Document:

Shareholders' Agreement relating to MPBL Gaming dated November 22, 2006

 Exhibit 10.22 
 SHAREHOLDERS’ AGREEMENT 
 RELATING TO 
 MELCO PBL GAMING (MACAU) LIMITED 
 PBL ASIA LIMITED 
 MELCO PBL INVESTMENTS LIMITED 
 MANUELA ANTONIO 
 MELCO PBL GAMING (MACAU) LIMITED 

 CONTENTS 
  

					
	1.	  	THE DICTIONARY	  	2
			
	2.	  	THE COMPANY	  	2
			
	3.	  	BOARD OF DIRECTORS	  	6
			
	4.	  	GENERAL MEETINGS	  	8
			
	5.	  	DECISION MAKING	  	8
			
	6.	  	BUDGET AND BUSINESS PLAN	  	13
			
	7.	  	SHAREHOLDER OBLIGATIONS	  	14
			
	8.	  	MANAGEMENT OF THE COMPANY	  	14
			
	9.	  	CONFIDENTIALITY	  	15
			
	10.	  	DISPOSAL OF SHARES	  	16
			
	11.	  	DISPUTE RESOLUTION	  	16
			
	12.	  	WARRANTIES	  	17
			
	13.	  	GENERAL	  	17
		
	ATTACHMENT A DICTIONARY	  	1

  

 i 

 DATE: 22nd November 2006 
 PARTIES 
  

	1.	PBL ASIA LIMITED, an exempted company incorporated under the laws of the Cayman Islands of Walker House, Mary Street, P O Box 908GT, George Town, Grand Cayman, Cayman Islands
(“PBLSub”) 

  

	2.	MELCO PBL INVESTMENTS LIMITED a company incorporated under the laws of the Cayman Islands of Walker House, Mary Street, P O Box 908GT, George Town, Grand Cayman, Cayman
Islands (“Melco PBL”) 

  

	3.	MANUELA ANTONIO, an individual with professional address at Avenida Dr. Mário Soares No 25 Edificio Montepio 1o, Comp. 13, Macau SAR (the “Managing Director”) 

  

	4.	MELCO PBL GAMING (MACAU) LIMITED, a company incorporated under the laws of Macau SAR of Avenida Dr. Mário Soares No 25 Edificio Montepio 1o, Comp. 13, Macau SAR registered with the Macau Commercial Registry under number 24325 (the “Company”)

 WHEREAS 
  

	(A)	The Company was incorporated on 10 May 2006. 

  

	(B)	On 8th September 2006 the Government of
Macau SAR, Wynn Resorts (Macau) Limited and the Company entered into the Subconcession pursuant to which the Company is entitled, subject to the laws of Macau SAR, to engage in the exploitation of games of chance and other games in casino in Macau
SAR. 

  

	(C)	The Company is a company limited by shares incorporated in Macau SAR. At the date hereof the Company’s registered capital, which is fully paid up is one billion Patacas
(MOP1,000,000,000) divided and represented by (i) 2,800,000 Class A Shares of one hundred Patacas (MOP100) each, which Class A Shares (a) represent twenty eight per cent (28%) of the issued share capital of the Company;
(b) a nominal right to receive a Class A Dividend of an aggregate amount of up to one Pataca (MOP1) per year from the Company, and (c) a nominal right to receive a Class A Capital Distribution of an aggregate amount of up to one
Pataca (MOP1) upon a return of capital or the liquidation of the Company; and (ii) 7,200,000 Class B Shares of one hundred Patacas (MOP100) each which Class B Shares together (x) represent seventy-two per cent (72%) of the issued
share capital of the Company (y) a right to receive all dividends and capital distributions of the Company, whether before or upon the liquidation of the Company, after payment of the Class A Dividend and, as applicable, the Class A
Capital Distribution. 

	(D)	The Managing Director is the registered holder of 1,000,000 Class A Shares representing ten per cent (10%) of the issued share capital of the Company.

  

	(E)	PBLSub is the registered holder of 1,800,000 Class A Shares representing eighteen per cent (18%) of the issued share capital of the Company and Melco PBL is the registered
holder of 7,200,000 Class B Share representing seventy two per cent (72%) of the issued share capital of the Company. 

  

	(F)	The terms of this Agreement shall be submitted to the Government of the Macau SAR for approval. 

 THE PARTIES AGREE 
  

	1.	THE DICTIONARY 

  

	1.1	Dictionary 

 The Dictionary
in Attachment A: 
  

	(a)	defines some of the capitalised terms used in this Agreement; and 

  

	(b)	sets out rules of interpretation which apply to this Agreement. 

  

	2.	THE COMPANY 

  

	2.1	Nature of Business 

 The business
of the Company is: 
  

	(a)	to exploit games of chance and other games in casino in Macau SAR all in accordance with the terms of the Subconcession and the laws of Macau SAR; and 

  

	(b)	any other correlated activity determined by the Board from time to time to the extent permitted by the laws of the Macau SAR and authorized by the Macau SAR Government.

  

 2 

	2.2	Place of Business 

 The
Company shall maintain its head office within Macau SAR. 
  

	2.3	Name of Company 

 The Company will be known as “

”, in Chinese, “Melco PBL Gaming (Macau) Limited” in English and “Melco PBL Jogos (Macau), S.A.” in Portuguese. 
  

	2.4	Conduct of the Business 

 The Company will conduct its affairs in
accordance with the Subconcession, the Gaming Concessions Legal Regime for the exploitation of games of chance and other games in casino in the Macau SAR comprising Law no. 16/2001, Regulation no.26/2001 and all other complementary applicable laws
and regulations and other Gaming Authorizations from the Gaming Authority and other applicable laws of Macau SAR. 
  

	2.5	Operation in accordance with the Articles and this Agreement 

 The
Company shall operate pursuant to the terms of the Articles and this Agreement. To the extent that the terms of this Agreement conflict with mandatory provisions of the Articles under the laws of Macau SAR, the terms of the Articles shall prevail.
Each Shareholder agrees to vote all Shares and take all other actions available to it which are necessary or appropriate to ensure the Articles do not conflict with the provisions of this Agreement and to give effect to the terms and intent of this
Agreement. 
  

	2.6	Term of this Agreement 

 This
Agreement will continue until terminated: 
  

	(a)	in accordance with this Agreement; or 

  

	(b)	by written agreement among the parties; 

 but shall not terminate on the
expiry of the Subconcession merely by virtue of such expiry. This Agreement shall cease to apply to a Person when that Person ceases to be a Shareholder. 
  

	2.7	Shareholding 

 Capital of the Company

  

	(a)	The entire registered capital of the Company is one billion Patacas (MOP1,000,000,000) divided into 10,000,000 Shares of one hundred Patacas (MOP100) par value each and is
represented exclusively by registered nominative shares of which 2,800,000 are Class A Shares and 7,200,000 are Class B Shares. Each Share entitles the holder thereof to identical voting rights in the Company. All of the Shares are duly
authorized by the Government of Macau SAR, validly issued, and registered in the name of the Shareholders in the amounts set forth in clause 2.7(d). 

  

 3 

 Class A Shares 
  

	(b)	The Class A Shares, in the aggregate, represent twenty eight per cent (28%) of the authorised issued share capital of the Company. The holders of the Class A Shares,
as a group, are entitled to an annual dividend in an amount in the aggregate of up to one Macau Pataca (MOP1) (the “Class A Dividend”) and a preferential distribution in the event of the liquidation of the Company or return of
capital to the Class A Shares in an amount in the aggregate of up to one Macau Pataca (MOP1) (the “Class A Capital Distribution”), and shall be entitled to no other dividends, distributions, return of capital, liquidation
proceeds, return of par value, or other sum of any type from the Company. Class A Shares representing ten per cent (10%) of the authorised issued share capital of the Company will be held by the Managing Director and the Managing Director
shall have no obligation to contribute further capital to the Company and in the event that any payment of dividend, distribution, return of capital, liquidation proceeds, par value, or emolument of any type other than the Class A Dividend (or
part thereof) or the Class A Capital Distribution (or part thereof) shall ever be received by the Managing Director in respect of the Class A Shares, the Managing Director shall immediately account for and pay such dividend, distribution,
capital, liquidation proceeds, par value, or emolument to the holders of the issued and outstanding Class B Shares, in proportion to their ownership thereof. 

 Class B Shares 
  

	(c)	The Class B Shares in the aggregate represent (a) seventy two per cent (72%) of the authorized issued share capital of the Company, and (b) one hundred per cent
(100%) of the rights to receive dividends and other distributions from, and capital of, the Company, after payment of the Class A Dividend and the Class A Capital Distribution in respect of Class A Shares. The holders of the
Class B Shares, in proportion to their ownership thereof, shall be entitled to receive any dividends, distributions, capital, liquidation proceeds, par value, or other emoluments that may at any time be paid to or received by the holders of the
Class A Shares, except the Class A Dividend and the Class A Capital Distribution. 

  

 4 

 Shareholders Proportion 
  

	(d)	The shareholding structure of the Company is as follows: 

  

						
	 Shareholder
	  	 Number of Shares
	  	Percentage
Holding	 
	Managing Director	  	1,000,000 Class A Shares	  	10	%
	PBLSub	  	1,800,000 Class B Shares	  	18	%
	Melco PBL	  	7,200,000 Class B Shares	  	72	%

  

	2.8	Exercise of Powers 

 Each Shareholder agrees to take all reasonable
steps which are within its power and are necessary to procure that its voting rights as a Shareholder in the Company and where applicable, the voting rights of Directors nominated by it to the Board, are exercised in a manner to ensure that the
Company acts in conformity with this Agreement and the Subconcession. 
  

	2.9	Legends on Share Certificates; Safekeeping of Share Certificates

 All certificates representing Shares or other direct or indirect interests in the Company or any Affiliated Company shall be kept under the control of Melco PBL or its designee. Each certificate representing the Shares, now or hereafter
held by the Shareholders or their respective permitted transferees and successors shall be stamped with certain legends required by the laws of the Macau SAR and a legend in substantially the following form in Portuguese and English, respectively:

 “A transmissão e oneração das acções, e dos direitos inerentes às mesmas, representados por este
título estão sujeitas: (a) às restrições legais imperativas aplicáveis, nomeadamente, as decorrentes da Lei n.o 16/2001 da Região Administrativa Especial de Macau e (b) às
restrições nos termos do Acordo Parassocial, conforme venha a ser alterado, cuja cópia está arquivada no Escritório de Advogados da Dra. Manuela António. Qualquer transmissão ou oneração
das acções, e dos direitos inerentes, representados por este título em violação do supra disposto não produzirá efeitos em relação à Sociedade nem confere ao adquirente ou
interessado o direito ao averbamento de tal transmissão no Livro de Registo de Acções, o qual será recusado pela Sociedade.” 
  

