Document:

Exhibit 10.57

Exhibit 10.57

LAS VEGAS SANDS CORP.

LAS VEGAS SANDS, LLC

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

November 13, 2010

Michael A. Leven

Re: Continued Employment as President and COO of Las Vegas Sands Corp.

Dear Mike:

This letter agreement (this “Agreement”) sets forth certain terms and conditions
relating to your employment as President and Chief Operating Officer of Las Vegas Sands Corp., a
Nevada corporation (“LVSC”), and Las Vegas Sands, LLC, a Nevada limited liability company
and wholly-owned subsidiary of LVSC (together with LVSC, the “Company”). Capitalized but
undefined terms have the meanings given such terms on Annex A attached hereto.

1. Prior Employment Agreement. Effective as of January 1, 2011 (the “Effective
Date”), the employment agreement between the Company and you, dated as of March 11, 2009 (the
“Employment Agreement”), shall terminate and be of no further force and effect; provided, that you
shall not forfeit your right to any nonqualified stock options to purchase shares of LVSC common
stock, par value $0.001 per share (each, an “Option” and, together, the “Options”),
or shares of restricted stock granted under the 2004 Equity Award Plan (the “Plan”) that
are outstanding as of the Effective Date. Effective as of the Effective Date, except as provided
in the preceding sentence, this Agreement will constitute the entire agreement between the Company
and you with respect to your terms and conditions of employment. For the sake of clarity, your
Options and awards of restricted stock that are outstanding as of the Effective Date are set forth
on Annex B.

2. Employment; Term. The Company shall employ you, during the Term (as defined
below) and subject to the conditions set forth in this Agreement, to serve as the President and
Chief Operating Officer of the Company. You shall report only to the Company’s Chief Executive
Officer and Chairman of the Board of Directors of the Company (the “Board”). The
Company’s other officers (other than its Chief Financial Officer) shall report directly or
indirectly to you. While employed hereunder during the Term, you shall be a member of the Board.
Subject to any earlier termination as provided in accordance with the terms of this Agreement, the
initial term of your employment hereunder will commence on the Effective Date and will expire on
November 12, 2012 (the “Term”).

3. Base Salary; Benefits. 

(a) During the Term, you shall receive a base salary of $3,000,000 per year, payable in
accordance with the usual payroll practices of the Company (the “Base Salary”).

(b) Other than as specifically stated in this Agreement, you shall be provided with
perquisites and employee benefits and reimbursement of business expenses in the same manner and to
the same extent and on the same terms and conditions as are generally made available and provided
by the Company from time to time to the Company’s other similarly situated senior executives. In
addition, during the Term, (i) the Company shall make available to you a jet aircraft in connection
with both business and personal use, including personal use by your spouse, and shall cause such
jet aircraft to be provided with a customary level of staffing and amenities, including without
limitation, catering and communications capabilities, and (ii) the Company shall pay the initiation
fee for a membership for you in a country club of your choice.

 

 

 

4. Annual Bonus. You will be eligible for an annual bonus (“Bonus”) under the
Executive Cash Incentive Plan for each partial and full calendar year of the Term (with a target
Bonus of 100% of Base Salary), subject to the achievement of performance criteria established by
the Compensation Committee of the Board (the “Compensation Committee”). The actual amount
of the Bonus shall be determined by the Compensation Committee in its sole discretion in accordance
with the Company’s Management Incentive Plan in effect at the time of such determination, after
consultation with the Company’s Chief Executive Officer. The Bonus for any year shall be payable
at the same time as annual bonuses are paid to other senior executives of the Company, but no later
than March 15 of the year immediately following the year to which the Bonus relates, subject to
your continued employment on the payment date except (a) for the Bonus for the 2012 calendar year,
which is subject to your continued employment through the end of the Term and (b) as otherwise
provided in Section 6(a).

5. Grant of Shares of Restricted Stock.

(a) On January 1, 2011, you shall be granted 350,000 shares of restricted stock under the Plan
(the “Restricted Stock Award”).

(b) The Restricted Stock Award shall vest in its entirety (and the restrictions on the
restricted shares shall lapse) on November 12, 2012, subject to your continued employment as
President and Chief Operating Officer on that date, except as otherwise provided below. The
Company covenants that on January 1, 2011, without the need for shareholder approval, there will be
350,000 shares of LVSC common stock available under the Plan for the unconditional grant of the
Restricted Stock Award. Except as otherwise provided herein, the Restricted Stock Award shall
otherwise be subject to the terms and conditions of the Plan and the Company’s form of restricted
stock agreement for its senior executives.

6. Termination of Employment.

(a) Prior to the expiration of the Term, if your employment is terminated by the Company
(other than for Cause) or by reason of death or Disability or if you terminate your employment for
Good Reason, you shall be entitled to receive: (i) all accrued and unpaid Base Salary and
bonus(es) through the date of termination; (ii) a lump sum cash payment of 50% of the Base Salary
you would have received had you remained employed through the remainder of the Term; and (iii)
continued participation in the health and welfare benefit plans of the Company during the remainder
of the Term (without giving effect to your termination); provided, however, that
the Company’s obligation to provide benefits under clause (iii) shall cease at the time you and
your covered dependents become eligible for comparable benefits from another employer that do not
exclude any pre-existing condition of you or any covered dependent that was not excluded under the
Company’s health and welfare plans immediately prior to the date of termination.

(b) In addition to the payments provided for in Section 6(a), if (A) your employment
terminates prior to expiration of the Term because the Company terminates your employment for
reasons other than Cause or you terminate your employment for Good Reason, (B) your employment
terminates prior to the expiration of the Term due to your death or Disability, (C) your employment
terminates by reason of expiration of the Term or (D) a Change in Control occurs, then the
Restricted Stock Award shall become immediately fully vested (and the restrictions on the
restricted shares shall lapse).

(c) Notwithstanding any other provision of this Agreement to the contrary, you acknowledge
and agree that any and all payments to which you are entitled under this Section 6 (other than
Section 6(b)(D)) are conditional upon and subject to your (or your estate’s) execution, within 10
days following termination of your employment, of the General Release and Covenant Not to Sue in
the form attached hereto as Exhibit A (which form may be reasonably modified to reflect
changes in the law), and, except as otherwise provided in Section 10, any payments that are subject
to the execution of such General Release and Covenant Not to Sue shall commence to be paid on the
day immediately following expiration of the release revocation period.

