Document:

Form of Deposit Agreement

 Exhibit 4.5 
  

WYNN RESORTS, LIMITED 
  
 and 
  
                                     , 
 As Depositary 
  
 and 
  
 HOLDERS OF DEPOSITARY RECEIPTS 
  

  
 DEPOSIT AGREEMENT 
  

  
 Dated as of
                             ,         

  
 TABLE OF CONTENTS 

 

					
	 ARTICLE I
	  	 DEFINITIONS
	  	1
			
	 ARTICLE II
	  	FORM OF RECEIPTS, DEPOSIT OF STOCK, EXECUTION AND DELIVERY, TRANSFER, SURRENDER, REDEMPTION AND CONVERSION OF RECEIPTS	  	3
			
	 Section 2.1
	  	 Form and Transfer of Receipts
	  	3
	 Section 2.2
	  	 Temporary Receipts
	  	4
	 Section 2.3
	  	 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof
	  	4
	 Section 2.4
	  	 Redemption and Conversion of Stock
	  	5
	 Section 2.5
	  	 Register of Transfer of Receipts
	  	7
	 Section 2.6
	  	 Combination and Split-ups of Receipts
	  	7
	 Section 2.7
	  	 Surrender of Receipts and Withdrawal of Stock
	  	8
	 Section 2.8
	  	 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and Exchange of Receipts and Withdrawal or Deposit of Stock
	  	9
	 Section 2.9
	  	 Lost Receipts, etc.
	  	9
	 Section 2.10
	  	 Cancellation and Destruction of Surrendered Receipts
	  	9
			
	 ARTICLE III
	  	 CERTAIN OBLIGATIONS OF HOLDERS OF RECEIPTS AND THE COMPANY
	  	10
			
	 Section 3.1
	  	 Filing Proofs, Certificates and Other Information
	  	10
	 Section 3.2
	  	 Payment of Taxes or Other Governmental Charges
	  	10
	 Section 3.3
	  	 Withholding
	  	10
	 Section 3.4
	  	 Representations and Warranties as to Stock
	  	11
			
	 ARTICLE IV
	  	 THE STOCK, NOTICES
	  	11
			
	 Section 4.1
	  	 Cash Distributions
	  	11
	 Section 4.2
	  	 Distributions Other Than Cash
	  	11
	 Section 4.3
	  	 Subscription Rights, Preferences or Privileges
	  	12
	 Section 4.4
	  	 Notice of Dividends, Fixing of Record Date for Holders of Receipts
	  	13
	 Section 4.5
	  	 Voting Rights
	  	13
	 Section 4.6
	  	 Changes Affecting Stock and Reclassifications, Recapitalizations, etc.
	  	13
	 Section 4.7
	  	 Reports
	  	14
	 Section 4.8
	  	 Lists of Receipt Holders
	  	14

  

 i 

					
	 ARTICLE V
	  	 THE DEPOSITARY, THE DEPOSITARY’S AGENTS, THE REGISTRAR AND THE COMPANY
	  	14
			
	 Section 5.1
	  	 Maintenance of Offices, Agencies, Transfer Books by the Depositary; the Registrar
	  	14
	 Section 5.2
	  	 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company
	  	15
	 Section 5.3
	  	 Obligations of the Depositary, the Depositary’s Agents, the Registrar and the Company
	  	15
	 Section 5.4
	  	 Resignation and Removal of the Depositary, Appointment of Successor Depositary
	  	17
	 Section 5.5
	  	 Corporate Notices and Reports
	  	18
	 Section 5.6
	  	 Deposit of Stock by the Company
	  	18
	 Section 5.7
	  	 Indemnification by the Company
	  	18
	 Section 5.8
	  	 Fees, Charges and Expenses
	  	18
			
	 ARTICLE VI
	  	 AMENDMENT AND TERMINATION
	  	19
			
	 Section 6.1
	  	 Amendment
	  	19
	 Section 6.2
	  	 Termination
	  	19
			
	 ARTICLE VII
	  	 MISCELLANEOUS
	  	20
			
	 Section 7.1
	  	 Counterparts
	  	20
	 Section 7.2
	  	 Exclusive Benefits of Parties
	  	20
	 Section 7.3
	  	 Invalidity of Provisions
	  	21
	 Section 7.4
	  	 Notices
	  	21
	 Section 7.5
	  	 Depositary’s Agents
	  	21
	 Section 7.6
	  	 Holders of Receipts Are Parties
	  	21
	 Section 7.7
	  	 Governing Law
	  	22
	 Section 7.8
	  	 Headings
	  	22
			
	 EXHIBIT A
	  	 	  	A-1

  

 ii 

 DEPOSIT AGREEMENT 
  

DEPOSIT AGREEMENT, dated as of
                             ,         , among
Wynn Resorts, Limited, a Nevada corporation,                             , a
             banking corporation, as Depositary, and all holders from time to time of Receipts issued hereunder. 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company desires to provide as hereinafter set forth in this Deposit Agreement, for the deposit of shares of Stock with the Depositary, as
agent for the beneficial owners of the Stock, for the purposes set forth in this Deposit Agreement and for the issuance hereunder of the Receipts evidencing Depositary Shares representing an interest in the Stock so deposited; and 
  
 WHEREAS, the Receipts are to be substantially in the form annexed as Exhibit
A to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided in this Deposit Agreement. 
  
 NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and among the parties hereto as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 The following definitions shall apply to the respective terms (in the singular and plural forms of such terms) used in this Deposit Agreement and the
Receipts: 
  
 “Articles of Incorporation” shall
mean the Second Amended and Restated Articles of Incorporation, as amended and restated from time to time, of the Company. 
  
 “Certificate of Designation” shall mean the Certificate of Designation establishing and setting forth the rights, preferences, privileges
and limitations of the Stock. 
  
 “Common Stock”
shall mean the Company’s common stock, par value $.01 per share. 
  
 “Company” shall mean Wynn Resorts, Limited, a Nevada corporation, and its successors. 
  
 “Corporate Office” shall mean the office of the Depositary in
                    ,
                     at which at any particular time its business in respect of matters governed by this Deposit Agreement shall be
administered, which at the date of this Deposit Agreement is located at                             .

  
 “Deposit Agreement” shall mean this
agreement, as the same may be amended, modified or supplemented from time to time. 

 “Depositary” shall mean
                                        ,
as Depositary hereunder, and any successor as Depositary hereunder. 
  
 “Depositary Share” shall mean the rights evidenced by the Receipts executed and delivered hereunder, including the interests in Stock granted to holders of Receipts pursuant to the terms and conditions of the Deposit
Agreement. Each Depositary Share shall represent an interest in                      of a share of Stock deposited with the Depositary
hereunder and the same proportionate interest in any and all other property received by the Depositary in respect of such share of Stock and held under this Deposit Agreement. Subject to the terms of this Deposit Agreement, each record holder of a
Receipt evidencing a Depositary Share or Shares is entitled, proportionately, to all the rights, preferences and privileges of the Stock represented by such Depositary Share or Shares, including the dividend, voting and liquidation rights contained
in the Certificate of Designation, and to the benefits of all obligations and duties of the Company in respect of the Stock under the Certificate of Designation and the Articles of Incorporation. 
  
 “Depositary’s Agent” shall mean an agent appointed by
the Depositary as provided, and for the purposes specified, in Section 7.5. 
  
 “New York Office” shall mean the facility maintained by the Depositary in the Borough of Manhattan, The City of New York, for accepting, executing and delivering Receipts and other instruments prior
to processing such instruments at the Corporate Office, which facility at the date of this Deposit Agreement is located at
                            . 
  
 “Receipt” shall mean a Depositary Receipt executed and delivered hereunder, in substantially the form of
Exhibit A hereto, evidencing a Depositary Share or Depositary Shares, as the same may be amended from time to time in accordance with the provisions hereof. 
  
 “record holder” or “holder” as applied to a Receipt shall mean the person in whose name a Receipt is registered on the
books maintained by or on behalf of the Depositary for such purpose. 
  
 “Registrar” shall mean any bank or trust company appointed to register ownership and transfers of Receipts as herein provided. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
  
 “Stock” shall mean shares of the Company’s
                     Series Preferred Stock, par value $.01 per share. 
  

 2 

 ARTICLE II 
  
 FORM OF RECEIPTS, DEPOSIT OF STOCK, 
 EXECUTION
AND DELIVERY, TRANSFER, SURRENDER, 
 REDEMPTION AND CONVERSION OF RECEIPTS 
  
 Section 2.1 Form and Transfer of Receipts. 
  
 Receipts shall be engraved, typewritten, printed or lithographed and shall be substantially in the form set forth in Exhibit
A annexed to this Deposit Agreement, with appropriate insertions, modifications and omissions, as hereinafter provided. Receipts shall be executed by the Depositary by the manual signature of a duly authorized signatory of the Depositary;
provided, however, that such signature may be a facsimile if a Registrar (other than the Depositary) shall have countersigned the Receipts by manual signature of a duly authorized signatory of the Registrar. No Receipt shall be
entitled to any benefits under this Deposit Agreement or be valid or obligatory for any purpose unless it shall have been executed as provided in the preceding sentence. The Depositary shall record on its books each Receipt executed as provided
above and delivered as hereinafter provided. Receipts bearing the facsimile signature of anyone who was at any time a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such
office prior to the delivery of such Receipts. 
  
 Receipts may be
issued in denominations of any number of whole Depositary Shares. All Receipts shall be dated the date of their execution. 
  
 Receipts may be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this
Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulation or with the rules and regulations of any securities exchange upon which the Stock, the Depositary Shares or the Receipts may be listed
or to conform with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are subject by reason of the date of issuance of the Stock or otherwise. 
  
 Title to any Receipt (and to the Depositary Shares evidenced by such Receipt)
that is properly endorsed or accompanied by a properly executed instrument of transfer shall be transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a
Receipt shall be registered on the books of the Depositary as provided in Section 2.5, the Depositary may, notwithstanding any notice to the contrary, treat the record holder thereof at such time as the absolute owner thereof for the purpose of
determining the person entitled to distributions of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes. 
  

 3 

 Section 2.2 Temporary Receipts. 
  
 Pending the preparation of definitive Receipts, the Depositary may, upon written order of the Company, issue temporary
Receipts substantially identical to (and entitling the holders thereof to all the rights pertaining to) the definitive Receipts but not in definitive form. Definitive Receipts will be prepared thereafter without unreasonable delay, and such
temporary Receipts will be exchangeable for definitive Receipts at the Company’s expense. 
  
 Section 2.3 Deposit of Stock; Execution and Delivery of Receipts in Respect Thereof. 
  