 5 

 “The transfer and encumbrance of, and rights in, the shares represented by this certificate are (a) subject to
the mandatory legal restrictions including, inter alia, those arising from Law No. 16/2001 of the Macau SAR and (b) restricted under the terms of a Shareholders’ Agreement, as amended from time to time, a copy of which is on file at
the office of Manuela Antonio, Lawyers in Macau SAR. Any transfer or encumbrance of, and rights in, the shares represented by this certificate in violation of the abovementioned restrictions will be of no effect towards the Company and will not
entitle the transferee or the interested party to register such transfer in the share register book of the Company and shall be refused registration by the Company.” 
  

	3.	BOARD OF DIRECTORS 

  

	3.1	Number of Directors 

 The Board of Directors must pursue the general
interests of the Company as well as assure the management of its business. The Directors will be an odd number, consisting of the Managing Director (as defined in clause 3.2)(who will be a category “B” director) and a number of other
directors (with all directors being elected by the General Meeting and approved by the Government of Macau SAR), with the intention that the Directors (other than the Managing Director) are nominated by Melco PBL. 
  

	3.2	Managing Director 

 To the extent required by the laws of Macau SAR,
the Company is required at all times to have at least one (1) Director who is a permanent resident of Macau SAR and who shall be designated as the “managing director” of the Company in accordance with the rules set forth in Article 19
of Law No. 16/2001 and shall hold ten (10) per cent of the issued share capital of the Company. The Managing Director shall have such delegated management authority as the Board shall from time to time resolve subject always to approval
from the Macau SAR Government and to Article 466.3 of the Macau Commercial Code, and the Managing Director’s authority shall not exceed the authority so delegated. 
 The Shareholders have designated and the Government of Macau SAR has approved Manuela Antonio to serve as the initial Managing Director and PBLSub and Melco PBL have caused the payment for and the Company has caused
the issue to Manuela Antonio of the Class A Shares issued to her. The Managing Director shall serve as Managing Director under the terms of the Engagement Letter. 
  

	3.3	Term and Removal of Directors 

  

	(a)	The Board of Directors are elected by the General Meeting for three years and may be re-elected one or more times. 

  

 6 

	(b)	A Director may be removed by the General Meeting notwithstanding the currency of the Director’s three year term. 

  

	(c)	A Director may resign his or her office on notice to the Board. 

  

	(d)	A Director shall be removed in the event that the Director becomes under any legal disability or is subject to an adverse determination by the Gaming Authority or by other relevant
Regulatory Authority. 

  

	3.4	Chairperson 

  

	(a)	The Chairperson will be appointed by the Board. The members of the Board have agreed that Lawrence Ho shall serve as Chairperson. 

  

	(b)	In the definitive absence of the Chairperson, the Board of Directors shall proceed with his replacement until the next General Meeting, by electing among its members a new
Chairperson. 

  

	(c)	In the definitive absence of any Director, the first substitute director shall replace him. 

  

	3.5	Notice to the Gaming Authority 

 The appointment or removal of a
person as a Director must be notified to the Gaming Authority and the appointment of a person as a Director shall only take effect on the requisite approval of the Gaming Authority. 
  

	3.6	Quorum for Board meeting 

  

	(a)	Subject to clause 3.6(c), the quorum for a meeting of Directors is a simple majority but in case never less than four Directors present or represented (being at least two category
“A” Directors and at least two category “B” Directors). 

  

	(b)	A Board meeting is adjourned to the same time and place on the same day the following week if a quorum is not present at that Board meeting unless otherwise determined by the Board.

  

	(c)	If a quorum is not present at the reconvened Board meeting, that meeting is adjourned to the same time and place on the next Business Day. The Directors present or represented at
the second reconvened Board meeting make up a quorum save in the case of matters referred to in clause 5.3, resolutions in respect of which remains subject to clause 5.3. 

  

 7 

	3.7	Notice of meetings 

  

	(a)	Each Director must receive at least five Business Days notice indicating the objective, hour and place of the Board meeting (including notice that the meeting may be adjourned as
set out in clause 3.6) unless all Directors agree otherwise. A Board meeting may be held in the Macau SAR. 

  

	(b)	The Board can only pass a resolution on a matter if notice of the general nature of the matter is included in the notice of meeting, unless all Directors agree in writing otherwise
(whether or not all such Directors attend the meeting of the Board which considers the relevant resolution). 

  

	4.	GENERAL MEETINGS 

  

	(a)	The Shareholders agree that the President of the General Meeting shall be Lawrence Ho. 

  

	(b)	Subject to clause 4(c), no business may be transacted at any general meeting, except the election of a Chairperson and the adjournment of the meeting, unless a quorum of members is
present when the meeting proceeds to business and remains present throughout the meeting. 

  

	(c)	The quorum for a General Meeting is one or more Shareholders present or represented holding at least seventy per cent (70%) of the duly authorised and registered share capital
of the Company. 

  

	5.	DECISION MAKING 

  

	5.1	Voting by Directors 

 Each Director
has one vote. The Chairperson does not have a casting vote. 
  

	5.2	Directors’ resolutions 

 All resolutions at meetings of
the Board are valid if at least a simple majority of two category “A” Directors (present or represented) and at least two category “B” Directors (present or represented) vote in favour of the relevant resolution including in
relation to those decisions listed in clause 5.3 and clause 5.4. 
  

	5.3	Decisions of Directors 

 A resolution of the board which concerns
any of the following matters is only valid if at least two category “A” Directors (present or represented) and at least two category “B” Directors (present or represented) vote in favour of that resolution. 
  

 8 

 Constitution 
  

	(a)	memorandum and articles of association: the recommendation to the Shareholders to modify or amend the memorandum and articles of the Company or an Affiliated Company;

  

	(b)	Directors: the appointment or removal of any director of an Affiliated Company; 

  

	(c)	committees: the creation of working committees of the Board; 

 Major Strategic 
  

	(d)	Business Plan: the adoption of a Business Plan for the Company and/or for any Affiliated Company or the authorisation of any change to, or deviation from, a Business Plan in
any material respect; 

  

	(e)	Change in Business: any material change in the nature or scope of the business of the Company, the cessation of the business of any Affiliated Company or the entry into any
new business by the Company or any Affiliated Company, except as approved in a Business Plan; 

  

	(f)	Merger or amalgamation: any recommendation to the Shareholders with regard to the terms of any merger or amalgamation of the Company with any other company;

  

	(g)	Joint Venture: the entry into by the Company, or the amendment, release or termination of, any joint venture, partnership, agency or similar arrangement of any kind with any
person; 

  

	(h)	Disposals: the disposal of any assets of the Company or the shares in any Affiliated Company in any Financial Year with a book value or market value of more than MOP8,000,000
(otherwise than in accordance with the Business Plan); 

  

	(i)	Listing: any application to the Gaming Authority for approval for the Company to seek: 

  

	 	(i)	admission of the Company or an Affiliated Company to the official list of a Stock Exchange; and 

  

 9 

	 	(ii)	official quotation of the shares in the Company or an Affiliated Company on that Stock Exchange; 

  

	(j)	Subconcession: any dealings with or matters involving amendments to the terms of the Subconcession or application for or surrender of any Gaming Licence;

 Major Financial 
  

	(k)	dividends: proposals to Shareholders in connection with the adoption of or change to any dividend policy or the declaration or payment of any dividend by the Company other
than in accordance with any adopted dividend policy, except as approved in the Business Plan and/or Budget; 

  

	(l)	distributions: proposals to Shareholders in connection with the making by the Company of any capital distribution or capitalisation of any profits or the creation of, or
transfer to, any reserve account; 

  

	(m)	acquisitions of equity: the acquisition by the Company of any Securities from any third party for a consideration of more than MOP8,000,000, except as approved in a Business
Plan and/or Budget; 

  

	(n)	expenditure: the incurring of capital or operating expenditure of more than MOP8,000,000 by the Company in a Financial Year, except as approved in a Business Plan and/or
Budget; 

  

	(o)	material contracts: the entry into by the Company of any agreement or arrangements, which alone or together with any other associated agreement or arrangement:

  

	 	(i)	is for a duration of more than 3 years; 

  

	 	(ii)	involving the Company in a liability (actual or contingent) for an amount of more than MOP8,000,000; or 

  

	 	(iii)	is outside the ordinary course of business, except as approved in the Business Plan and/or Budget. 

  

	(p)	auditor: propose to the Shareholders the appointment or removal of the Auditor; 

  

 10 

	(q)	accounting policies: the establishment of or any change in a material respect to the accounting policies or practices or financial reporting system of the Company or any
Affiliated Company, subject always to the accounting policies in force in the Macau SAR from time to time; 

  

	(r)	new issues: the issue or offer or agreement to issue any Securities of the Company; 

  

	(s)	class rights: any recommendation to Shareholders to change any rights attaching to any class of Securities of the Company; 

  

	(t)	capital reduction: any buy back, redemption or cancellation of any Securities of the Company, or reduction, split, consolidation or other reconstruction of the share capital
of the Company, to the extent that such action is under the control of the Directors and to the extent that such action requires Shareholder consent, any proposal to the Shareholders in relation to obtaining such consent; 

 

	(u)	borrowing: the borrowing, raising or receiving of any financial accommodation (including to or from any Shareholder) by the Company, or the making of any material unscheduled
repayments of any financial accommodation, except to the extent approved in a Business Plan and/or Budget; 

  

	(v)	provision of financial accommodation: the provision by the Company of any financial accommodation to any person, other than in the ordinary course of business;

  

	(w)	new business: the establishment by the Company of any new business; 

  

	(x)	security interest: the grant of a Security Interest over an asset of the Company otherwise than by operation of law; 

  

	(y)	guarantees: the giving by the Company of a guarantee, indemnity or other assurance for a debt or obligation of another person or about the financial condition of that person,
or becoming liable under any of those things; 

  

	(z)	related party transactions: Except as contemplated in this Agreement: 

  

	 	(i)	the entry into by the Company of any agreement or arrangement with any Shareholder or with any Related Party or Affiliate of any Shareholder or the Company, whether that agreement
or arrangement is oral or in writing; or 

  

 11 

	 	(ii)	the amendment, release or termination of any agreement or arrangement with any Shareholder or with any Related Party or Affiliate of any Shareholder or the Company, whether that
agreement or arrangement is oral or in writing; 

  

	(aa)	litigation: the commencement, defence, compromise or settlement by the Company of any litigation, arbitration, remediation or a similar procedure involving a claim of more
than MOP100,000 or the waiving or enforcement of any material rights of the Company in respect of such a claim; 

  

	(bb)	real property: the purchase, disposal, lease by the Company of, or any other dealing by the Company in, any real property or any interest therein involving real property with
a value or commitment of more than MOP1,000,000; 

 Budget Process 
  

	(cc)	budget: the adoption of a Budget for the Company or the authorisation of any change to, or deviation from, a Budget in any material respect; and 

 Management 
  

	(dd)	senior management: the appointment, removal or the making of any material alteration to the terms of employment of the Chief Executive Officer or Chief Financial Officer of
the Company provided that such executive shall be removed in the event of an adverse finding against the executive by the Gaming Authority unless otherwise unanimously agreed by the Board and by the Gaming Authority. 

