Document:

EX-10.15

 Exhibit 10.15 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”) is entered into as of March 27, 2013 (the “Effective Date”) by and between NEVADA PROPERTY 1 LLC (the “Employer”), and Anthony J. Pearl (the “Executive”). Employer and Executive are jointly
referred to herein as the “Parties.” 
 RECITALS 

WHEREAS, Employer owns and operates that certain resort and casino project known as “The Cosmopolitan of Las Vegas”
located in Las Vegas, Nevada (the “Project”); 
 WHEREAS, Employer and Executive are parties to that certain
Employment Agreement, dated as of February 1, 2010 (the “Prior Agreement”), which Prior Agreement has expired by its terms and is no longer of any force and effect, except for those provisions thereunder that expressly survive the
expiration or termination thereof; 
 WHEREAS, Employer desires to offer continued employment to Executive as provided
for in Section 1 of this Agreement, and Executive wishes to accept such employment upon such terms and conditions set forth herein; 
 Now, therefore, in consideration of the foregoing and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree that the foregoing recitals
are true and correct and are incorporate herein as if fully set forth and further agree as follows: 
 AGREEMENT

  

	1.	Employment. During the Specified Term (defined in Section 2 below), Employer shall employ Executive as General Counsel, Corporate Secretary and Chief
Compliance Officer. Executive may have such duties, authorities, and responsibilities as may customarily be exercised by individuals serving as the General Counsel, Corporate Secretary and Chief Compliance Officer of similarly situated employers.
Executive shall report to John Unwin (the “Chief Executive Officer”). 

  

	2.	Commencement Date; Specified Term. Subject to earlier termination as provided for herein, the term of Executive’s employment hereunder shall commence on
March 27, 2013 (the “Commencement Date”) and terminate on March 26, 2016 (the “Specified Term”). The first annual period commencing on the Commencement Date through the end of calendar year 2013, and thereafter each
calendar year during the Specified Term, shall hereinafter be referred to as a “Contract Year.” If Executive remains employed by Employer after the conclusion of the Specified Term, any such employment shall be expressly
at-will, unless the Parties agree otherwise in writing, and the provisions of Sections 13 through 18 shall no longer have any force or effect. 

  
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	3.	Base Salary. During the Specified Term, in consideration of the performance by Executive of all of Executive’s obligations hereunder, Employer shall pay
Executive an annual base salary of $400,000.00 (the “Base Salary”). The Base Salary shall be payable in accordance with the payroll practices of Employer in effect from time to time for Employer’s other similarly situated executives.
If and to the extent consistent with the review program and compensation policies for similarly situated executives, Employer shall perform a review of Executive’s performance on or before each anniversary of the Commencement Date for
consideration of an increase of Executive’s Base Salary for the immediately following Contract Year. 

  

	4.	Bonus Compensation. Executive shall be eligible to participate in the discretionary executive bonus and long term incentive program(s) offered by Employer, if
any, in the same manner as other similarly situated executives, and in accordance with the terms of such bonus and incentive program. Except as otherwise expressly provided for herein, Executive shall only be entitled to receive a bonus if Executive
remains continuously employed, and has not given notice of Executive’s intent to resign, through the date upon which any bonus is to be paid, which shall not be later than seventy five (75) days after the end of each Contract Year. If this
Section 4 conflicts with the provision of any other agreement or plan of any kind pertaining to the earning or payment of bonus or incentive compensation, the terms of this Agreement shall control. In addition, Employer shall pay Executive a
signing bonus in the amount of $60,000.00 payable within thirty (30) days after the Commencement Date. 

  

	5.	Benefit Programs. During the Specified Term, Executive shall be entitled to participate in Employer’s benefit plans (including certain paid vacation time),
as are generally made available from time to time to Employer’s senior executives subject to the terms and conditions of such plans, and subject to Employer’s right to amend, terminate or take other similar actions with respect to such
plans. 

  

	6.	Expense Payments and Reimbursements. To the extent Executive incurs necessary and reasonable travel or other business expenses in the course of Executive’s
employment, Executive shall be reimbursed for such expenses, upon presentation of written documentation in accordance with Employer’s policies in effect from time to time. 

 

	7.	 Extent of Services. Executive agrees that the duties and services to be performed by Executive shall be performed exclusively for Employer on a
full time basis. Executive further agrees to perform such duties in an efficient, trustworthy and businesslike manner. Executive agrees not to render to others any service of any kind whether or not for compensation, or to engage in any other
business activity whether or not for compensation, that, in each case, is similar to or conflicts with 

  
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the performance of Executive’s duties under this Agreement, without the written approval of the Project’s Compliance Officer or such other person as may be designated by Employer from
time to time. Notwithstanding the foregoing, Executive shall be entitled to conduct his own personal affairs, including directing and managing the investment of the assets of Executive’s and/or Executive’s immediate family, so long as such
activities do not interfere with Executive’s duties and services hereunder. 

  

	8.	Licensing Requirements. Executive acknowledges that Employer is engaged in a business that is subject to and exists because of privileged licenses issued by
governmental authorities in Nevada and other jurisdictions in which Employer is engaged or during Executive’s employment may apply to engage in Employer’s business. If requested to do so by Employer, Executive shall apply for and obtain
any license, qualification, clearance or the like which shall be requested or required of Executive by any regulatory authority having jurisdiction over Employer. 

 

	9.	Failure to Satisfy Licensing Requirement. If Executive fails to satisfy any licensing requirement referred to in Section 8 above, or if any governmental
authority directs Employer to terminate any relationship it may have with Executive, or if Employer shall determine, in Employer’s sole and exclusive judgment, that Executive was, is or might be involved in, or is about to be involved in, any
activity, relationship(s) or circumstance which could or does jeopardize Employer’s business, reputation or such licenses, or if any such license is threatened to be, or is, denied, curtailed, suspended or revoked, this Agreement may be
terminated by Employer and the parties’ obligations and responsibilities shall be determined by the provisions of Section 14. 

  

	10.	Policies and Procedures. In addition to the terms herein, Executive agrees to be bound by Employer’s policies and procedures, as they may be amended by
Employer from time to time, appearing in an Employer handbook, business practices manual, ethics manual, or other similar document. In the event the terms in this Agreement conflict with any of Employer’s policies and procedures, the terms of
this Agreement shall control. 