 Subject to the terms and conditions of this Deposit Agreement, the Company or any holder of Stock may deposit such Stock under this Deposit Agreement by
delivery to the Depositary of a certificate or certificates for the Stock to be deposited, properly endorsed or accompanied, if required by the Depositary, by a properly executed instrument of transfer in form satisfactory to the Depositary,
together with (a) all such certifications as may be required by the Depositary in accordance with the provisions of this Deposit Agreement and (b) a written order of the Company or such holder, as the case may be, directing the Depositary to execute
and deliver to or upon the written order of the person or persons stated in such order a Receipt or Receipts for the number of Depositary Shares representing such deposited Stock. 
  
 Upon receipt by the Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other
documents specified above, the Depositary shall, as soon as transfer and registration can be accomplished, present such certificate or certificates to the registrar and transfer agent of the Stock for transfer and registration in the name of the
Depositary or its nominee of the Stock being deposited. Deposited Stock shall be held by the Depositary in an account to be established by the Depositary at the Corporate Office. 
  
 Upon receipt by the Depositary of a certificate or certificates for Stock to be deposited hereunder, together with the other
documents specified above, the Depositary, subject to the terms and conditions of this Deposit Agreement, shall execute and deliver, to or upon the order of the person or persons named in the written order delivered to the Depositary referred to in
the first paragraph of this Section 2.3, a Receipt or Receipts for the number of whole Depositary Shares representing the Stock so deposited and registered in such name or names as may be requested by such person or persons. The Depositary shall
execute and deliver such Receipt or Receipts at the New York Office, except that, at the request, risk and expense of any person requesting such delivery and for the account of such person, such delivery may be made at such other place as may be
designated by such person. In each case, delivery will be made only upon payment by such person to the Depositary of all taxes and other governmental charges and any fees payable in connection with such deposit and the transfer of the deposited
Stock. 
  
 The Company shall deliver to the Depositary from time
to time such quantities of Receipts as the Depositary may request to enable the Depositary to perform its obligations under this Deposit Agreement. 
  

 4 

 Section 2.4 Redemption and Conversion of Stock.1 
  
 Whenever the Company shall elect to redeem or be required to convert shares
of Stock into shares of Common Stock in accordance with the Certificate of Designation, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not less than 5 business days’ prior
notice of the proposed date of the mailing of a notice of redemption or conversion of Stock and the simultaneous redemption or conversion of the Depositary Shares representing the Stock to be redeemed or converted and of the number of such shares of
Stock held by the Depositary to be redeemed or converted. The Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the redemption or conversion of Stock and the proposed simultaneous redemption or
conversion of the Depositary Shares representing the Stock to be redeemed or converted, not less than 30 and not more than 60 days prior to the date fixed for redemption or conversion of such Stock and Depositary Shares, to the record holders of the
Receipts evidencing the Depositary Shares to be so redeemed or converted, at the addresses of such holders as the same appear on the records of the Depositary; provided, that if the effectiveness of a Merger or Consolidation (as defined in
the Certificate of Designation) makes it impracticable to provide at least 30 days’ notice, the Depositary shall provide such notice as soon as practicable prior to such effectiveness. Any such notice shall also be published in the same manner
as notices of redemption or conversion of Stock are required to be published pursuant to the Certificate of Designation. Notwithstanding the foregoing, neither failure to mail or publish any such notice to one or more such holders nor any defect in
any notice shall affect the sufficiency of the proceedings for redemption or conversion. The Company shall provide the Depositary with such notice, and each such notice shall state: (i) the redemption or conversion date; (ii) the number of
Depositary Shares to be redeemed or converted; (iii) if fewer than all the Depositary Shares held by any holder are to be redeemed, the number of such Depositary Shares held by such holder to be so redeemed; (iv) in the case of a call for
redemption, the call price payable upon redemption and the Current Market Price (as defined in the Certificate of Designation) to be used to calculate the number of shares of Common Stock deliverable upon redemption; (v) whether the Company is
exercising any option to deliver shares of Common Stock in lieu of any cash consideration pursuant to the Certificate of Designation and the Current Market Price to be used to calculate the number of such shares; (vi) the place or places where
Receipts evidencing Depositary Shares to be redeemed or converted are to be surrendered for redemption or conversion; (vii) whether the Company is depositing with a bank or trust company on or before the redemption or conversion date, the shares of
Common Stock and cash, if any, payable by the Company and the proposed date of such deposit; (viii) the amount of accrued and unpaid dividends payable per share of Stock to be redeemed or converted to and including such redemption or conversion
date, as the case may be; and (ix) that dividends in respect of the Stock represented by the Depositary Shares to be redeemed or converted will cease to accrue on such redemption or conversion date (unless the Company shall default in delivering
shares of Common Stock and cash, if any, at the time and place specified in such notice). On the date of any such redemption or conversion, the 

	1	This section to be modified to discuss specific redemption or conversion terms of the Stock, if any. 

  

 5 

 Depositary shall surrender the certificate or certificates held by the Depositary evidencing the number of shares of
Stock to be redeemed or converted in the manner specified in the notice of redemption or conversion of Stock provided by the Company pursuant to the Certificate of Designation. The Depositary shall, thereafter, redeem or convert the number of
Depositary Shares representing such redeemed or converted Stock upon the surrender of Receipts evidencing such Depositary Shares in the manner provided in the notice sent to record holders of Receipts; provided, that the Depositary shall have
received, upon surrendering such certificate or certificates as aforesaid, a sufficient number of shares of Common Stock to convert or redeem such number of Depositary Shares (including, in the event that the Company elects pursuant to the
Certificate of Designation to exercise any option to deliver shares of Common Stock in lieu of any cash consideration payable on the Effective Date (as defined in the Certificate of Designation) of any Merger or Consolidation, a number of shares of
Common Stock equal to such cash consideration (as determined in the manner set forth in the Certificate of Designation)), plus any accrued and unpaid dividends payable with respect thereto to and including the date of any such redemption or
conversion and any other cash consideration payable on the Effective Date of a Merger or Consolidation (other than any dividends or other cash consideration payable on the Effective Date of a Merger or Consolidation that the Company has elected to
pay in shares of Common Stock pursuant to the Certificate of Designation) as instructed and calculated by the Company. In case fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be
selected by the Depositary by lot or on a pro rata basis. 
  
 Notice having been mailed by the Depositary as aforesaid, from and after the redemption or conversion date (unless the Company shall have failed to redeem or convert the shares of Stock to be redeemed or converted by it upon the surrender
of the certificate or certificates therefor by the Depositary as described in the preceding paragraph), the Depositary Shares called for redemption or subject to conversion shall be deemed no longer to be outstanding and all rights of the holders of
Receipts evidencing such Depositary Shares (except the right to receive the shares of Common Stock and cash, if any, payable upon redemption or conversion upon surrender of such Receipts) shall, to the extent of such Depositary Shares, cease and
terminate. Upon surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be converted into or redeemed
for shares of Common Stock at a rate equal to                      of the number of shares of Common Stock delivered, and the holders thereof
shall be entitled to                      of the cash, if any, payable, in respect of the shares of Stock pursuant to the Certificate of
Designation. The foregoing shall be subject further to the terms and conditions of the Certificate of Designation. 
  
 If fewer than all of the Depositary Shares evidenced by a Receipt are called for redemption, the Depositary will deliver to the holder of such Receipt
upon its surrender to the Depositary, together with the shares of Common Stock and all accrued and unpaid dividends to and including the date fixed for redemption payable in respect of the Depositary Shares called for redemption, a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
  

 6 

 To the extent that Depositary Shares are converted into or redeemed for shares of Common Stock and all of
such shares of Common Stock cannot be distributed to the record holders of Receipts converted or called for redemption without creating fractional interests in such shares, the Depositary may, with the consent of the Company, adopt such method as it
deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of such shares of Common Stock at such place or places and upon such terms as it may deem proper, and the net proceeds of
any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution to such record holders that would otherwise receive fractional interests in such shares of Common Stock. 
  
 The Depositary shall not be required (a) to issue, transfer or exchange any
Receipts for a period beginning at the opening of business 15 days next preceding any selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption of Depositary Shares
or (b) to transfer or exchange for another Receipt any Receipt evidencing Depositary Shares called or being called for redemption, in whole or in part, or subject to conversion except as provided in the second preceding paragraph of this Section
2.4. 
  
 Any funds deposited by the Company with the Depositary
for any Depositary Shares that are not claimed after a period of two years from the date such funds are so deposited will be returned to the Company. 
  
 Section 2.5 Register of Transfer of Receipts. 
  
 Subject to the terms and conditions of this Deposit Agreement, the Depositary shall register on its books from time to time transfers of Receipts upon any
surrender thereof at the Corporate Office, the New York Office or such other office as the Depositary may designate for such purpose, by the record holder in person or by a duly authorized attorney, properly endorsed or accompanied by a properly
executed instrument of transfer, together with evidence of the payment of any transfer taxes as may be required by law. Upon such surrender, the Depositary shall execute a new Receipt or Receipts and deliver the same to or upon the order of the
person entitled thereto evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered. 
  
 Section 2.6 Combination and Split-ups of Receipts. 
  
 Upon surrender of a Receipt or Receipts at the Corporate Office, the New York Office or such other office as the Depositary may designate for the purpose
of effecting a split-up or combination of Receipts, subject to the terms and conditions of this Deposit Agreement, the Depositary shall execute and deliver a new Receipt or Receipts in the authorized denominations requested evidencing the same
aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
  

 7 

 Section 2.7 Surrender of Receipts and Withdrawal of Stock.2 
  
 Any holder of a Receipt or Receipts may withdraw any or all of the Stock (but only in whole shares of Stock) represented by the Depositary Shares
evidenced by such Receipts (unless the related Depositary Shares have previously been called for redemption) and all money and other property, if any, represented by such Depositary Shares by surrendering such Receipt or Receipts at the Corporate
Office, the New York Office or at such other office as the Depositary may designate for such withdrawals. After such surrender, without unreasonable delay, the Depositary shall deliver to such holder, or to the person or persons designated by such
holder as hereinafter provided, the whole number of shares of Stock and all such money and other property, if any, represented by the Depositary Shares evidenced by the Receipt or Receipts so surrendered for withdrawal. If the Receipt or Receipts
delivered by the holder to the Depositary in connection with such withdrawal shall evidence a number of Depositary Shares in excess of the number of whole Depositary Shares representing the whole number of shares of Stock to be withdrawn, the
Depositary shall at the same time, in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver to such holder, or (subject to Section 2.5) upon his order, a new Receipt or Receipts
evidencing such excess number of whole Depositary Shares; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. Delivery of the Stock and such money and other property being
withdrawn may be made by the delivery of such certificates, documents of title and other instruments as the Depositary may deem appropriate, which, if required by the Depositary, shall be properly endorsed or accompanied by proper instruments of
transfer. 
  
 If the Stock and the money and other property being
withdrawn are to be delivered to a person or persons other than the record holder of the Receipt or Receipts being surrendered for withdrawal of Stock, such holder shall execute and deliver to the Depositary a written order so directing the
Depositary and the Depositary may require that the Receipt or Receipts surrendered by such holder for withdrawal of such shares of Stock be properly endorsed in blank or accompanied by a properly executed instrument of transfer in blank and that the
signature on such instrument of transfer be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Rule
17Ad-15 of the Securities Exchange Act of 1934, as amended. 
  