  

	5.4	Amendment of financial limits 

 The
Board may amend a financial limit in clause 5.3 by resolution passed at a duly convened Board meeting. 
  

	5.5	Shareholders’ resolutions 

 Notwithstanding anything in this
Agreement and Articles, the prior approval of Shareholders representing at least 75% of the issued share capital (whether at a General Meeting or by written resolution) is needed to: 
  

	(a)	appoint a liquidator to the Company or propose a winding up of the Company; 

  

	(b)	amend or replace the Articles; 

  

 12 

	(c)	approve a scheme of arrangement to merge or amalgamate the Company with another Company; 

  

	(d)	change the name of the Company; 

  

	(e)	effect any capital reduction or buy back of Shares by the Company; or 

  

	(f)	give effect to any matter set out in clause 5.3 where the approval of Shareholders (rather than Directors) is required by law to give effect to such matter.

  

	5.6	Affiliated Companies 

  

	(a)	Each Shareholder and the Company agrees, and must use all reasonable endeavours to ensure that subject as otherwise agreed by them in writing the board and operation of each
Affiliated Company (other than the Company) complies with at least the rules set out in this clause 5; and 

  

	(b)	The Board will determine the exercise by the Company of its rights and powers to effect appointments to the board and to change the board composition of each Affiliated Company
(other than the Company) and to join in or oppose the appointment or proposed appointment by any third parties as directors to the board of an Affiliated Company under the articles of association of the relevant Affiliated Company or under a
shareholders agreement concerning an Affiliated Company which is binding on the Company or the relevant Affiliated Company. 

  

	6.	BUDGET AND BUSINESS PLAN 

  

	6.1	Annual budget 

 The Company must use reasonable endeavours to ensure
that, before the end of any Financial Year, the Directors adopt an annual Budget for the Company in accordance with clause 5.3 for the following Financial Year in a form, and the content of which is, approved by the Directors. 
  

	6.2	Business Plan 

 The Company and each Shareholder must use
reasonable endeavours to ensure that, before the end of each Financial Year, the Directors adopt a Business Plan for the Company in accordance with clause 5.3 for the following Financial Year in a form, and the content of which is, approved by the
Directors. 
  

 13 

	7.	SHAREHOLDER OBLIGATIONS 

  

	7.1	General Obligations 

 Each
Shareholder will: 
  

	(a)	act in good faith to the other Shareholders in any transaction relating to the Company; 

  

	(b)	promptly pay into the company bank account all money, cheques and negotiable instruments received by the Shareholder on account of the Company; 

  

	(c)	promptly advise the other Shareholders of any matter or material information concerning the Company which may come to the Shareholder’s notice; and 

  

	(d)	at all times give to the other Shareholders a full and proper account of any action the Shareholder proposes to take in respect of the Company which has not been authorised by the
Shareholders and at the reasonable request of the other Shareholder, furnish a full and accurate explanation of any action the Shareholder takes which affects the Company in any way. 

  

	7.2	Managing Director Obligations 

 In addition to the obligations set
out above, the Managing Director shall comply with her obligations as set out in the Engagement Letter. 
  

	7.3.	PBLSub Obligations 

 PBLSub agrees that it shall vote its
Class A shares in the same manner as Melco PBL votes its Class B Shares in all matters submitted for voting to the Shareholders. 
  

	8.	MANAGEMENT OF THE COMPANY 

  

	8.1	Supervisory Board 

  

	(a)	The supervision of the Company’s activity belongs to the supervisory board which is made up of three members of whom one shall be the Chairman, and another a substitute, all
elected by the General Meeting (the “Supervisory Board”). 

  

	(b)	The General Meeting can choose the Sole Supervisor system. 

  

 14 

	(c)	One of the members and the substitute of the Supervisory Board will be auditors or an audit firm. 

  

	(d)	The Sole Supervisor must be an auditor or an audit firm. 

  

	(e)	The Supervisory Board shall meet, at least, once every three months. 

  

	8.2	Company Secretary 

  

	(a)	The Company Secretary shall have the powers determined by law, the Articles and the Board and also to carry out the relations between the Company and its social bodies.

  

	(b)	The Company Secretary, appointed by the Board of Directors, must not be a member of the Board of Directors. 

  

	8.3	Maintenance of records 

 The Company must maintain books and records
which enable each of the Shareholders to prepare accounts which comply with the Accounting Standards. 
  

	9.	CONFIDENTIALITY 

 A party may not
disclose any Confidential Information to any person, except: 
  

	(a)	to its officers, employees, professional advisers, auditors or consultants, to the extent that person requires the information for the purposes of performing their respective
functions; 

  

	(b)	to its shareholders subject to first obtaining written confidentiality undertakings from those shareholders in a form agreed by the Company and those parties who are at that time
entitled to appoint or remove a Director; 

  

	(c)	as required by an applicable law, regulatory authority (including gaming regulatory authorities) or applicable Stock Exchange; or 

  

	(d)	if a party is required to do so in connection with legal proceedings relating to this Agreement, or relating to any agreement to which that person is a party, provided that, except
where the legal proceedings are taken by one party against another party, each other party is first consulted, and is given a reasonable opportunity to assert any right and privilege, confidentiality, or any other right which may prevail, over that
party’s duty of disclosure,              

 and must use its best endeavours to
ensure the Confidential Information (unless disclosed under clauses 9(a)-(d)) is kept confidential. 
  

 15 

	10.	DISPOSAL OF SHARES 

  

	10.1	No Disposal of Shares 

 Except for the Class A Shares which
shall not be disposed of save in accordance with the provisions of the Articles and the Engagement Letter (as applicable), each Shareholder must: 
  

	(a)	not create any Security Interest or agree or offer to create any Security Interest, in its Shares unless approved by Shareholders holding at least 70% of the issued share capital of
the Company and the Gaming Authority; and 

  

	(b)	not Dispose or agree to Dispose of any of its Shares, or do or omit to do any act if the act or omission would have the effect of Disposing of any of its Shares unless approved by
Shareholders holding at least 70% of the issued share capital of the Company. 

  

	11.	DISPUTE RESOLUTION 

  

	(a)	A party must not commence court proceedings about any dispute unless it first complies with this clause 11. 

  

	(b)	A party claiming that a dispute has arisen must notify each other party giving details of the dispute. 

  

	(c)	Each party to the dispute must seek to resolve the dispute within 5 Business Days of receiving notice of the dispute or a longer period agreed by the parties to the dispute.

  

	(d)	If the parties do not resolve the dispute under and within the time period referred to in clause 11(c), the chief executive officer of each Shareholder (or a person occupying a
similar senior position if such an office is not in existence at the time) must seek to resolve the dispute for a period of up to 15 Business Days after the end of the period referred to in clause 11(c). 

  

	(e)	Nothing in this clause 11 will prejudice the right of a party to seek urgent injunctive or declaratory relief in respect of a dispute. 

  

 16 

	12.	WARRANTIES 

  

	12.1	Each party severally warrants to the other parties that: 

  

	(a)	Authority: it has taken all necessary action to authorise the signing, delivery and performance of this Agreement and the documents required under this Agreement in
accordance with their respective terms; 

  

	(b)	Power to enter into this Agreement: it has power to enter into this Agreement and perform its obligations under it and can do so without the consent of any other person;

  

	(c)	No breach: the signing and delivery of this Agreement and the performance by it of its obligations under it complies with: 

  

	 	(i)	each applicable law and authorisation; 

  

	 	(ii)	its constitution or constituent documents, as applicable; and 

  

	 	(iii)	each Security Interest binding on it; 

  

	(d)	binding: this Agreement constitutes a legal, valid and binding obligation of it enforceable in accordance with its terms by appropriate legal remedy; and

  

	(e)	no actions: there are no actions, claims, proceedings or investigations pending or to the best of its knowledge threatened against it or by it which may have a material
adverse effect on its ability to perform its obligations under this Agreement. 

  

	12.2	The Managing Director warrants and represents that: 

  

	(a)	The Managing Director is a permanent resident of the Macau SAR. 

  

	(b)	No Person other than the Managing Director will have any direct or indirect interest in the Class A Shares held by the Managing Director and the Managing Director will not make
any promises or other obligations to any Person regarding any right to or interest in the Class A Shares held by the Managing Director. 

  

	13.	GENERAL 

  

	13.1	Notices 

  

	(a)	Any notice or other communication given under this Agreement including, but not limited to, a request, demand, consent or approval, to or by a party to this Agreement:

  

	 	(i)	must be in legible writing and in English; 

  

 17 

	 	(ii)	must be addressed to the addressee at the address or facsimile number set out below or to any other address or facsimile number a party notifies the other under this clause 13:

  

					
	A.	 	if to PBLSub:	 	
			
		 	Address:	 	 Walker House, Mary Street, PO Box 908GT,
 George
Town

		 		 	Grand Cayman
		 		 	CAYMAN ISLANDS
			
		 	Attention:	 	The Directors
			
		 	Facsimile:	 	+ 345 945 4757
		
	B.	 	if to Melco PBL:
			
		 	Address:	 	Walker House Mary Street
		 		 	PO Box 908GT
		 		 	George Town
		 		 	Grand Cayman
		 		 	CAYMAN ISLANDS
			
		 	Attention:	 	The Directors
			
		 	Facsimile:	 	+ 365 945 4757
		
	C.	 	if to the Company:
			
		 	Address:	 	 Avenida Dr. Mário Soares No 25 Edificio Montepio
 1o, Comp. 13, Macau SAR

			
		 	Attention:	 	The Directors
			
		 	Facsimile:	 	+853 345 678

  

 18 

					
	D.	  	if to Managing Director:
			
		  	Address:	  	 Avenida Dr. Mário Soares No 25 Edificio Montepio
 1°, Comp. 13, Macau SAR

			
		  	Facsimile:	  	+853 345 678

  

	 	(iii)	must be signed by an authorised signatory or under the common seal of a sender which is a body corporate; and 

  

	 	(iv)	is deemed to be received by the addressee in accordance with clause 13.1(b). 