  

	11.	Restrictive Covenants. 

  

	 	a.	 Non-Competition. Executive acknowledges that by virtue of Executive’s position with Employer and in the course of Executive performing
Executive’s duties and responsibilities hereunder, Executive will form relationships and become specifically and generally acquainted with Employer’s, Project’s, and Owner’s (collectively the “Employer’s Group”)
confidential and proprietary information as further described in Section 11(b) below. Executive further acknowledges that such relationships and information are and will remain highly valuable to Employer’s Group and that the restrictions
on future employment, if any, are reasonably necessary in order for Employer’s Group to remain competitive in the 

  
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highly competitive resort-gaming industry. In recognition of Employer Group’s heightened need for protection from abuse of relationships formed or information garnered before and during
Executive’s employment hereunder, Executive covenants and agrees that: 

  

	 	(i)	If (A) Employer terminates Executive’s employment during the Specified Term without “Cause” (defined below) or (B) Executive terminates his
employment during the Specified Term for “Good Reason” (defined below), Executive shall be entitled to receive those amounts enumerated in Section 15 below and Executive acknowledges, covenants, and agrees that for a one (1) year
period immediately following the termination, Executive shall not directly or indirectly or in any manner or method be employed by, provide consultation or other services to, engage or participate in, provide advice, information or assistance to,
fund or invest in a “Competitor” (defined below) anywhere within a 100 mile radius of the Project. 

  

	 	(ii)	If Executive remains employed by Employer after the expiration of the Specified Term and, as such, is employed by Employer at-will in accordance with Section 2
above, Executive shall be entitled to receive those amounts, if any, enumerated in Section 19 below, and Executive acknowledges, covenants, and agrees that, for a six (6) month period immediately following the applicable termination,
Executive shall not directly or indirectly or in any manner or method be employed by, provide consultation or other services to, engage or participate in, provide advice, information or assistance to, fund or invest in a Competitor anywhere within a
100 mile radius of the Project. 

  

	 	(iii)	If Employer terminates Executive’s employment for Cause, or Executive terminates his Employment before the end of the Specified Term other than for Good Reason,
Executive acknowledges, covenants, and agrees that, for a six (6) month period immediately following the applicable termination, he shall not directly or indirectly or in any manner or method be employed by, provide consultation or other
services to, engage or participate in, provide advice, information or assistance to, fund or invest in a Competitor anywhere within a 100 mile radius of the Project. 

 

	 	(iv)	Notwithstanding the obligations enumerated herein, it shall not be a violation of any obligation owed by Employee during the restrictive periods identified in Sections
11(a)(i), (ii) or (iii) for Executive (or anyone one acting on Executive’s behalf) to own up to five percent (5%) of a publically traded entity engaged in the hotel-resort or hotel-resort-gaming industry so long as such ownership
does not result in Executive having any operational or management role of any kind in such industry. 

  
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	 	(v)	The covenants under this Section 11(a) also includes, but are not limited to, Executive’s covenant not to: 

 

	 	A.	Make known to any Competitor or officer, director, executive, employee or agent of a Competitor, the names, addresses, contact information or any other information
pertaining to any advertisers, suppliers, vendors, independent contractors, brokers, partners, patrons, executives or customers (collectively the “Business Contacts”) of the Employer’s Group or prospective Business Contacts of the
Employer’s Group on whom Executive called or with whom Executive did business or attempted to do business during his employment for Employer either for Executive’s own benefit or for any Competitor, unless such information is disclosed for
the direct or indirect benefit of Employer; 

  

	 	B.	Call on, solicit, induce to leave and/or take away, or attempt to call on, solicit, induce to leave and/or take away, any Business Contacts of the Employer’s Group
or prospective Business Contacts of the Employer’s Group on whom Executive called or with whom Executive did business or attempted to do business during his employment for Employer either for Executive’s own benefit or for any Competitor;

  

	 	C.	Approach, solicit, contract with or hire any current advertiser, supplier, vendor, independent contractor, broker or employee of the Employer’s Group with a view
towards enticing such person to cease his/her/its relationship with the Employer’s Group or end his/her employment with the Employer’s Group, without the prior written consent of Employer, such consent to be within Employer’s sole and
absolute discretion. 

 For purposes of this Agreement, “Competitor” shall mean any hotel, resort,
gaming, casino or combination hotel, resort, gaming or casino establishment located within a 100 mile radius of the Project. 
  

	 	b.	 Confidentiality. Executive covenants and agrees that, other than in connection with the performance of duties hereunder, Executive shall not at
any time during Executive’s employment by Employer or for a period of five years thereafter, without Employer’s prior written consent, such 

  
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consent to be within Employer’s sole and absolute discretion, disclose or make known to any person or entity outside of Employer any proprietary or other confidential information concerning
the Employer’s Group, including without limitation, Employer’s Group proprietary and confidential business practices, contractual relationships, marketing practices and procedures, management policies or any other information regarding the
Employer’s Group’s operation whatsoever, which is not already and generally known to the public through no wrongful act of Executive or any other party. Executive covenants and agrees that Executive shall not at any time during the
Specified Term, or for a period of five years thereafter, without Employer’s prior written consent, utilize any such proprietary or confidential information in any way, including communications with or contact with any third party other than in
connection with employment hereunder. In addition to the above, and not by way of limitation, Executive further covenants and agrees that Executive shall not at any time during Executive’s employment or at any time thereafter disclose, make
known to any person or entity, or otherwise use for any purpose whatsoever any Trade Secret belonging to the Employer’s Group which is not already and generally known to the public through no wrongful act of Executive or any other party. For
purposes of this Agreement, Trade Secrets are defined in a manner consistent with the broadest interpretation of Nevada law and shall include, but shall not be limited to formulas, patterns, compilations, customer lists, contracts, business plans
and practices, marketing plans and practices, financial plans and practices, programs, devices, methods, know-hows, techniques or processes, that derives economic value, present or potential, from not being generally known to, and not being readily
ascertainable by proper means by, other persons who may or could obtain any economic value from its disclosure or use. 

  

	 	c.	Exclusions. Anything to the contrary herein notwithstanding, the provisions of this Section 11 shall not apply (i) when disclosure is required by law
or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order Executive to disclose or make accessible any information, (ii) with respect to any
litigation, arbitration or mediation involving this Agreement, including, but not limited to, the enforcement of this Agreement, (iii) as to information that becomes generally known to the public or within the relevant trade or industry other
than due to Executive’s violation of this Section or (iv) as to information that is or becomes available to Executive on a non-confidential basis from a source which is entitled to disclose it to Executive. 

