successor (by merger or otherwise) of such entity.

          “Pledgee” has the meaning set forth in Section 2.4(d).

          “Preferred Stock Registration Statement” has the meaning set forth in the
definition of “Registration Default.”

Page 8 of 38

 

          “Prospectus” means the prospectus related to any Registration Statement (including,
without limitation, a prospectus that discloses information previously omitted from a prospectus
filed as part of an effective registration statement in reliance on Rule 415 (or any successor rule
or regulation) under the Securities Act), as amended or supplemented by any amendment or prospectus
supplement, including post-effective amendments, and all materials incorporated by reference in
such prospectus.

          “Records” has the meaning set forth in Section 8(a)(vii) of this Agreement.

          “Registrable Securities” means, subject to Section 2(d)(i), (i) any and all shares of
Common Stock now or hereafter owned by the Designated Holders or issued or issuable upon conversion
of any convertible securities or exercise of any warrants or options now or hereafter held by any
of the Designated Holders, (ii) the Preferred Stock held by the Adelson Purchaser (or any Adelson
Holder or Permitted Assignee or Affiliate of the Adelson Purchaser that hereafter holds any
Preferred Stock issued and sold pursuant to the Note Conversion and Securities Purchase Agreement),
(iii) the Warrants held by the Adelson Purchaser (or any Adelson Holder or Permitted Assignee or
Affiliate of the Adelson Purchaser that hereafter holds any Warrants issued and sold pursuant to
the Note Conversion and Securities Purchase Agreement) and (iv) any shares of Common Stock issued
or issuable upon the exercise of the Warrants by the Adelson Purchaser (or any Adelson Holder or
Permitted Assignee to which the Adelson Purchaser may assign such Common Stock) pursuant to the
terms of the Warrants and the Note Conversion and Securities Purchase Agreement.

          “Registration Default” means (i) the failure of the Company to file any registration
statement in respect of Registrable Securities described in clauses (ii), (iii) and (iv) of the
definition thereof required to be filed pursuant to Section 5 hereof with the Commission
within 90 days after request is made pursuant to the terms hereof (a “Preferred Stock
Registration Statement,” a “Warrant Registration Statement” and a “Warrant Share
Registration Statement,” respectively), (ii) the failure of the Company to cause any Preferred
Stock Registration Statement, Warrant Registration Statement or Warrant Share Registration
Statement to be declared effective by the Commission within 120 days after a request is made
pursuant to the terms hereof or (iii) in the event that any Preferred Stock Registration Statement,
Warrant Registration Statement or Warrant Share Registration Statement required by this Agreement
that is filed and declared effective and thereafter ceases to be effective or fails to be usable
for its intended purpose prior to the end of the period specified in Section 8(a)(ii)
hereof, the failure of the Company to succeed such Preferred Stock Registration Statement, Warrant
Registration Statement or Warrant Share Registration Statement immediately by a post-effective
amendment to such Preferred Stock Registration Statement, Warrant Registration Statement or Warrant
Share Registration Statement or a new registration statement that cures such failure and that is
itself immediately declared effective.

          “Registration Expenses” has the meaning set forth in Section 8(d) of this Agreement.

          “Registration Statement” means a Registration Statement filed pursuant to the
Securities Act.

Page 9 of 38

 

          “S-3 Initiating Holders” has the meaning set forth in Section 5(a) of this Agreement.

          “S-3 Registration” has the meaning set forth in Section 5(a) of this Agreement.

          “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder.

          “Specified Holder” means (i) Daniel Raviv, (ii) any Permitted Assignee of Daniel Raviv
and (iii) any Pledgee of any Person described in clauses (i) and (ii) above that complies with
Section 2(d) of this Agreement.

          “Transfer Restricted Securities” means each share of Preferred Stock, each Warrant and
each share of Common Stock issuable upon exercise of the Warrants (and any security issued with
respect thereto upon any stock dividend, split or similar event) until the earliest of the date on
which such share of Preferred Stock, Warrant or share of Common Stock, or any security issued with
respect thereto upon any stock dividend, split or similar event, as the case may be: (i) has been
transferred pursuant to a Registration Statement filed pursuant to Rule 415 of the Securities Act
or another Registration Statement covering such shares of Preferred Stock, Warrants or shares of
Common Stock which has been filed with the Commission pursuant to the Securities Act, in either
case after such Registration Statement has become effective and while such Registration Statement
is effective under the Securities Act; (ii) has been transferred pursuant to Rule 144 (or any
similar provision then in force); (iii) may be sold or transferred pursuant to Rule 144 (or any
successor provision promulgated by the Commission); or (iv) ceases to be outstanding.

          “Trustee” has the meaning set forth in the recitals to this Agreement.

          “Valid Business Reason” has the meaning set forth in Section 3(a) of this Agreement.

          “Warrant Registration Statement” has the meaning set forth in the definition of
Registration Default.

          “Warrant Share Registration Statement” has the meaning set forth in the definition of
Registration Default.

          2. GENERAL; SECURITIES SUBJECT TO THIS AGREEMENT.

               (a) Grant of Rights. The Company hereby grants registration rights to the Designated Holders upon
the terms and conditions set forth in this Agreement.

               (b) Registrable Securities. For the purposes of this Agreement, Registrable Securities held by
any Designated Holder will cease to be Registrable Securities, when (i) a Registration Statement
covering such Registrable Securities has been declared effective under the Securities Act by the
Commission and such Registrable Securities have been disposed of pursuant to such effective
Registration Statement (except as provided by Section 2(d)), (ii) the entire amount of the
Registrable Securities held by any Designated

Page 10 of 38

 

Holder may be sold in a single sale, in the opinion of counsel reasonably satisfactory to the
Company, without any limitation as to volume pursuant to Rule 144 (or any successor rule or
regulation) under the Securities Act or (iii) they have ceased to be outstanding.

               (c) Holders of Registrable Securities. A Person is deemed to be a holder of Registrable
Securities whenever such Person owns of record Registrable Securities, or holds an option to
purchase, or a security convertible into or exercisable or exchangeable for, Registrable Securities
whether or not such acquisition or conversion has actually been effected. If the Company receives
conflicting instructions, notices or elections from two or more Persons with respect to the same
Registrable Securities, the Company may act upon the basis of the instructions, notice or election
received from the registered owner of such Registrable Securities. Registrable Securities issuable
upon exercise of an option or upon conversion of another security, whether or not currently
exercisable, shall be deemed outstanding for the purposes of this Agreement.

               (d) Transfer of Registration Rights.

                    (i) Each Designated Holder may transfer or pledge Registrable Securities with the associated
registration rights under this Agreement (including transfers occurring by operation of law or by
reason of intestacy) to a Permitted Assignee, Affiliate of such Permitted Assignee or pledgee
(“Pledgee”) only if (1) subject to the penultimate sentence of this Section 2(d), such
Permitted Assignee or Pledgee agrees in writing to be bound as a Designated Holder by the
provisions of this Agreement and (2) immediately following such transfer or pledge, the further
disposition of such Registrable Securities by such Permitted Assignee or Pledgee would be
restricted under the Securities Act and the entire amount of all such Registrable Securities could
not be sold in a single sale, in the opinion of counsel reasonably satisfactory to the Company,
without any limitation as to volume pursuant to Rule 144 (or any successor rule or regulation)
under the Securities Act. Upon any transfer of Registrable Securities other than as set forth in
this Section 2(d), such securities shall no longer constitute Registrable Securities, except that
any Registrable Securities that are pledged or made the subject of a Hedging Transaction, which
Registrable Securities are not ultimately disposed of by the Designated Holder pursuant to such
pledge or Hedging Transaction shall, to the extent such Registrable Securities remain “restricted
securities” under the Securities Act, be deemed to remain “Registrable Securities” notwithstanding
the release of such pledge or the completion of such Hedging Transaction.