  

	(b)	Without limiting any other means by which a party may be able to prove that a notice has been received by another party, a notice is deemed to be received. 

 

	 	(i)	if sent by hand, when delivered to the addressee; 

  

	 	(ii)	if by post, 5 Business Days from and including the date of postage; or 

  

	 	(iii)	if by facsimile transmission, on receipt by the sender of an acknowledgment or transmission report generated by the machine from which the facsimile was sent confirming that the
facsimile has been successfully transmitted, 

 but if the delivery or receipt is on a day which is not a Business Day or is
after 4.00pm (addressee’s time) it is regarded as received at 9.00 am on the following Business Day. 
  

	(c)	A facsimile transmission is regarded as legible unless the addressee telephones the sender within 2 hours after transmission is received or regarded as received under clause
13.1(b)(iii) and informs the sender that it is not legible. 

  

	(d)	In this clause a reference to an addressee includes a reference to an addressee’s officers, agents or employees or a person reasonably believed by the sender to be an officer,
agent or employee of the addressee. 

  

	13.2	Governing law  

 The Agreement shall be governed, construed and
interpreted in accordance with the laws of Macau SAR. The parties hereby submit to the exclusive jurisdiction of the courts of Macau SAR. 
  

 19 

	13.3	Invalidity 

  

	(a)	If a provision of this Agreement, or a right or remedy of a party under this Agreement is invalid or unenforceable in a particular jurisdiction: 

  

	 	(i)	it is to be read down or severed in that jurisdiction only to the extent of the invalidity or unenforceability; and 

  

	 	(ii)	the validity or enforceability of that provision in another jurisdiction or the remaining provisions in any jurisdiction shall not be affected. 

  

	(b)	This clause 13.3 is not limited by any other provision of this Agreement in relation to severability, invalidity or unenforceability. 

  

	13.4	Amendments and Waivers 

  

	(a)	Amendment to this Agreement is subject to the approval of the Macau Government and may be made only by a written document signed by the parties provided that there is no obligation
to seek a party’s agreement to an amendment when that party is no longer a Shareholder. 

  

	(b)	A waiver of a provision of this Agreement or a right or remedy arising under this Agreement, including this clause 13.4, must be in writing and signed by the party granting the
waiver. 

  

	(c)	A single or partial exercise of a right does not preclude a further exercise of that right or the exercise of another right. 

  

	(d)	Failure by a party to exercise a right or delay in exercising that right does not prevent its exercise or operate as a waiver. 

  

	(e)	A waiver is only effective in the specific instance and for the specific purpose for which it is given. 

  

	13.5	Cumulative rights 

 The rights and
remedies of a party under this Agreement do not exclude any other right or remedy provided by law. 
  

	13.6	Further assurances 

 Each party must do all lawful things within its
power that are necessary to give full effect to this Agreement and the transactions contemplated by this Agreement. 
  

 20 

	13.7	Entire agreement 

 This Agreement supersedes all previous agreements
about its subject matter and embodies the entire agreement between the parties. 
  

	13.8	Third party rights 

 Only the parties to this Agreement have or are
intended to have a right or remedy under this Agreement or obtain a benefit under it. 
  

	13.9	Legal Advice 

 Each party acknowledges that it has received
legal advice about this Agreement or has had the opportunity of receiving legal advice about this Agreement. 
  

	13.10	 No Assignment 

 A party may not assign this Agreement or
otherwise transfer the benefit of this Agreement or a right or remedy under it. 
  

 21 

					
	 SIGNED by PBL ASIA LIMITED by:
	  		  	
			
	 /s/
	  		  	 /s/

	Director	  		  	Director/Secretary
			
	 Geoff Kleemann
	  		  	 Anthony Klok

	Name of Director (print)	  		  	Name of Director/Secretary (print)
			
	 SIGNED by MELCO PBL INVESTMENTS
 LIMITED by:
	  		  	
			
	 /s/
	  		  	 /s/

	Director	  		  	Director/Secretary
			
	 Geoff Kleemann
	  		  	 Ho, Lawrence Yau Lung

	Name of Director (print)	  		  	Name of Director/Secretary (print)
			
	 SIGNED by MELCO PBL GAMING
 (MACAU)
LIMITED by:
	  		  	
			
	 /s/
	  		  	 /s/

	Director	  		  	Director
			
	 Geoff Kleemann
	  		  	 Ho, Lawrence Yau Lung

	Name of Director (print)	  		  	Name of Director (print)

	
	SIGNED by MANUELA ANTONIO:
	
	 /s/

	Signature
	
	 Mannela António

	Name (print)

 ATTACHMENT A 
 DICTIONARY 
 Part 1 – Definitions 
 In this Agreement: 
 Accounting Standards means generally accepted and
consistently applied principles and practices in Macau SAR. 
 Affiliate means in respect of any Person that is directly or indirectly Controlled by
the first Person; 
 Affiliated Company means the Company and any subsidiary of the Company. 
 Articles means the Articles of Association of the Company in force from time to time. 
 Auditor means the auditor of the Company from time to time. 
 Board means the Board of Directors of the
Company from time to time. 
 Budget means, in respect of the Company, the budget for carrying on the business of the Company during a Financial Year.

 Business Day means a day on which banks are open for business in Macau SAR and Hong Kong, excluding a Saturday, Sunday or public holiday.

 Business Plan means, in respect of the Company, a detailed Business Plan for carrying on the business of the Company during a Financial Year.

 Chairperson means the chairperson of the Board from time to time appointed under clause 3.4. 
 Chief Executive Officer means the chief executive officer of the Company from time to time. 
 Chief Financial Officer means the chief financial officer of the Company from time to time. 
 Class A
Shares means the Class A shares of MOP100 each in the capital of the Company. 
 Class B Shares means the Class B shares of MOP100 each in
the capital of the Company. 
 Class A Capital Distribution has the meaning set out in clause 2.7(b). 
 Class A Dividend has the meaning set out in clause 2.7(b). 
  

 1 

 Confidential Information means any information arising out of or in relation to the provisions of this Agreement
or information about the business of the Company or an Affiliated Company, or about the Company or a party to this Agreement in connection with this Agreement, but excluding any information which is in the public domain otherwise than as a result of
the wrongful disclosure by any party. 
 Control (including the terms controlled by and under common control with) means, in relation to
any Person, the ability of any other Person or group of Persons, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether through the ownership of more than fifty per cent (50%) of the
outstanding voting securities of such Person, as trustee or executor, by contract or credit arrangement or otherwise. 
 Director means a director of the Company from time to time. 
 Dispose means to sell, transfer, assign, declare oneself a trustee of
or part with the benefit of or otherwise dispose of any Share (or any property risk or other interest in it or any part of it including the granting of voting rights or other social right derived from any Shares to a person other than the holder)
including, without limitation, to enter into a transaction in relation to the Share (or any interest in the Share) which results in a person other than the registered holder of the Share: 
  

	(a)	acquiring or having any property or right in the Share, including, without limitation, a right arising under a declaration of trust, an agreement for sale and purchase or an option
agreement or an agreement creating a charge or other Security Interest over the Share; or 

  

	(b)	acquiring or having any right to receive directly or indirectly any dividends or other distribution or proceeds of disposal payable in respect of the Share or any right to receive
an amount calculated by reference to any of them; or 

  

	(c)	acquiring or having any rights of pre-emption, first refusal or other direct or indirect control over the disposal of the Share; or 

  

	(d)	acquiring or having any rights of direct or indirect control over the exercise of any social rights or voting rights of appointment attaching to the Share; or

  

	(e)	otherwise acquiring or having property or other rights against the registered holder of the Share (or against a person who directly or indirectly controls the affairs of the
registered holder of the Shares) which have the effect of placing the other person in substantially the same position as if the person had acquired the property or other rights or interest in the Share itself; 

 but excludes a transfer permitted by this Agreement and excludes the creation of a Security Interest authorised by the Gaming Authority or otherwise permitted under
applicable laws of Macau SAR and “Disposal” shall be construed accordingly. 
  

 2 

 Engagement Letter means the letter agreement among PBLSub, the Company and the Managing Director dated
18th August 2006. 
 Gaming Authority means the Macau SAR Gambling Inspection and Coordination Bureau and the Macau SAR Gaming Commission, and other governmental, regulatory, and administrative authorities, agencies, boards, and officials responsible for
or involved in the regulation of gaming or gaming activities or the interpretation or enforcement of Gaming Laws in Macau SAR. 
 Gaming Authorizations
means the Subconcession and any licences, permits, approvals, authorities issued by any Gaming Authority necesssary for the conduct of any activities under the Gaming Laws. 
 Gaming Laws means the Gaming Concessions Legal Regime for the exploitation of games of chance and other games in casino in the Macau SAR comprising Law no. 16/2001, Regulation no.26/2001 and all other
complementary applicable laws and regulations and other Gaming Authorizations from the Gaming Authority and other applicable laws of Macau SAR. 
 Government Authority means a government or governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity whether of Macau SAR or foreign, federal, state,
territorial or local. 
 General Meeting means a meeting of the Shareholders. 
 Macau S.A.R. means the Macau Special Administrative Region of The People’s Republic of China. 
 Patacas
or MOP means units of the lawful currency of Macau SAR. 
 Person means any general partnership, limited partnership, corporation, limited
liability company, joint venture, trust, business trust, governmental agency, co-operative, association, individual or other entity, and the heirs, executors, administrators, legal representatives, successors and assigns of such a person as the
context may require. 
 Regulatory Authority means a gaming regulatory authority including, without limitation, gaming regulatory authorities in
Victoria (Australia), Western Australia (Australia), a gaming regulatory authority of the Macau S.A.R. and any gaming regulatory authority. 
 Related
Party means, in relation to any Person, any other Person who is a connected person of that Person within the meaning of the Rules Governing the Listing of Securities of The Stock Exchange of Hong Kong Limited. 
 Securities means shares, units, debentures, convertible notes, options and other equity or debt securities. 
 Security Interest means a right, interest, power or arrangement in relation to an asset which provides security for the payment or satisfaction of a debt,
obligation or liability including under a bill of sale, mortgage, charge, lien, pledge, trust, encumbrance, power, deposit, hypothecation or arrangement for retention of title, and includes an agreement to grant or create any of those things.