 

	 	d.	 Third Party Information. Executive acknowledges that Employer’s Group has received and in the future will receive from third parties their
confidential or proprietary information subject to a duty to maintain the 

  
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confidentiality of such information and to use it only for certain limited purposes. Executive will hold all such confidential or proprietary information in the strictest confidence, provided
that Executive is reasonably aware that the information is confidential, and will not intentionally or negligently disclose it to any person or entity or to use it except as necessary in carrying out Executive’s duties hereunder consistent with
Employer’s Group’s agreement with such third party. Executive shall not be in violation of his obligations under this paragraph 11(d) if such Third Party confidential or proprietary information is already generally known to the public
through no wrongful act of Executive or any other party, or is or becomes available to Executive on a non-confidential basis from a source which is entitled to disclose it to Executive. 

 

	 	e.	Employer’s Property. Executive hereby confirms that Trade Secrets, proprietary or confidential information and all information concerning business practices
of the Employer’s Group, constitute Employer’s Group’s exclusive property, regardless of whether Executive possessed or claims to have possessed such information prior to the date hereof (“Employer Property”) if the same has
been utilized by Employer’s Group for any business purpose, unless same is covered by the exclusions in Section 11(c) hereof. Executive agrees that upon termination of employment, Executive shall promptly return to Employer, and retain no
copies of, all Employer Property including, but not limited to, Employer Property recorded or appearing in any notes, notebooks, memoranda, computer disks, Rolodexes and any other similar repositories of information (regardless of whether Executive
possessed such information prior to the date hereof), unless same is covered by the exclusions in Section 11(c) hereof. Such repositories of information also include, but are not limited to, any files or other data compilations in any form,
whether on Executive’s personal or home computer or otherwise, which in any manner contain any Employer Property. Notwithstanding anything to the contrary, nothing in this Section 11(e) is intended to prevent Executive from maintaining
contact information pertaining to the gaming industry that Executive has accumulated over his years in such industry, including his years as an Executive of Employer; provided, however, that Executive shall not use such information in any manner
that does or may result in a violation of Executive’s obligations under Section 11(a) hereof. 

  

	12.	Representations. Executive hereby represents, warrants and agrees with Employer that: 

 

	 	a.	 A portion of the compensation and consideration to be paid to Executive hereunder is in consideration for: (i) Employer’s agreement to employ
Executive; (ii) agreement that the covenants contained in Sections 7 and 11 are reasonable, appropriate and suitable in their geographic scope, duration and content; (iii) agreement that Executive shall not, directly or

  
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indirectly, raise any issue of the reasonableness, appropriateness and suitability of the geographic scope, duration or content of such covenants and agreements in any proceeding to enforce such
covenants and agreements; (iv) agreement that such covenants and agreements shall survive the termination of this Agreement, in accordance with their terms; and, (v) the free and full assignability of such covenants and agreement upon a
sale or other transaction of any kind relating to the ownership and/or control of the Project; 

  

	 	b.	The enforcement of any remedy under this Agreement will not prevent Executive from earning a livelihood, because Executive’s past work history and abilities are
such that Executive can reasonably expect to find work irrespective of the covenants and agreements contained in Section 11 above; 

  

	 	c.	The covenants and agreements stated in Sections 7, 11 and this Section 12, are essential for Employer’s reasonable protection; 

 

	 	d.	Employer has reasonably relied on these covenants and agreements by Executive; and, 

 

	 	e.	Executive has the full right to enter into this Agreement and by entering into and performance of this Agreement will not violate or conflict with any arrangements or
agreements Executive may have or agreed to have with any other person or entity. 

 Additionally, Executive agrees
that in the event of Executive’s breach or threatened breach of any covenants and agreements set forth in Sections 7 and 11 above, Employer may seek to enforce such covenants and agreements through any equitable remedy, including specific
performance or injunction, without waiving any claim for damages. In any such event, Executive waives any claim that Employer has an adequate remedy at law or for the posting of a bond. 

 

	13.	 Termination for Death or Disability. Executive’s employment hereunder shall terminate upon Executive’s death or Disability (as defined
below). In the event of Executive’s death or Disability, Executive (or Executive’s estate or beneficiaries in the case of death) shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after
the date of termination of employment other than (a) unpaid Base Salary earned to the date of termination of employment (which shall be paid on Employer’s next scheduled payroll date), (b) any bonus and/or incentive award earned in
accordance with the terms of Employer’s plan in a prior calendar year then unpaid to Executive (which shall be paid on the date such bonus is distributed to other executives in like positions), (c) business expense reimbursement pursuant
to Section 6, (d) benefits provided pursuant to Section 5 (including but not limited to any unused vacation pay through the date of termination, to the extent theretofore unpaid), subject to the

  
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terms and conditions applicable thereto, and (e) a pro rata bonus and/or incentive award determined in accordance with Section 4, above, for the year of termination based on the amount
Executive would have earned but for Executive’s termination, which shall be paid at the time such bonus and/or incentive award would have been paid in the ordinary course. For purposes of this Section 13, Disability is defined as
Executive’s incapacity, certified by a licensed physician selected by Employer (“Employer’s Physician”), which precludes Executive from performing the essential functions of Executive’s duties hereunder for any consecutive
period of three (3) months or more. In the event Executive disagrees with the conclusions of Employer’s Physician, Executive (or Executive’s representative) shall designate a physician (“Executive’s Physician”), and
Employer’s Physician and Executive’s Physician shall jointly select a third physician (“Third Physician”), who shall make the determination. Executive hereby consents to any examination or to provide or authorize access to any
medical records that may be reasonably required by Employer’s Physician or the Third Physician in connection with any determination to be made pursuant to this Section 13. 

 

	14.	Termination by Employer for Cause. Employer may terminate Executive’s employment hereunder for “Cause” (as defined below) at any time. If Employer
terminates Executive’s employment for Cause, Executive shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after the date of termination of employment other than unpaid Base Salary earned to
the date of termination of employment (which shall be paid on Employer’s next scheduled payroll date), unpaid business expense reimbursement pursuant to Section 6, and any unused vacation pay through the date of termination, to the extent
theretofore unpaid. For purposes of this Section 14, Cause is defined as: (a) any material breach by Executive of any of Executive’s material obligations contained in this Agreement (other than any such failure resulting from any
medically determined physical or mental impairment); (b) Executive’s engaging in illegal conduct or gross misconduct which is injurious to the Employer; (c) a material breach of Executive’s fiduciary duties of loyalty or care to
the Employer, or Employer’s code of ethics or anti harassment/discrimination/retaliation policies; (d) conviction or plea of nolo contendere to a felony, or (e) circumstances set forth in Section 9 above. Notwithstanding the
foregoing, prior to terminating Executive’s employment hereunder for Cause pursuant to Section 14(a) or (b), and except with respect to an uncurable breach pursuant to subsection (e) above, Executive shall be given thirty
(30) days prior written notice that Employer intends to terminate Executive’s employment for Cause during which time Executive must demonstrate to the satisfaction of Employer that Executive either has cured his defective performance or
has a specific and detailed plan for such cure. If Employer determines that Executive has not cured or has failed to present a thorough plan for cure prior to the expiration of such thirty (30) day period, Executive shall be terminated for
Cause at the expiration of such thirty (30) day period. 