                    (ii) If a Designated Holder assigns its rights under this Agreement in connection with the
transfer of less than all of its Registrable Securities, the Designated Holder shall retain its
rights under this Agreement with respect to its remaining Registrable Securities. If a Designated
Holder assigns its rights under this Agreement in connection with the transfer of all of its
Registrable Securities, such Designated Holder shall have no further rights or obligations under
this Agreement, except under Section 8 hereof in respect of offerings in which it participated.

Page 11 of 38

 

          3. DEMAND REGISTRATION.

               (a) Request for Demand Registration. Any Adelson Holder or Adelson Holders (each, an
“Initiating Holder”) may make a written request to the Company to register, and the Company
shall register, under the Securities Act (other than pursuant to a Registration Statement on Form
S-4 or S-8 or any successor form thereto) (a “Demand Registration”) the number of
Registrable Securities stated in such request; provided, however, that the Company
shall not be obligated to effect (i) a Demand Registration if the Initiating Holders, together with
the Designated Holders (other than the Initiating Holders) which have requested to register
securities in such registration pursuant to Section 3(b), propose to sell their Registrable
Securities at an aggregate price (calculated based upon the Market Price of the Registrable
Securities on the last date on which the Company could receive requests for inclusion in such
Demand Registration under Section 3(b)) to the public of less than $20,000,000, (ii) any such
Demand Registration commencing prior to the time permitted under the Lock-up Agreement of the
Designated Holder, as such Lock-up Agreement may be amended or waived, or (iii) any such Demand
Registration within ninety (90) days after the effective date of any other Registration Statement
of the Company (other than a Registration Statement on Form S-4 or S-8 or any successor form
thereto or an “automatic shelf registration” on Form S-3). If the Board of Directors, in its good
faith judgment, determines that any registration of Registrable Securities should not be made or
continued because it would materially interfere with any material financing, acquisition, corporate
reorganization or merger or other material transaction involving the Company (a “Valid Business
Reason”), the Company may (x) postpone filing a Registration Statement relating to a Demand
Registration until such Valid Business Reason no longer exists, but in no event for more than
forty-five (45) days after the date when the Demand Registration was requested or, if later, after
the occurrence of the Valid Business Reason and (y) in case a Registration Statement has been filed
relating to a Demand Registration, the Company, upon the approval of a majority of the Board of
Directors, may cause such Registration Statement to be withdrawn and its effectiveness terminated
or may postpone amending or supplementing such Registration Statement (in which case, if the Valid
Business Reason no longer exists or if more than forty-five (45) days have passed since such
withdrawal or postponement, the Initiating Holders may request a new Demand Registration). The
Company shall give written notice of its determination to postpone or withdraw a Registration
Statement and of the fact that the Valid Business Reason for such postponement or withdrawal no
longer exists, in each case, promptly after the occurrence thereof. Notwithstanding anything to
the contrary contained herein, the Company may not postpone or withdraw a filing under this Section
3(a) more than once in any six (6) month period. Each request for a Demand Registration by the
Initiating Holders shall state the amount of the Registrable Securities proposed to be sold and the
intended method of disposition thereof.

               (b) Incidental or “Piggy-Back” Rights with Respect to a Demand Registration. Each of the
Designated Holders (other than Initiating Holders which have requested a registration under Section
3(a)) may offer its Registrable Securities under any Demand Registration pursuant to this Section
3. Within five (5) days after the receipt of a request for a Demand Registration from an
Initiating Holder, the Company shall (i) give written notice thereof to all of the Designated
Holders (other than Initiating Holders which

Page 12 of 38

 

have requested a registration under Section 3(a)) and (ii) subject to Section 3(e), include in
such registration all of the Registrable Securities held by such Designated Holders from whom the
Company has received a written request for inclusion therein within ten (10) days of the date on
which the Company sent the written notice referred to in clause (i) above. Each such request by
such Designated Holder shall specify the number of Registrable Securities proposed to be
registered. The failure of any Designated Holder to respond within such 10-day period referred to
in clause (ii) above shall be deemed to be a waiver of such Designated Holder’s rights under this
Section 3(b) with respect to such Demand Registration. Any Designated Holder may waive its rights
under this Section 3(b) prior to the expiration of such 10-day period by giving written notice to
the Company.

               (c) Effective Demand Registration. The Company shall use its commercially reasonable efforts to
cause any such Demand Registration to become effective not later than the later of (i) ninety (90)
days after it receives a request under Section 3(a) hereof and (ii) 90 days after the effective
date of any other Registration Statement of the Company (other than a Registration Statement on
Form S-4 or S-8 or any successor form thereto or an “automatic shelf registration” on Form S-3)
that had been filed but not yet declared effective at the time such Demand Registration was made,
in each case, subject to obtaining all required approvals from all applicable gaming authorities,
and to remain continuously effective for the lesser of (i) the period during which all Registrable
Securities registered in the Demand Registration are sold or (ii) 120 days.

               (d) Expenses. Except as provided in Section 8(d), the Company shall pay all Registration Expenses
in connection with a Demand Registration, whether or not such Demand Registration becomes
effective.

               (e) Underwriting Procedures. If the Initiating Holders so elect, the Company shall use its
commercially reasonable efforts to cause such Demand Registration to be in the form of a firm
commitment underwritten offering and the managing underwriter or underwriters selected for such
offering shall be the Approved Underwriter selected in accordance with Section 3(f). In connection
with any Demand Registration under this Section 3 involving an underwritten offering, none of the
Registrable Securities held by any Designated Holder making a request for inclusion of such
Registrable Securities pursuant to Section 3(b) hereof shall be included in such underwritten
offering unless such Designated Holder accepts the terms of the offering as agreed upon by the
Company, the Initiating Holders and the Approved Underwriter, and then only in such quantity as set
forth below. If the Approved Underwriter advises the Company that the aggregate amount of such
Registrable Securities requested to be included in such offering is sufficiently large to have a
material adverse effect on the success of such offering, then the Company shall include in such
registration, to the extent of the amount that the Approved Underwriter believes may be sold
without causing such material adverse effect, first, such number of Registrable Securities
of the Designated Holders participating in the offering, which Registrable Securities shall be
allocated pro rata among such Designated Holders participating in the offering (on an as converted
basis), based on the number of Registrable Securities held by each such Designated Holder,
second, any other securities of the Company requested by holders thereof to be included in
such registration, which such securities shall be allocated pro rata among such

Page 13 of 38

 

stockholders, based on the number of the Company’s securities held by each such stockholder,
and third, securities offered by the Company for its own account.

               (f) Selection of Underwriters. If any Demand Registration or S-3 Registration, as the case may
be, of Registrable Securities is in the form of an underwritten offering, the Company shall select
and obtain one or more investment banking firms of national reputation to act as the managing
underwriter or underwriters of the offering; provided, however, that such firm
shall, in any case, also be approved by the Initiating Holders or S-3 Initiating Holders, as the
case may be, such approval not to be unreasonably delayed or withheld. Notwithstanding the
foregoing, if any S-3 Registration of Registrable Securities is in the form of a Hedging
Transaction, the S-3 Initiating Holders shall select and obtain an investment banking firm of
national reputation to act as the managing underwriter (or the equivalent position) of the Hedging
Transaction; provided, however, that such firm shall, in any case, also be approved
by the Company, such approval not to be unreasonably delayed or withheld. An investment banking
firm or firms selected pursuant to this Section 3(f) shall be referred to as the “Approved
Underwriter” in this Agreement.