 The Depositary shall deliver the Stock and the money and other property, if any, represented by the Depositary Shares evidenced by Receipts surrendered for withdrawal, without unreasonable delay, at the office at which such Receipts were
surrendered, except that, at the request, risk and expense of the holder surrendering such Receipt or Receipts and for the account of the holder thereof, such delivery may be made, without unreasonable delay, at such other place as may be designated
by such holder. 

	2.	This section to be modified to reflect any restrictions on withdrawal of underlying securities. 

  

 8 

 Section 2.8 Limitations on Execution and Delivery, Transfer, Split-up, Combination, Surrender and
Exchange of Receipts and Withdrawal or Deposit of Stock. 
  
 As a condition precedent to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of any Receipt, the delivery of any distribution thereon or the withdrawal or deposit of Stock, the Depositary,
any of the Depositary’s Agents or the Company may require any or all of the following: (a) payment to it of a sum sufficient for the payment (or, in the event that the Depositary or the Company shall have made such payment, the reimbursement to
it) of any tax or other governmental charge with respect thereto (including any such tax or charge with respect to the Stock being deposited or withdrawn or with respect to the Common Stock or other securities or property of the Company being issued
upon conversion or redemption); (b) production of proof satisfactory to it as to the identity and genuineness of any signature; and (c) compliance with such reasonable regulations, if any, as the Depositary or the Company may establish not
inconsistent with the provisions of this Deposit Agreement. 
  
 The deposit of Stock may be refused, the delivery of Receipts against Stock or the registration of transfer, split-up, combination, surrender or exchange of outstanding Receipts and the withdrawal of deposited Stock may be suspended (a)
during any period when the register of shareholders of the Company is closed, (b) if any such action is deemed necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of
any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, or (c) with the approval of the Company, for any other reason. Without limitation of the foregoing, the Depositary
shall not knowingly accept for deposit under this Deposit Agreement any shares of Stock that are required to be registered under the Securities Act unless a registration statement under the Securities Act is in effect as to such shares of Stock.

  
 Section 2.9 Lost Receipts, etc. 
  
 In case any Receipt shall be mutilated, destroyed, lost or stolen, the
Depositary shall execute and deliver a Receipt of like form and tenor in exchange and substitution for such mutilated, destroyed, lost or stolen Receipt or in lieu of and in substitution for such destroyed, lost or stolen Receipt unless the
Depositary has notice that such Receipt has been acquired by a bona fide purchaser; provided, however, that the holder thereof provides the Depositary with (a) evidence satisfactory to the Depositary of such destruction, loss or theft
of such Receipt, of the authenticity thereof and of his ownership thereof, (b) reasonable indemnification satisfactory to the Depositary or the payment of any charges incurred by the Depositary in obtaining insurance in lieu of such indemnification
and (c) payment of any expense (including fees, charges and expenses of the Depositary) in connection with such execution and delivery. 
  
 Section 2.10 Cancellation and Destruction of Surrendered Receipts. 
  
 All Receipts surrendered to the Depositary or any Depositary’s Agent shall be cancelled by the Depositary. Except as
prohibited by applicable law or regulation, the Depositary is authorized to destroy such Receipts so cancelled. 
  

 9 

 ARTICLE III 
  
 CERTAIN OBLIGATIONS OF HOLDERS 
 OF RECEIPTS AND
THE COMPANY 
  
 Section 3.1 Filing Proofs, Certificates and
Other Information. 
  
 Any person presenting Stock for deposit
or any holder of a Receipt may be required from time to time to file such proof of residence or other information, to execute such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem
necessary or proper or otherwise reasonably request. The Depositary or the Company may withhold or delay the delivery of any Receipt, the registration of transfer, redemption, conversion or exchange of any Receipt, the withdrawal of the Stock
represented by the Depositary Shares evidenced by any Receipt or the distribution of any dividend or other distribution or the sale of any rights or the proceeds thereof until such proof or other information is filed, such certificates are executed
or such representations and warranties are made. 
  
 Section 3.2
Payment of Taxes or Other Governmental Charges. 
  
 If any
tax or other governmental charge shall become payable by or on behalf of the Depositary with respect to (a) any Receipt, (b) the Depositary Shares evidenced by such Receipt, (c) the Stock (or fractional interest therein) or other property
represented by such Depositary Shares, or (d) any transaction referred to in Section 4.6, such tax (including transfer, issuance or acquisition taxes, if any) or governmental charge shall be payable by the holder of such Receipt, who shall pay the
amount thereof to the Depositary. Until such payment is made, registration of transfer of any Receipt or any split-up or combination thereof or any withdrawal of the Stock or money or other property, if any, represented by the Depositary Shares
evidenced by such Receipt may be refused, any dividend or other distribution may be withheld and any part or all of the Stock or other property (including Common Stock received in connection with a conversion or redemption of Stock) represented by
the Depositary Shares evidenced by such Receipt may be sold for the account of the holder thereof (after attempting by reasonable means to notify such holder prior to such sale). Any dividend or other distribution so withheld and the proceeds of any
such sale may be applied to any payment of such tax or other governmental charge, the holder of such Receipt remaining liable for any deficiency. 
  
 Section 3.3 Withholding. 
  
 The Depositary shall act as the tax withholding agent for any payments, distributions and exchanges made with respect to the Depositary Shares and
Receipts, and the Stock, Common Stock or other securities or assets represented thereby (collectively, the “Securities”). The Depositary shall be responsible with respect to the Securities for the timely (a) collection and deposit
of any required withholding or backup withholding tax, and (b) filing of any information returns or other documents with federal (and other applicable) taxing authorities. 
  

 10 

 Section 3.4 Representations and Warranties as to Stock. 
  
 In the case of the initial deposit of the Stock, the Company and, in the case
of subsequent deposits thereof, each person so depositing Stock under this Deposit Agreement shall be deemed thereby to represent and warrant that such Stock and each certificate therefor are valid and that the person making such deposit is duly
authorized to do so. Such representations and warranties shall survive the deposit of the Stock and the issuance of Receipts therefor. 
  
 ARTICLE IV 
  
 THE STOCK, NOTICES 
  
 Section 4.1 Cash Distributions. 
  
 Whenever the
Depositary shall receive any cash dividend or other cash distribution on the Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date fixed pursuant to Section 4.4 such amounts of such
sum as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders; provided, however, that in case the Company or the Depositary shall be required by law
to withhold and does withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or
distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for distribution, as the case may be, only such amount, however, as can be distributed without attributing to any owner of
Depositary Shares a fraction of one cent and any balance not so distributable shall be held by the Depositary (without liability for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for
distribution to record holders of Receipts then outstanding. 
  
 Section 4.2 Distributions Other Than Cash. 
  
 Whenever the Depositary shall receive any distribution other than cash, rights, preferences or privileges upon the Stock, the Depositary shall, subject to Sections 3.1 and 3.2, distribute to record holders of Receipts on the record date
fixed pursuant to Section 4.4 such amounts of the securities or property received by it as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts held by such holders, in any manner that
the Depositary and the Company may deem equitable and practicable for accomplishing such distribution. If, in the opinion of the Depositary after consultation with the Company, such distribution cannot be made proportionately among such record
holders, or if for any other reason (including any tax withholding or securities law requirement), the Depositary deems, after consultation with the Company, such distribution not to be feasible, the Depositary may, with the approval of the Company,
adopt such method as it deems equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale) of the securities or property thus received, or any part thereof, at such place or places and upon
such terms as it may deem proper. The net proceeds of any such sale shall, subject to Sections 3.1 and 3.2, be distributed or made available for distribution, as the case may be, by the Depositary to record holders of Receipts as provided by Section
4.1 in the case of a distribution received in cash. 
  

 11 

 Section 4.3 Subscription Rights, Preferences or Privileges. 
  
 If the Company shall at any time offer or cause to be offered to the persons
in whose names Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or privileges
shall in each such instance be made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct (including by the issue to such record holders of warrants representing such rights, preferences or
privileges); provided, however, that (a) if at the time of issue or offer of any such rights, preferences or privileges the Company determines and instructs the Depositary that it is not lawful or feasible to make such rights,
preferences or privileges available to some or all holders of Receipts (by the issue of warrants or otherwise) or (b) if and to the extent instructed by holders of Receipts who do not desire to exercise such rights, preferences or privileges, the
Depositary shall then, in each case, and if applicable laws or the terms of such rights, preferences or privileges so permit, sell such rights, preferences or privileges of such holders at public or private sale, at such place or places and upon
such terms as it may deem proper. The net proceeds of any such sale shall be distributed by the Depositary to the record holders of Receipts entitled thereto as provided by Section 4.1 in the case of a distribution received in cash. 
  
 If registration under the Securities Act of the securities to which any
rights, preferences or privileges relate is required in order for holders of Receipts to be offered or sold such securities, the Company shall promptly file a registration statement pursuant to the Securities Act with respect to such securities and
use its reasonable best efforts and take all steps available to it to cause such registration statement to become effective sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such
rights, preferences or privileges. In no event shall the Depositary make available to the holders of Receipts any right, preference or privilege to subscribe for or to purchase any securities unless and until such registration statement shall have
become effective or unless the offering and sale of such securities to such holders are exempt from registration under the provisions of the Securities Act. 
  
 If any other action under the law of any jurisdiction or any governmental or administrative authorization, consent or permit is required in order for such
rights, preferences or privileges to be made available to holders of Receipts, the Company agrees with the Depositary that the Company will use its reasonable best efforts to take such action or obtain such authorization, consent or permit
sufficiently in advance of the expiration of such rights, preferences or privileges to enable such holders to exercise such rights, preferences or privileges. 
  

 12 

 Section 4.4 Notice of Dividends, Fixing of Record Date for Holders of Receipts. 
  
 Whenever (a) any cash dividend or other cash distribution shall become
payable, or any distribution other than cash shall be made, or any rights, preferences or privileges shall at any time be offered, with respect to the Stock, or (b) the Depositary shall receive notice of any meeting at which holders of Stock are
entitled to vote or of which holders of Stock are entitled to notice or of the mandatory conversion of, or any election on the part of the Company to call for the redemption of, any shares of Stock, the Depositary shall in each such instance fix a
record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts (i) who shall be entitled to receive such dividend, distribution, rights, preferences or
privileges or the net proceeds of the sale thereof, or (ii) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or to receive notice of such meeting or of such conversion or redemption. 
  
 Section 4.5 Voting Rights. 
  