  
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	15.	Termination by Employer without Cause; Termination by Executive for Good Reason. Employer may, at any time, terminate Executive’s employment hereunder
without Cause by delivering 30 days prior written notice of termination. Executive may, with 30 days’ prior written notice to Employer, terminate Executive’s employment hereunder for “Good Reason” (defined below). Such notice
shall reasonably specify the grounds for Executive’s decision to terminate employment for Good Reason. If Employer terminates Executive’s employment hereunder other than for Cause, or if Executive terminates Executive’s employment
hereunder for Good Reason, then Executive shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after the date of termination of employment other than (a) Base Salary then in effect, earned but
unpaid through the date of termination, plus twelve (12) months Base Salary then in effect paid in accordance with Employer’s scheduled payroll practices (b) any discretionary bonus and/or other incentive benefit expressly awarded but
not yet paid to Executive (which shall be paid to Executive at the same time Employer distributes like bonuses and/or awards to similarly situated executives), (c) business expense reimbursement pursuant to Section 6, (d) any unused
vacation pay through the date of termination to the extent theretofore unpaid, and (e) continued health care coverage or COBRA coverage, at no cost to Executive or his dependents, under Employer’s health insurance programs for twelve
(12) months immediately following termination after which time the cost of continued health coverage shall be Executive’s sole and exclusive responsibility; provided, however, that if Executive becomes eligible for health and insurance
coverage from a new employer, then Employer’s obligations pursuant to this clause 15 shall immediately cease. The payments and benefits to be provided pursuant to this Section 15 upon termination of Executive’s employment shall
constitute the exclusive payments in the nature of severance, termination pay or salary continuation which shall be due to Executive and shall be in lieu of any other such payments or benefits under any plan, program, policy or arrangement which has
heretofore been or shall hereafter be established by Employer. 

  

	16.	Good Reason Defined. For purposes of Section 15, Good Reason is defined as (a) breach by Employer of any of its material obligations contained in this
Agreement (b) a material reduction by Employer of Executive’s title or reporting relationship; (c) the assignment to Executive of any duties or responsibilities materially and adversely inconsistent with Executive’s title and
stature; (d) Employer’s bankruptcy;. Notice of termination given to Employer by Executive for Good Reason shall specify the reason(s) for such termination and, if reasonably susceptible of cure, Employer shall have 30 days to cure such
breach. If Employer fails to cure such reason for termination within 30 days of notice by Executive that Executive is exercising a Good Reason termination, termination for Good Reason shall then become effective. 

  
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	17.	Termination by Executive other than for Good Reason. Executive may terminate Executive’s employment hereunder without Good Reason upon 30 days’ prior
written notice to Employer. If Executive terminates his employment other than for Good Reason, Executive shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after the date of termination other than
(a) unpaid Base Salary earned to the date of termination of employment (which shall be paid on Employer’s next scheduled payroll date) and (b) business expense reimbursement pursuant to Section 6. 

 

	18.	Release; Full Satisfaction. Notwithstanding any provision in Sections 13 (in the case of “Disability”) and 15 hereof, no payments or benefits shall be
provided pursuant to Sections 13 or 15, which are in addition to the payments or benefits that are required by law, unless and until Executive executes and delivers a standard form of general release of any and all claims relating to this Agreement
and employment generally, and such release has become irrevocable in the event that the release of a claim requires a waiting period for irrevocability. 

  

	19.	Termination After The Expiration of the Specified Term. If, and only if, Executive remains employed at-will by Employer after expiration of the Specified Term,
and Executive is terminated for Cause as that term is defined in Section 14, Executive shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after the date of termination of employment other than
unpaid Base Salary earned to the date of termination of employment (which shall be paid on Employer’s next scheduled payroll date) and unpaid business expense reimbursement pursuant to Section 6. If Executive is terminated by Employer for
a reason other than Cause, Executive shall be entitled to twelve (12) months Base Salary then in effect to be paid in accordance with Employer’s regular payroll practices in effect from time to time. 

 

	20.	 Section 409A. To the extent applicable, it is intended that the Agreement comply with the provisions of Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”). The Agreement shall be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Agreement to fail to satisfy Section 409A shall
have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A). Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have
terminated employment with Employer for purposes of the Agreement and no payments shall be due to Executive under the Agreement which are payable upon Executive’s termination of employment unless Executive would be considered to have incurred a
“separation from service” from Employer within the meaning of Section 409A. To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and
benefits that would otherwise be provided pursuant to the Agreement during the six-month period immediately following Executive’s termination of employment shall instead be paid on the first business day after the date that is six months
following 

  
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Executive’s termination of employment (or upon Executive’s death, if earlier). In addition, for purposes of the Agreement, each amount to be paid or benefit to be provided to Executive
pursuant to the Employment Agreement shall be construed as a separate identified payment for purposes of Section 409A. With respect to expenses eligible for reimbursement under the terms of the Agreement, (i) the amount of such expenses
eligible for reimbursement in any taxable year shall not affect the expenses eligible for reimbursement in another taxable year and (ii) any reimbursements of such expenses shall be made no later than the end of the calendar year following the
calendar year in which the related expenses were incurred, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A.

  

	21.	Cooperation Following Termination. Following termination of Executive’s employment hereunder for any reason, Executive agrees to cooperate with Employer
upon the request of Employer and to be reasonably available to Employer with respect to matters arising out of Executive’s services to Employer. Employer shall reimburse, or at Executive’s request, advance Executive for expenses reasonably
incurred in connection with such matters. 