 

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7. Licensing and Compliance Requirement. You have filed an application to obtain a
finding of suitability as an officer of the Company (the “License”) with the Nevada State
Gaming Control Board and the Nevada Gaming Commission (collectively, the “Nevada Gaming
Authorities”), pursuant to the provisions of applicable Nevada gaming laws and the regulations
of the Nevada Gaming Commission. You
agree, at the Company’s sole cost and expense, to continue to cooperate with the Nevada Gaming
Authorities at all times in connection with obtaining the License, including but not limited to in
connection with the processing of such application and any investigation thereof undertaken by the
Nevada Gaming Authorities. The Company shall use its best efforts to assist you in obtaining the
License. In the event your application to obtain the License is denied, the Company shall
reasonably pursue any appeal or other form of review permitted by applicable law. In the event
your application to obtain a finding of suitability is rejected by the Nevada Gaming Authorities,
this Agreement shall automatically terminate not later than the time specified by the Nevada Gaming
Authorities, and in such event the Options shall be forfeited and neither the Company nor you shall
have any continuing obligations to the other hereunder.

8. Excise Tax Gross-Up.

(a) If it shall be determined that any amount paid, distributed or treated as paid or
distributed by the Company to or for your benefit (whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise, but determined without regard
to any additional payments required under this Section 8) (a “Payment”) would be subject to
the excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by
you with respect to such excise tax (such excise tax, together with any such interest and
penalties, being hereinafter collectively referred to as the “Excise Tax”), then you shall
be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that
after payment by you of all federal, state and local taxes (including any interest or penalties
imposed with respect to such taxes), including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up
Payment, you retain an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
Payments. The determinations required to be made under this Section 8, including whether and when
a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such determination, shall be made by a nationally recognized accounting
firm (the “Accounting Firm”) in consultation with reasonable counsel of your choosing,
which shall provide detailed supporting calculations both to the Company and to you within 15
business days of the receipt of notice from you that there has been or may be a Payment, or such
earlier time as is requested by you or the Company. The Accounting Firm shall be appointed jointly
by you and the Company. All fees and expenses of the Accounting Firm and your counsel shall be
borne by the Company. Any Gross-Up Payment, as determined pursuant to this Section 8, shall be
paid by the Company to you within five days of the receipt of the Accounting Firm’s determination.
Any reasonable determination by the Accounting Firm shall be binding upon you and the Company.

(b) Without limiting the scope of Section 8(a) hereof, you shall notify the Company in writing
of any written claim to you by the Internal Revenue Service that, if successful, would require the
payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as
practicable but no later than ten business days after you are informed in writing of such claim and
shall apprise the Company of the nature of such claim and the date on which such claim is requested
to be paid. You shall not pay such claim prior to the expiration of the 30-day period following
the date on which you give such notice to the Company (or such shorter period ending on the date
that any payment of taxes with respect to such claim is required by the Internal Revenue Service).
If the Company notifies you in writing prior to the expiration of such period that it desires to
contest such claim, you shall: (i) give the Company any information reasonably requested by the
Company relating to such claim, (ii) take such action in connection with contesting such claim as
the Company shall reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney reasonably selected by the
Company, (iii) cooperate with the Company in good faith in order to effectively contest such claim,
and (iv) permit the Company to participate in any proceedings relating to such claim;
provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection with such contest and
shall indemnify and hold you harmless, on an after-tax basis, for any Excise Tax or income tax
(including interest and penalties with respect thereto) imposed as a result of such representation
and payment of costs and expenses. Without limitation on the foregoing provisions of this Section
8(b), the Company shall control all proceedings taken in connection with such contest and, at its
sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and
conferences with the taxing authority in respect of such claim and may, at its sole option, either
direct you to pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and you agree to prosecute such contest to a
determination before any administrative tribunal, in a court of initial jurisdiction and in
one or more appellate courts, as the Company shall determine; provided, however,
that any extension of the statute of limitations relating to payment of taxes for your taxable year
with respect to which such contested amount is claimed to be due is limited solely to such
contested amount. Furthermore, the Company’s control of the contest shall be limited to whether a
Gross-Up Payment would be payable hereunder and you shall be entitled to settle or contest, as the
case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

 

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9. Miscellaneous.

(a) This Agreement shall be governed by, and construed in accordance with, the laws of the
State of Nevada, without reference to its conflict of law provisions.

(b) This Agreement sets forth the entire and final agreement and understanding of the parties
and contains all of the agreements made between the parties with respect to the subject matter
hereof, other than agreements between the parties with respect to your service on the Board through
the date hereof, which shall remain in full force and effect. This Agreement supersedes any and
all other agreements, either oral or in writing, between the parties hereto, with respect to the
subject matter hereof. No change or modification of this Agreement shall be valid unless in
writing and signed by you and the Company (the signatory for the Company shall be a duly authorized
officer of the Company other than you).

(c) This Agreement may be executed in several counterparts, each of which shall be considered
an original, but which when taken together, shall constitute one agreement.

(d) The Company agrees that, if you are made a party, or are threatened to be made a party,
to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a
“Proceeding”), by reason of the fact that you are or were a director, officer, employee,
agent, manager, consultant or representative of the Company or an affiliate or are or were serving
at the request of the Company or an affiliate as a director, officer, member, employee or agent of
another corporation, partnership, joint venture, trust, enterprise or other person, including
service with respect to employee benefit plans, whether or not the basis of such Proceeding is your
alleged action in an official capacity while serving as a director, officer, member, employee or
agent, you shall promptly be indemnified and held harmless by the Company to the fullest extent
legally permitted or authorized by the Company’s certificate of incorporation or bylaws or by
resolutions of the Board.

10. Section 409A.

(a) For purposes of Section 409A, each of the payments that may be made under this Agreement
are designated as separate payments. In addition, for purposes of this Agreement, with respect to
payments of any amounts that are considered to be “deferred compensation” subject to Section 409A,
references to “termination of employment” (and substantially similar phrases) shall be interpreted
and applied in a manner that is consistent with the requirements of Section 409A. It is intended
that the provisions of this Agreement comply with Section 409A, and all provisions of this
Agreement shall be construed and interpreted in a manner consistent with the requirements for
avoiding taxes or penalties under Section 409A. In this regard, the provisions of this Section 10
shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or
interest pursuant to Section 409A. In light of the uncertainty as of the date hereof with respect
to the proper application of Section 409A, the Company and you agree to negotiate in good faith to
make amendments to this Agreement as the parties mutually agree are necessary or desirable to avoid
the imposition of taxes or penalties under Section 409A. Notwithstanding the foregoing, except as
otherwise provided herein, you shall be solely responsible and liable for the satisfaction of all
taxes and penalties that may be imposed on or for your account in connection with this Agreement
(including any taxes and penalties under Section 409A), and neither the Company nor any affiliate
shall have any obligation to indemnify or otherwise hold you (or any beneficiary) harmless from any
or all of such taxes or penalties.