               (g) Withdrawal. An Initiating Holder shall be entitled to withdraw or revoke a request for a
Demand Registration without the prior written consent of the Company if (i) as a result of facts or
circumstances arising after the date on which such request was made relating to the Company or to
market conditions, such Initiating Holder reasonably determines that participation in such
registration would have a material adverse effect on such Initiating Holder or (ii) if the Closing
Price declines by more than ten percent (10%) from the date the Initiating Holder or Holders
requested such Demand Registration (a “Permitted Withdrawal”). An Initiating Holder shall
also be entitled to withdraw or revoke a request for a Demand Registration, notwithstanding that
such withdrawal or revocation does not constitute a Permitted Withdrawal; provided, that, in such
case, (i) the Initiating Holder receives the prior written consent of the Company to such
withdrawal or (ii) the Initiating Holder pays all fees and expenses incurred by the Company in
connection with such withdrawn registration. Any withdrawal of or revocation of a request for any
Demand Registration by an Initiating Holder under this Section 3(g) (including the following
sentence) shall constitute and effect an automatic withdrawal by all other Initiating Holders and
by any Designated Holder participating in such Demand Registration pursuant to the provisions of
Section 3(b). In addition, immediately upon determination of the price at which such Registrable
Securities are to be sold, if such price is below the price which any Designated Holder
participating in the Demand Registration finds acceptable, such Designated Holder shall then have
the right, by written notice to the Company, to withdraw its Registrable Securities from being
included in such Registration Statement.

          4. INCIDENTAL OR “PIGGY-BACK” REGISTRATION.

               (a) Request for Incidental Registration. If the Company proposes to file a Registration Statement
under the Securities Act with respect to an offering by the Company for its own account (other than
a Registration Statement on Form S-4 or S-8 or any successor form thereto) or for the account of
any stockholder of the Company other than Designated Holders pursuant to Sections 3 and 5 hereof,
then the Company shall give

Page 14 of 38

 

written notice of such proposed filing to each of the Designated Holders at least twenty (20)
days before the anticipated filing date, which notice shall describe the proposed registration and
distribution and offer such Designated Holders the opportunity to register the number of
Registrable Securities that each such Designated Holder may request (an “Incidental
Registration”). The Company shall use its commercially reasonable efforts (within twenty (20)
days of the notice provided for in the preceding sentence) to cause the managing underwriter or
underwriters in the case of a proposed underwritten offering (the “Company Underwriter”) to
permit each of the Designated Holders who has requested in writing to participate in the Incidental
Registration pursuant to this Section 4(a) to include its Registrable Securities in such offering
on the same terms and conditions as the securities of the Company or the account of such other
stockholder, as the case may be, included therein. Prior to the effective date of the Registration
Statement with respect to which such Incidental Registration has been requested, immediately upon
determination of the price at which such Registrable Securities are to be sold, if such price is
below the price which any Designated Holder who requested to participate in the Incidental
Registration finds acceptable, such Designated Holder shall then have the right, by written notice
to the Company, to withdraw its request to have its Registrable Securities included in such
Registration Statement. Any withdrawal of the Registration Statement by the Company for any
reason shall constitute and effect an automatic withdrawal of any Incidental Registration related
thereto. In connection with any Incidental Registration under this Section 4(a) involving an
underwritten offering, the Company shall not be required to include any Registrable Securities in
such underwritten offering unless the Designated Holders thereof accept the terms of the
underwritten offering as agreed upon between the Company, such other stockholders, if any, and the
Company Underwriter, and then only in such quantity as set forth below. If the Company Underwriter
determines that the registration of all or part of the securities that have been requested to be
included would materially adversely affect the success of such offering, then the Company shall be
required to include in such Incidental Registration, to the extent of the amount that the Company
Underwriter believes may be sold without causing such material adverse effect, first, all
of the securities to be offered for the account of the Company, in the case of a Company initiated
Incidental Registration, or the stockholders who have requested such Incidental Registration, in
the case of a stockholder initiated Incidental Registration, second, such number of
Registrable Securities of the Designated Holders requested to be included in such offering, which
Registrable Securities shall be allocated pro rata among such Designated Holders participating in
the offering (on an as converted basis), based on the number of Registrable Securities held by each
such Designated Holder, and third, any other securities of the Company requested by the
Company or stockholders to be included in such offering. The Majority Designated Holders may waive
any right to participate in an Incidental Registration under this Section 4(a) in respect of any
registration on behalf of all holders of Registrable Securities.

               (b) Expenses. Except as provided in Section 8(d), the Company shall bear all Registration
Expenses in connection with any Incidental Registration pursuant to this Section 4, whether or not
such Incidental Registration becomes effective.

Page 15 of 38

 

          5. FORM S-3 REGISTRATION.

               (a) Request for a Form S-3 Registration. Upon the Company becoming eligible for use of Form S-3
(or any successor form thereto) under the Securities Act in connection with a public offering of
its securities, in the event that the Company shall receive from (x) any Adelson Holder or Adelson
Holders or (y) any Specified Holder or Specified Holders (collectively, the “S-3 Initiating
Holders”) a written request that the Company register under the Securities Act on Form S-3 (or
any successor form then in effect) (an “S-3 Registration”) all or a portion of the
Registrable Securities owned by such S-3 Initiating Holders, the Company shall give written notice
of such request to all of the other Designated Holders (other than S-3 Initiating Holders which
have requested an S-3 Registration under this Section 5(a)) at least twenty (20) days before the
anticipated filing date of such Form S-3, which notice shall describe the proposed registration and
offer such other Designated Holders the opportunity to register the number of Registrable
Securities that each such Designated Holder may request in writing to the Company, given within ten
(10) days of the date on which the Company sent the written notice of such registration. Each
request for an S-3 Registration by the S-3 Initiating Holders shall state the amount of the
Registrable Securities proposed to be sold and the intended method of disposition thereof; provided
that no S-3 Initiating Holder that is a Specified Holder may request that the S-3 Registration be a
firm commitment underwritten offering. With respect to each S-3 Registration, the Company shall,
subject to Section 5(b), (i) include in such offering the Registrable Securities of the S-3
Initiating Holders and the Designated Holders (who have requested in writing to participate in such
registration on the same terms and conditions as the Registrable Securities of the S-3 Initiating
Holders included therein) and (ii) use its commercially reasonable efforts to cause such
registration pursuant to this Section 5(a) to become and remain effective as soon as practicable
but in no event earlier than 90 days after the effective date of any other Registration Statement
of the Company (other than a Registration Statement on Form S-4 or S-8 or any successor form
thereto or an “automatic shelf registration” on Form S-3) that had been filed with the Commission
but not yet declared effective at the time such registration was requested, subject to obtaining
all required approvals from all applicable gaming authorities. Notwithstanding the foregoing,
immediately upon determination of the price at which such Registrable Securities are to be sold in
a S-3 Registration that is a firm commitment underwritten offering, if such price is below the
price which any Designated Holder participating in the S-3 Registration finds acceptable, such
Designated Holder shall then have the right, by written notice to the Company, to withdraw its
Registrable Securities from being included in such offering; provided, that such a withdrawal by
any one of the S-3 Initiating Holders shall constitute and effect an automatic withdrawal by all
other S-3 Initiating Holders and Designated Holders participating in such S-3 Registration.

               (b) Form S-3 Underwriting Procedures. If the S-3 Initiating Holders so elect, the Company shall
use its commercially reasonable efforts to cause such S-3 Registration pursuant to this Section 5
to be in the form of a firm commitment underwritten offering and the managing underwriter or
underwriters selected for such offering shall be the Approved Underwriter selected in accordance
with Section 3(f). In connection with any S-3 Registration under Section 5(a) involving an underwritten offering, the Company shall not be

Page 16 of 38

 

required to include any Registrable Securities in such underwritten offering unless the Designated
Holders thereof accept the terms of the underwritten offering as agreed upon between the Company,
the Approved Underwriter and the S-3 Initiating Holders, and then only in such quantity as set
forth below. If the Approved Underwriter believes that the registration of all or part of the
Registrable Securities which the S-3 Initiating Holders and the other Designated Holders have
requested to be included would materially adversely affect the success of such public offering,
then the Company shall be required to include in the underwritten offering, to the extent of the
amount that the Approved Underwriter believes may be sold without causing such material adverse
effect, first, such number of Registrable Securities of the Designated Holders requested to
be included in the offering pursuant to the terms of Section 5(a) hereof, which such Registrable
Securities shall be allocated pro rata among such Designated Holders participating in the offering
(on an as converted basis), based on the number of Registrable Securities held by such Designated
Holder, and second, any other securities of the Company requested by the Company or other
stockholders to be included in such registration.