  

	22.	Interpretation; Each Party the Drafter. THIS AGREEMENT IS THE PRODUCT OF EXTENSIVE DISCUSSIONS AND NEGOTIATIONS BETWEEN THE PARTIES. EACH OF THE PARTIES WAS
REPRESENTED BY OR HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL WHO EITHER PARTICIPATED IN THE FORMULATION AND DOCUMENTATION OF, OR WAS AFFORDED THE OPPORTUNITY TO REVIEW AND PROVIDE COMMENTS ON, THIS AGREEMENT. ACCORDINGLY, THIS AGREEMENT AND THE
PROVISIONS CONTAINED IN IT SHALL NOT BE CONSTRUED OR INTERPRETED FOR OR AGAINST ANY PARTY TO THIS AGREEMENT BECAUSE THAT PARTY DRAFTED OR CAUSED THAT PARTY’S LEGAL REPRESENTATIVE TO DRAFT ANY OF ITS PROVISIONS. 

 

	23.	Indemnification / Director’s and Officer’s Insurance. The Employer shall indemnify Executive and hold Executive harmless to the fullest extent
permitted by law and under the charter, operating agreement and/or by-laws of the Company (including the advancement of expenses) against, and with respect to, any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses
(including reasonable attorney fees), losses and damages resulting from Executive’s performance of his duties and obligations with the Employer. The Employer shall provide Executive with reasonable Director’s and Officer’s insurance
coverage that is at least as favorable as the coverage provided to other senior executives of Employer on the date of this Agreement or at any time thereafter. Such insurance coverage shall continue in effect both during the Executive’s
employment and, while potential liability exists, after the end of employment. The cost of insurance coverage shall be paid by the Employer. 

  
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	24.	Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under, or would require the commission of any act contrary to,
existing or future laws, such provisions shall be fully severable, the Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of
this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision,
there shall be added automatically as part of this Agreement a legal and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible. 

 

	25.	Survival. Notwithstanding anything in this Agreement to the contrary, to the extent applicable, Sections 11, 12, 20, 21, 22, 23, 24, and 26 through 37 of this
Agreement, and any other Section which, by its intent, should survive, shall survive the termination of this Agreement. 

  

	26.	Notice. For purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been
duly given (a) when personally delivered, (b) the business day following the day when deposited with a reputable and established overnight express courier (charges prepaid), or (c) five (5) days following mailing by certified or
registered mail, postage prepaid and return receipt requested. Unless another address is specified, notices shall be sent to the addresses indicated below: 

 To Employer: 
 John Unwin 

Chief Executive Officer 
 The Cosmopolitan of Las Vegas 
 3708 Las Vegas Boulevard South 

Las Vegas, NV 89109 
 With a copy to: 
 Daniel Espino 

Vice President of People 
 The Cosmopolitan of Las Vegas 
 3708 Las Vegas Boulevard South 

Las Vegas, NV 89109 
 To Executive: 
 Anthony J. Pearl 

General Counsel 

2420 Ailsa Craig 

Henderson, NV 89044 
 or to such
other address as either party shall have furnished to the other in writing in accordance herewith. 

  
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	27.	Tax Withholding. Notwithstanding any other provision of this Agreement, Employer may withhold from any amounts payable under this Agreement, or any other
benefits received pursuant hereto, such Federal, state, local and other taxes as shall be required to be withheld under any applicable law or regulation. 

  

	28.	Attorneys Fees. In the event suit is brought to enforce, or to recover damages suffered as a result of breach of this Agreement, the prevailing party shall be
entitled to recover its reasonable attorney’s fees and costs of suit. 

  

	29.	Limitation of Damages. In no event shall either party be liable to the other, except with respect to third party claims, for any consequential, incidental,
indirect, punitive, exemplary or special damages. 

  

	30.	No Waiver of Breach or Remedies. No waiver by Executive or Employer at any time of any breach by the other party of, or compliance with, any condition or
provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No waiver of any provision of this Agreement shall be implied
from any course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. 

  

	31.	Amendment or Modification. No amendment, modification, termination or waiver of any provision of this Agreement shall be effective unless the same shall be in
writing and signed by an authorized representative of Employer (other than Executive), and Executive, nor consent to any departure by Executive or Employer from any of the terms of this Agreement shall be effective unless the same is signed by an
authorized representative of the affected party. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. 

 

	32.	Governing Law. The laws of the State of Nevada shall govern the validity, construction, and interpretation of this Agreement, without regard to conflict of law
principles. Further, venue for any dispute resolution process that occurs pertaining to this Agreement or the subject matter of this Agreement shall lie exclusively in the federal or state courts of Nevada, located in Las Vegas, Nevada, in any
action, suit or proceeding arising out of or relating to this Agreement or any matters contemplated hereby, and any such action, suit or proceeding shall be brought only in such court. 

  
 14 

	33.	Waiver of Jury Trial. EXECUTIVE AND EMPLOYER RECOGNIZE THAT A TRIAL BY JURY IS MORE COSTLY AND TIME CONSUMING THAN A NON-JURY TRIAL, AND THAT DUE TO COURT
CALENDAR DELAYS, IT OFTEN TAKES LONGER FOR A CASE TO PROCEED TO A TRIAL BY JURY. IN ORDER TO AVOID SUCH DELAYS, AND TO OBTAIN A PROMPT RESOLUTION OF DISPUTES WHILE AVOIDING UNNECESSARY EXPENSE, THE PARTIES MUTUALLY ACKNOWLEDGE, INENTIONALLY AND
KNOWINGLY AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY IN ANY AND ALL ACTIONS, CLAIMS, PROCEEDINGS, COUNTERCLAIMS, OR THIRD-PARTY CLAIMS BROUGHT BY THEM ARISING OUT OR IN ANY WAY CONNECTED TO EXECUTIVE’S EMPLOYMENT WITH EMPLOYER,
THE TERMINATION THEREOF OR THIS AGREEMENT.  

  

	34.	Headings. The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of
the provisions of this Agreement. 

  

	35.	Assignment. This Agreement and the rights and obligations hereunder shall not be assignable or transferable by Executive without the prior written consent of
Employer in its sole and absolute discretion. Notwithstanding the foregoing, this Agreement shall be binding on and inure to the benefit of Executive and Executive’s heirs, executors, administrators and legal representatives. Executive
expressly understands and agrees this Agreement shall be binding on and inure to the benefit of Employer and its successors and assigns, including successors by merger and operation of law and that Employer may fully and freely assign this entire
Agreement, including but not limited to those provisions appearing in Sections 7 and 11 herein, or any part of its rights and obligations under this Agreement at any time without Executive’s consent and following such assignment all references
to Employer shall be deemed to refer to such assignee and Employer shall thereafter have no obligation under this Agreement, provided that any such assignee assumes Employers obligations hereunder. 