(b) Notwithstanding anything in this Agreement to the contrary, in the event that you are
deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), no payments
that are “deferred compensation” subject to Section 409A that are made by reason of your
“separation from service” within the meaning of Section 409A (other than, for example, solely by
reason of a Change in Control) shall be made to you prior to the date that is six (6) months after
the date of your “separation from service” or, if
earlier, your date of death. Immediately following any applicable six (6) month delay, all
such delayed payments will be paid in a single lump sum. In addition, for a period of six months
following the date of separation from service, to the extent that the Company reasonably determines
that any of the benefit plan coverages described in Section 6 may not be exempt from U.S. federal
income tax, you shall in advance pay to the Company an amount equal to the stated taxable cost of
such coverages for six months. At the end of such six-month period, you shall be entitled to
receive from the Company a reimbursement of the amounts paid by you for such coverages.

 

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(c) To the extent that any reimbursements pursuant to this Agreement are taxable to you, any
such reimbursement payment due to you shall be paid to you as promptly as practicable, and in all
events on or before the last day of your taxable year following the taxable year in which the
related expense was incurred. Any such reimbursements are not subject to liquidation or exchange
for another benefit and the amount of such benefits and reimbursements that you receive in one
taxable year shall not affect the amount of such benefits or reimbursements that you receive in any
other taxable year. Except as permitted under Section 409A, any deferred compensation that is
subject to Section 409A and is payable to or for your benefit under any Company-sponsored plan,
program, agreement or arrangement may not be reduced by, or offset against, any amount owing by you
to the Company.

(d) Any payment by the Company of any Gross-Up Payment provided in Section 8 of this Agreement
will be paid as provided therein but in all events not later than the end of your taxable year next
following your taxable year in which you remit the related taxes.

Please indicate your understanding and acceptance of this Agreement by executing both copies
below, and retaining one fully executed original for your files and returning one fully executed
original to me.

	 	 	 	 	 
	 	Very truly yours,

LAS VEGAS SANDS CORP.

 	 
	 	By:  	/s/Sheldon G. Adelson
 	 
	 	 	Name:  	Sheldon G. Adelson 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	LAS VEGAS SANDS, LLC

 	 
	 	By:  	/s/ Sheldon G. Adelson
 	 
	 	 	Name:  	Sheldon G. Adelson 	 
	 	 	Title:  	Chairman of the Board and Treasurer 	 

	 	 	 
	I hereby accept the terms of this
	 	 
	Agreement and agree to abide by the
	 	 
	provisions hereof:
	 	 
	 
	 	 
	/s/ Michael A. Leven
	 	 
	 

Michael A. Leven

	 	 
	 
	 	 
	Date: November 13, 2010
	 	 

Signature Page to Leven Employment Letter Agreement

 

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Annex A

Certain Definitions

“Cause” shall mean that the Board, at a duly noticed meeting, has determined that one
or more of the following events has occurred: (i) (A) your conviction of a felony,
misappropriation of any material funds or material property of the Company or any of its
affiliates, (B) commission of fraud or embezzlement with respect to the Company or any of its
affiliates or (C) any material act of dishonesty relating to your employment by the Company
resulting in direct or indirect personal gain or enrichment at the expense of the Company or any of
its affiliates; (ii) use of alcohol or drugs that renders you materially unable to perform the
functions of your job or carry out your duties to the Company; (iii) a material breach of this
Agreement by you that is likely to cause a material adverse effect on the business of the Company
or any of its affiliates; or (iv) committing any act or acts of serious and bad faith willful
misconduct (including disclosure of confidential information) that is likely to cause a material
adverse effect on the business of the Company or any of its affiliates; provided,
however, that with respect to (ii) or (iii) above, the Company shall have first provided
you with written notice stating with specificity the acts, duties or directives have committed or
failed to observe or perform, and you shall not have corrected the acts or omissions complained of
within thirty (30) days of receipt of such notice.

“Change in Control” shall have the meaning given to that term in the Plan.

“Disability” shall mean that you shall, in the opinion of an independent physician
selected by agreement between the Board and you, become so physically or mentally incapacitated
that you are unable to perform the duties of your employment for an aggregate of 180 days in any
365 day consecutive period or for a continuous period of six (6) consecutive months.

“Good Reason” shall mean (i) a material breach of this Agreement by the Company; (ii)
a reduction in your Base Salary; (iii) a reduction in your target Bonus; (iv) a material change in
the duties and responsibilities of office that would cause your position to have less dignity,
importance or scope than intended on the date of this Agreement as set forth herein; (v) a Change
in Control; or (vi) Sheldon G. Adelson is not serving as Chief Executive Officer of the Company and
Chairman of the Board (unless his current spouse is serving in such capacities); provided,
however, that you may not terminate your employment for Good Reason unless (A) you give
written notice to the Company that Good Reason has occurred and that you have elected to resign,
and (B) the Company has not cured such act or omission prior to the expiration of the thirty (30)
day period after delivery of such notice, in which case, your employment shall terminate thirty
(30) days after delivery of such notice.

“Section 409A” means Section 409A of the Code and the Treasury Regulations promulgated
thereunder (and such other Treasury or Internal Revenue Service guidance) as in effect from time to
time.

 

 

 

Exhibit A

GENERAL RELEASE

AND COVENANT NOT TO SUE

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

Michael A. Leven (“Executive”), on Executive’s own behalf and on behalf of Executive’s
descendants, dependents, heirs, executors and administrators and permitted assigns, past and
present, in consideration for the amounts payable and benefits to be provided to Executive under
that letter agreement dated as of November 13, 2010 (the “Agreement”) by and among
Executive, Las Vegas Sands Corp. (“LVSC”), a Nevada corporation, and Las Vegas Sands, LLC,
a Nevada limited liability company and wholly-owned subsidiary of LVSC (together with LVSC, the
“Company”), does hereby covenant not to sue or pursue any litigation against, and waives,
releases and discharges the Company, its assigns, affiliates, subsidiaries, parents, predecessors
and successors, and the past and present shareholders, employees, officers, directors,
representatives and agents of any of them (collectively, the “Company Group”), from any and
all claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever,
of any and every kind and description, whether known or unknown, accrued or not accrued, that
Executive ever had, now has or shall or may have or assert as of the date of this General Release
and Covenant Not to Sue against the Company Group relating to his employment with the Company or
the termination thereof or his service as an officer or director of any subsidiary or affiliate of
the Company or the termination of such service, including, without limiting the generality of the
foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action
related to employment or termination of employment or that arise out of or relate in any way to the
Age Discrimination in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination
on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans
With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement
Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all
as amended, and other Federal, state and local laws relating to discrimination on the basis of age,
sex or other protected class, all claims under Federal, state or local laws for express or implied
breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress,
and any related claims for attorneys’ fees and costs (collectively, “Claims”);
provided, however, that nothing herein shall release the Company from any of its
obligations to Executive under the Agreement (including, without limitation, its obligation to pay
the amounts and provide the benefits upon which this General Release and Covenant Not to Sue is
conditioned) or any rights Executive may have to indemnification under any charter or by-laws (or
similar documents) of any member of the Company Group or any insurance coverage or other benefits
under any directors and officers insurance or similar policies or benefit plans.