               (c) Limitations on Form S-3 Registrations. If the Board of Directors has a Valid Business Reason,
the Company may (x) postpone filing a Registration Statement relating to a S-3 Registration until
such Valid Business Reason no longer exists, but in no event for more than forty-five (45) days
after the date when the S-3 Registration was requested or, if later, after the occurrence of the
Valid Business Reason and (y) in case a Registration Statement has been filed relating to a S-3
Registration, the Company, upon the approval of a majority of the Board of Directors, may cause
such Registration Statement to be withdrawn and its effectiveness terminated or may postpone
amending or supplementing such Registration Statement (in which case, if the Valid Business Reason
no longer exists or if more than forty-five (45) days have passed since such withdrawal or
postponement, the S-3 Initiating Holder may request the prompt amendment or supplement of such
Registration Statement or a new S-3 Registration). The Company shall give written notice of its
determination to postpone or withdraw a Registration Statement and of the fact that the Valid
Business Reason for such postponement or withdrawal no longer exists, in each case, promptly after
the occurrence thereof. Notwithstanding anything to the contrary contained herein, the Company may
not postpone or withdraw a filing, under either this Section or Section 3(a), due to a Valid
Business Reason more than once in any six (6) month period. In addition, the Company shall not be
required to effect any registration pursuant to Section 5(a), (i) within ninety (90) days after the
effective date of any other Registration Statement of the Company (other than a Registration
Statement on Form S-4 or S-8 or any successor form thereto or an “automatic shelf registration” on
Form S-3), (ii) if the Specified Holders are the S-3 Initiating Holders and a Registration
Statement on Form S-3 has previously been requested by the Specified Holders under Section 5(a) and
declared effective (subject to the first sentence of this Section 5(c)), (iii) if Form S-3 is not
available for such offering by the S-3 Initiating Holders or (iv) if the S-3 Initiating Holders,
together with the Designated Holders (other than S-3 Initiating Holders which have requested an S-3
Registration under Section 5(a)) registering Registrable Securities in such registration, propose
to sell their Registrable Securities at an aggregate price (calculated based upon the Market Price
of the Registrable Securities on the last date on which the Company could receive requests for
inclusion in such S-3 Registration under Section 5(a)) to the public of less than $20,000,000

Page 17 of 38

 

(except with respect to a S-3 Registration requested by the Specified Holders in which all of the
Registrable Securities held by the Specified Holders are registered).

               (d) Expenses. Except as provided in Section 8(d), the Company shall bear all Registration
Expenses in connection with any S-3 Registration pursuant to this Section 5, whether or not such
S-3 Registration becomes effective.

          6. HEDGING TRANSACTIONS.

               (a) In any S-3 Registration, the S-3 Initiating Holders may elect to engage in a Hedging
Transaction. The Company agrees that, in connection with any proposed Hedging Transaction, if, in
the reasonable judgment of a firm of legal counsel designated by the Majority Designated Holders
(after good-faith consultation with counsel to the Company), it is necessary or desirable to
register under the Securities Act such Hedging Transaction or sales or transfers (whether short or
long) of Registrable Securities in connection therewith, then the Company shall use all
commercially reasonable efforts to file a Registration Statement on Form S-3 as may reasonably be
required to register such Hedging Transactions or sales or transfers of Registrable Securities in
connection therewith under the Securities Act in a manner consistent with the rights and
obligations of the Company hereunder with respect to the registration of Registrable Securities.
Any information regarding the Hedging Transaction included in a Registration Statement or
Prospectus pursuant to this Section 6(a) shall be deemed to be information provided by the
Designated Holders selling Registrable Securities pursuant to such Registration Statement for
purposes of Section 9.

               (b) If in connection with a Hedging Transaction, a Hedging Counterparty or any Affiliate
thereof is (or may be considered) an underwriter or selling stockholder, then it shall be required
to provide customary indemnities to the Company regarding the Plan of Distribution and like
matters.

               (c) The Company further agrees to include, under the caption “Plan of Distribution” (or the
equivalent caption), in each Registration Statement and any related prospectus (to the extent such
inclusion is permitted under applicable Commission regulations and is consistent with comments
received from the Commission during any Commission review of the Registration Statement), language
substantially in the form of Annex A hereto, and to include in each prospectus supplement filed in
connection with any proposed Hedging Transaction language mutually agreed upon by the Company, the
relevant Designated Holder and the Hedging Counterparty describing such Hedging Transaction.

          7. HOLDBACK AGREEMENTS.

               (a) Restrictions on Public Sale by Designated Holders.

                    (i) To the extent requested by the Approved Underwriter or the Company Underwriter, as the
case may be, in the case of an underwritten public offering, each Designated Holder (other than any
Pledgee or Hedging Counterparty), agrees (x) not to effect any public sale or distribution of any
Registrable Securities or of any securities convertible into or exchangeable or exercisable for such Registrable Securities, including a

Page 18 of 38

 

sale pursuant to Rule 144 (or any successor rule or regulation) under the Securities Act, or offer
to sell, contract to sell (including without limitation any short sale), grant any option to
purchase or enter into any hedging or similar transaction with the same economic effect as a sale
of any Registrable Securities and (y) except as otherwise consented to by the Company, not to make
any request for a Demand Registration or S-3 Registration under this Agreement during the period
beginning on the effective date of any Registration Statement relating to a registration in which
Designated Holders of Registrable Securities are participating and ending on the ninetieth
(90th) day following the actual effective date of such Registration Statement, or such
other period (not to extend past 180 days after such effective date), if any, mutually agreed upon
by such Designated Holder and the requesting party (except as part of such registration). In
connection with the Initial Public Offering, in lieu of the foregoing provisions of this Section
7(a), each Designated Holder shall comply with the terms of its Lock-up Agreement.

                    (ii) Notwithstanding anything herein to the contrary, no Pledgee or Hedging Counterparty shall
be required to agree to any restriction on its ability to trade in any securities, including the
restrictions set forth in this Section 7(a). The Designated Holders hereby agree that they shall
act in good faith with respect to the restrictions set forth in Section 7(a) and shall take no
action or omit to take any action with the intention of circumventing or evading the restrictions
applicable to them under this 7(a).

               (b) Restrictions on Public Sale by the Company. Unless the Company shall have received the prior
written consent of an Adelson Holder or Adelson Holders, in each case holding a majority of the
aggregate Registrable Securities held by all Adelson Holders, the Company agrees not to effect any
public sale or distribution of any of its securities, or any securities convertible into or
exchangeable or exercisable for such securities (except pursuant to registrations on Form S-4 or
S-8 or any successor form thereto), during the period beginning on the effective date of any
Registration Statement relating to a registration in which the Designated Holders of Registrable
Securities are participating and ending on the earlier of (i) the date on which all Registrable
Securities registered on such Registration Statement are sold and (ii) 90 days after the actual
effective date of such Registration Statement (except as part of such registration).