 Upon receipt of notice of any meeting at which the holders of Stock are
entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall be provided by the Company and which shall contain (a) such information as is contained in such notice of
meeting, (b) a statement that the holders of Receipts at the close of business on a specified record date fixed pursuant to Section 4.4 will be entitled, subject to any applicable provision of law, the Articles of Incorporation or the Certificate of
Designation, to instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares and (c) a brief statement as to the manner in which such instructions may be given. Upon the
written request of a holder of a Receipt on such record date, the Depositary shall use its reasonable best efforts to vote or cause to be voted the Stock represented by the Depositary Shares evidenced by such Receipt in accordance with the
instructions set forth in such request. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such Stock to be voted. In the absence of
specific instructions from the holder of a Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by such Receipt. 
  
 Section 4.6 Changes Affecting Stock and Reclassifications, Recapitalizations, etc. 
  
 Upon any split-up, consolidation or any other reclassification of Stock, or
upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting the Company or to which it is a party (other than a Merger or Consolidation) or sale of all or substantially all of the Company’s assets, the Depositary
shall treat any shares of stock or other securities or property (including cash) that shall be received by the Depositary in exchange for or upon conversion of or in respect of the Stock as new deposited property under this Deposit Agreement, and
Receipts then outstanding shall thenceforth represent the proportionate interests 
  

 13 

 of holders thereof in the new deposited property so received in exchange for or upon conversion or in respect of such
Stock. In any such case the Depositary may, in its discretion, with the approval of the Company, execute and deliver additional Receipts, or may call for the surrender of all outstanding Receipts to be exchanged for new Receipts specifically
describing such new deposited property. 
  
 Section 4.7
Reports. 
  
 The Depositary shall make available for
inspection by holders of Receipts at the Corporate Office, the New York Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications received from the Company that are
received by the Depositary as the holder of Stock. 
  
 Section 4.8
Lists of Receipt Holders. 
  
 Promptly upon request from
time to time by the Company, the Depositary shall furnish to it a list, as of a recent date, of the names, addresses and holdings of Depositary Shares of all persons in whose names Receipts are registered on the books of the Depositary. At the
expense of the Company, the Company shall have the right to inspect transfer and registration records of the Depositary, any Depositary’s Agent or the Registrar, take copies thereof and require the Depositary, any Depositary’s Agent or the
Registrar to supply copies of such portions of such records as the Company may request. 
  
 ARTICLE V 
  
 THE DEPOSITARY, THE
DEPOSITARY’S AGENTS, 
 THE REGISTRAR AND THE COMPANY 
  
 Section 5.1 Maintenance of Offices, Agencies, Transfer Books by the Depositary; the Registrar. 
  
 Upon execution of this Deposit Agreement in accordance with its terms, the
Depositary shall maintain (a) at the New York Office facilities for the execution and delivery, registration, registration of transfer, surrender and exchange, split-up, combination, redemption and conversion of Receipts and deposit and withdrawal
of Stock and (b) at the Corporate Office and at the offices of the Depositary’s Agents, if any, facilities for the delivery, registration, registration of transfer, surrender and exchange, split-up, combination, conversion and redemption of
Receipts and deposit and withdrawal of Stock, all in accordance with the provisions of this Deposit Agreement. 
  
 The Depositary shall keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times shall be open
for inspection by the record holders of Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as
an owner of Depositary Shares. The Depositary shall consult with the 
  

 14 

 Company upon receipt of any request for inspection. The Depositary may close such books, at any time or from time to
time, when deemed expedient by it in connection with the performance of its duties hereunder. 
  
 If the Receipts or the Depositary Shares evidenced thereby or the Stock represented by such Depositary Shares shall be listed on one or more stock exchanges, the Depositary shall, with the approval of the Company,
appoint a Registrar for registry of such Receipts or Depositary Shares in accordance with the requirements of such exchange or exchanges. Such Registrar (which may be the Depositary if so permitted by the requirements of such exchange or exchanges)
may be removed and a substitute registrar appointed by the Depositary upon the request or with the approval of the Company. In addition, if the Receipts, such Depositary Shares or such Stock are listed on one or more stock exchanges, the Depositary
will, at the request of the Company, arrange such facilities for the delivery, registration, registration of transfer, surrender and exchange, split-up, combination, redemption or conversion of such Receipts, such Depositary Shares or such Stock as
may be required by law or applicable stock exchange regulations. 
  
 Section 5.2 Prevention or Delay in Performance by the Depositary, the Depositary’s Agents, the Registrar or the Company. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of any Receipt, if by
reason of any provision of any present or future law or regulation thereunder of the United States of America or of any other governmental authority or, in the case of the Depositary, the Registrar or any Depositary’s Agent, by reason of any
provision, present or future, of the Articles of Incorporation or the Certificate of Designation or, in the case of the Company, the Depositary, the Registrar or any Depositary’s Agent, by reason of any act of God or war or other circumstances
beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected to any penalty on account of, doing or performing any act or thing that
the terms of this Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur any liability to any holder of a Receipt (a) by reason of any nonperformance or delay,
caused as aforesaid, in the performance of any act or thing that the terms of this Deposit Agreement provide shall or may be done or performed, or (b) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit
Agreement except, in the case of the Depositary, any Depositary’s Agent or the Registrar, if any such exercise or failure to exercise discretion is caused by its negligence, bad faith or willful misconduct. 
  
 Section 5.3 Obligations of the Depositary, the Depositary’s Agents,
the Registrar and the Company. 
  
 The Company assumes no
obligation and shall be subject to no liability under this Deposit Agreement or the Receipts to holders or other persons, except to perform in good faith such obligations as are specifically set forth and undertaken by it to perform in this Deposit

  

 15 

 Agreement. Each of the Depositary, the Depositary’s Agents and the Registrar assumes no obligation and shall be
subject to no liability under this Deposit Agreement or the Receipts to holders or other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in this Deposit Agreement without negligence or bad
faith. 
  
 Neither the Depositary nor any Depositary’s Agent
nor the Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to Stock, Depositary Shares, Receipts or Common Stock that in its opinion may involve it in expense
or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall be liable for any action or any failure to act by it in
reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt or any other person believed by it in good faith to be competent to give such advice or information. The
Depositary, any Depositary’s Agent, the Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or
presented by the proper party or parties. 
  
 The Depositary, the
Registrar and any Depositary’s Agent may own and deal in any class of securities of the Company and its affiliates and in Receipts or Depositary Shares. The Depositary may also act as transfer agent or registrar of any of the securities of the
Company and its affiliates. 
  
 It is intended that neither the
Depositary nor any Depositary’s Agent nor any Registrar shall be deemed to be an “issuer” of the Stock, the Depositary Shares, the Receipts or the Common Stock issued upon conversion or redemption of the Stock under the federal
securities laws or applicable state securities laws, it being expressly understood and agreed that the Depositary and any Depositary’s Agent are acting only in a ministerial capacity as Depositary for the Stock; provided, however,
that the Depositary agrees to comply with all information reporting and withholding requirements applicable to it under law or this Deposit Agreement in its capacity as Depositary. 
  
 Neither the Depositary (or its officers, directors, employees or agents) nor any Depositary’s Agent nor any Registrar
makes any representation or has any responsibility as to the validity of the Registration Statement pursuant to which the Depositary Shares are registered under the Securities Act, the Stock, the Depositary Shares or any instruments referred to
therein or herein, or as to the correctness of any statement made therein or herein; provided, however, that the Depositary is responsible for its representations in this Deposit Agreement and its countersignatures on any Receipts.

  
 The Depositary assumes no responsibility for the correctness
of the description that appears in the Receipts, which can be taken as a statement of the Company summarizing certain provisions of this Deposit Agreement. Notwithstanding any other provision herein or in 
  

 16 

 the Receipts, the Depositary makes no warranties or representations as to the validity, genuineness or sufficiency of any
Stock at any time deposited with the Depositary hereunder or of the Depositary Shares, as to the validity or sufficiency of this Deposit Agreement, as to the value of the Depositary Shares or as to any right, title or interest of the record holders
of Receipts in and to the Depositary Shares except that the Depositary hereby represents and warrants as follows: (a) the Depositary has been duly organized and is validly existing and in good standing under the laws of the State of
                    , with full power, authority and legal right under such law to execute, deliver and carry out the terms of this Deposit
Agreement; (b) this Deposit Agreement has been duly authorized, executed and delivered by the Depositary; and (c) this Deposit Agreement constitutes a valid and binding obligation of the Depositary, enforceable against the Depositary in accordance
with its terms, except as enforcement thereof may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting enforcement of creditors’ rights generally and except as enforcement thereof is subject to general principles
of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). The Depositary shall not be accountable for the use or application by the Company of the Depositary Shares or the Receipts or the proceeds thereof.

  
 Section 5.4 Resignation and Removal of the Depositary,
Appointment of Successor Depositary. 
  
 The Depositary may at
any time resign as Depositary hereunder by written notice via registered mail of its election to do so delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of such appointment as
hereinafter provided. 
  
 The Depositary may at any time be
removed by the Company by written notice of such removal delivered to the Depositary, such removal to take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided. 
  
 In case at any time the Depositary acting hereunder shall resign or be
removed, the Company shall, within 60 days after the delivery of the notice of resignation or removal, as the case may be, appoint a successor depositary, which shall be a bank or trust company, or an affiliate of a bank or trust company, having its
principal office in the United States of America and having a combined capital and surplus of at least $50,000,000. If a successor depositary shall not have been appointed in 60 days, the resigning or removed Depositary may petition a court of
competent jurisdiction to appoint a successor depositary. Every successor depositary shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and thereupon such successor
depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor and for all purposes shall be the Depositary under this Deposit Agreement, and such predecessor, upon
payment of all sums due it and on the written request of the Company, shall promptly execute and deliver an instrument transferring to such successor all rights and powers of such predecessor hereunder, shall duly assign, transfer and deliver all
rights, title and interest in the Stock and any moneys or property held hereunder to such successor and shall deliver to such successor a list of the record holders of all outstanding Receipts. Any successor depositary shall promptly mail notice of
its appointment to the record holders of Receipts. 
  

 17 

 Any corporation into or with which the Depositary may be merged, consolidated or converted shall be the
successor of such Depositary without the execution or filing of any document or any further act. Such successor depositary may execute the Receipts either in the name of the predecessor depositary or in the name of the successor depositary.

  
 Section 5.5 Corporate Notices and Reports. 

 
 The Company agrees that it will deliver to the Depositary, and the
Depositary will, promptly after receipt thereof, transmit to the record holders of Receipts, in each case at the address recorded in the Depositary’s books, copies of all notices and reports (including financial statements) required by law, by
the rules of any national securities exchange upon which the Stock, the Depositary Shares or the Receipts are listed or by the Articles of Incorporation and the Certificate of Designation to be furnished by the Company to holders of Stock. Such
transmission will be at the Company’s expense and the Company will provide the Depositary with such number of copies of such documents as the Depositary may reasonably request. In addition, the Depositary will transmit to the record holders of
Receipts at the Company’s expense such other documents as may be requested by the Company. 
  
 Section 5.6 Deposit of Stock by the Company. 
  