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

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

 

 

 

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

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

Executive acknowledges and agrees that Executive has entered into this General Release and
Covenant Not to Sue knowingly and willingly and has had ample opportunity to consider the terms and
provisions of this General Release and Covenant Not to Sue.

IN WITNESS WHEREOF, the undersigned has caused this General Release and Covenant Not to Sue to
be executed on this                      day of                     ,
_____.

	 	 	 	 	 
	 

	 	EXECUTIVE	 	 
	 
	 	 	 	 
	 

	 	 

Michael A. Leven
	 	 

 

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Annex “B”

Outstanding Incentive Awards

Non-Qualified Stock Options

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Expiration	 	 	Options	 	 	Option	 	 	Options	 	 	Options	 	 	Options	 	 	Options	 
	Grant Date	 	Date	 	 	Issued	 	 	Price	 	 	Vested	 	 	Unvested	 	 	Exercised	 	 	Exercisable	 
	12/15/2004
	 	 	12/15/2004	 	 	 	8,349	 	 	$	29.00	 	 	 	8,349	 	 	 	0	 	 	 	0	 	 	 	8,349	 
	12/17/2007
	 	 	12/17/2007	 	 	 	10,000	 	 	$	115.39	 	 	 	4,000	 	 	 	6,000	 	 	 	0	 	 	 	4,000	 
	3/11/2009
	 	 	3/11/2014	 	 	 	750,000	 	 	$	1.55	 	 	 	750,000	 	 	 	0	 	 	 	450,000	 	 	 	300,000	 
	3/11/2009
	 	 	3/11/2014	 	 	 	2,250,000	 	 	$	1.55	 	 	 	0	 	 	 	2,250,000	 	 	 	0	 	 	 	0	 
	1/1/2010
	 	 	3/11/2014	 	 	 	250,000	 	 	$	14.94	 	 	 	250,000	 	 	 	 	 	 	 	0	 	 	 	250,000	 
	1/1/2010
	 	 	3/11/2014	 	 	 	750,000	 	 	$	14.94	 	 	 	0	 	 	 	750,000	 	 	 	0	 	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals
	 	 	 	 	 	 	4,018,349	 	 	 	 	 	 	 	1,012,349	 	 	 	3,006,000	 	 	 	450,000	 	 	 	562,349	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Restricted Shares

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Shares	 	 	Shares	 	 	Shares	 
	Grant Date	 	Issued	 	 	Vested	 	 	Unvested	 
	6/9/2005
	 	 	1,348	 	 	 	1,348	 	 	 	0	 
	6/7/2006
	 	 	734	 	 	 	734	 	 	 	0	 
	6/7/2007
	 	 	636	 	 	 	636	 	 	 	0	 
	6/5/2008
	 	 	779	 	 	 	779	 	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 
	Totals
	 	 	3,497	 	 	 	3,497	 	 	 	0	 
	 
	 	 	 	 	 	 	 	 	 

 

4Exhibit 10.60

Exhibit 10.60

LAS VEGAS SANDS CORP.

LAS VEGAS SANDS, LLC

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

January 11, 2011

Robert G. Goldstein

Re: Terms of Continued Employment

Dear Robert:

This letter agreement (this “Agreement”) sets forth the terms and conditions of your
continued employment with Las Vegas Sands Corp., a Nevada corporation (“LVSC”), and Las
Vegas Sands, LLC, a wholly-owned subsidiary of LVSC (together with LVSC, the “Company”), as
mutually agreed upon by you and the Company. For valuable consideration and intending to be
legally bound, the parties agree as follows:

1. Prior Employment Agreements. Effective as of January 1, 2011 (the “Effective
Date”), the employment agreement between the Company and you, dated as of July 10, 2009 (the
“2009 Employment Agreement”), shall terminate and be of no further force and effect;
provided, that you shall not forfeit your right to any Incentive Award (as defined in the
employment agreement between the Company and you, dated as of November 18, 2004, which became
effective as of the date of the first initial public offering of the shares of LVSC common stock
(as amended on December 31, 2008 and terminated effective July 10, 2009 except as otherwise
provided in the 2009 Employment Agreement) (the “2004 Employment Agreement”)) or Option
Incentive Award (as defined in the 2009 Employment Agreement) that is outstanding as of the
Effective Date. Effective as of the Effective Date, except as provided in the preceding
sentence, this Agreement will constitute the entire agreement between the Company and you with
respect to your terms and conditions of employment. For the sake of clarity, your Incentive
Awards and Option Incentive Award that are outstanding as of the Effective Date are set forth on
Annex A.

2. Duties and Responsibilities.

(a) You shall serve in the capacity of and have such powers, duties and responsibilities as
are generally associated with the office of Executive Vice President and President, Global
Gaming Operations of the Company. In this capacity, you shall report directly to the Company’s
Chief Operating Officer, which is subject to change at the Company’s sole discretion.

(b) From and after the Effective Date, in the event the Company fails to maintain you as an
executive officer of the Company, reduces the Base Salary (as defined below), or materially
changes the duties and responsibilities of your office that would cause your position to have
less dignity, importance or scope than intended at the Effective Date, including but not limited
to changes to scope and duties which occur solely as a result of a transaction in which the
Company becomes a subsidiary of another company, you may voluntarily terminate your
employment with the Company without further restrictions or liability; provided, that the
restrictions set forth in Section 18 below shall continue to apply following such termination of
employment and provided, further, that if such termination of employment is due to a “Change
in Control” subject to Section 13 below, the restrictions set forth in Section 19 also shall
continue to apply following such termination of employment.

 

 

 

3. Business Travel. You shall be entitled to travel First Class on commercial airlines
on all Company business trips. Further, at the Company’s sole cost and expense, your spouse may
accompany you on at least two trips to Asia each year during the Initial Term.

4. Performance. You covenant and agree to faithfully and diligently perform all of the
duties of your employment, devoting your full business and professional time, attention, energy
and ability to promote the business interests of the Company and the Venetian. You further agree
that during the period of your employment with the Company, you will not engage in any other
business or professional pursuit whatsoever unless the Board of Directors of the Company (the
“Board”) shall consent thereto in writing; provided, however, that the foregoing shall
not preclude you from engaging in civic, charitable, or religious activities or from devoting a
reasonable amount of time to private investments that do not unreasonably interfere or conflict
with the performance of your duties under this Agreement.

5. Term. The term of your employment under this Agreement shall commence as of the
Effective Date and shall expire on December 31, 2012 (the “Initial Term”), unless sooner
terminated as provided under the terms of this Agreement. Upon the scheduled expiration of the
Initial Term, your employment may thereafter only be extended upon the express mutual written
agreement of both you and the Company.