          8. REGISTRATION PROCEDURES.

               (a) Obligations of the Company. Whenever registration of Registrable Securities has been
requested pursuant to Section 3, Section 4, or Section 5 of this Agreement, the Company shall use
its commercially reasonable efforts to effect the registration and sale of such Registrable
Securities in accordance with the intended method of distribution thereof as quickly as
practicable, and in connection with any such request, the Company shall, as expeditiously as
possible:

                    (i) prepare and file with the Commission (as promptly as practicable, but in any event not
later than ninety (90) days after receipt of a request to file a Registration Statement with
respect to Registrable Securities) a Registration Statement on any form for which the Company then
qualifies or which counsel for the Company shall deem
appropriate and which form shall be available for the sale of such Registrable Securities in

Page 19 of 38

 

accordance with the intended method of distribution thereof, and cause such Registration Statement
to become effective; provided, however, that (x) before filing a Registration
Statement or prospectus or any amendments or supplements thereto, the Company shall provide one
firm of legal counsel selected by the Designated Holders holding a majority of the Registrable
Securities being registered in such registration (“Holders’ Counsel”) and any other
Inspector (as hereinafter defined) with an opportunity to review and comment on such Registration
Statement and each prospectus included therein (and each amendment or supplement thereto) to be
filed with the Commission, subject to such documents being under the Company’s control, and (y) the
Company shall notify the Holders’ Counsel and each seller of Registrable Securities of any stop
order issued or threatened by the Commission and take all reasonable actions required to prevent
the entry of such stop order or to remove it if entered;

                    (ii) prepare and file with the Commission such amendments and supplements to such Registration
Statement and the prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective for the lesser of (x) 120 days (except in the case of a
registration filed pursuant to Rule 415 of the Securities Act or any successor rule or regulation)
and (y) such shorter period which will terminate when all Registrable Securities covered by such
Registration Statement have been sold, and comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement during such
period in accordance with the intended methods of disposition by the sellers thereof set forth in
such Registration Statement;

                    (iii) furnish to each seller of Registrable Securities such number of copies of such
Registration Statement, each amendment and supplement thereto (in each case including all exhibits
thereto), and the prospectus included in such Registration Statement (including each preliminary
prospectus) and any prospectus filed under Rule 424 under the Securities Act (or any successor rule
or regulation) as each such seller may reasonably request in order to facilitate the disposition of
the Registrable Securities owned by such seller;

                    (iv) register or qualify such Registrable Securities under such other securities or “blue sky”
laws of such jurisdictions as any seller of Registrable Securities may reasonably request, and to
continue such qualification in effect in such jurisdiction for as long as permissible pursuant to
the laws of such jurisdiction, or for as long as any such seller requests or until all of such
Registrable Securities are sold, whichever is shortest, and do any and all other acts and things
which may be reasonably necessary or advisable to enable any such seller to consummate the
disposition in such jurisdictions of the Registrable Securities owned by such seller;
provided, however, that the Company shall not be required to (x) qualify generally
to do business in any jurisdiction where it would not otherwise be required to qualify but for this
Section 8(a)(iv), (y) subject itself to taxation in any such jurisdiction or (z) consent to general
service of process in any such jurisdiction;

                    (v) notify each seller of Registrable Securities at any time when a prospectus relating
thereto is required to be delivered under the Securities Act, upon discovery that, or upon the
happening of any event as a result of which, the prospectus included in such Registration Statement contains an untrue statement of a material fact or

Page 20 of 38

 

omits to state any material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading and the Company
shall promptly prepare a supplement or amendment to such prospectus and furnish to each seller of
Registrable Securities a reasonable number of copies of such supplement to or an amendment of such
prospectus as may be necessary so that, after delivery to the purchasers of such Registrable
Securities, such prospectus shall not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading;

                    (vi) enter into and perform customary agreements (including an underwriting agreement in
customary form with the Approved Underwriter or Company Underwriter, if any, selected as provided
in Section 3, Section 4 or Section 5, as the case may be) and take such other actions as are
reasonably required in order to expedite or facilitate the disposition of such Registrable
Securities, including causing its officers to participate in “road shows” and other information
meetings organized by the Approved Underwriter or Company Underwriter;

                    (vii) make available at reasonable times for inspection by any managing underwriter or
broker/dealer participating in any disposition of such Registrable Securities pursuant to a
Registration Statement, any attorney retained by any such managing underwriter or broker/dealer and
Holders’ Counsel (each, an “Inspector” and collectively, the “Inspectors”), all
financial and other records, pertinent corporate documents and properties of the Company and its
subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them
to exercise their due diligence responsibility, and cause the Company’s and its subsidiaries’
officers, directors and employees, and the independent public accountants of the Company, to supply
all information reasonably requested by any such Inspector in connection with such Registration
Statement. Records that the Company determines, in good faith, to be confidential and which it
notifies the Inspectors are confidential shall not be disclosed by the Inspectors (and the
Inspectors shall confirm their agreement in writing in advance to the Company if the Company shall
so request) unless (x) the disclosure of such Records is necessary, in the Company’s judgment, to
avoid or correct a misstatement or omission in the Registration Statement, (y) the release of such
Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction
after exhaustion of all appeals therefrom or (z) the information in such Records was known to the
Inspectors on a non-confidential basis prior to its disclosure by the Company or has been made
generally available to the public. Each seller of Registrable Securities agrees that it shall,
upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give
notice to the Company and allow the Company, at the Company’s expense, to undertake appropriate
action to prevent disclosure of the Records deemed confidential. In the event that the Company is
unsuccessful in preventing the disclosure of such Records, such seller agrees that it shall furnish
only portion of those Records which it is advised by counsel is legally required and shall exercise
all reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to
those Records;

Page 21 of 38

 

                    (viii) if such sale is pursuant to an underwritten offering, obtain “cold comfort” letters
dated the effective date of the Registration Statement and the date of the closing under the
underwriting agreement from the Company’s independent public accountants in customary form and
covering such matters of the type customarily covered by “cold comfort” letters as the managing
underwriter reasonably requests;

                    (ix) furnish, at the request of any seller of Registrable Securities on the date such
securities are delivered to the underwriters for sale pursuant to such registration or, if such
securities are not being sold through underwriters, on the date the Registration Statement with
respect to such securities becomes effective, an opinion, dated such date, of counsel representing
the Company for the purposes of such registration, addressed to the underwriters, if any, and to
the seller making such request, covering such legal matters with respect to the registration in
respect of which such opinion is being given as the underwriters, if any, and such seller may
reasonably request and are customarily included in such opinions;

                    (x) comply with all applicable rules and regulations of the Commission, and make available to
its security holders, as soon as reasonably practicable but no later than fifteen (15) months after
the effective date of the Registration Statement, an earnings statement covering a period of twelve
(12) months beginning after the effective date of the Registration Statement, in a manner which
satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder;

                    (xi) cause all such Registrable Securities to be listed on each securities exchange on which
similar securities issued by the Company are then listed, provided that the applicable
listing requirements are satisfied;

                    (xii) cooperate with each seller of Registrable Securities and each underwriter participating
in the disposition of such Registrable Securities and their respective counsel in connection with
any filings required to be made with the NASD;

                    (xiii) use its commercially reasonable efforts to cause the Registrable Securities covered by
such Registration Statement to be registered with or approved by such other governmental agencies
or authorities, including but not limited to gaming authorities, as may be reasonably necessary by
virtue of the business and operations of the Company to enable the seller or sellers of Registrable
Securities to consummate the disposition of such Registrable Securities; and

                    (xiv) take all other steps reasonably necessary to effect the registration of the Registrable
Securities contemplated hereby and reasonably cooperate with the holders of such Registrable
Securities to facilitate the disposition of such Registrable Securities pursuant thereto.

               (b) Seller Information. The Company may require each seller of Registrable Securities as to which
any registration is being effected to furnish, and such seller shall furnish, to the Company such
information required to be included in such Registration Statement by applicable securities laws or
otherwise necessary or desirable in connection with

Page 22 of 38

 

the disposition of such Registrable Securities as the Company may from time to time reasonably
request in writing. If any seller of Registrable Securities fails to provide such information
required to be included in such Registration Statement by applicable securities laws or otherwise
necessary or desirable in connection with the disposition of such Registrable Securities in a
timely manner after written request therefor, the Company may exclude such seller ‘s Registrable
Securities from a registration under Sections 3, 4 or 5 hereof. Each Designated Holder shall
promptly furnish to the Company in writing all information required to be disclosed in order to
make the information previously furnished to the Company for use in connection with any such
Registration Statement by such Designated Holder not materially misleading or necessary to cause
such Registration Statement not to omit a material fact with respect to such Designated Holder
necessary in order to make the statements therein not misleading.