 The Company agrees with the Depositary that neither the Company nor any company controlled by the Company will at any time deposit any Stock if such Stock
is required to be registered under the provisions of the Securities Act and no registration statement is at such time in effect as to such Stock. 
  
 Section 5.7 Indemnification by the Company. 
  
 The Company agrees to indemnify the Depositary, any Depositary’s Agent and any Registrar against, and hold each of them harmless from, any liability,
costs and expenses (including reasonable fees and expenses of counsel) that may arise out of or in connection with its acting as Depositary, Depositary’s Agent or Registrar, respectively, under this Deposit Agreement and the Receipts, except
for any liability arising out of negligence, bad faith or willful misconduct on the part of any such person or persons. 
  
 Section 5.8 Fees, Charges and Expenses. 
  
 No fees, charges and expenses of the Depositary or any Depositary’s Agent hereunder or of any Registrar shall be payable by any person other than the
Company, except for any taxes and other governmental charges and except as provided in this Deposit Agreement. If, at the request of a holder of a Receipt, the Depositary incurs fees, charges or expenses for which it is not otherwise liable
hereunder, such holder or other person will be liable for such fees, charges and expenses. All other fees, charges and expenses of the Depositary and any Depositary’s 
  

 18 

 Agent hereunder and of any Registrar (including, in each case, reasonable fees and expenses of counsel) incident to the
performance of their respective obligations hereunder will be paid from time to time upon consultation and agreement between the Depositary and the Company as to the amount and nature of such fees, charges and expenses. 
  
 ARTICLE VI 
  
 AMENDMENT AND TERMINATION 
  
 Section 6.1 Amendment. 
  
 The form of the Receipts and any provision of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company and
the Depositary in any respect that they may deem necessary or desirable. Any amendment that shall impose or increase any fees, taxes or charges payable by holders of Receipts (other than taxes and other governmental charges, fees and other expenses
payable by holders pursuant to the terms hereof or of the Receipts), or that otherwise prejudices any substantial existing right of holders of Receipts, shall not become effective as to outstanding Receipts until the expiration of 30 days after
notice of such amendment shall have been mailed to the record holders of outstanding Receipts. Every holder of an outstanding Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such Receipt, to consent
and agree to such amendment and to be bound by this Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Sections 2.4, 2.7 and 2.8 and Article III, of any owner of any Depositary Shares
to surrender the Receipt evidencing such Depositary Shares with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory provisions of
applicable law. 
  
 Section 6.2 Termination. 
  
 Whenever so directed by the Company, the Depositary will terminate this
Deposit Agreement by mailing notice of such termination to the record holders of all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate this Deposit Agreement
if at any time 90 days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and accepted its appointment as provided in
Section 5.4. In either case, on a date not less than 90 days after such notice, the Depositary shall deliver or make available for delivery to holders of Receipts, upon surrender of such Receipts evidencing Depositary Shares, such number of whole or
fractional shares of the Stock as are represented by the Depositary Shares. 
  
 This Deposit Agreement shall automatically terminate after all outstanding Depositary Shares have been redeemed or there has been a final distribution in respect of the Stock in connection with any liquidation,
dissolution or winding up of the Company and such distribution has been distributed to the holders of the Receipts. 
  

 19 

 If any Receipts shall remain outstanding after the date of termination of this Deposit Agreement, the
Depositary thereafter shall discontinue the transfer of Receipts, shall suspend the distribution of dividends to the holders thereof and shall not give any further notices (other than notice of such termination) or perform any further acts under
this Deposit Agreement, except as provided below and that the Depositary shall continue to collect dividends and other distributions pertaining to Stock, shall sell rights, preferences or privileges as provided in this Deposit Agreement and shall
continue to deliver the Stock and any money and other property represented by Receipts, without liability for interest thereon, upon surrender thereof by the holders thereof. At any time after the expiration of two years from the date of
termination, the Depositary may sell Stock then held hereunder at public or private sale, at such places and upon such terms as it deems proper and may thereafter hold in a segregated account the net proceeds of any such sale, together with any
money and other property held by it hereunder, without liability for interest, for the benefit, pro rata in accordance with their holdings, of the holders of Receipts that have not heretofore been surrendered. After making such sale, the Depositary
shall be discharged from all obligations under this Deposit Agreement except to account for such net proceeds and money and other property. Upon the termination of this Deposit Agreement, the Company shall be discharged from all obligations under
this Deposit Agreement except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.7 and 5.8. 
  
 ARTICLE VII 
  
 MISCELLANEOUS 
  
 Section 7.1 Counterparts. 
  
 This Deposit
Agreement may be executed by the Company and the Depositary in separate counterparts, each of which counterparts, when so executed and delivered, shall be deemed an original, but all such counterparts taken together shall constitute one and the same
instrument. Delivery of an executed counterpart of a signature page to this Deposit Agreement by facsimile shall be effective as delivery of a manually executed counterpart of this Deposit Agreement. Copies of this Deposit Agreement shall be filed
with the Depositary and the Depositary’s Agents and shall be open to inspection during business hours at the Corporate Office and the New York Office and the respective offices of the Depositary’s Agents, if any, by any holder of a
Receipt. 
  
 Section 7.2 Exclusive Benefits of Parties.

  
 This Deposit Agreement is for the exclusive benefit of the
parties hereto, and their respective successors hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 
  

 20 

 Section 7.3 Invalidity of Provisions. 
  
 In case any one or more of the provisions contained in this Deposit Agreement
or in the Receipts should be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way be affected, prejudiced or disturbed thereby.

  
 Section 7.4 Notices. 
  
 Any notices to be given to the Company hereunder or under the Receipts shall
be in writing and shall be deemed to have been duly given if personally delivered or sent by mail, or by telegram or facsimile confirmed by letter, addressed to the Company at 3131 Las Vegas Boulevard South, Las Vegas, Nevada 89109, Attention: Marc
H. Rubinstein, General Counsel, or at any other place to which the Company may have transferred its principal executive office. 
  
 Any notices to be given to the Depositary hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if personally
delivered or sent by mail, or by telegram or facsimile confirmed by letter, addressed to the Depositary at the Corporate Office. 
  
 Any notices given to any record holder of a Receipt hereunder or under the Receipts shall be in writing and shall be deemed to have been duly given if
personally delivered or sent by mail, or by telegram or facsimile confirmed by letter, addressed to such record holder at the address of such record holder as it appears on the books of the Depositary or, if such holder shall have filed with the
Depositary a written request that notices intended for such holder be mailed to some other address, at the address designated in such request. 
  
 Delivery of a notice sent by mail, or by telegram or facsimile shall be deemed to be effected at the time when a duly addressed letter containing the same
(or a duly addressed letter confirming an earlier notice in the case of a telegram or facsimile message) is deposited for mailing by first class mail, postage prepaid, in a post office letter box. The Depositary or the Company may, however, act upon
any telegram or facsimile message received by it from the other or from any holder of a Receipt, notwithstanding that such telegram or facsimile message shall not subsequently be confirmed by letter as aforesaid. 
  
 Section 7.5 Depositary’s Agents. 
  
 The Depositary may, with the approval of the Company which approval shall not
be unreasonably withheld, from time to time appoint one or more Depositary’s Agents to act in any respect for the Depositary for the purposes of this Deposit Agreement and may vary or terminate the appointment of such Depositary’s Agents.

  
 Section 7.6 Holders of Receipts Are Parties.

  
 Notwithstanding that holders of Receipts have not executed and
delivered this Deposit Agreement or any counterpart thereof, the holders of Receipts from time to time shall be 
  

 21 

 deemed to be parties to this Deposit Agreement and shall be bound by all of the terms and conditions, and be entitled to
all of the benefits, hereof and of the Receipts by acceptance of delivery of Receipts. 
  
 Section 7.7 Governing Law. 
  
 This Deposit Agreement and the Receipts and all rights hereunder and thereunder and provisions hereof and thereof shall be governed by, and construed in accordance with, the law of the State of New York, including, without limitation,
Section 5-1401 of the New York General Obligations Law. 
  
 Section 7.8 Headings. 
  
 The headings of articles
and sections in this Deposit Agreement and in the form of the Receipt set forth in Exhibit A hereto have been inserted for convenience only and are not to be regarded as a part of this Deposit Agreement or to have any bearing upon the meaning or
interpretation of any provision contained herein or in the Receipts. 
  

 22 

 IN WITNESS WHEREOF, Wynn Resorts, Limited and
                     have duly executed this Deposit Agreement as of the day and year first above set forth and all holders of Receipts shall
become parties hereto by and upon acceptance by them of delivery of Receipts issued in accordance with the terms hereof. 
  

			
	 WYNN RESORTS, LIMITED

	
	 By:

	 Name:
	 	 
	 Title:
	 	 

  

			
	 [DEPOSITARY]

	
	 By:

	 Name:
	 	 
	 Title:
	 	 

  

 23 

 EXHIBIT A 
  
 DEPOSITARY RECEIPT 
 FOR 
 DEPOSITARY SHARES 
 EACH REPRESENTING
                     OF A SHARE OF 
                      SERIES PREFERRED 
 STOCK 
  
 OF 
  
 WYNN RESORTS, LIMITED 
 (Incorporated under the Laws of the State of Nevada) 
  
 No. 
  
                                  (the “Depositary”)
hereby certifies that                      is the registered owner of
                     Depositary Shares (the “Depositary Shares”), each Depositary Share representing
                     of a share of
                             Preferred Stock, par value $.01 per share (the “Stock”),
of Wynn Resorts, Limited, a corporation duly organized and existing under the laws of the State of Nevada (the “Company”), and the same proportionate interest in any and all other property received by the Depositary in respect of
such shares of Stock and held by the Depositary under the Deposit Agreement (as defined below). Subject to the terms of the Deposit Agreement, each owner of a Depositary Share is entitled, proportionately, to all the rights, preferences and
privileges of the Stock represented thereby, including the dividend, voting, liquidation and other rights contained in the Certificate of Designation establishing the rights, preferences, privileges and limitations of the Stock (the
“Certificate of Designation”), copies of which are on file at the office of the Depositary at which at any particular time its business in respect of matters governed by the Deposit Agreement shall be administered, which at the time
of the execution of the Deposit Agreement is located at                     ,
                    ,                   (the
“Corporate Office”). 
  
 This Depositary Receipt
(“Receipt”) shall not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose unless this Receipt shall have been executed manually or, if a Registrar for the Receipts (other than the
Depositary) shall have been appointed, by facsimile by the Depositary by the signature of a duly authorized signatory and, if executed by facsimile signature of the Depositary, shall have been countersigned manually by such Registrar by the
signature of a duly authorized signatory. 
  