6. Licensing Requirement. You are presently licensed as a casino key employee (the
“License”) by the Nevada Gaming Commission and the Nevada State Gaming Control Board and
any other gaming authority with jurisdiction over the Company or its affiliates (collectively,
the “Gaming Authorities”), pursuant to the provisions of applicable Nevada gaming laws
and the regulations of the Nevada Gaming Commission and the gaming laws and regulations of the
jurisdictions of such other Gaming Authorities. You agree, at the Company’s sole cost and
expense, to cooperate with the Gaming Authorities to maintain the License in full force and
effect and in good standing.

7. Base Salary and Annual Bonus.

(a) Beginning as of the Effective Date and throughout the duration of the Initial Term, you
shall receive a base annual salary of $1,500,000 (the “Base Salary”), payable in
substantially equal installments every two weeks or otherwise in accordance with the regular
payroll practices of the Company.

(b) You will be eligible for an annual bonus (“Bonus”) under the Executive Cash Incentive
Plan for each calendar year of the Initial Term (with a target Bonus of 100% of Base Salary),
subject to the achievement of performance criteria established by the Compensation Committee of
the Board (the “Compensation Committee”). The actual amount of the Bonus for each such calendar
year shall be determined by the Compensation Committee in its sole discretion in accordance with
the Company’s Management Incentive Plan in effect at the time of
such determination, after consultation with the Company’s Chief Executive Officer. For the
sake of clarity, your discretionary cash bonus for the 2010 calendar year shall be limited to
$250,000 (as contemplated by the 2009 Employment Agreement), even if such discretionary cash
bonus is paid in the 2011 calendar year. The Bonus for any year shall be payable at the same
time as annual bonuses are paid to other senior executives of the Company, but no later than
March 15 of the year immediately following the year to which the Bonus relates, subject to your
continued employment through the payment date except (i) for the Bonus for the 2012 calendar
year, which is subject to your continued employment through the end of the Initial Term and (ii)
as otherwise provided in Sections 13(a) and 14(a).

 

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8. Equity Award. On the later to occur of January 1, 2011 or the date this Agreement is
signed by all parties, you shall be granted a one-time award of 125,000 shares of restricted
stock (the “Restricted Stock Award”) under the LVSC 2004 Equity Award Plan (the
“Plan”). The Restricted Stock Award shall vest in its entirety (and the restrictions on
the restricted shares shall lapse) on December 21, 2012, subject to your continued employment
through such date, except as otherwise provided below. The Company covenants that on January 1,
2011, without the need for shareholder approval, there will be 125,000 shares of LVSC common
stock available under the Plan for the unconditional grant of the Restricted Stock Award. Except
as otherwise provided herein, the Restricted Stock Award shall otherwise be subject to the terms
and conditions of the Plan and the Company’s form of restricted stock agreement for its senior
executives.

9. Employee Benefit Plans. During the Initial Term and any renewal, you shall be
entitled to participate in any fringe group health, medical, dental, hospitalization, life,
accident insurance or other welfare plans, and any tax-qualified pension, tax-qualified profit
sharing or tax-qualified retirement plans, which may be placed in effect or maintained by the
Company for the benefit of its employees generally, or for its senior executives subject to all
restrictions and limitations contained in such plans or established by governmental regulation.
In addition to the foregoing, you shall be entitled to participate in such executive retirement
and capital accumulation plans as may be established, sponsored or maintained by the Company and
in effect from time to time for the benefit of its senior executives.

10. Expense Reimbursement. You are authorized to incur such reasonable expenses as may
be necessary for the performance of your duties hereunder in accordance with the policies of the
Company established and in effect from time to time and, except as may be otherwise agreed, the
Company will reimburse you for all such authorized expenses upon submission of an itemized
accounting and substantiation of such expenditures adequate to secure for the Company a tax
deduction for the same, in accordance with applicable Internal Revenue Service guidelines.

11. Vacations and Holidays. You shall be entitled to vacations and holidays as provided
in the Company’s Flex Day Plan as in effect from time to time, but no less than four (4) weeks of
paid vacation leave per year, at such times as may be requested by you and approved by the
Company. No more than three (3) weeks of vacation shall be taken consecutively. Up to two (2)
weeks of unused vacation leave may be carried over to the following year.

 

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12. Termination by the Company. The Company may terminate your employment hereunder for
Cause (as defined below). The Company may terminate your employment without Cause (and other
than due to death or Disability (as defined below)) upon 30 days advance written notice.

(a) In the event the Company terminates your employment for Cause, you shall be entitled to
receive: (i) Base Salary at the rate in effect at the time of the termination through the date
of termination of employment; (ii) reimbursement for expenses incurred, but not paid prior to
such termination of employment, subject to the receipt of supporting information by the Company;
and (iii) such other compensation and benefits as may be provided in applicable plans and
programs of the Company, according to the terms and conditions of such plans and programs. The
restrictions set forth in Sections 18 and 19 shall continue to apply following such termination
of employment.

(b) In the event that the Company terminates your employment without Cause (and other than
due to death or Disability), you shall be entitled to receive: (i) continuation of Base Salary
for 12 months following termination of employment (or, if shorter, the remainder of the Initial
Term); (ii) reimbursement for expenses incurred, but not paid prior to such termination of
employment, subject to the receipt of supporting information by the Company; and (iii) such
other compensation and benefits as may be provided in applicable plans and programs of the
Company, according to the terms and conditions of such plans and programs. The restrictions set
forth in Section 18 shall continue to apply following such termination of employment.

(c) “Cause,” as used above, shall mean: (i) conviction of a felony,
misappropriation of any material funds or material property of the Company, its subsidiaries or
affiliates; (ii) commission of fraud or embezzlement with respect to the Company, its
subsidiaries or affiliates; (iii) any material act of dishonesty relating to your employment by
the Company resulting in direct or indirect personal gain or enrichment at the expense of the
Company, its subsidiaries or affiliates; (iv) use of alcohol or drugs that renders you
materially unable to perform the functions of your job or carry out your duties to the Company;
(v) a material breach of this Agreement by you; (vi) committing any act or acts of serious and
willful misconduct (including disclosure of confidential information) that is likely to cause a
material adverse effect on the business of the Company, its subsidiaries or affiliates; or (vii)
the withdrawal with prejudice, denial, revocation or suspension of the License by the Gaming
Authorities; provided, that, with respect to (iv), (v) and (vii) above, the Company shall have
first provided you with written notice stating with specificity the acts, duties or directives
you have committed or failed to observe or perform, and you shall not have corrected the acts or
omissions complained of within thirty (30) days of receipt of such notice.

(d) Except as otherwise provided herein, the exercise and/or termination of the Incentive
Awards under the 2004 Employment Agreement, the Option Incentive Award under the 2009 Employment
Agreement and the Restricted Stock Award under this Agreement shall be governed by the Plan and
the applicable award agreements.

 

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13. Termination by You. You may voluntarily terminate this Agreement and your employment
with the Company upon 30 days’ written notice to the Company without further restrictions or
liability if there is a “Change in Control” as that term is defined in the Plan;
provided, that the
restrictions set forth in Sections 18 and 19 shall continue to apply following such termination
of employment.