  

 3 

 Shares means the Class A Shares and the Class B Shares. 
 Shareholder means a holder from time to time of Shares. 
 Stock Exchange means any public securities market in any country. 
 Subconcession means the binding trilateral agreement entered into by and between the Macau SAR, Wynn Resorts (Macau) Limited (as concessionaire for the operation of casino games of chance and other casino games
in the Macau SAR, under the terms of the 24th June, 2002 concession contract by and between the Macau SAR and
Wynn Resorts (Macau) Limited) and the Company, comprising a set of instruments from which shall flow an integrated web of rights, duties and obligations by and for all and each of the Macau SAR, Wynn Resorts (Macau) Limited and the Company (the
nominative administrative contract known as the subconcession contract for the operation of casino games of chance and other casino games in the Macau SAR, executed by Wynn Resorts (Macau) Limited and the Company, to be the most significant
instrument thereof), pursuant to the terms of which the Company is to exploit casino games of chance and other casino games in the Macau SAR as an autonomous subconcessionaire in relation to Wynn Resorts (Macau) Limited. 
  

 4 

 Part 2 - Interpretation 
  

	(a)	In this Agreement unless the context otherwise requires: 

  

	 	(i)	words importing the singular include the plural and vice versa; 

  

	 	(ii)	words which are gender neutral or gender specific include each gender; 

  

	 	(iii)	other parts of speech and grammatical forms of a word or phrase defined in this Agreement have a corresponding meaning; 

  

	 	(iv)	an expression importing a natural person includes a company, partnership, joint venture, association, corporation or other body corporate and a Government Agency;

  

	 	(v)	a reference to a thing (including, but not limited to, a chose-in-action or other right) includes a part of that thing; 

  

	 	(vi)	a reference to a clause, party, schedule or attachment is a reference to a clause of this Agreement, and a party, schedule or attachment to, this Agreement and a reference to this
Agreement includes a schedule and attachment to this Agreement; 

  

	 	(vii)	a reference to a law includes a constitutional provision, treaty, decree, convention, statute, regulation, ordinance, by-law judgment, rule of common law or equity or a rule of an
applicable stock exchange and is a reference to that law as amended, consolidated or replaced; 

  

	 	(viii)	a reference to a document includes all amendments or supplements to that document, or replacements or novations of it; 

  

	 	(ix)	a reference to a party to a document includes that party’s successors and permitted assigns; 

  

	 	(x)	an agreement on the part of two or more persons binds them jointly and severally; 

  

	 	(xi)	a reference to include, includes, including and like terms is to be construed without limitation; and 

  

	 	(xii)	a reference to an agreement, other than this Agreement, includes an undertaking, agreement, agreement or legally enforceable arrangement or understanding, whether or not in writing.

  

	(b)	Where the day on or by which something must be done is not a Business Day, that thing must be done on or by the next Business Day. 

  

 5 

	(c)	Headings are for convenience only and do not affect the interpretation of this Agreement. 

  

	(d)	This Agreement may not be construed adversely to a party just because that party prepared the Agreement. 

  

	(e)	A term or expression starting with a capital letter which is defined in this Dictionary has the meaning given to it in this Dictionary. 

  

 62006 Share Incentive Plan

 Exhibit 10.23 
 MELCO PBL ENTERTAINMENT (MACAU) LIMITED 
 SHARE INCENTIVE PLAN 
 ARTICLE 1 
 PURPOSE 
 The purpose of the Melco PBL Entertainment (Macau) Limited Share Incentive Plan (the “Plan”) is to promote the success and enhance the
value of Melco PBL Entertainment (Macau) Limited, an exempted company formed under the laws of the Cayman Islands (the “Company”), by linking the personal interests of the members of the Board, Employees, and Consultants to those of
Company shareholders and by providing such individuals with an incentive for outstanding performance to generate superior returns to Company shareholders. The Plan is further intended to provide flexibility to the Company in its ability to motivate,
attract, and retain the services of members of the Board, Employees, and Consultants upon whose judgment, interest, and special effort the successful conduct of the Company’s operation is largely dependent. 
 ARTICLE 2 
 DEFINITIONS AND
CONSTRUCTION 
 Wherever the following terms are used in the Plan they shall have the meanings specified below, unless the context
clearly indicates otherwise. The singular pronoun shall include the plural where the context so indicates. 
 2.1 “Applicable
Laws” means the legal requirements relating to the Plan and the Awards under applicable provisions of the corporate, securities, tax and other laws, rules, regulations and government orders, and the rules of any applicable Share exchange or
national market system, of any jurisdiction applicable to Awards granted to residents therein. 
 2.2 “Award” means an
Option, a Restricted Share award, a Share Appreciation Right award, a Dividend Equivalents award, a Share Payment award, a Deferred Share award, or a Restricted Share Unit award granted to a Participant pursuant to the Plan. 
 2.3 “Award Agreement” means any written agreement, contract, or other instrument or document evidencing an Award, including through
electronic medium. 
 2.4 “Board” means the Board of Directors of the Company. 

 2.5 “Change in Control” means a change in ownership or control of the Company effected
through either of the following transactions: 
 (a) the direct or indirect acquisition by any person or related group of persons (other than
an acquisition from or by the Company or by a Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of
Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the
Company’s shareholders which a majority of the Incumbent Board (as defined below) who are not affiliates or associates of the offeror under Rule 12b-2 promulgated under the Exchange Act do not recommend such shareholders accept, or

 (b) the individuals who, as of the Effective Date, are members of the Board (the “Incumbent Board”), cease for any reason to
constitute at least fifty percent (50%) of the Board; provided that if the election, or nomination for election by the Company’s shareholders, of any new member of the Board is approved by a vote of at least fifty percent (50%) of the
Incumbent Board, such new member of the Board shall be considered as a member of the Incumbent Board. 
 2.6 “Code” means
the Internal Revenue Code of 1986 of the United States, as amended. 
 2.7 “Committee” means the committee of the Board
described in Article 11. 
 2.8 “Consultant” means any consultant or adviser if: (a) the consultant or adviser renders
bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of securities in a capital-raising transaction and do not directly or indirectly promote or maintain
a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service Recipient to render such services. 
 2.9 “Corporate Transaction” means any of the following transactions, provided, however, that the Committee shall determine under
(d) and (e) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 
 (a) an
amalgamation, arrangement or consolidation in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the jurisdiction in which the Company is incorporated; 
 (b) the sale, transfer or other disposition of all or substantially all of the assets of the Company; 
 (c) the complete liquidation or dissolution of the Company; 
  

 2 

 (d) any reverse takeover or series of related transactions culminating in a reverse takeover (including,
but not limited to, a tender offer followed by a reverse takeover) in which the Company is the surviving entity but (A) the Ordinary Shares outstanding immediately prior to such takeover are converted or exchanged by virtue of the takeover into
other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a
person or persons different from those who held such securities immediately prior to such takeover or the initial transaction culminating in such takeover, but excluding any such transaction or series of related transactions that the Committee
determines shall not be a Corporate Transaction; or 
 (e) acquisition in a single or series of related transactions by any person or related
group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total
combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Committee determines shall not be a Corporate Transaction. 
 2.10 “Deferred Share” means a right to receive a specified number of Shares during specified time periods pursuant to Article 8.

 2.11 “Director” means a director of the Board. 
 2.12 “Disability” means that the Participant qualifies to receive long-term disability payments under the Service Recipient’s
long-term disability insurance program, as it may be amended from time to time, to which the Participant provides services regardless of whether the Participant is covered by such policy. If the Service Recipient to which the Participant provides
service does not have a long-term disability plan in place, “Disability” means that a Participant is unable to carry out the responsibilities and functions of the position held by the Participant by reason of any medically determinable
physical or mental impairment for a period of not less than ninety (90) consecutive days. A Participant will not be considered to have incurred a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Committee
in its discretion. 
 2.13 “Dividend Equivalents” means a right granted to a Participant pursuant to Article 8 to receive
the equivalent value (in cash or Share) of dividends paid on Share. 
 2.14 “Effective Date” shall have the meaning set
forth in Section 12.1. 
 2.15 “Employee” means any person, including an officer or member of the Board of the Company,
any Parent or Subsidiary of the Company, who is in the employ of a Service Recipient, subject to the control and direction of the Service Recipient as to both the work to be performed and the manner and method of performance. The payment of a
director’s fee by a Service Recipient shall not be sufficient to constitute “employment” by the Service Recipient. 
 2.16
“Exchange Act” means the Securities Exchange Act of 1934 of the United States, as amended. 
 2.17 “Fair Market
Value” means, as of any date, the value of Shares determined as follows: 
 (a) If the Shares are listed on one or more established
Share exchanges or national market systems, including without limitation, The Nasdaq National Market or The Nasdaq SmallCap Market of The Nasdaq Share Market, its Fair Market Value shall be the closing sales price for such shares (or the closing
bid, if no sales were reported) as quoted on the principal exchange or system on which the Shares are listed (as determined by the Committee) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as
applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Committee deems reliable; 
  

 3 

 (b) If the Shares are regularly quoted on an automated quotation system (including the OTC Bulletin
Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such shares as quoted on such system or by such securities dealer on the date of determination, but if selling prices are not reported, the Fair
Market Value of an Share shall be the mean between the high bid and low asked prices for the Shares on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall
Street Journal or such other source as the Committee deems reliable; or 
 (c) In the absence of an established market for the Shares of the
type described in (i) and (ii), above, the Fair Market Value thereof shall be determined by the Committee in good faith by reference to the placing price of the latest private placement of the Shares and the development of the Company’s
business operations and the general economic and market conditions since such latest private placement. 
 2.18 “Hong Kong”
means the Hong Kong Special Administrative Region of the PRC. 
 2.19 “Incentive Share Option” means an Option that is
intended to meet the requirements of Section 422 of the Code or any successor provision thereto. 
 2.20 “Macau” means
the Macau Special Administrative Region of the PRC. 
 2.21 “Non-Qualified Share Option” means an Option that is not
intended to be an Incentive Share Option. 
 2.22 “Option” means a right granted to a Participant pursuant to Article 5 of
the Plan to purchase a specified number of Shares at a specified price during specified time periods. An Option may be either an Incentive Share Option or a Non-Qualified Share Option. 
 2.23 “Participant” means a person who, as a member of the Board, Consultant or Employee, has been granted an Award pursuant to the Plan.

 2.24 “Parent” means: (i) a parent corporation under Section 424(e) of the Code; (ii) Melco International
Development Limited or any Subsidiary thereof, or (iii) Publishing and Broadcasting Limited or any Subsidiary thereof. 
 2.25
“Plan” means this Melco PBL Entertainment (Macau) Limited. Share Incentive Award Plan, as it may be amended from time to time. 
 2.26 “PRC” means the People’s Republic of China, other than Hong Kong, Macau and Taiwan. 
  