 

	36.	Entire Agreement. This Agreement supersede all prior or contemporaneous agreements and statements, whether written or oral, concerning the terms of
Executive’s employment with Employer, and no amendment or modification of these agreements shall be binding unless it is set forth in a writing signed by both Employer and Executive. To the extent that this Agreement conflicts with any of
Employer’s policies, procedures, rules or regulations, this Agreement shall supersede the other policies, procedures, rules or regulations. 

  

	37.	Use of Executive’s Name, Voice and Likeness. Executive hereby irrevocably grants Employer the unrestricted right, but not the obligation, to use
Executive’s name, voice or likeness for any publicity or advertising purpose in any medium now known or hereafter existing. 

  
 15 

 IN WITNESS WHEREOF, Employer and Executive have entered into this Agreement in Las
Vegas, Nevada as of the Effective Date. 
  

							
		 		 	EXECUTIVE:
			
		 		 	 /S/ ANTHONY PEARL

		 		 	ANTHONY PEARL
			
		 		 	NEVADA PROPERTY 1 LLC:
				
		 		 	By:	  	 /S/ RONALD G. EIDELL

		 		 	Name:	  	RONALD G. EIDELL
		 		 	Title:	  	CFO
			
		 		 	NEVADA PROPERTY 1 LLC:
				
		 		 	By:	  	 /S/ JOHN UNWIN

		 		 	Name:	  	JOHN UNWIN
		 		 	Title:	  	CEO

  
 16EX-10.16

 Exhibit 10.16 
 THE COSMOPOLITAN OF LAS VEGAS 
 MANAGEMENT INCENTIVE AWARD PLAN

 Article 1 
 Establishment, Objectives and Duration 
 1.01 Establishment of
the Plan. Nevada Property 1 LLC, a Delaware limited liability company, d/b/a The Cosmopolitan of Las Vegas, has established The Cosmopolitan of Las Vegas Management Incentive Award Plan. Capitalized terms will have the meanings given to them in
Article 2. The Plan provides for the issuance of Incentive Awards to certain employees of the Company, as set forth herein. 

1.02 Objectives of the Plan. The Plan’s purpose is to optimize the profitability and growth of the Company through incentives
that are consistent with the Company’s objectives, to give Participants an incentive for excellence in individual and team performance, and to give the Company a significant advantage in attracting and retaining key Employees. 

1.03 Effective Date of the Plan. The Plan is effective as of January 1, 2013. 

Article 2 

Definitions 
 For purposes of the Plan and all Incentive Award Agreements, the following terms will have the meanings set forth below: 
 2.01 “Adjusted EBITDA” means the Company’s earnings before interest, income taxes, and depreciation and amortization expenses, as calculated by the Company in accordance with
generally accepted accounting principles, excluding pre-opening expenses and corporate expenses. For clarity, earnings is calculated as operating profit from the business after deducting marketing, property management, G&A, fixed property costs,
and other undistributed expenses. 
 2.02 “Affiliate” means the Company or any other Person that directly or
indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company. For purposes of the preceding sentence, the word “control” (by itself and as used in the terms
“controlling,” “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities or membership interests, by contract, or otherwise. 
 2.03 “Board” means the
board of directors of the Company. 
 2.04 “Cause” will have the meaning set forth in any employment or other
agreement between the Company and the Participant. If there is no employment or other agreement between the Company and the Participant, or if such agreement does not define “Cause,” then “Cause” means (a) any willful and
material breach by the Participant of any of the Participant’s obligations contained in this Plan, any Incentive Award Agreement, or any other agreement between the Company and the Participant; (b) willful and consistent neglect or failure
to perform the Participant’s duties and responsibilities consistent with the Participant’s position(s); (c) material violation of the Company’s code of ethics; (d) violation of the Company’s anti-harassment,

 
discrimination, and retaliation provisions; (e) conviction or plea of nolo contendere to a felony; (f) the Participant’s failure to satisfy any licensing requirement,
qualification, clearance, or similar requirement that is requested or required of the Participant by any regulatory authority having jurisdiction over the Company; (g) any governmental authority’s direction to the Company to terminate any
relationship it may have with the Participant; or (h) the Board’s determination, in its reasonable good faith judgment, that the Participant was, is, or is about to be, involved in any activity, relationship(s) or circumstance that could
or does jeopardize the Company’s business, reputation, or licenses issued by governmental authorities. The Board’s determination that Cause exists for termination of employment under this provision shall be binding on the Participant,
subject to the dispute resolution provisions of the Plan. For purposes of the Plan, (x) no act or failure to act on the Participant’s part shall be considered “willful” unless it is done or omitted to be done by the Participant
in bad faith or without reasonable belief that the Participant’s action or omission was in the best interests of the Company, and (y) any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board
or based upon the advice of counsel for the Company will be conclusively presumed to be done or omitted to be done in good faith and in the best interests of the Company. 
 2.05 “Code” means the Internal Revenue Code of 1986. 
 2.06
“Company” means Nevada Property 1 LLC, a Delaware limited liability company, d/b/a The Cosmopolitan of Las Vegas, and any successor thereto. For purposes relevant to the Participant’s employment or employment agreement with the
Company under the Plan, “Company” shall be deemed to include any Affiliate. 
 2.07 “EBITDA Target”
means a specified dollar amount that is set by the Board by written resolution and communicated to Participants, as the target Adjusted EBITDA for any period of twelve (12) consecutive months during the Performance Period, which must be
achieved in order to produce a payment of Incentive Awards. 
 2.08 “Employee” means a person employed by the
Company in a common law employee-employer relationship and paid through the Company’s regular payroll department. 

2.09 “Exit Transaction” means the consummation of (a) a transaction or series of transactions in which occurs a
sale of all or substantially all of the assets or at least fifty percent (50%) of the membership (or other equity) interests of the Company or an Affiliate (which sale of an Affiliate’s assets or equity interests includes the Company), or
a merger or other business combination involving the Company or an Affiliate (which merger or other business combination includes the Company), in either case, the result of which is (i) the distribution of proceeds from such transaction to all
members of the Company or an Affiliate, and (ii) the effective sale, transfer or other disposition of ownership of substantially all of the business of the Company; or (b) a Public Offering. For purposes of the Plan, an Exit Transaction
shall be deemed to have occurred on the closing date of any transaction described in the preceding sentence. A transaction shall not constitute an Exit Transaction if the primary purpose of such transaction is (x) to change the state or country
of the Company’s incorporation, or (y) to form a holding company that will be owned in substantially the same proportions by the persons who held the Company’s membership interests immediately before such transaction. Notwithstanding
the foregoing, to the extent that any payment under the Plan or any Incentive Award Agreement constitutes nonqualified deferred compensation within the meaning of Section 409A and is payable upon an Exit Transaction or other similar event the
definition of “Exit Transaction” shall be deemed modified to the extent necessary to qualify as a “change in control event” as defined under Section 409A. 