(a) In the case of a termination of this Agreement and your employment with the Company by
you due to a Change in Control, then you shall be entitled to receive promptly following the
date of such termination, (i) all accrued and unpaid Base Salary and previously earned bonus(es)
through the date of termination; (ii) a lump sum payment of two (2) times the Base Salary; (iii)
accelerated vesting of all equity awards (including the Incentive Awards under the 2004
Employment Agreement, the Option Incentive Award under the 2009 Employment Agreement and the
Restricted Stock Award under this Agreement) so that all such awards are fully vested as of the
date of termination; and (iv) continued participation in the health and welfare benefit plans of
the Company and employer contributions to non-qualified retirement plans and deferred
compensation plans, if any, for two years following the date of termination; provided, that the
Company’s obligation to provide such benefits shall cease at the time you and your covered
dependents become eligible for comparable benefits from another employer that do not exclude any
pre-existing condition of you or any covered dependent that was not excluded under the Company’s
health and welfare plans immediately prior to the date of termination.

(b) To the extent that the health and welfare benefits provided for in Section 13(a)(iv) are
not permissible after termination of employment under the terms of the benefit plans of the
Company then in effect (and cannot be provided through the Company’s paying the applicable premium
for you under COBRA), the Company shall pay you such amount as is necessary to provide you, after
tax, with an amount equal to the cost of acquiring, for you and your spouse and dependents, if
any, on a non-group basis, for the required period, those health and other welfare benefits that
would otherwise be lost to you and your spouse and dependents as a result of your termination.
Any amount payable under this Section 13(b) shall be determined as soon as practicable following
termination of employment and shall be paid to you within 60 days following termination of
employment.

(c) Except as otherwise provided herein, the exercise and/or termination of the Incentive
Awards under the 2004 Employment Agreement, the Option Incentive Award under the 2009 Employment
Agreement and the Restricted Stock Award under this Agreement shall be governed by the Plan and
the applicable award agreements.

14. Termination Due to Death or Disability. Your employment hereunder shall terminate
upon the occurrence of your death. The Company may terminate your employment due to Disability.
The restrictions set forth in Section 18 shall continue to apply following the termination of
employment due to Disability.

(a) In the event of a termination of your employment due to your death or Disability, you
or your estate, as the case may be, shall be entitled to receive: (i) continuation of Base
Salary for 12 months following termination of employment (or, if shorter, the remainder of the
Initial Term), less any short term disability insurance proceeds you receive during such period
in the event termination of your employment is due to your Disability; (ii) accelerated vesting
of the Incentive Awards under the 2004 Employment Agreement such that the portion of each such
award that would have vested during the twelve (12) month period following the date of
termination had you remained employed during such period shall be immediately vested as of the
date of termination; (iii) in the event your employment terminates due to your death or
Disability during the 2012 calendar year, accelerated vesting of a portion of the Restricted
Stock Award such that the pro-rata portion of such award that would have vested through the date
of the termination (calculated on a straight line basis based on the number of days in the 2012
calendar year prior to the date of termination) shall be immediately vested (and the
restrictions on such pro-rated number of restricted shares shall lapse) as of the date of
termination; (iv) reimbursement for expenses incurred, but not paid prior to such termination of
employment, subject to the receipt of supporting information by the Company; and (v) such other
compensation and benefits as may be provided in applicable plans and programs of the Company,
according to the terms and conditions of such plans and programs.

 

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(b) Except as otherwise provided herein, the exercise and/or termination of the Incentive
Awards under the 2004 Employment Agreement, the Option Incentive Award under the 2009 Employment
Agreement and the Restricted Stock Award under this Agreement shall be governed by the Plan and
the applicable award agreements.

(c) “Disability” as used above shall mean that, during your employment with the
Company, you shall, in the opinion of an independent physician selected by agreement between the
Board and you, become so physically or mentally incapacitated that you are unable to perform the
duties of your employment for an aggregate of 180 days in any 365 day consecutive period or for
a continuous period of six (6) consecutive months.

15. Accelerated Vesting of Equity. If you remain continuously employed with the
Company through December 31, 2011, then upon termination of your employment with the Company
at or following December 31, 2011, you shall be entitled to receive accelerated vesting of
all Incentive Awards under the 2004 Employment Agreement set forth on Annex A, so
that all such awards shall be fully vested as of the date of termination of your employment.
Except as otherwise provided herein, the exercise and/or termination of the Incentive
Awards, Option Incentive Award and Restricted Stock Award shall be governed by the Plan and
the applicable award agreements, provided, that for the avoidance of doubt, in the event
your employment terminates (other than (i) by the Company for Cause, or (ii) due to death or
Disability) at or following December 31, 2011, you shall have not more than 90 days
following termination of your employment to exercise the vested portion of the Option
Incentive Awards under the 2004 Employment Agreement and the Option Incentive Award under
the 2009 Employment Agreement.

16. Timing of Certain Payments. Subject to Sections 17 and 20: (a) any amounts payable
under Sections 12(a)(i), 13(a)(i) or 13(c)(i) shall be paid as soon as practicable, and in any
event within 30 days following termination of employment; and (b) any reimbursements for expenses
incurred under Sections 12(a)(ii), 12(b)(ii), 13(c)(ii) or 14(a)(iv) (to the extent such
reimbursements are treated as deferred compensation subject to Section 409A) shall be paid as
soon as practicable following submission of the claims but in any event not later than the third
calendar year following the calendar year in which your separation from service occurs.

17. Release. Notwithstanding any other provision of this Agreement to the contrary, you
acknowledge and agree that any and all payments to which you are entitled under Sections 12, 13,
14 or 15 are conditional upon and subject to your execution of the General Release and Covenant
Not to Sue in the form attached hereto as Exhibit A (which form may be reasonably
modified to reflect changes in the law), of all claims you may have against the Company and its
directors, officers and affiliates, except as to matters covered by provisions of this Agreement
that expressly survive the termination of this Agreement. You shall execute and deliver such
General Release and Covenant Not to Sue within 60 days following termination of employment, and,
except as otherwise provided in Section 20, any payments that are subject to the execution of
such General Release and Covenant Not to Sue shall commence to be paid on the 61st day following
termination of employment.