               (c) Notice to Discontinue. Each Designated Holder agrees that, upon receipt of any notice from
the Company of the happening of any event of the kind described in Section 8(a)(v), such Designated
Holder shall forthwith discontinue disposition of Registrable Securities pursuant to the
Registration Statement covering such Registrable Securities until such Designated Holder’s receipt
of the copies of the supplemented or amended prospectus contemplated by Section 8(a)(v) and, if so
directed by the Company, such Designated Holder shall deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies then in such Designated Holder’s possession,
of the prospectus covering such Registrable Securities which is current at the time of receipt of
such notice. If the Company shall give any such notice, the Company shall extend the period during
which such Registration Statement shall be maintained effective pursuant to this Agreement
(including, without limitation, the period referred to in Section 8(a)(ii)) by the number of days
during the period from and including the date of the giving of such notice pursuant to Section
8(a)(v) to and including the date when sellers of such Registrable Securities under such
Registration Statement shall have received the copies of the supplemented or amended prospectus
contemplated by and meeting the requirements of Section 8(a)(v).

               (d) Registration Expenses. The Company shall pay all expenses arising from or incident to its
performance of, or compliance with, this Agreement, including, without limitation, (i) Commission,
stock exchange and NASD registration and filing fees, (ii) all fees and expenses incurred in
complying with State securities or “blue sky” laws (including reasonable fees, charges and
disbursements of counsel to any underwriter incurred in connection with “blue sky” qualifications
of the Registrable Securities as may be set forth in any underwriting agreement), (iii) all
printing, messenger and delivery expenses, (iv) the fees, charges and expenses of counsel to the
Company and of its independent public accountants and any other accounting fees, charges and
expenses incurred by the Company (including, without limitation, any expenses arising from any
“cold comfort” letters or any special audits incident to or required by any registration or
qualification) and, if any Adelson Holder is participating in the registration, the reasonable
legal fees, charges and expenses of one law firm designated by the holders of a majority of the
Registrable Securities participating in any registration incurred by the Designated Holders in any
such registration and (v) any liability insurance or other premiums for insurance obtained in
connection with

Page 23 of 38

 

any Demand Registration or piggy-back registration thereon, Incidental Registration or S-3
Registration pursuant to the terms of this Agreement, regardless of whether such Registration
Statement is declared effective. All of the expenses described in the preceding sentence of this
Section 8(d) are referred to herein as “Registration Expenses.” The Designated Holders of
Registrable Securities sold pursuant to a Registration Statement shall bear the expense of any
broker’s commission or underwriter’s discount or commission relating to registration and sale of
such Designated Holders’ Registrable Securities and shall, other than as set forth in clause (iv)
above, bear the fees and expenses of their own counsel. Notwithstanding the foregoing, each
Designated Holder (other than the Adelson Holders) agrees to pay or reimburse the Company for its
pro rata portion of all Registration Expenses for any registration in which its Registrable
Securities are included (based upon the number of Registrable Securities included in such
registration (on an as converted basis)) and agrees that such expenses may be withheld by the
Company from the offering proceeds payable to such Designated Holder.

          9. INDEMNIFICATION; CONTRIBUTION.

               (a) Indemnification by the Company. The Company agrees to indemnify and hold harmless each
Designated Holder, its partners, directors, officers, affiliates, members, employees, trustees and
each Person who controls (within the meaning of Section 15 of the Securities Act) such Designated
Holder from and against any and all losses, claims, damages, liabilities and expenses (each, a
“Liability” and collectively, “Liabilities”), arising out of or based upon any
untrue, or allegedly untrue, statement of a material fact contained in any Registration Statement,
prospectus or preliminary prospectus or notification or offering circular (as amended or
supplemented if the Company shall have furnished any amendments or supplements thereto) or arising
out of or based upon any omission or alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not misleading under the
circumstances such statements were made, except insofar as such Liability arises out of or is based
upon any untrue statement or alleged untrue statement or omission or alleged omission contained in
such Registration Statement, preliminary prospectus or final prospectus in reliance and in
conformity with information concerning such Designated Holder furnished in writing to the Company
by such Designated Holder expressly for use therein, including, without limitation, the information
furnished to the Company pursuant to Sections 8(b) and 9(b). The Company shall also provide
customary indemnities to any underwriters of the Registrable Securities, their officers, directors
and employees and each Person who controls such underwriters (within the meaning of Section 15 of
the Securities Act) to the same extent as provided above with respect to the indemnification of the
Designated Holders of Registrable Securities.

               (b) Indemnification by Designated Holders. Each Designated Holder agrees severally to indemnify
and hold harmless the Company, the other Designated Holders who participate in the Registration
Statement, any underwriter retained by the Company and each Person who controls the Company, the
other Designated Holders who participate in the Registration Statement or such underwriter (within
the meaning of Section 15 of the Securities Act) to the same extent as the foregoing indemnity from
the Company to the Designated Holders (including indemnification of their respective partners,

Page 24 of 38

 

directors, officers, members, employees and trustees), but only to the extent that Liabilities arise out
of or are based upon a statement or alleged statement or an omission or alleged omission that was
made in reliance upon and in conformity with information with respect to such Designated Holder
furnished in writing to the Company by such Designated Holder expressly for use in such
Registration Statement or prospectus, including, without limitation, the information furnished to
the Company pursuant to Section 8(b) and this Section 9(b); provided, however, that
the total amount to be indemnified by such Designated Holder pursuant to this Section 9(b) shall be
limited to the net proceeds received by such Designated Holder in the offering to which the
Registration Statement or prospectus relates.

               (c) Conduct of Indemnification Proceedings. Any Person entitled to indemnification or
contribution hereunder (the “Indemnified Party”) agrees to give prompt written notice to
the indemnifying party (the “Indemnifying Party”) after the receipt by the Indemnified
Party of any written notice of the commencement of any action, suit, proceeding or investigation or
threat thereof made in writing for which the Indemnified Party intends to claim indemnification or
contribution pursuant to this Agreement; provided, however, that the failure so to
notify the Indemnifying Party shall not relieve the Indemnifying Party of any Liability that it may
have to the Indemnified Party hereunder (except to the extent that the Indemnifying Party is
materially prejudiced or otherwise forfeits substantive rights or defenses by reason of such
failure). If notice of commencement of any such action is given to the Indemnifying Party as above
provided, the Indemnifying Party shall be entitled to participate in and, to the extent it may
wish, jointly with any other Indemnifying Party similarly notified, to assume the defense of such
action at its own expense, with counsel chosen by it and reasonably satisfactory to such
Indemnified Party. Each Indemnified Party shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the fees and expenses of such counsel shall
be paid by the Indemnified Party unless (i) the Indemnifying Party agrees to pay the same, (ii) the
Indemnifying Party fails to assume the defense of such action with counsel reasonably satisfactory
to the Indemnified Party or (iii) the named parties to any such action (including any impleaded
parties) include both the Indemnifying Party and the Indemnified Party and such parties have been
advised by such counsel that either (x) representation of such Indemnified Party and the
Indemnifying Party by the same counsel would be inappropriate under applicable standards of
professional conduct or (y) there may be one or more legal defenses available to the Indemnified
Party which are different from or additional to those available to the Indemnifying Party. In any
of such cases, the Indemnifying Party shall not have the right to assume the defense of such action
on behalf of such Indemnified Party, it being understood, however, that the Indemnifying Party
shall not be liable for the reasonable fees and expenses of more than one separate firm of
attorneys (in addition to any local counsel) for all Indemnified Parties and all such expenses
shall be reimbursed as incurred. No Indemnifying Party shall be liable for any settlement entered
into without its written consent, which consent shall not be unreasonably withheld. No
Indemnifying Party shall, without the consent of such Indemnified Party, effect any settlement of
any pending or threatened proceeding in respect of which such Indemnified Party is a party and
indemnity has been sought hereunder by such Indemnified Party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability for claims that are the subject
matter of such proceeding. Notwithstanding the foregoing, if at any time an Indemnified Party
shall

Page 25 of 38

 

have requested the Indemnifying Party to reimburse the Indemnified Party for fees and expenses
of counsel as contemplated by this Section 9, the Indemnifying Party agrees that it shall be liable
for any settlement of any proceeding effected without the Indemnifying Party’s written consent if
(i) such settlement is entered into more than thirty (30) business days after receipt by the
Indemnifying Party of the aforesaid request and (ii) the Indemnifying Party shall not have
reimbursed the Indemnified Party in accordance with such request or contested the reasonableness of
such fees and expenses prior to the date of such settlement.