  
 -2-

 2.10 “Incentive Award” means an award granted with respect to the
Performance Period in accordance with Article 5. 
 2.11 “Incentive Award Agreement” means an agreement entered
into between the Company and a Participant setting forth the terms and provisions applicable to an Incentive Award or Awards granted to the Participant. 
 2.12 “Participant” means an Employee whom the Board has selected to receive an Incentive Award under the Plan pursuant to Article 4, or who has an outstanding Incentive Award granted
under the Plan. 
 2.13 “Performance Period” means the thirty-six (36) month period from January 1,
2012 to December 31, 2014. The Board may elect, in its sole discretion, to extend the Performance Period through March 31, 2015, and may further elect, in its sole discretion, to extend the Performance Period beyond March 31, 2015.

 2.14 “Person” means any individual, company, corporation, limited company, association, joint stock company,
trust, joint venture, unincorporated organization and any governmental entity or any department, agency or political subdivision thereof. 
 2.15 “Plan” means The Cosmopolitan of Las Vegas Management Incentive Award Plan, as set forth in this document. 
 2.16 “Public Offering” means any sale of any class of equity securities of the Company or an Affiliate (which includes the Company) pursuant to an effective registration statement under
Section 12 of the Securities Exchange Act of 1934 filed with the U.S. Securities and Exchange Commission on Form S-1 (or any successor form). 
 2.17 “Section 409A” means Section 409A of the Code and all interpretive guidance issued thereunder. 
 2.18 “Vesting Date” has the meaning set forth in Section 5.01. 
 Article 3 
 Administration 

3.01 Plan Administration. The Board will administer the Plan. The Board will act by a majority of its members at the time in
office and eligible to vote on any particular matter, and the Board may act either by a vote at a meeting or in writing without a meeting. 
 3.02 Authority of the Board. Except as limited by law and subject to the provisions of the Plan, the Board will have full power to (a) select eligible Employees to participate in the Plan;
(b) determine the sizes and timing of Incentive Awards; (c) determine the terms and conditions of Incentive Awards in a manner consistent with the Plan; (d) construe and interpret the Plan and any agreement or instrument entered into
under the Plan; (e) establish, amend or waive rules and regulations for the Plan’s administration; and (f) subject to the provisions of Article 7, amend the terms and conditions of any outstanding Incentive Award to the extent the

  
 -3-

 
terms are within the Board’s discretion under the Plan. Further, the Board will make all other determinations that may be necessary or advisable to administer the Plan. As permitted by law
and consistent with Section 3.01, the Board may delegate some or all of its authority under the Plan. 
 3.03 Decisions
Binding. All determinations and decisions made by the Board pursuant to the provisions of the Plan will be final, conclusive, and binding on all Persons, including, without limitation, the Company, the Board, any Affiliates, Employees,
Participants, and their successors, estates and beneficiaries. A Board member who also is a Participant shall recuse himself from any determinations by the Board that affect his Incentive Award. 

Article 4 

Eligibility 
 The Board may make Incentive Awards under the Plan to any Employee. No Employee or Participant will have the right to receive an Incentive Award under this Plan or, having received any Incentive Award, to
receive a future Incentive Award. 
 Article 5 
 Incentive Awards 
 5.01 Calculation of Incentive Awards. Each
Incentive Award will be denominated as a cash amount (which amount shall be set forth in the applicable Incentive Award Agreement), which will vest upon achievement of the EBITDA Target during any period of twelve (12) consecutive months during
the Performance Period (the date on which the EBITDA Target has been achieved and confirmed based on the receipt of audited financial results from the Company’s public accounting firm for the relevant period shall be referred to as the
“Vesting Date”). 
 (a) If the EBITDA Target is not achieved before expiration of the
Performance Period, no Participant’s Incentive Award shall vest, and no amount shall be payable to any Participant in connection with the Participant’s Incentive Award. 

(b) A Participant must remain continuously employed by the Company or an Affiliate through the Vesting Date in order to
vest in the Incentive Award. Any Incentive Award that has not vested upon the date of a Participant’s termination of employment shall be forfeited in its entirety, and no amount shall be payable to the Participant in respect of such Incentive
Award. 

  
 -4-

 5.02 Distribution of Incentive Awards. A vested Incentive Award, if any, shall be
paid in three (3) substantially equal installments as set forth below: 
 (a) If the Vesting Date is on or
before December 31, 2014, the first installment shall be paid in January 2015, the second installment shall be paid on the four (4) month anniversary of the first installment payment, and the final installment shall be paid on the eight
(8) month anniversary of the first installment payment. 
 (b) If the Vesting Date is after
December 31, 2014, the first installment shall be paid on the earlier of the four (4) month anniversary of the Vesting Date or August 31, 2015, the second installment shall be paid on the earlier of the eight (8) month
anniversary of the Vesting Date or September 30, 2015, and the final installment shall be paid on the earlier of the twelve (12) month anniversary of the Vesting Date or December 31, 2015. 

(c) In the event of a Participant’s death after the Vesting Date but before the completion of payments under this
Section 5.02, any unpaid installment of an Incentive Award shall be paid to the Participant’s surviving spouse or, if none, the Participant’s estate. 

(d) In the event an Exit Transaction occurs on or after the Vesting Date but before the completion of payments under this
Section 5.02, any unpaid installments of an Incentive Award shall be paid in full upon the Exit Transaction. 
 (e) In recognition of the fact that the Company typically only receives audited financial results from its public accounting firm once each calendar year, generally
during the second quarter of the calendar year: (i) if the date the EBIDTA Target is achieved is on or after June 30 of any year in the Performance Period, the regularly scheduled financial audit will occur and fifty percent (50%) of the
vested Incentive Award will be paid immediately after the Board has received the audited financial results from the Company’s public accounting firm for that year and the remaining fifty percent (50%) of the vested Incentive Award will be paid
in two equal installment over the two succeeding calendar quarters; and (ii) if the date the EBIDTA Target is achieved is before June 30 of any year in the Performance Period, the Company’s public accounting firm will conduct a
special audit for the period of months from January 1 through the date the EBIDTA Target is achieved (the period of months not previously audited), and the Participants’ vested Incentive Award will be paid after the completion of the
special audit based on the schedule set forth in paragraphs (a) and (b) above. The Board may, in its sole discretion, require a special audit even if the date the EBIDTA Target is achieved is on or after June 30 of any year in the
Performance Period. If a special audit is required under this paragraph (e), the Company will bear the cost of such audit. 