 

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

19. Restrictive Covenant. You acknowledge and recognize the highly competitive nature of
the businesses of the Company and its subsidiaries and affiliates and accordingly agrees as
follows:

(a) Except as specifically provided for in Sections 2(b), 12(b), 13 and 14, during your
employment with the Company and for a period of one (1) year from the date of termination of
your employment for any reason (the “Restriction Period”), you shall not directly or
indirectly, either as principal, agent, employee, consultant, partner, officer, director,
shareholder, or in any other individual or representative capacity, own, manage, finance,
operate, control or otherwise engage or participate in any manner or fashion in, any hotel or
casino in (i) Clark County, Nevada (including, without limitation, the City of Las Vegas), (ii)
the Macau Special Administrative Region of The People’s Republic of China, (iii) Bethlehem,
Pennsylvania or (iv) any other location in which the Company or any of its affiliates is doing
business or has made substantial plans to commence doing business, in each case at the time of
your termination. For the avoidance of doubt, and as discussed between the Chair of the
Compensation Committee of the Board and you prior to the date hereof, the foregoing is not
intended to prevent you from providing consulting services to investment banks or other
financial firms doing business with entities in the hotel, casino, retail or hospitality
industries during the Restriction Period; provided that you may not provide consulting services
to investment banks or other financial firms on matters relating to hotels or casinos doing
business in the locations specified in clauses (i) — (iv) in the prior sentence.

(b) In addition to, and not in limitation of, the provisions of Section 19(a), you agree,
for the benefit of the Company and its affiliates, that during the Restriction Period, you shall
not, directly or indirectly, either as principal, agent, employee, consultant, partner, officer,
director, shareholder, or in any other individual or representative capacity, on your
behalf or any other person or entity other than the Company or its affiliates (i) solicit or
induce, or attempt to solicit or induce, directly or indirectly, any person who is, or during
the six months prior to the termination of your employment with the Company was, an employee or
agent of, or consultant to, the Company or any of its affiliates to terminate its, his or her
relationship therewith, or (ii) hire or engage any person who is, or during the six months prior
to the termination of your employment with the Company was, an employee, agent of or consultant
to the Company or any of its affiliates.

 

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(c) You understand that the provisions of this Section 19 may limit your ability to earn a
livelihood in a business similar to the business of the Company but you nevertheless agree and
hereby acknowledge that (i) such provisions do not impose a greater restraint than is necessary
to protect the goodwill or other business interests of the Company, (ii) such provisions contain
reasonable limitations as to time and scope of activity to be restrained, (iii) such provisions
are not harmful to the general public, (iv) such provisions are not unduly burdensome to you,
and (v) the consideration provided hereunder is sufficient to compensate you for the
restrictions contained in this Section 19. In consideration of the foregoing and in light of
your education, skills and abilities, you agree that you shall not assert that, and it should
not be considered that, any provisions of Section 19 otherwise are void, voidable or
unenforceable or should be voided or held unenforceable.

(d) It is expressly understood and agreed that although you and the Company consider the
restrictions contained in this Section 19 to be reasonable, if a judicial determination is made
by a court of competent jurisdiction that the time or territory or any other restriction
contained in this Agreement is an unenforceable restriction against you, the provisions of this
Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum
time and territory and to such maximum extent as such court may judicially determine or indicate
to be enforceable. Alternatively, if any court of competent jurisdiction finds that any
restriction contained in this Agreement is unenforceable, and such restriction cannot be amended
so as to make it enforceable, such finding shall not affect the enforceability of any of the
other restrictions contained herein.

(e) In the event that you violate any of the restrictive covenants set forth in Sections
19(a) or 19(b), in addition to any other remedy which may be available (i) at law or in equity,
(ii) pursuant to any other provision of this Agreement or (iii) pursuant to any applicable
equity award agreement, all outstanding stock options to purchase shares of LVSC and other
unvested equity awards granted to you shall be automatically forfeited effective as of the date
on which such violation first occurs.

20. Section 409A.

(a) For purposes of this Agreement, “Section 409A” means Section 409A of the
Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated thereunder
(and such other Treasury or Internal Revenue Service guidance) as in effect from time to time.
In addition, for purposes of this Agreement, with respect to payments of any amounts that are
considered to be “deferred compensation” subject to Section 409A, references to “termination
of employment” (and substantially similar phrases) shall be interpreted and applied in a
manner that is consistent with the requirements of Section 409A.

 

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(b) It is intended that the provisions of this Agreement comply with Section 409A, and all
provisions of this Agreement shall be construed and interpreted in a manner consistent with the
requirements for avoiding taxes or penalties under Section 409A. In this regard, the provisions
of this Section 20 shall only apply if, and to the extent, required to avoid the imputation of
any tax, penalty or interest pursuant to Section 409A. In light of the uncertainty as of the
date hereof with respect to the proper application of Section 409A, the Company and you agree to
negotiate in good faith to make amendments to this Agreement as the parties mutually agree are
necessary or desirable to avoid the imposition of taxes or penalties under Section 409A.
Notwithstanding the foregoing, you shall be solely responsible and liable for the satisfaction
of all taxes and penalties that may be imposed on or for your account in connection with this
Agreement (including any taxes and penalties under Section 409A), and neither the Company nor
any affiliate shall have any obligation to indemnify or otherwise hold you (or any beneficiary)
harmless from any or all of such taxes or penalties.

(c) Except as permitted under Section 409A, any deferred compensation that is subject to
Section 409A and is payable to or for your benefit under any Company-sponsored plan, program,
agreement or arrangement may not be reduced by, or offset against, any amount owing by you to
the Company.

(d) Notwithstanding anything in this Agreement to the contrary, in the event that you are
deemed to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i), no payments
under Sections 12, 13 or 14 that are “deferred compensation” subject to Section 409A shall be
made to you prior to the date that is six (6) months after the date of your “separation from
service” (within the meaning of Section 409A, without application of any alternative definitions
permitted thereunder) or, if earlier, your date of death. Following any applicable six (6) month
delay, all such delayed payments will be paid in a single lump sum on the earliest permissible
payment date. In addition, for a period of six months following the date of separation from
service, to the extent that the Company reasonably determines that any of the benefit plan
coverages described in Section 13 may not be exempt from U.S. federal income tax, you shall in
advance pay to the Company an amount equal to the stated taxable cost of such coverages for six
months. At the end of such six-month period, you shall be entitled to receive from the Company a
reimbursement of the amounts paid by you for such coverages.

(e) For purposes of Section 409A, each of the payments that may be made under the Agreement
are designated as separate payments.

(f) To the extent that any reimbursements pursuant to Section 10 or 21 are taxable to you,
any such reimbursement payment due to you shall be paid to you as promptly as practicable, and
in all events on or before the last day of your taxable year following the taxable year in which
the related expense was incurred. Any such reimbursements are not subject to liquidation or
exchange for another benefit and the amount of such benefits and reimbursements that you receive
in one taxable year shall not affect the amount of such benefits or reimbursements that you
receive in any other taxable year.

 

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21. Miscellaneous.

(a) Assignment and Assumption. This Agreement is personal to you and shall not be
assignable by you otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by your legal representatives. This
Agreement shall inure to the benefit of and be binding upon the Company and its successors. The
Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same manner and to the
same extent that the Company would be required to perform it if no such succession had taken
place. As used in this Agreement, “Company” shall mean the Company as hereinbefore
defined and any successor to its business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, or otherwise.