 THE DEPOSITARY IS NOT RESPONSIBLE
FOR THE VALIDITY OF ANY DEPOSITED STOCK. THE DEPOSITARY ASSUMES NO RESPONSIBILITY FOR THE CORRECTNESS OF THE DESCRIPTION SET FORTH IN THIS RECEIPT, WHICH CAN BE TAKEN AS A STATEMENT OF THE COMPANY SUMMARIZING CERTAIN PROVISIONS OF THE 
  

 A-1 

 DEPOSIT AGREEMENT. UNLESS EXPRESSLY SET FORTH IN THE DEPOSIT AGREEMENT, THE DEPOSITARY MAKES NO WARRANTIES OR
REPRESENTATIONS AS TO THE VALIDITY, GENUINENESS OR SUFFICIENCY OF ANY STOCK AT ANY TIME DEPOSITED WITH THE DEPOSITARY UNDER THE DEPOSIT AGREEMENT OR OF THE DEPOSITARY SHARES, AS TO THE VALIDITY OR SUFFICIENCY OF THE DEPOSIT AGREEMENT, AS TO THE
VALUE OF THE DEPOSITARY SHARES OR AS TO ANY RIGHT, TITLE OR INTEREST OF THE RECORD HOLDERS OF THE DEPOSITARY RECEIPTS IN AND TO THE DEPOSITARY SHARES. 
  
 The Company will furnish to any holder of this Receipt without charge, upon request addressed to its executive office, a full statement of the
designation, relative rights, preferences and limitations of the shares of each authorized class, and of each class of preferred stock authorized to be issued, so far as the same may have been fixed, and a statement of the authority of the Board of
Directors of the Company to designate and fix the relative rights, preferences and limitations of other classes. 
  
 This Receipt is continued on the reverse hereof and the additional provisions therein set forth for all purposes have the same effect as if set forth at
this place. 
  

	
	 Dated:

	
	 __________________________________________________,
 as Depositary and Registrar

	
	 By:

	 Authorized Signatory

  

 A-2 

 [FORM OF REVERSE 
 OF DEPOSITARY RECEIPT] 
  
 1.
The Deposit Agreement. Depositary Receipts (the “Receipts”), of which this Receipt is one, are made available upon the terms and conditions set forth in the Deposit Agreement, dated as of
                             ,          (the
“Deposit Agreement”), among the Company, the Depositary and all holders from time to time of Receipts. The Deposit Agreement (copies of which are on file at the Corporate Office, the office maintained by the Depositary in the
Borough of Manhattan, The City of New York, which at the time of the execution of the Deposit Agreement is located at
                             (the “New York Office”) and at the office of any agent
of the Depositary) sets forth the rights of holders of Receipts and the rights and duties of the Depositary. The statements made on the face and the reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are subject
to the detailed provisions thereof, to which reference is hereby made. In the event of any conflict between the provisions of this Receipt and the provisions of the Deposit Agreement, the provisions of the Deposit Agreement will govern. 

 
 2. Definitions. Unless otherwise expressly herein provided, all
defined terms used herein shall have the meanings ascribed thereto in the Deposit Agreement. 
  
 3. Redemption and Conversion of Stock.3 Whenever the Company shall elect to
redeem or be required to convert shares of Stock into shares of Common Stock in accordance with the Certificate of Designation, it shall (unless otherwise agreed in writing with the Depositary) give the Depositary in its capacity as Depositary not
less than 5 business days’ prior notice of the proposed date of the mailing of a notice of redemption or conversion of Stock and the simultaneous redemption or conversion of the Depositary Shares representing the Stock to be redeemed or
converted and of the number of such shares of Stock held by the Depositary to be redeemed or converted. The Depositary shall, as directed by the Company in writing, mail, first class postage prepaid, notice of the redemption or conversion of Stock
and the proposed simultaneous redemption or conversion of Depositary Shares representing the Stock to be redeemed or converted, not less than 30 and not more than 60 days prior to the date fixed for redemption or conversion of such Stock and
Depositary Shares, to the record holders of the Receipts evidencing the Depositary Shares to be so redeemed or converted, at the addresses of such holders as the same appear on the records of the Depositary; provided, that if the
effectiveness of a Merger or Consolidation (as defined in the Certificate of Designation) makes it impracticable to provide at least 30 days’ notice, the Depositary shall provide such notice as soon as practicable prior to such effectiveness.
Any such notice shall also be published in the same manner as notices of redemption or conversion of the Stock are required to be published pursuant to the Certificate of Designation. On the date of any such redemption or conversion, the Depositary
shall surrender the certificate or certificates held by the Depositary evidencing the number of shares of Stock to be redeemed or converted in the manner specified in the notice of 

	3	This section to be modified to discuss specific redemption or conversion terms of the Stock, if any. 

  

 A-3 

 redemption or conversion of Stock provided by the Company pursuant to the Certificate of Designation. The Depositary
shall, thereafter, redeem or convert the number of Depositary Shares representing such redeemed or converted Stock upon the surrender of Receipts evidencing such Depositary Shares in the manner provided in the notice sent to record holders of
Receipts; provided, that the Depositary shall have received, upon surrendering such certificate or certificates as aforesaid, a sufficient number of shares of Common Stock to convert or redeem such number of Depositary Shares (including, in
the event that the Company elects pursuant to the Certificate of Designation to exercise any option to deliver shares of Common Stock in lieu of any cash consideration payable on the Effective Date (as defined in the Certificate of Designation) of
any Merger or Consolidation, a number of shares of Common Stock equal to such cash consideration (as determined in the manner set forth in the Certificate of Designation)), plus any accrued and unpaid dividends payable with respect thereto to and
including the date of any such redemption or conversion and any other cash consideration payable on the Effective Date of a Merger or Consolidation (other than any dividends or other cash consideration payable on the Effective Date of a Merger or
Consolidation that the Company has elected to pay in shares of Common Stock pursuant to the Certificate of Designation). In case fewer than all the outstanding Depositary Shares are to be redeemed, the Depositary Shares to be redeemed shall be
selected by the Depositary by lot or on a pro rata basis. 
  
 Notice having been mailed and published as aforesaid, from and after the redemption or conversion date (unless the Company shall have failed to redeem or convert the shares of Stock to be redeemed or converted by it upon the surrender of
the certificate or certificates therefor by the Depositary as described above), the Depositary Shares called for redemption or subject to conversion shall be deemed no longer to be outstanding and all rights of the holders of Receipts evidencing
such Depositary Shares (except the right to receive the shares of Common Stock and cash, if any, payable upon redemption or conversion upon surrender of such Receipts) shall, to the extent of such Depositary Shares, cease and terminate. Upon
surrender in accordance with said notice of the Receipts evidencing such Depositary Shares (properly endorsed or assigned for transfer, if the Depositary shall so require), such Depositary Shares shall be converted into or redeemed for shares of
Common Stock at a rate equal to                      of the number of shares of Common Stock delivered, and the holders thereof shall be
entitled to                      of the cash, if any, payable, in respect of the shares of Stock pursuant to the Certificate of Designation.
The foregoing is subject further to the terms and conditions of the Certificate of Designation. If fewer than all of the Depositary Shares evidenced by this Receipt are called for redemption, the Depositary will deliver to the holder of this Receipt
upon its surrender to the Depositary, together with shares of Common Stock and all accrued and unpaid dividends to and including the date fixed for redemption payable in respect of the Depositary Shares called for redemption, a new Receipt
evidencing the Depositary Shares evidenced by such prior Receipt and not called for redemption. 
  
 4. Surrender of Receipts and Withdrawal of Stock. Upon surrender of this Receipt to the Depositary at the Corporate Office, the New York Office or
at such other offices as the Depositary may designate, and subject to the provisions of the Deposit Agreement, the holder hereof is entitled to withdraw, and to obtain delivery, without unreasonable delay, to or upon the 
  

 A-4 

 order of such holder, any or all of the Stock (but only in whole shares of Stock) and all money and other property, if
any, at the time represented by the Depositary Shares evidenced by this Receipt; provided, however, that, in the event this Receipt shall evidence a number of Depositary Shares in excess of the number of Depositary Shares representing
the whole number of shares of Stock to be withdrawn, the Depositary shall, in addition to such whole number of shares of Stock and such money and other property, if any, to be withdrawn, deliver, to or upon the order of such holder, a new Receipt or
Receipts evidencing such excess number of whole Depositary Shares; provided, however, that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
  
 5. Transfers, Split-ups, Combinations. Subject to Paragraphs 6, 7 and
8 below, this Receipt is transferable on the books of the Depositary upon surrender of this Receipt to the Depositary at the Corporate Office or the New York Office, or at such other offices as the Depositary may designate, properly endorsed or
accompanied by a properly executed instrument of transfer, and upon such transfer the Depositary shall sign and deliver a Receipt or Receipts to or upon the order of the person entitled thereto, all as provided in and subject to the Deposit
Agreement. This Receipt may be split into other Receipts or combined with other Receipts into one Receipt evidencing the same aggregate number of Depositary Shares evidenced by the Receipt or Receipts surrendered; provided, however,
that the Depositary shall not issue any Receipt evidencing a fractional Depositary Share. 
  
 6. Conditions to Signing and Delivery, Transfer, etc., of Receipts. Prior to the execution and delivery, registration of transfer, split-up, combination, surrender or exchange of this Receipt, the delivery of
any distribution hereon or the withdrawal or deposit of Stock, the Depositary, any of the Depositary’s Agents or the Company may require any or all of the following: (a) payment to it of a sum sufficient for the payment (or, in the event that
the Depositary or the Company shall have made such payment, the reimbursement to it) of any tax or other governmental charge with respect thereto (including any such tax or charge with respect to Stock being deposited or withdrawn or with respect to
Common Stock or other securities or property of the Company being issued upon conversion or redemption); (b) production of proof satisfactory to it as to the identity and genuineness of any signature and (c) compliance with such reasonable
regulations, if any, as the Depositary or the Company may establish not inconsistent with the Deposit Agreement. Any person presenting Stock for deposit, or any holder of this Receipt, may be required to file such proof of information, to execute
such certificates and to make such representations and warranties as the Depositary or the Company may reasonably deem necessary or proper. The Depositary or the Company may withhold or delay the delivery of this Receipt, the registration of
transfer, redemption, conversion or exchange of this Receipt, the withdrawal of the Stock represented by the Depositary Shares evidenced by this Receipt or the distribution of any dividend or other distribution until such proof or other information
is filed, such certificates are executed or such representations and warranties are made. 
  
 7. Suspension of Delivery, Transfer, etc. The deposit of Stock may be refused and the delivery of this Receipt against Stock or the registration of transfer, split-up, combination, surrender or exchange of this
Receipt and the withdrawal of deposited Stock may be suspended 
  

 A-5 

 (a) during any period when the register of shareholders of the Company is closed, (b) if any such action is deemed
necessary or advisable by the Depositary, any of the Depositary’s Agents or the Company at any time or from time to time because of any requirement of law or of any government or governmental body or commission, or under any provision of the
Deposit Agreement, or (c) with the approval of the Company, for any other reason. The Depositary shall not be required (x) to issue, transfer or exchange any Receipts for a period beginning at the opening of business 15 days next preceding any
selection of Depositary Shares and Stock to be redeemed and ending at the close of business on the day of the mailing of notice of redemption of Depositary Shares or (y) to transfer or exchange for another Receipt any Receipt evidencing Depositary
Shares called or being called for redemption, in whole or in part, or subject to conversion except as provided in the last sentence of Paragraph 3. 
  