 4 

 2.27 “Related Entity” means any business, corporation, partnership, limited liability
company or other entity in which the Company, a Parent or Subsidiary of the Company holds a substantial ownership interest, directly or indirectly but which is not a Subsidiary and which the Board designates as a Related Entity for purposes of the
Plan. 
 2.28 “Restricted Share” means a Share awarded to a Participant pursuant to Article 6 that is subject to certain
restrictions and may be subject to risk of forfeiture. 
 2.29 “Restricted Share Unit” means an Award granted pursuant to
Section 8.4. 
 2.30 “Securities Act” means the Securities Act of 1933 of the United States, as amended. 
 2.31 “Service Recipient” means the Company, any Parent or Subsidiary of the Company and any Related Entity to which a Participant
provides services as an Employee, Consultant or as a Director. 
 2.32 “Share” means the ordinary share capital of the
Company, par value $0.01 per share, and such other securities of the Company that may be substituted for Shares pursuant to Article 10. 
 2.33 “Share Appreciation Right” or “SAR” means a right granted pursuant to Article 7 to receive a payment equal to the excess of the Fair Market Value of a specified number of Shares on the date the SAR is
exercised over the Fair Market Value on the date the SAR was granted as set forth in the applicable Award Agreement. 
 2.34 “Share
Payment” means (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of any bonus, deferred compensation or other arrangement, made in lieu of all or any portion of the compensation,
granted pursuant to Article 8. 
 2.35 “Subsidiary” means any corporation or other entity of which a majority of the
outstanding voting shares or voting power is beneficially owned directly or indirectly by the Company. 
 2.36 “Trading
Date” means the first day on which Shares are publicly traded on an exchange or national market system or other quotation system. 
 ARTICLE 3 
 SHARES SUBJECT TO THE PLAN 
 3.1 Number of Shares. 
 (a) Subject to the provisions of Article 10 and Section 3.1(b), the
maximum aggregate number of Shares which may be issued pursuant to all Awards (including Incentive Share Options) is 100,000,000 Shares. No more than 50,000,000 of the Shares authorized to be issued under this Article 3.1(a) may be issued within
five years from the date the Plan becomes effective. 
  

 5 

 (b) To the extent that an Award terminates, expires, or lapses for any reason, any Shares subject to the
Award shall again be available for the grant of an Award pursuant to the Plan. To the extent permitted by Applicable Law or any exchange rule, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in
any form or combination by the Company or any Parent or Subsidiary of the Company shall not be counted against Shares available for grant pursuant to the Plan. Shares delivered by the Participant or withheld by the Company upon the exercise of any
Award under the Plan, in payment of the exercise price thereof or tax withholding thereon, may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a), If any Restricted Shares are forfeited by the
Participant or repurchased by the Company, such Shares may again be optioned, granted or awarded hereunder, subject to the limitations of Section 3.1(a). Notwithstanding the provisions of this Section 3.1(b), no Shares may again be
optioned, granted or awarded if such action would cause an Incentive Share Option to fail to qualify as an incentive stock option under Section 422 of the Code. 
 3.2 Shares Distributed. Any Shares distributed pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury or Shares purchased on the open market. Additionally, in the
discretion of the Committee, American Depository Shares in an amount equal to the number of Shares which otherwise would be distributed pursuant to an Award may be distributed in lieu of Shares in settlement of any Award. If the number of Shares
represented by an American Depository Share is other than on a one-to-one basis, the limitations of Section 3.1 shall be adjusted to reflect the distribution of American Depository Shares in lieu of Shares. 
 ARTICLE 4 
 ELIGIBILITY AND
PARTICIPATION 
 4.1 Eligibility. Persons eligible to participate in this Plan include Employees, Consultants, and all members of
the Board, as determined by the Committee. 
 4.2 Participation. Subject to the provisions of the Plan, the Committee may, from time
to time, select from among all eligible individuals, those to whom Awards shall be granted and shall determine the nature and amount of each Award. No individual shall have any right to be granted an Award pursuant to this Plan. 
 4.3 Jurisdictions. In order to assure the viability of Awards granted to Participants employed in various jurisdictions, the Committee may provide
for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Participant resides or is employed. Moreover, the Committee may approve
such supplements to, or amendments, restatements, or alternative versions of, the Plan as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Plan as in effect for any other purpose; provided,
however, that no such supplements, amendments, restatements, or alternative versions shall increase the share limitations contained in Section 3.1 of the Plan. Notwithstanding the foregoing, the Committee may not take any actions hereunder, and
no Awards shall be granted, that would violate any Applicable Laws. 
  

 6 

 ARTICLE 5 
 OPTIONS 
 5.1 General. The Committee is authorized to grant Options to Participants on the
following terms and conditions: 
 (a) Exercise Price. The exercise price per Share subject to an Option shall be determined by the
Committee and set forth in the Award Agreement which may be a fixed or variable price related to the Fair Market Value of the Shares. 
 (b)
Time and Conditions of Exercise. The Committee shall determine the time or times at which an Option may be exercised in whole or in part, including exercise prior to vesting; provided that the term of any Option granted under the Plan
shall not exceed ten years, except as provided in Section 12.2. The Committee shall also determine any conditions, if any, that must be satisfied before all or part of an Option may be exercised. 
 (c) Payment. The Committee shall determine the methods by which the exercise price of an Option may be paid, the form of payment, including,
without limitation (i) cash or check denominated in U.S. Dollars, Hong Kong Dollars, or any other local currency as approved by the Committee, (ii) Shares held for such period of time as may be required by the Committee in order to avoid
adverse financial accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate exercise price of the Option or exercised portion thereof, (iii) after the Trading Date the delivery of a notice that the
Participant has placed a market sell order with a broker with respect to Shares then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in
satisfaction of the Option exercise price; provided that payment of such proceeds is then made to the Company upon settlement of such sale, and the methods by which Shares shall be delivered or deemed to be delivered to Participants,
(iv) other property acceptable to the Committee with a Fair Market Value equal to the exercise price, or (v) any combination of the foregoing. Notwithstanding any other provision of the Plan to the contrary, no Participant who is a member
of the Board or an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to pay the exercise price of an Option in any method which would violate Section 13(k) of the
Exchange Act. 
 (d) Evidence of Grant. All Options shall be evidenced by an Award Agreement between the Company and the Participant.
The Award Agreement shall include such additional provisions as may be specified by the Committee. 
  

 7 

 5.2 Incentive Share Options. Incentive Share Options shall be granted only to Employees of the
Company, a Parent or Subsidiary of the Company. Incentive Share Options may not be granted to Employees of a Related Entity. The terms of any Incentive Share Options granted pursuant to the Plan, in addition to the requirements of Section 5.1,
must comply with the following additional provisions of this Section 5.2: 
 (a) Expiration of Option. An Incentive Share Option
may not be exercised to any extent by anyone after the first to occur of the following events: 
 (i) Ten years from the date it is granted,
unless an earlier time is set in the Award Agreement; 
 (ii) Three months after the Participant’s termination of employment as an
Employee; and 
 (iii) One year after the date of the Participant’s termination of employment or service on account of Disability or
death. Upon the Participant’s Disability or death, any Incentive Share Options exercisable at the Participant’s Disability or death may be exercised by the Participant’s legal representative or representatives, by the person or
persons entitled to do so pursuant to the Participant’s last will and testament, or, if the Participant fails to make testamentary disposition of such Incentive Share Option or dies intestate, by the person or persons entitled to receive the
Incentive Share Option pursuant to the applicable laws of descent and distribution. 
 (b) Individual Dollar Limitation. The aggregate
Fair Market Value (determined as of the time the Option is granted) of all Shares with respect to which Incentive Share Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed
by Section 422(d) of the Code, or any successor provision. To the extent that Incentive Share Options are first exercisable by a Participant in excess of such limitation, the excess shall be considered Non-Qualified Share Options. 

(c) Ten Percent Owners. An Incentive Share Option shall be granted to any individual who, at the date of grant, owns Shares possessing more
than ten percent of the total combined voting power of all classes of shares of the Company only if such Option is granted at a price that is not less than 110% of Fair Market Value on the date of grant and the Option is exercisable for no more than
five years from the date of grant. 
 (d) Transfer Restriction. The Participant shall give the Company prompt notice of any
disposition of Shares acquired by exercise of an Incentive Share Option within (i) two years from the date of grant of such Incentive Share Option or (ii) one year after the transfer of such Shares to the Participant. 
 (e) Expiration of Incentive Share Options. No Award of an Incentive Share Option may be made pursuant to this Plan after the tenth anniversary of
the Effective Date. 
 (f) Right to Exercise. During a Participant’s lifetime, an Incentive Share Option may be exercised only by
the Participant. 
 5.3 Substitution of Share Appreciation Rights. The Committee may provide in the Award Agreement evidencing the
grant of an Option that the Committee, in its sole discretion, shall have the right to substitute a Share Appreciation Right for such Option at any time prior to or upon exercise of such Option, provided that such Share Appreciation Right shall be
exercisable for the same number of shares of Share as such substituted Option would have been exercisable for. 
  

 8 

 ARTICLE 6 
 RESTRICTED SHARES 
 6.1 Grant of Restricted Shares. The Committee is authorized to make Awards
of Restricted Shares to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. All Awards of Restricted Shares shall be evidenced by an Award Agreement. 
 6.2 Issuance and Restrictions. Subject to Section 9.4, Restricted Shares shall be subject to such restrictions on transferability and other
restrictions as the Committee may impose (including, without limitation, limitations on the right to vote Restricted Shares or the right to receive dividends on the Restricted Share). These restrictions may lapse separately or in combination at such
times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the grant of the Award or thereafter. 
 6.3 Forfeiture. Except as otherwise determined by the Committee at the time of the grant of the Award or thereafter, upon termination of employment or service during the applicable restriction period,
Restricted Shares that are at that time subject to restrictions shall be forfeited; provided, however, that, except as otherwise provided by Section 9.4, the Committee may (a) provide in any Restricted Share Award Agreement that restrictions
or forfeiture conditions relating to Restricted Shares will be waived in whole or in part in the event of terminations resulting from specified causes, and (b) in other cases waive in whole or in part restrictions or forfeiture conditions relating
to Restricted Shares. 
 6.4 Certificates for Restricted Shares. Restricted Shares granted pursuant to the Plan may be evidenced in
such manner as the Committee shall determine. If certificates representing Restricted Shares are registered in the name of the Participant, certificates must bear an appropriate legend referring to the terms, conditions, and restrictions applicable
to such Restricted Shares, and the Company may, at its discretion, retain physical possession of the certificate until such time as all applicable restrictions lapse. 
  