5.03 Clawback of Incentive Awards. Following payment of an Incentive Award, in the event that the performance of the Company or
the Company’s EBITDA on which the Incentive Award (or any portion thereof) was granted or paid, was based on the Company’s material noncompliance with any financial reporting requirement under applicable securities laws, which requires the
Company to file a restatement of its financial statements, the Participant shall be required to immediately repay such Incentive Award to the Company. Participants shall remain subject to the provisions of this Section 5.03 until
December 31, 2016.  

  
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 Article 6 
 Breach of Restrictive Covenants 
 6.01 Forfeiture and
Clawback. An Incentive Award Agreement may provide that, notwithstanding any other provision of the Plan to the contrary, if the Participant breaches the restrictive covenants contained in the Incentive Award Agreement (including, but not
limited to covenants against competition, solicitation, disclosure, and disparagement), whether during or after termination of employment, in addition to any other penalties or restrictions that may apply under any employment agreement, state law,
or otherwise, the Participant will forfeit any and all Incentive Awards granted to the Participant under the Plan, including Incentive Awards that have become vested and amounts paid to the Participant under an Incentive Award, which amounts the
Participant shall be required to repay to the Company. 
 Article 7 

Amendment, Modification and Termination 
 The Board may at any time and from time to time, alter, amend, modify, or terminate the Plan in whole or in part. Subject to the terms and conditions of the Plan, the Board may modify outstanding
Incentive Awards under the Plan, or accept the surrender of outstanding Incentive Awards and grant new Incentive Awards in substitution of them. Notwithstanding the foregoing, no modification of an Incentive Award will, without the prior written
consent of the Participant, materially impair any rights or obligations under any Incentive Award already granted under the Plan. 
 Article 8 
 Legal Construction 

8.01 Tax Withholding. The Company will have the power and the right to deduct or withhold, or require a Participant to remit to
the Company, an amount sufficient to satisfy federal, state, and local taxes, domestic or foreign, required by the Code or other law or regulation to be withheld with respect to any taxable event arising under this Plan.  

8.02 Interpretive Provisions. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined, whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms, the words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”, and the word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (a) any definition of or reference to any agreement,
instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s permitted successors and assigns, (c) the words “herein,” “hereof,” “hereunder,” and
words of similar import when used in this Plan shall be construed to refer to such document in its entirety and not to any particular provision thereof, (d) all references to Articles and Sections shall be construed to refer to Articles and
Sections of this Plan document, (e) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise
specified, 

  
 -6-

 
refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the term “documents” includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. In the computation of periods of time from a specified date to a later specified date, the word “from”
means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” Section headings herein are included for convenience of
reference only and shall not affect the interpretation of document. 
 8.03 Rights of Participants. Nothing in the Plan
will interfere with or limit in any way the right of the Company to terminate any Participant’s employment at any time, or confer upon any Participant any right to continue in the employment of the Company. A Participant will not have any of
the rights of a member with respect to any Incentive Awards. 
 8.04 Severability. If any provision of the Plan is held
illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included. 

8.05 Requirements of Law. The granting and payment of Incentive Awards under the Plan will be subject to all applicable laws,
rules, and regulations, and to any approvals by governmental agencies or national securities exchanges as may be required. 

8.06 Governing Law and Choice of Forum. To the extent not preempted by federal law, the Plan and all Incentive Award Agreements
shall be governed by and construed in accordance with the laws of the State of Nevada, without regard to its principles of conflicts of laws. Any dispute with respect to the Plan or any Incentive Award Agreement will be litigated exclusively in
federal or state courts located in Las Vegas, Nevada, and the parties hereby consent and submit to the jurisdiction and venue of such courts. 
 8.07 Section 409A. The Plan and all Incentive Awards granted thereunder are intended to be exempt from or comply with Section 409A pursuant to the guidance issued thereunder by the U.S.
Internal Revenue Service in all respects and shall be administered in a manner consistent with such intent. Each installment payment under the Plan shall be deemed a “separate payment” for purposes of Section 409A. If an unintentional
operational failure occurs with respect to Section 409A requirements, any affected Participant or beneficiary shall fully cooperate with the Company to correct the failure, to the extent possible, in accordance with any correction procedure
established by the U.S. Internal Revenue Service. To the extent that any payment under the Plan or any Incentive Award Agreement constitutes nonqualified deferred compensation within the meaning of Section 409A and is payable upon a termination
of employment, such termination of employment shall be construed to mean a “separation from service” as defined under Section 409A. The Company makes no guarantee of any federal, state, or local tax consequences with respect to the
interpretation of Section 409A and its application to the terms of the Plan or any Incentive Award Agreement, and the Company shall have no liability for any adverse tax consequences to the Participant as a result of any violation of
Section 409A. 
 8.08 No Waiver of Rights. The failure of a party to the Plan or Incentive Award Agreement to insist
upon strict adherence to any term of the Plan or Incentive Award Agreement 

  
 -7-

 
on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon adherence to that term or any other term of the Plan or Incentive Award Agreement.
The waiver of a term or condition must be in writing executed by the party against whom the waiver is asserted. 
 8.09
Unfunded Status of Incentive Awards. The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any payments not yet made to a Participant pursuant to an Incentive Award, nothing contained in the
Plan or any Incentive Award shall give any such Participant any rights that are greater than those of a general creditor of the Company; provided, however, that the Board may authorize the creation of trusts or make other arrangements to meet the
Company’s obligations under the Plan to deliver cash, other Incentive Awards, or other property pursuant to any Incentive Award, which trusts or other arrangements shall be consistent with the “unfunded” status of the Plan unless the
Board otherwise determines with the consent of each affected Participant. 
 8.10 Successors. All obligations of the
Company under the Plan with respect to Incentive Awards granted hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise,
of all or substantially all of the business and/or assets of the Company or an Affiliate. 
 8.11 Incentive Awards Not
Includable for Benefit Plan Purposes. Payments received by a Participant pursuant to the provisions of the Plan shall not be included in the determination of benefits under any employee pension or welfare benefit plan applicable to the
Participant, which is maintained by the Company or any of its Affiliates, including but not limited to the Company’s Code Section 401(k) plan. Neither the Plan nor any Incentive Award Agreement shall affect any severance or termination
benefits paid or payable to a Participant under any other agreement, plan, or policy of the Company or an Affiliate. 

  
 -8-

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