               (d) Contribution. If the indemnification provided for in this Section 9 from the Indemnifying
Party is unavailable to an Indemnified Party hereunder or insufficient to hold harmless an
Indemnified Party in respect of any Liabilities referred to herein, then each Indemnifying Party,
in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by
such Indemnified Party as a result of such Liabilities in such proportion as is appropriate to
reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the
actions which resulted in such Liabilities, as well as any other relevant equitable considerations.
The relative fault of such Indemnifying Party and Indemnified Party shall be determined by
reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has
been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party,
and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such action. The amount paid or payable by a party as a result of the Liabilities referred
to above shall be deemed to include, subject to the limitations set forth in Sections 9(a), 9(b)
and 9(c), any legal or other fees, charges or expenses reasonably incurred by such party in
connection with any investigation or proceeding; provided that the total amount to be contributed
by any Designated Holder shall be limited to the net proceeds received by such Designated Holder in
the offering.

          The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 9(d) were determined by pro rata allocation or by any other method of allocation which
does not take account of the equitable considerations referred to in the immediately preceding
paragraph. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.

Page 26 of 38

 

          10. RULE 144. The Company covenants that from and after the IPO Effectiveness Date it shall take
such action as may be required from time to time to enable such Designated Holder to sell
Registrable Securities without registration under the Securities Act within the limitation of the
exemptions provided by (i) Rule 144 under the Securities Act, as such rule may be amended from time
to time, or (ii) any similar rules or regulations hereafter adopted by the Commission. The Company
shall, upon the request of any Designated Holder, deliver to such Designated Holder a written
statement as to whether it has complied with such requirements.

          11. MISCELLANEOUS.

               (a) Registration Defaults. In the event that a Registration Default shall occur, the Company shall
pay to each holder of the Securities (or Common Stock for which the Warrants have been exercised)
issued to the Adelson Purchaser pursuant to the Securities Purchase and Exchange Agreement (whether
such Securities or Common Stock continue to be held by the Adelson Purchaser or another Adelson
Holder) that are Transfer Restricted Securities during any period in which a Registration Default
has occurred or is continuing in an amount (the “Liquidated Damages”) equal to: (i)
one-half of one percent (50 basis points) per annum on the aggregate Liquidation Preference (as
such term is defined in the Certificate of Designations) in respect of any Preferred Stock
constituting Transfer Restricted Securities then held directly or beneficially by the Adelson
Purchaser or another Adelson Holder for the period up to and including the 90th day during which
such Registration Default has occurred and is continuing; and (ii) one percent (100 basis points)
per annum on the aggregate liquidation preference in respect of the Preferred Stock constituting
Transfer Restricted Securities then held directly or beneficially by the Adelson Purchaser or
another Adelson Holder for the period including and subsequent to the 91st day during which such
Registration Default has occurred and is continuing; provided, however, that in the
event that any such holder only holds Warrants (or Common Stock for which the Warrants have been
exercised) at the time of such Registration Default, Liquidated Damages shall be determined in
accordance with the foregoing clauses (i) or (ii), as the case may be, as though such holder then
holds such amount of Preferred Stock constituting Transfer Restricted Securities as was issued
pursuant to the Securities Purchase and Exchange Agreement in proportion to the amount of Warrants
(or the amount of Warrants the exercise of which yielded the Common Stock) then actually held by
such holder. Following the cure of all Registration Defaults, Liquidated Damages will cease to
accrue with respect to such Registration Defaults. All accrued Liquidated Damages shall be paid by
the Company on a quarterly basis in cash to the date of such cure and Liquidated Damages will be
calculated on the basis of a 360-day year consisting of twelve 30-day months. The parties hereto
agree that the Liquidated Damages provided for in this Section 11(a) constitute a reasonable
estimate of the damages that may be incurred by holders of the Securities (and Common Stock for
which the Warrants have been exercised) by reason of a Registration Default and that such
Liquidated Damages are the only monetary damages available to such holders in the event of a
Registration Default.

               (b) Waiver of Registration Rights with Respect to Certain Offerings.

Page 27 of 38

 

          The Adelson Holders party to this agreement hereby confirm their waiver of registration and
offering rights hereunder with respect to the filing by the Company of its Registration Statement
on Form S-3ASR (File No. 333-155100) on November 6, 2008, and the offering and sale by the Company
of Common Stock, Perpetual Preferred Stock, and Warrants pursuant to the Prospectus Supplement
filed by the Company on November 10, 2008, which offering is closing on the date hereof, it being
understood that such waiver shall not apply to any other registration or offering with respect to
the Common Stock, Preferred Stock, Warrants or any other Registrable Securities.

               (c) Stock Splits, etc. The provisions of this Agreement shall be appropriately adjusted for any
stock dividends, splits, reverse splits, combinations, recapitalizations and the like occurring
after the date hereof.

               (d) No Inconsistent Agreements. The Company hereby represents and warrants that it has not
previously entered into any agreement granting registration rights to any Person with respect to
any securities of the Company. The Company shall not enter into any agreement with respect to its
securities that is inconsistent with the rights granted to the Designated Holders in this Agreement
or grant any additional registration rights to any Person or with respect to any securities that
are not Registrable Securities which rights are inconsistent with the rights granted in this
Agreement.

               (e) Remedies. The Designated Holders, in addition to being entitled to exercise all rights
granted by law, including recovery of damages, shall be entitled to specific performance of their
rights under this Agreement. The Company agrees that monetary damages would not be adequate
compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement
and hereby agrees to waive in any action for specific performance the defense that a remedy at law
would be adequate.

               (f) Amendments and Waivers. Except as otherwise provided herein, the provisions of this Agreement
may not be amended, modified or supplemented, and waivers or consents to departures from the
provisions hereof may not be given unless consented to in writing by the Company and Designated
Holders holding more than 50% of the Registrable Securities; provided, however,
that no amendment, modification, supplement, waiver or consent to depart from the provisions hereof
shall be effective if such amendment, modification, supplement, waiver or consent to depart from
the provisions hereof materially and adversely affects the substantive rights or obligations of one
Designated Holder, or group of Designated Holders, without a similar and proportionate effect on
the substantive rights or obligations of all Designated Holders, unless each such
disproportionately affected Designated Holder consents in writing thereto.

               (g) Notices. All notices, demands and other communications provided for or permitted hereunder
shall be made in writing and shall be made by registered or certified first-class mail, return receipt requested, telecopier, courier service or
personal delivery.

          All such notices, demands and other communications shall be deemed to have been duly given
when delivered by hand, if personally delivered; when delivered by courier,

Page 28 of 38

 

if delivered by
commercial courier service; five (5) Business Days after being deposited in the mail, postage
prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied. Any party may by
notice given in accordance with this Section 11(e) designate another address or Person for receipt
of notices hereunder.

               (h) Permitted Assignees; Third Party Beneficiaries. This Agreement shall inure to the benefit of
and be binding upon the permitted assignees of the parties hereto as provided in Section 2(d).
Except as provided in Section 9, no Person other than the parties hereto and their permitted
assignees is intended to be a beneficiary of this Agreement.

               (i) Counterparts; Headings.

          This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

          The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof.

               (j) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

               (k) Severability. If any one or more of the provisions contained herein, or the application
thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for any
reason, the validity, legality and enforceability of any such provision in every other respect and
of the remaining provisions hereof shall not be in any way impaired.

               (l) Rules of Construction. Unless the context otherwise requires, references to sections or
subsections refer to sections or subsections of this Agreement.

[Agreement Continues on Page 29]

Page 29 of 38

 

               (m) Entire Agreement.