 9 

 ARTICLE 7 
 SHARE APPRECIATION RIGHTS 
 7.1 Grant of Share Appreciation Rights. 
 (a) A Share Appreciation Right may be granted to any Participant selected by the Committee. A Share Appreciation Right shall be subject to such terms and
conditions not inconsistent with the Plan as the Committee shall impose and shall be evidenced by an Award Agreement. 
 (b) A Share
Appreciation Right shall entitle the Participant (or other person entitled to exercise the Share Appreciation Right pursuant to the Plan) to exercise all or a specified portion of the Share Appreciation Right (to the extent then exercisable pursuant
to its terms) and to receive from the Company an amount determined by multiplying the difference obtained by subtracting the exercise price per share of the Share Appreciation Right from the Fair Market Value of a Share on the date of exercise of
the Share Appreciation Right by the number of Shares with respect to which the Share Appreciation Right shall have been exercised, subject to any limitations the Committee may impose. 
 7.2 Payment and Limitations on Exercise. 
 (a) Payment of the amounts determined under Section 7.1(b) above shall be in cash, in Shares (based on its Fair Market Value as of the date the Share Appreciation Right is exercised) or a combination of both, as determined by the
Committee in the Award Agreement. 
 (b) To the extent any payment under Section 7.1(b) is effected in Shares it shall be made subject
to satisfaction of all provisions of Article 5 above pertaining to Options. 
 ARTICLE 8 
 OTHER TYPES OF AWARDS 
 8.1 Dividend
Equivalents. Any Participant selected by the Committee may be granted Dividend Equivalents based on the dividends declared on the Shares that are subject to any Award, to be credited as of dividend payment dates, during the period between the
date the Award is granted and the date the Award is exercised, vests or expires, as determined by the Committee. Such Dividend Equivalents shall be converted to cash or additional Shares by such formula and at such time and subject to such
limitations as may be determined by the Committee. 
 8.2 Share Payments. Any Participant selected by the Committee may receive Share
Payments in the manner determined from time to time by the Committee; provided, that unless otherwise determined by the Committee such Share Payments shall be made in lieu of base salary, bonus, or other cash compensation otherwise payable to
such Participant. The number of shares shall be determined by the Committee and may be based upon the such performance criteria or other specific criteria determined appropriate by the Committee, determined on the date such Share Payment is made or
on any date thereafter. 
  

 10 

 8.3 Deferred Shares. Any Participant selected by the Committee may be granted an award of Deferred
Shares in the manner determined from time to time by the Committee. The number of shares of Deferred Shares shall be determined by the Committee and may be linked to such specific criteria determined to be appropriate by the Committee, in each case
on a specified date or dates or over any period or periods determined by the Committee. Shares underlying a Deferred Share award will not be issued until the Deferred Share award has vested, pursuant to a vesting schedule or criteria set by the
Committee. Unless otherwise provided by the Committee, a Participant awarded Deferred Shares shall have no rights as a Company shareholder with respect to such Deferred Shares until such time as the Deferred Share Award has vested and the Shares
underlying the Deferred Share Award has been issued. 
 8.4 Restricted Share Units. The Committee is authorized to make Awards of
Restricted Share Units to any Participant selected by the Committee in such amounts and subject to such terms and conditions as determined by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Restricted
Share Units shall become fully vested and nonforfeitable, and may specify such conditions to vesting as it deems appropriate. At the time of grant, the Committee shall specify the maturity date applicable to each grant of Restricted Share Units
which shall be no earlier than the vesting date or dates of the Award and may be determined at the election of the grantee. On the maturity date, the Company shall transfer to the Participant one unrestricted, fully transferable Share for each
Restricted Share Unit scheduled to be paid out on such date and not previously forfeited. The Committee shall specify the purchase price, if any, to be paid by the grantee to the Company for such Shares. 
 8.5 Term. Except as otherwise provided herein, the term of any Award of Dividend Equivalents, Share Payments, Deferred Share, or Restricted Share
Units shall be set by the Committee in its discretion. 
 8.6 Exercise or Purchase Price. The Committee may establish the exercise or
purchase price, if any, of any Award of Deferred Share, Share Payments or Restricted Share Units; provided, however, that such price shall not be less than the par value of a Share, unless otherwise permitted by Applicable Law. 
 8.7 Exercise Upon Termination of Employment or Service. An Award of Dividend Equivalents, Deferred Share, Share Payments, and Restricted Share
Units shall only be exercisable or payable while the Participant is an Employee, Consultant or a member of the Board, as applicable; provided, however, that the Committee in its sole and absolute discretion may provide that an Award of
Dividend Equivalents, Share Payments, Deferred Share, or Restricted Share Units may be exercised or paid subsequent to a termination of employment or service, as applicable, or following a Change of Control of the Company, or because of the
Participant’s retirement, death or Disability, or otherwise. 
 8.8 Form of Payment. Payments with respect to any Awards granted
under this Article 8 shall be made in cash, in Shares or a combination of both, as determined by the Committee. 
  

 11 

 8.9 Award Agreement. All Awards under this Article 8 shall be subject to such additional terms and
conditions as determined by the Committee and shall be evidenced by an Award Agreement. 
 ARTICLE 9 
 PROVISIONS APPLICABLE TO AWARDS 
 9.1
Stand-Alone and Tandem Awards. Awards granted pursuant to the Plan may, in the discretion of the Committee, be granted either alone, in addition to, or in tandem with, any other Award granted pursuant to the Plan. Awards granted in addition
to or in tandem with other Awards may be granted either at the same time as or at a different time from the grant of such other Awards. 
 9.2 Award Agreement. Awards under the Plan shall be evidenced by Award Agreements that set forth the terms, conditions and limitations for each Award which may include the term of an Award, the provisions applicable in the event the
Participant’s employment or service terminates, and the Company’s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind an Award. 
 9.3 Limits on Transfer. No right or interest of a Participant in any Award may be pledged, encumbered, or hypothecated to or in favor of any party other than the Company or a Subsidiary, or shall be subject to
any lien, obligation, or liability of such Participant to any other party other than the Company or a Subsidiary. Except as otherwise provided by the Committee, no Award shall be assigned, transferred, or otherwise disposed of by a Participant other
than by will or the laws of descent and distribution. The Committee by express provision in the Award or an amendment thereto may permit an Award (other than an Incentive Share Option) to be transferred to, exercised by and paid to certain persons
or entities related to the Participant, including but not limited to members of the Participant’s family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Participant’s family
and/or charitable institutions, or to such other persons or entities as may be expressly approved by the Committee, pursuant to such conditions and procedures as the Committee may establish. Any permitted transfer shall be subject to the condition
that the Committee receive evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes (or to a “blind trust” in connection with the Participant’s termination of employment or service with the
Company or a Subsidiary to assume a position with a governmental, charitable, educational or similar non-profit institution) and on a basis consistent with the Company’s lawful issue of securities. 
  

 12 

 9.4 Beneficiaries. Notwithstanding Section 9.3, a Participant may, in the manner determined
by the Committee, designate a beneficiary to exercise the rights of the Participant and to receive any distribution with respect to any Award upon the Participant’s death. A beneficiary, legal guardian, legal representative, or other person
claiming any rights pursuant to the Plan is subject to all terms and conditions of the Plan and any Award Agreement applicable to the Participant, except to the extent the Plan and Award Agreement otherwise provide, and to any additional
restrictions deemed necessary or appropriate by the Committee. If the Participant is married and resides in a community property jurisdiction, a designation of a person other than the Participant’s spouse as his or her beneficiary with respect
to more than 50% of the Participant’s interest in the Award shall not be effective without the prior written consent of the Participant’s spouse. If no beneficiary has been designated or survives the Participant, payment shall be made to
the person entitled thereto pursuant to the Participant’s will or the laws of descent and distribution. Subject to the foregoing, a beneficiary designation may be changed or revoked by a Participant at any time provided the change or revocation
is filed with the Committee. 
 9.5 Share Certificates. Notwithstanding anything herein to the contrary, the Company shall not be
required to issue or deliver any certificates evidencing shares of Share pursuant to the exercise of any Award, unless and until the Board has determined, with advice of counsel, that the issuance and delivery of such certificates is in compliance
with all Applicable Laws, regulations of governmental authorities and, if applicable, the requirements of any exchange on which the Shares are listed or traded. All Share certificates delivered pursuant to the Plan are subject to any stop-transfer
orders and other restrictions as the Committee deems necessary or advisable to comply with federal, state, or foreign jurisdiction, securities or other laws, rules and regulations and the rules of any national securities exchange or automated
quotation system on which the Shares are listed, quoted, or traded. The Committee may place legends on any Share certificate to reference restrictions applicable to the Share. In addition to the terms and conditions provided herein, the Board may
require that a Participant make such reasonable covenants, agreements, and representations as the Board, in its discretion, deems advisable in order to comply with any such laws, regulations, or requirements. The Committee shall have the right to
require any Participant to comply with any timing or other restrictions with respect to the settlement or exercise of any Award, including a window-period limitation, as may be imposed in the discretion of the Committee. 
 9.6 Paperless Administration. Subject to Applicable Laws, the Committee may make Awards, provide applicable disclosure and procedures for exercise
of Awards by an internet website or interactive voice response system for the paperless administration of Awards. 
 9.7 Foreign
Currency. A Participant may be required to provide evidence that any currency used to pay the exercise price of any Award were acquired and taken out of the jurisdiction in which the Participant resides in accordance with Applicable Laws,
including foreign exchange control laws and regulations. 
 ARTICLE 10 
 CHANGES IN CAPITAL STRUCTURE 
 10.1 Adjustments. In the event of any
dividend, share split, combination or exchange of Shares, amalgamation, arrangement or consolidation, spin-off, recapitalization or other distribution (other than normal cash dividends) of Company assets to its shareholders, or any other change
affecting the shares of Shares or the share price of a Share, the Committee shall make proportionate and equitable adjustments to reflect such change with respect to (a) the aggregate number and type of shares that may be issued under the Plan
(including, but not limited to, adjustments of the limitations in Section 3.1); (b) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with respect thereto);
and (c) the grant or exercise price per share for any outstanding Awards under the Plan. Any such adjustments shall be made in such manner as the Committee may determine in its discretion. 
  