 8. Payment of Taxes or Other Governmental Charges. If any tax or other governmental charge shall become payable by or on behalf of the Depositary
with respect to (a) this Receipt, (b) the Depositary Shares evidenced by this Receipt, (c) the Stock (or fractional interest therein) or other property represented by such Depositary Shares, or (d) any transaction referred to in Section 4.6 of the
Deposit Agreement, such tax (including transfer, issuance or acquisition taxes, if any) or governmental charge shall be payable by the holder of this Receipt, who shall pay the amount thereof to the Depositary. Until such payment is made,
registration of transfer of this Receipt or any split-up or combination hereof or any withdrawal of the Stock or money or other property, if any, represented by the Depositary Shares evidenced by this Receipt may be refused, any dividend or other
distribution may be withheld and any part or all of the Stock or other property (including Common Stock received in connection with a conversion or redemption of Stock) represented by the Depositary Shares evidenced by this Receipt may be sold for
the account of the holder hereof (after attempting by reasonable means to notify such holder prior to such sale). Any dividend or other distribution so withheld and the proceeds of any such sale may be applied to any payment of such tax or other
governmental charge, the holder of this Receipt remaining liable for any deficiency. 
  
 9. Amendment. The form of the Receipts and any provision of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect that they
may deem necessary or desirable. Any amendment that shall impose or increase any fees, taxes or charges payable by holders of Receipts (other than taxes and other governmental charges, fees and other expenses payable by holders as provided herein or
in the Deposit Agreement), or that shall otherwise prejudice any substantial existing right of holders of Receipts, shall not become effective as to outstanding Receipts until the expiration of 30 days after such notice of such amendment shall have
been given to the record holders of outstanding Receipts. The holder of this Receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold this Receipt, to consent and agree to such amendment and to be bound by the
Deposit Agreement as amended thereby. In no event shall any amendment impair the right, subject to the provisions of Paragraphs 3, 4, 6, 7 and 8 hereof and of Sections 2.4, 2.7 and 2.8 and Article III of the Deposit Agreement, of the owner of the
Depositary Shares evidenced by this Receipt to surrender this Receipt with instructions to the Depositary to deliver to the holder the Stock and all money and other property, if any, represented thereby, except in order to comply with mandatory
provisions of applicable law. 
  

 A-6 

 10. Fees, Charges and Expenses. The Company will pay all fees, charges and expenses of the
Depositary, except for taxes (including transfer taxes, if any) and other governmental charges and such charges as are expressly provided in the Deposit Agreement to be at the expense of persons depositing Stock, holders of Receipts or other
persons. 
  
 11. Title to Receipts. It is a condition of
this Receipt, and every successive holder hereof by accepting or holding the same consents and agrees, that title to this Receipt (and to the Depositary Shares evidenced hereby), when properly endorsed or accompanied by a properly executed
instrument of transfer, is transferable by delivery with the same effect as in the case of a negotiable instrument; provided, however, that until transfer of a Receipt shall be registered on the books of the Depositary as provided in
Section 2.5 of the Deposit Agreement, the Depositary may, notwithstanding any notice to the contrary, treat the record holder hereof at such time as the absolute owner hereof for the purpose of determining the person entitled to distribution of
dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes. 
  
 12. Dividends and Distributions. Whenever the Depositary shall receive any cash dividend or other cash distribution on the Stock, the Depositary
shall, subject to the provisions of the Deposit Agreement, distribute to record holders of Receipts such amounts of such sums as are, as nearly as practicable, in proportion to the respective numbers of Depositary Shares evidenced by the Receipts
held by such holders; provided, however, that in case the Company or the Depositary shall be required by law to withhold and does withhold from any cash dividend or other cash distribution in respect of the Stock an amount on account
of taxes or as otherwise required by law, regulation or court process, the amount made available for distribution or distributed in respect of Depositary Shares shall be reduced accordingly. The Depositary shall distribute or make available for
distribution, as the case may be, only such amount, however, as can be distributed without attributing to any owner of Depositary Shares a fraction of one cent and any balance not so distributable shall be held by the Depositary (without liability
for interest thereon) and shall be added to and be treated as part of the next sum received by the Depositary for distribution to record holders of Receipts then outstanding. 
  
 13. Subscription Rights, Preferences or Privileges. If the Company shall at any time offer or cause to be offered to
the persons in whose name Stock is registered on the books of the Company any rights, preferences or privileges to subscribe for or to purchase any securities or any rights, preferences or privileges of any other nature, such rights, preferences or
privileges shall in each such instance, subject to the provisions of the Deposit Agreement, be made available by the Depositary to the record holders of Receipts in such manner as the Company shall instruct. 
  
 14. Notice of Dividends, Fixing of Record Date. Whenever (a) any cash
dividend or other cash distribution shall become payable, or any distribution other than cash shall be made, 
  

 A-7 

 or any rights, preferences or privileges shall at any time be offered, with respect to the Stock, or (b) the Depositary
shall receive notice of any meeting at which holders of Stock are entitled to vote or of which holders of Stock are entitled to notice or of the mandatory conversion of, or any election on the part of the Company to call for redemption of, any
shares of Stock, the Depositary shall in each such instance fix a record date (which shall be the same date as the record date fixed by the Company with respect to the Stock) for the determination of the holders of Receipts (i) who shall be entitled
to receive such dividend, distribution, rights, preferences or privileges or the net proceeds of the sale thereof, or (ii) who shall be entitled to give instructions for the exercise of voting rights at any such meeting or of such meeting or to
receive notice of such conversion or redemption. 
  
 15. Voting
Rights. Upon receipt of notice of any meeting at which the holders of Stock are entitled to vote, the Depositary shall, as soon as practicable thereafter, mail to the record holders of Receipts a notice, which shall contain (a) such information
as is contained in such notice of meeting, (b) a statement that the holders of Receipts at the close of business on a specified record date determined as provided in Paragraph 14 will be entitled, subject to any applicable provision of law, the
Articles of Incorporation or the Certificate of Designation, to instruct the Depositary as to the exercise of the voting rights pertaining to the Stock represented by their respective Depositary Shares, and (c) a brief statement as to the manner in
which such instructions may be given. Upon the written request of a holder of this Receipt on such record date the Depositary shall use its reasonable best efforts to vote or cause to be voted the Stock represented by the Depositary Shares evidenced
by this Receipt in accordance with the instructions set forth in such request. The Company hereby agrees to take all reasonable action that may be deemed necessary by the Depositary in order to enable the Depositary to vote such Stock or cause such
Stock to be voted. In the absence of specific instructions from the holder of this Receipt, the Depositary will abstain from voting to the extent of the Stock represented by the Depositary Shares evidenced by this Receipt. 
  
 16. Reports, Inspection of Transfer Books. The Depositary shall make
available for inspection by holders of Receipts at the Corporate Office, the New York Office and at such other places as it may from time to time deem advisable during normal business hours any reports and communications received from the Company
that are received by the Depositary as the holder of Stock. The Depositary shall keep books at the Corporate Office for the registration and transfer of Receipts, which books at all reasonable times will be open for inspection by the record holders
of Receipts; provided that any such holder requesting to exercise such right shall certify to the Depositary that such inspection shall be for a proper purpose reasonably related to such person’s interest as an owner of Depositary Shares.

  
 17. Liability of the Depositary, the Depositary’s
Agents, the Registrar and the Company. Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company shall incur any liability to any holder of this Receipt, if by reason of any provision of any present or future law
or regulation thereunder of any governmental authority or, in the case of the Depositary, the Registrar or any Depositary’s Agent, by reason of any provision present or future, of the Articles of Incorporation or the Certificate of Designation
or, in the case of the 
  

 A-8 

 Company, the Depositary, the Registrar or any Depositary’s Agent, by reason of any act of God or war or other
circumstances beyond the control of the relevant party, the Depositary, any Depositary’s Agent, the Registrar or the Company shall be prevented, delayed or forbidden from, or subjected to any penalty on account of, doing or performing any act
or thing that the terms of the Deposit Agreement provide shall be done or performed; nor shall the Depositary, any Depositary’s Agent, the Registrar or the Company incur any liability to any holder of this Receipt (a) by reason of any
nonperformance or delay, caused as aforesaid, in the performance of any act or thing that the terms of the Deposit Agreement provide shall or may be done or performed, or (b) by reason of any exercise of, or failure to exercise, any discretion
provided for in the Deposit Agreement except, in the case of the Depositary, any Depositary’s Agent or the Registrar, if such exercise or failure to exercise discretion is caused by its negligence, bad faith or willful misconduct. 

 
 18. Obligations of the Depositary, the Depositary’s Agents, the
Registrar and the Company. The Company assumes no obligation and shall be subject to no liability under the Deposit Agreement or this Receipt to the holder hereof or other persons, except to perform in good faith such obligations as are
specifically set forth and undertaken by it to perform in the Deposit Agreement. Each of the Depositary, the Depositary’s Agents and the Registrar assumes no obligation and shall be subject to no liability under the Deposit Agreement or this
Receipt to the holder hereof or other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in the Deposit Agreement without negligence or bad faith. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor
the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding with respect to Stock, Depositary Shares or Receipts or Common Stock that in its opinion may involve it in expense or liability, unless
indemnity satisfactory to it against all expense and liability be furnished as often as may be required. 
  
 Neither the Depositary nor any Depositary’s Agent nor the Registrar nor the Company will be liable for any action or failure to act by it in reliance
upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of this Receipt or any other person believed by it in good faith to be competent to give such advice or information. 

 
 19. Termination of Deposit Agreement. Whenever so directed by the
Company, the Depositary will terminate this Deposit Agreement by mailing notice of such termination to the record holders of all Receipts then outstanding at least 30 days prior to the date fixed in such notice for such termination. The Depositary
may likewise terminate the Deposit Agreement if at any time 90 days shall have expired after the Depositary shall have delivered to the Company a written notice of its election to resign and a successor depositary shall not have been appointed and
accepted its appointment as provided in Section 5.4 of the Deposit Agreement. In either case, on a date not less than 90 days after such notice, the Depositary shall deliver or make available for delivery to holders of Receipts, upon surrender of
the such Receipts evidencing Depositary Shares, such number of whole or fractional shares of the Stock as are represented by the Depositary Shares. 
  

 A-9 

 The Deposit Agreement shall automatically terminate after all outstanding Depositary Shares have been
redeemed or there has been a final distribution in respect of the Stock in connection with any liquidation, dissolution or winding up of the Company and such distribution has been distributed to the holders of the Receipts. 
  