          This Agreement is intended by the parties as a final expression of their agreement and
intended to be a complete and exclusive statement of the agreement and understanding of the parties
hereto in respect of the subject matter contained herein. There are no restrictions, promises,
representations, warranties or undertakings, other than those set forth or referred to herein.
This Agreement supersedes all prior agreements and understandings among the parties with respect to
such subject matter.

               (n) Further Assurances. Each of the parties shall execute such documents and perform such further
acts as may be reasonably required or desirable to carry out or to perform the provisions of this
Agreement.

               (o) Other Agreements. Nothing contained in this Agreement shall be deemed to be a waiver of, or
release from, any obligations any party hereto may have under, or any restrictions on the transfer
of Registrable Securities or other securities of the Company imposed by, any other agreement.

          IN WITNESS WHEREOF, the undersigned have executed, or
have caused to be executed, this Amended and Restated
Registration Rights Agreement on the date first written
above.

	 	 	 	 	 
	 	/s/
Sheldon G. Adelson	 
	 	Sheldon G. Adelson

SHELDON G. ADELSON 2002

REMAINDER TRUST

 	 
	 	By:  	/s/
Timothy D. Stein	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Miriam Adelson 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Irwin Chafetz	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 

Page 30 of 38

 

          IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended
and Restated Registration Rights Agreement on the date first written above.

	 	 	 	 	 
	 	SHELDON G. ADELSON 2005 FAMILY TRUST U/D/T DATED APRIL 25,
2005

 	 
	 	By:  	/s/ Sheldon G. Adelson 	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Miriam Adelson 
 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	DR. MIRIAM AND SHELDON G. ADELSON CHARITABLE TRUST U/D/T
DATED DECEMBER 12, 1994

 	 
	 	By:  	/s/ Sheldon G. Adelson 	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Miriam Adelson 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	ESBT Y TRUST U/D/T DATED OCTOBER 1, 2002

 	 
	 	By:  	/s/ Miriam Adelson 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Irwin Chafetz 	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Timothy D. Stein 	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 

[Signature Page to Registration Rights Agreement]

Page 31 of 38

 

          IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended
and Restated Registration Rights Agreement on the date first written above.

	 	 	 	 	 
	 	ESBT S TRUST U/D/T DATED OCTOBER 1, 2002

 	 
	 	By:  	/s/ Miriam Adelson 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Irwin Chafetz 	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Timothy D. Stein 	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 
	 	QSST A TRUST U/D/T DATED OCTOBER 1, 2002

 	 
	 	By:  	/s/ Miriam Adelson 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Irwin Chafetz 	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Timothy D. Stein 	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 

[Signature Page to Registration Rights Agreement]

Page 32 of 38

 

          IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended
and Restated Registration Rights Agreement on the date first written above.

	 	 	 	 	 
	 	QSST M TRUST U/D/T DATED OCTOBER 1, 2002

 	 
	 	By:  	/s/ Miriam Adelson 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Irwin Chafetz 	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Timothy D. Stein 	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 
	 	SHELDON G. ADELSON 2004 REMAINDER TRUST U/D/T MAY 31,
2004

 	 
	 	By:  	/s/ Miriam Adelson 	 
	 	 	Dr. Miriam Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Irwin Chafetz 	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/ Timothy D. Stein 	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 

[Signature Page to Registration Rights Agreement]

Page 33 of 38

 

          IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended
and Restated Registration Rights Agreement on the date first written above.

	 	 	 	 	 
	 	SHELDON G. ADELSON 2007 TWO YEAR LVS ANNUITY TRUST
U/D/T DATED MAY 1, 2007

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Irwin Chafetz	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	SHELDON G. ADELSON 2007 THREE YEAR LVS ANNUITY TRUST
U/D/T DATED MAY 1, 2007

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Irwin Chafetz	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	SHELDON G. ADELSON JULY 2007 TWO YEAR LVS ANNUITY
TRUST U/D/T DATED JULY 30, 2007

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Irwin Chafetz	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 

[Signature Page to Registration Rights Agreement]

Page 34 of 38

 

     IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended
and Restated Registration Rights Agreement on the date first written above.

	 	 	 	 	 
	 	SHELDON G. ADELSON JULY 2007 THREE YEAR LVS ANNUITY
TRUST U/D/T DATED JULY 30, 2007

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Irwin Chafetz	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	SHELDON G. ADELSON APRIL 2008 TWO YEAR LVS ANNUITY
TRUST U/D/T DATED APRIL 1, 2008

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Irwin Chafetz	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 
	 	SHELDON G. ADELSON APRIL 2008 THREE YEAR LVS ANNUITY
TRUST U/D/T DATED APRIL 1, 2008

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Irwin Chafetz	 
	 	 	Irwin Chafetz 	 
	 	 	Trustee 	 
	 

[Signature Page to Registration Rights Agreement]

Page 35 of 38

 

     IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended
and Restated Registration Rights Agreement on the date first written above.

	 	 	 	 	 
	 	/s/
Miriam Adelson	 
	 	Dr. Miriam Adelson	 
	 
	 	SHELDON G. ADELSON JULY 2008 TWO YEAR LVS ANNUITY
TRUST U/D/T DATED JULY 28, 2008

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Timothy D. Stein	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 
	 	SHELDON G. ADELSON JULY 2008 THREE YEAR LVS ANNUITY
TRUST U/D/T DATED JULY 28, 2008

 	 
	 	By:  	/s/
Sheldon G. Adelson	 
	 	 	Sheldon G. Adelson 	 
	 	 	Trustee 	 
	 
	 	 	 
	 	By:  	/s/
Timothy D. Stein	 
	 	 	Timothy D. Stein 	 
	 	 	Trustee 	 
	 

[Signature Page to Registration Rights Agreement]

Page 36 of 38

 

          IN WITNESS WHEREOF, the undersigned have executed, or have caused to be executed, this Amended
and Restated Registration Rights Agreement on the date first written above.

	 	 	 	 	 
	 	LAS VEGAS SANDS CORP.

 	 
	 	By:  	/s/  William P. Weidner	 
	 	 	Name:  	William P. Weidner	 
	 	 	Title:  	President, Chief Operating Officer and Secretary	 
	 

[Signature Page to Registration Rights Agreement]

Page 37 of 38

 

Annex A

Plan of Distribution

          A selling stockholder may also enter into hedging and/or monetization transactions. For
example, a selling stockholder may:

	•	 	enter into transactions with a broker-dealer or affiliate of a broker-dealer or other third
party in connection with which that other party will become a selling stockholder and engage
in short sales of our common stock under this prospectus, in which case the other party may
use shares of our common stock received from the selling stockholder to close out any short
position;

	•	 	sell short our common stock under this prospectus and use shares of our common stock held
by the selling stockholder to close out any short position;

	•	 	enter into options, forwards or other transactions that require the selling stockholder to
deliver, in a transaction exempt from registration under the Securities Act, shares of our
common stock to a broker-dealer or an affiliate of a broker-dealer or other third party who
may then become a selling stockholder and publicly resell or otherwise transfer shares of our
common stock under this prospectus;

	•	 	loan or pledge shares of our common stock to a broker-dealer or affiliate of a
broker-dealer or other third party who may then become a selling stockholder and sell the
loaned shares or, in an event of default in the case of a pledge, become a selling stockholder
and sell the pledged shares, under this prospectus; or

	•	 	enter into derivative transactions with third parties, or sell securities not covered by
this prospectus to third parties in privately negotiated transactions. If the applicable
prospectus supplement indicates, in connection with those derivatives, the third parties may
sell securities covered by this prospectus and the applicable prospectus supplement, including
in short sale transactions. If so, the third party may use securities pledged by the selling
stockholder or borrowed from the selling stockholder or others to settle those sales or to
close out any related open borrowings of stock, and may use securities received from the
selling stockholder in settlement of those derivatives to close out any related open
borrowings of stock. The third party in such sale transactions will be an underwriter and will
be identified in the applicable prospectus supplement (or a post effective amendment).

Annex A to Registration Rights Agreement

Page 38 of 38

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