 13 

 10.2 Acceleration upon a Change of Control. Except as may otherwise be provided in any Award
Agreement or any other written agreement entered into by and between the Company and a Participant, if a Change of Control occurs and a Participant’s Options or Restricted Shares are not converted, assumed, or replaced by a successor, such
Awards shall become fully exercisable and all forfeiture restrictions on such Awards shall lapse. Upon, or in anticipation of, a Change of Control, the Committee may in its sole discretion provide for (i) any and all Awards outstanding
hereunder to terminate at a specific time in the future and shall give each Participant the right to exercise such Awards during a period of time as the Committee shall determine, (ii) either the purchase of any Award for an amount of cash
equal to the amount that could have been attained upon the exercise of such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested (and, for the avoidance of doubt, if as of such
date the Committee determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Company without payment), or (iii) the
replacement of such Award with other rights or property selected by the Committee in its sole discretion the assumption of or substitution of such Award by the successor or surviving corporation, or a parent or subsidiary thereof, with appropriate
adjustments as to the number and kind of Shares and prices. 
 10.3 Outstanding Awards – Corporate Transactions. In the event of
a Corporate Transaction, each Award will terminate upon the consummation of the Corporate Transaction, unless the Award is assumed by the successor entity or Parent thereof in connection with the Corporate Transaction. Except as provided otherwise
in an individual Award Agreement, in the event of a Corporate Transaction and: 
 (a) the Award either is (x) assumed by the successor
entity or Parent thereof or replaced with a comparable Award (as determined by the Committee) with respect to shares of the capital stock of the successor entity or Parent thereof or (y) replaced with a cash incentive program of the successor
entity which preserves the compensation element of such Award existing at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same vesting schedule applicable to such Award, then such Award (if assumed),
the replacement Award (if replaced), or the cash incentive program automatically shall become fully vested, exercisable and payable and be released from any restrictions on transfer (other than transfer restrictions applicable to Options) and
repurchase or forfeiture rights, immediately upon termination of the Participant’s employment or service with all Service Recipient within twelve (12) months of the Corporate Transaction without cause; and 
 (b) For each Award that is neither assumed nor replaced, such portion of the Award shall automatically become fully vested and exercisable and be
released from any repurchase or forfeiture rights (other than repurchase rights exercisable at Fair Market Value) for all of the Shares at the time represented by such portion of the Award, immediately prior to the specified effective date of such
Corporate Transaction, provided that the Participant remains an Employee, Consultant or Director on the effective date of the Corporate Transaction. 
  

 14 

 10.4 Outstanding Awards – Other Changes. In the event of any other change in the
capitalization of the Company or corporate change other than those specifically referred to in this Article 10, the Committee may, in its absolute discretion, make such adjustments in the number and class of shares subject to Awards outstanding on
the date on which such change occurs and in the per share grant or exercise price of each Award as the Committee may consider appropriate to prevent dilution or enlargement of rights. 
 10.5 No Other Rights. Except as expressly provided in the Plan, no Participant shall have any rights by reason of any subdivision or consolidation
of Shares of any class, the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or consolidation of the Company or any other corporation. Except as expressly provided in the
Plan or pursuant to action of the Committee under the Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares subject to an Award or the grant or exercise price of any Award. 
 ARTICLE 11 
 ADMINISTRATION 
 11.1 Committee.
The Plan shall be administered by the Compensation Committee of the Board. Reference to the Committee shall refer to the Board if the Compensation Committee does not yet exist or ceases to exist and the Board does not appoint a successor Committee.
Notwithstanding the foregoing, the full Board, acting by majority of its members in office shall conduct the general administration of the Plan if required by Applicable Law, and with respect to Awards granted to Independent Directors and for
purposes of such Awards the term “Committee” as used in the Plan shall be deemed to refer to the Board. 
 11.2 Action by the
Committee. A majority of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present, and acts approved in writing by a majority of the Committee in lieu of a meeting, shall
be deemed the acts of the Committee. Each member of the Committee is entitled to, in good faith, rely or act upon any report or other information furnished to that member by any officer or other employee of the Company or any Subsidiary, the
Company’s independent certified public accountants, or any executive compensation consultant or other professional retained by the Company to assist in the administration of the Plan. 
 11.3 Authority of Committee. Subject to any specific designation in the Plan, the Committee has the exclusive power, authority and discretion to:

 (a) Designate Participants to receive Awards; 
 (b) Determine the type or types of Awards to be granted to each Participant; 
 (c) Determine the number of
Awards to be granted and the number of Shares to which an Award will relate; 
  

 15 

 (d) Determine the terms and conditions of any Award granted pursuant to the Plan, including, but not
limited to, the exercise price, grant price, or purchase price, any restrictions or limitations on the Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers thereof,
any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the Committee in its sole discretion determines; 
 (e) Determine whether, to what extent, and pursuant to what circumstances an Award may be settled in, or the exercise price of an Award may be paid in, cash, Shares, other Awards, or other property, or an Award may be
canceled, forfeited, or surrendered; 
 (f) Prescribe the form of each Award Agreement, which need not be identical for each Participant;

 (g) Decide all other matters that must be determined in connection with an Award; 
 (h) Establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; 
 (i) Interpret the terms of, and any matter arising pursuant to, the Plan or any Award Agreement; and 
 (j) Make all other decisions and determinations that may be required pursuant to the Plan or as the Committee deems necessary or advisable to administer
the Plan. 
 11.4 Decisions Binding. The Committee’s interpretation of the Plan, any Awards granted pursuant to the Plan, any
Award Agreement and all decisions and determinations by the Committee with respect to the Plan are final, binding, and conclusive on all parties. 
 ARTICLE 12 
 EFFECTIVE AND EXPIRATION DATE 
 12.1 Effective Date. The Plan is effective as of the date the Plan is approved by the Company’s shareholders (the “Effective
Date”). The Plan will be deemed to be approved by the shareholders if it receives the affirmative vote of the holders of a majority of the share capital of the Company present or represented and entitled to vote at a meeting duly held in
accordance with the applicable provisions of the Company’s Memorandum of Association and Articles of Association. 
 12.2 Expiration
Date. The Plan will expire on, and no Award may be granted pursuant to the Plan after, the tenth anniversary of the Effective Date. Any Awards that are outstanding on the tenth anniversary of the Effective Date shall remain in force according to
the terms of the Plan and the applicable Award Agreement. 
  

 16 

 ARTICLE 13 
 AMENDMENT, MODIFICATION, AND TERMINATION 
 13.1 Amendment, Modification, And Termination. With
the approval of the Board, at any time and from time to time, the Committee may terminate, amend or modify the Plan; provided, however, that (a) to the extent necessary and desirable to comply with any applicable law, regulation, or
stock exchange rule, the Company shall obtain shareholder approval of any Plan amendment in such a manner and to such a degree as required, and (b) shareholder approval is required for any amendment to the Plan that (i) increases the
number of Shares available under the Plan (other than any adjustment as provided by Article 10), (ii) permits the Committee to grant Options with an exercise price that is below Fair Market Value on the date of grant, (iii) permits the
Committee to extend the exercise period for an Option beyond ten years from the date of grant, or (iv) results in a material increase in benefits or a change in eligibility requirements. 
 13.2 Awards Previously Granted. Except with respect to amendments made pursuant to Section 13.1, no termination, amendment, or modification
of the Plan shall adversely affect in any material way any Award previously granted pursuant to the Plan without the prior written consent of the Participant. 
 ARTICLE 14 
 GENERAL PROVISIONS 
 14.1 No Rights to Awards. No Participant, employee, or other person shall have any claim to be granted any Award pursuant to the Plan, and neither
the Company nor the Committee is obligated to treat Participants, employees, and other persons uniformly. 
 14.2 No Shareholders
Rights. No Award gives the Participant any of the rights of a Shareholder of the Company unless and until Shares are in fact issued to such person in connection with such Award. 
 14.3 Taxes. No Shares shall be delivered under the Plan to any Participant until such Participant has made arrangements acceptable to the
Committee for the satisfaction of any income and employment tax withholding obligations under Applicable Laws, including without limitation the Macau, Hong Kong or PRC tax laws, rules, regulations and government orders or the U.S. Federal, state or
local tax laws, as applicable. The Company or any Subsidiary shall have the authority and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes
(including the Participant’s payroll tax obligations) required by law to be withheld with respect to any taxable event concerning a Participant arising as a result of this Plan. The Committee may in its discretion and in satisfaction of the
foregoing requirement allow a Participant to elect to have the Company withhold Shares otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sums required to be withheld. Notwithstanding any other
provision of the Plan, the number of Shares which may be withheld with respect to the issuance, vesting, exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the
Participant from the Company) in order to satisfy the Participant’s federal, state, local and foreign income and payroll tax liabilities with respect to the issuance, vesting, exercise or payment of the Award shall, unless specifically approved
by the Committee, be limited to the number of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local
and foreign income tax and payroll tax purposes that are applicable to such supplemental taxable income. 
  

 17 

 14.4 No Right to Employment or Services. Nothing in the Plan or any Award Agreement shall
interfere with or limit in any way the right of the Service Recipient to terminate any Participant’s employment or services at any time, nor confer upon any Participant any right to continue in the employ or service of any Service Recipient.

 14.5 Unfunded Status of Awards. The Plan is intended to be an “unfunded” plan for incentive compensation. With respect to
any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award Agreement shall give the Participant any rights that are greater than those of a general creditor of the Company or any Subsidiary.

 14.6 Indemnification. To the extent allowable pursuant to applicable law, each member of the Committee or of the Board shall be
indemnified and held harmless by the Company from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by such member in connection with or resulting from any claim, action, suit, or proceeding to which he or she may
be a party or in which he or she may be involved by reason of any action or failure to act pursuant to the Plan and against and from any and all amounts paid by him or her in satisfaction of judgment in such action, suit, or proceeding against him
or her; provided he or she gives the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be entitled pursuant to the Company’s Memorandum of Association and Articles of Association, as a matter of law, or otherwise, or any power that the Company may have to
indemnify them or hold them harmless. 
 14.7 Relationship to other Benefits. No payment pursuant to the Plan shall be taken into
account in determining any benefits pursuant to any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except to the extent otherwise expressly provided in writing in such
other plan or an agreement thereunder. 
 14.8 Expenses. The expenses of administering the Plan shall be borne by the Company and its
Subsidiaries. 
 14.9 Titles and Headings. The titles and headings of the Sections in the Plan are for convenience of reference only
and, in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control. 
 14.10 Fractional
Shares. No fractional shares of Share shall be issued and the Committee shall determine, in its discretion, whether cash shall be given in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as
appropriate. 
  

 18 

 14.11 Government and Other Regulations. The obligation of the Company to make payment of awards in
Share or otherwise shall be subject to all Applicable Laws, rules, and regulations, and to such approvals by government agencies as may be required. The Company shall be under no obligation to register any of the Shares paid pursuant to the Plan
under the Securities Act or any other similar law in any applicable jurisdiction. If the Shares paid pursuant to the Plan may in certain circumstances be exempt from registration pursuant to the Securities Actor other Applicable Laws the Company may
restrict the transfer of such shares in such manner as it deems advisable to ensure the availability of any such exemption. 
 14.12
Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands. 
  

 19

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00114-of-00352.parquet"}]]