 Upon the termination of the Deposit Agreement, the Company shall be
discharged from all obligations thereunder except for its obligations to the Depositary, any Depositary’s Agent and any Registrar under Sections 5.7 and 5.8 of the Deposit Agreement. 
  
 If any Receipts remain outstanding after the date of termination of the Deposit Agreement, the Depositary thereafter shall
discontinue all functions and be discharged from all obligations as provided in the Deposit Agreement, except as specifically provided therein. 
  
 20. Governing Law. The Deposit Agreement and this Receipt and all rights thereunder and hereunder and provisions thereof and hereof shall be
governed by, and construed in accordance with, the law of the State of New York, including, without limitation, Sections 5-1401 of the New York General Obligations Law. 
  

 A-10 

 FORM OF ASSIGNMENT 
  
 For value received
                             hereby sell(s), assign(s) and transfer(s) unto 
                                      
                                        
                                        
                                        
                                        
                     
 (Please insert
social security or other taxpayer identification number of assignee.) 
  
 the
within Receipt and all rights and interests represented by the Depositary Shares evidenced thereby, and hereby irrevocably constitutes and appoints attorney to transfer the same on the books of the within-named Depositary, with full power of
substitution in the premises. 
  
  

	
	 Dated:

	 
	 Signature(s)

  
  
 Signature Guarantee* 
  
 NOTICE: The above signatures of the holder(s) hereof must
correspond with the name as written upon the face of this Security in every particular without alteration or enlargement or any change whatever. 
  

	*	(Signature must be guaranteed by an “eligible guarantor institution,” that is, a bank, stockbroker, savings and loan association or credit union meeting the requirements
of the Conversion Agent, which requirements include membership or participation in the Securities Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Conversion
Agent in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.) 

  

 A-11Separation Agmt dtd 10/20/03 btw Chordiant and Steve G. Vogel

 Exhibit 10.11 
 October 20, 2003 
  
 Dear Steve, 
  
 This letter sets forth the substance of the separation agreement (the “Agreement”) which Chordiant Software, Inc. (the “Company”) is offering to
assist you in an employment transition following your termination from the Company. 
  
 1. SEPARATION. Your last day at work with the Company will be November 14, 2003 (the “Termination Date”). In consideration of the benefits provided under this Agreement, you agree to a) assist
in a transition of your duties to the incoming financial officer and b) perform the duties as Chief Accounting Officer in reviewing, certifying/signing and timely filing of the Company’s 10Q (and any related filings) for the Q3 2003 period.
 
  
 2. ACCRUED SALARY AND
PAID TIME OFF. On the Termination Date, the Company will pay you all accrued salary and all accrued and unused paid time off earned (if any) through the Termination Date, subject to
standard payroll deductions and withholdings. You are entitled to these payments regardless of whether or not you sign this Agreement. 
  
 3. SEVERANCE BENEFITS. Although the Company has no policy or procedure for providing severance benefits and subject to
the terms of this Agreement, the Company will provide you with the following severance benefits: 
  
 a) Health Insurance. To the extent provided by the federal COBRA law or, if applicable, state insurance laws, and by the Company’s current group health insurance policies, you will be eligible to
continue your group health insurance benefits at your own expense. If you elect continued health coverage under COBRA, the Company, as part of this Agreement, will reimburse you for your COBRA premiums (documented expenses submitted to the
Company’s Payroll department on a monthly basis) for a period up to twelve (12) months from the Termination Date. If you become eligible for other health insurance benefits at the expense of any other employer, the Company’s obligation to
make these payments will cease immediately. You agree to notify the Vice President of Human Resources for the Company, in writing, immediately upon your acceptance of any employment that provides health insurance benefits. Later, you may be able to
convert to an individual policy through the provider of the Company’s health insurance, if you wish. 
  
 b) Stock Options and Stock Awards. Under the terms of the Company’s Equity Incentive Plan(s) (“Plans”) and your stock option grants, your vesting will cease as of the Termination Date, and your
rights to exercise your vested shares will be as set forth in the Plans. In addition, you were granted certain Stock Awards to purchase shares of the Company’s common stock pursuant such Plans and Restricted Stock Agreement, dated October 10,
2002 (the “Stock Award”). Under the terms of the applicable Stock Plan and your Stock Award grant and this paragraph, vesting of your Stock Award will be extended to include the November 15, 2003 February 15, 2004; May 15, 2004 and August
15 2004 periods such that you will accelerate such 

 
vesting and as of November 15, 2003 you will have 154,723 shares of stock vested. You will not vest in any other Stock Awards or Stock Options or have any
other accelerated vesting of Stock Awards or Options. 
  
 c) Company Laptop
Computer. Subject to the proprietary information obligations specified below, you will be entitled to keep the Company’s laptop computer and docking station, Blackberry and cell phone that you are currently using. You will be responsible
for the monthly fees and charges for such devices after the Termination Date. 
  
 d) Q3 2003 Company Bonus. Provided the Company pays a third quarter bonus, the Company will pay you your Q3 2003 quarterly bonus at the pay-out rate achieved under the Company’s current bonus plan (expected to be 50% pay-out of
bonus eligibility). This payment will be made on the Company’s ordinary payroll dates, and will be subject to standard payroll deductions and withholdings. 
  

You agree that you will be responsible for the payment of any and all applicable state, local and/or federal taxes related to any of the benefits granted to you in
this Agreement (but not related to the Company’s revenue or income).  
  
 4. Other Compensation or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive any additional compensation, severance, stock awards, stock options (including acceleration or
vesting) or benefits after the Termination Date. 
  
 5. Expense
Reimbursements. You agree that, within sixty (60) days of the Termination Date, you will submit your final documented expense reimbursement statement reflecting all business expenses you incurred through the Termination Date for which you seek
reimbursement. The Company will reimburse you for these expenses pursuant to its regular business practice. 
  
 6. Return of Company Property. By the Termination Date, you agree to return or destroy to the Company all Company documents (and all copies thereof) and other Company property that you have had in your
possession at any time, including, but not limited to, Company files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to,
computers), credit cards, entry cards, identification badges and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). 
  
 7. Proprietary Information Obligations. Both during and after your employment
you acknowledge your continuing obligations under your Proprietary Information and Inventions Agreement not to use or disclose any confidential or proprietary information of the Company without prior written authorization from a duly authorized
representative of the Company. 
  
 8. Confidentiality. The
provisions of this Agreement will be held in strictest confidence by you and the Company and will not be publicized or disclosed in any manner whatsoever; provided, however, that: (a) you may disclose this Agreement to your immediate family;
(b) the parties may disclose this Agreement in confidence to their respective attorneys, accountants, auditors, tax preparers, and financial advisors; (c) the Company may disclose this Agreement as necessary to fulfill standard or legally required
corporate reporting or disclosure requirements; and (d) the parties may disclose this Agreement insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, and without limitation, you agree not to
disclose the terms of this Agreement to any current or former Company employee. 

 9. Non-disparagement. Both you and the Company agree not to disparage the other party, and the other
party’s officers, directors, employees, shareholders and agents, in any manner likely to be harmful to them or their business, business reputation or personal reputation; provided that both you and the Company will respond accurately and fully
to any question, inquiry or request for information when required by legal process. 
  
 10. Release. In exchange for the consideration under this Agreement to which you would not otherwise be entitled, you agree to execute the Employee Agreement and Release attached hereto as Exhibit A. 
  
 11. Miscellaneous. This Agreement, including Exhibit A, constitutes the
complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to this subject matter. It is entered into without reliance on any promise or representation, written or oral, other than those expressly
contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind
the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. If any provision of this Agreement is determined to be invalid or
unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable. This Agreement will be deemed to have been
entered into and will be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. 
  
 If this Agreement is acceptable to you, please sign below and on the attached Employee Agreement and Release, which is part of this
Agreement, and return the originals of both to me. 

 I wish you good luck in your future endeavors. 
  
 Sincerely, 
  

			
	CHORDIANT SOFTWARE, INC.
		
	By:	 	/s/    Jack Moyer
	 	 	

	 Jack Moyer
 VP, Human Resources

  
 Exhibit A—Employee Agreement and Release 
  

	
	AGREED:
	
	/s/    Steve Vogel
	

	 Steve Vogel

 EXHIBIT A 
  
 RELEASE AGREEMENT 
  
 In consideration of benefits I will receive under the Agreement, I hereby release, acquit and forever discharge Chordiant Software, Inc. (the “Company”), its
parents and subsidiaries, and their respective officers, directors, agents, servants, employees, attorneys, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses,
attorneys’ fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events,
acts or conduct at any time prior to and including the date I sign this Agreement, including, but not limited to: any and all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company
or the termination of that employment, including, but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions,
stock, stock options, or any other ownership or equity interests in the Company, vacation pay, personal time off, fringe benefits, expense reimbursements, sabbatical benefits, severance benefits, or any other form of compensation; claims pursuant to
any federal, any state or any local law, statute, common law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; attorneys’ fees under Title VII of the federal Civil Rights Act of 1964, as
amended, or any other statute, agreement or source of law; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal Americans with Disabilities Act of 1990; the Family and Medical Leave Act; the Employee
Retirement Income Security Act; the Equal Pay Act; the California Fair Employment and Housing Act, as amended; California Labor Code; tort law; contract law; or the law of wrongful discharge, discrimination, harassment, fraud, misrepresentation,
defamation, libel, emotional distress, and breach of the implied covenant of good faith and fair dealing. 
  
 I represent that I have no lawsuits, claims or actions pending in my name, or on behalf of any other person or entity, against the Company or any other person or entity subject to the release granted in this
paragraph. I agree that in the event I bring a claim covered by this release in which I seek damages against the Company or in the event I seek to recover against the Company in any claim brought by a governmental agency on my behalf, this Agreement
shall serve as a complete defense to such claims. 
  
 I acknowledge that I am
knowingly and voluntarily waiving and releasing any rights I may have under the ADEA, as amended. I also acknowledge that the consideration given for the waiver and release in the preceding paragraph hereof is in addition to anything of value to
which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) my waiver and release do not apply to any rights or claims that may arise after the execution date of this Agreement;
(b) I have been advised hereby that I have the right to consult with an attorney prior to executing this Agreement; (c) I have twenty-one (21) days to consider this Agreement (although I may choose to voluntarily execute this Agreement earlier); (d)
I have seven (7) days following the execution of this Agreement by the parties to revoke the Agreement; and (e) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the eighth day after this
Agreement is executed by me, provided that the Company has also executed this Agreement by that date (“Effective Date”). 
  
 I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which
the creditor does not 

 
know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the
debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any unknown or unsuspected claims I may have against the Company,
its affiliates, and the entities and persons specified above. 
  

			
	 
		
	Signature:	 	        /s/    Steve G. Vogel
	 	 	

		
	Name:	 	    Steve G. Vogel

  

			
		
	Effective Date:	 	10/21/03

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