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

If to you, to:

Robert G. Goldstein

If to the Company, to:

Las Vegas Sands Corp.

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attn: General Counsel

With a copy to:

Charles D. Forman

Director, Member of the Compensation Committee

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

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

 

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(d) Severability; Integration. If any provision of this Agreement shall be
declared void or unenforceable by any judicial or administrative authority, the validity of any
other provision and of the entire Agreement shall not be affected thereby. Subject to Section
1, this Agreement constitutes the entire agreement between the parties as of the date hereof and
supersedes all previous agreements and understandings between the parties with respect to the
subject matter hereof including the Employment Agreement.

(e) Governing Law. This Agreement shall be governed by and construed and
interpreted in accordance with the laws of Nevada, without reference to the principles of
conflict of laws thereof. Any action to enforce this Agreement must be brought in a court
situated in Clark County, Nevada. Each party hereby waives the right to claim that any such
court is an inconvenient forum for the resolution of any such action.

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

(g) Dispute Resolution.

(i) You acknowledge and agrees that the Company’s remedies at law for a breach or
threatened breach of any of the provisions of Sections 18 or 19 herein would be inadequate and,
in recognition of this fact, you agree that, in the event of such a breach or threatened breach,
in addition to any remedies at law, the Company, without posting any bond, shall be entitled to
obtain equitable relief in the form of specific performance, temporary restraining order,
temporary or permanent injunction or any other equitable remedy which may then be available. In
addition, and without limiting Section 19(e) hereof, the Company shall be entitled to
immediately cease paying any amounts remaining due or providing any benefits (including the
vesting of equity) to you pursuant to Sections 12, 13, 14 or 15 if you have violated any
provision of Section 18 or 19. Any controversy or claim arising out of or relating to Sections
18 or 19 of this Agreement (or the breach thereof) shall be settled by a state or federal court
located in Las Vegas, Nevada.

(ii) Any controversy or claim arising out of or related to any provision of this Agreement
other than Sections 18 or 19 shall be settled by final, binding and non-appealable arbitration
in Las Vegas, Nevada. Subject to the following provisions, the arbitration shall be conducted
in accordance with the Commercial Rules of the American Arbitration Association (the
“AAA”) then in effect. The arbitration shall be conducted by a panel of three
arbitrators. One of the arbitrators shall be appointed by the Company, one shall be appointed
by me and the third shall be appointed by the first two arbitrators. If the first two
arbitrators cannot agree on the third arbitrator within thirty (30) days of the appointment of
the second arbitrator, then the third arbitrator shall be selected from a list of seven
arbitrators selected by the AAA, each of whom shall be experienced in the resolution of disputes
under employment agreements for executive officers of major corporations. From the list of
seven arbitrators selected by the AAA, one arbitrator shall be selected by each party striking in turn with the party to strike
first being chosen by a coin toss. Any award entered by the arbitrators shall be final, binding
and non-appealable and judgment may be entered thereon by either party in accordance with
applicable law in any court of competent jurisdiction. This arbitration provision shall be
specifically enforceable. The arbitrators shall have no authority to modify any provision of
this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit
specifically provided under or by virtue of the Agreement. The Company shall be responsible for
all of the fees of the AAA and the arbitrators (if applicable).

 

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(iii) If you prevail on any material issue which is the subject of an arbitration or
litigation, as applicable, the Company shall reimburse one hundred percent (100%) of your
reasonable legal fees and expenses. Otherwise, subject to Section 21(g)(ii), each party shall be
responsible for its own expenses relating to the conduct of the arbitration or litigation, as
applicable (including reasonable attorneys’ fees and expenses).

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

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

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

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

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

 

- 12 -

 

(j) No Waiver. The failure of a party to insist upon strict adherence to any term
of this Agreement on any occasion shall not be considered a waiver of such party’s rights or
deprive such party of the right thereafter to insist upon strict adherence to that term or any
other term of this Agreement.

(k) No Mitigation. You shall not be required to mitigate the value of any payments
or benefits contemplated by this Agreement, nor shall any such benefits be reduced from any
earnings or benefits that you may receive from any other source.

(l) Survival. Sections 18 and 19 shall survive and continue in full force and
effect in accordance with their terms notwithstanding the termination of this Agreement and your
employment for any reason.

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

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

(o) Counterparts. This Agreement may be executed in several counterparts, each of
which shall be considered an original, but which when taken together, shall constitute one
agreement.

[Remainder of page deliberately left blank]

 

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Please indicate your understanding and acceptance of this Agreement by executing both
copies below, and retaining one fully executed original for your files and returning one fully
executed original to the Company.

	 	 	 	 	 
	 	Very truly yours,

LAS VEGAS SANDS CORP.

 	 
	 	By:  	/s/ Sheldon G. Adelson
 	 
	 	 	Name:  	Sheldon G. Adelson 	 
	 	 	Title:  	Chairman of the Board and Chief Executive Officer 	 
	 
	 	LAS VEGAS SANDS, LLC

 	 
	 	By:  	/s/ Sheldon G. Adelson_
 	 
	 	 	Name:  	Sheldon G. Adelson 	 
	 	 	Title:  	Chairman of the Board and Treasurer 	 

	 	 	 
	I hereby accept the terms of this
	 	 
	Agreement and agree to abide by the
	 	 
	provisions hereof:
	 	 
	 
	 	 
	/s/ Robert G. Goldstein
	 	 
	 

Robert G. Goldstein

	 	 
	 
	 	 
	Date: January 11, 2011
	 	 

Signature page to letter agreement from Las Vegas Sands Corp. and Las Vegas Sands, LLC to Robert G. Goldstein

 

- 14 -

 

Annex A

Outstanding Incentive Awards and Option Incentive Awards

	A.	 	Incentive Awards under the 2004 Employment Agreement

Non-Qualified Stock Options

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant	 	Expiration	 	 	Options	 	 	Option	 	 	Options	 	 	Options	 	 	Options	 
	Date	 	Date	 	 	Issued	 	 	Price	 	 	Vested	 	 	Unvested	 	 	Exercised	 
	12/15/2004
	 	 	12/15/2014	 	 	 	62,620	 	 	$	29.00	 	 	 	62,620	 	 	 	0	 	 	 	0	 
	01/01/2006
	 	 	01/11/2016	 	 	 	53,254	 	 	$	42.59	 	 	 	53,254	 	 	 	0	 	 	 	0	 
	01/01/2007
	 	 	03/30/2017	 	 	 	30,988	 	 	$	86.61	 	 	 	30,988	 	 	 	0	 	 	 	0	 
	01/01/2008
	 	 	03/29/2018	 	 	 	39,155	 	 	$	73.59	 	 	 	29,366	 	 	 	9,789	 	 	 	0	 
	01/01/2009
	 	 	02/06/2019	 	 	 	448,028	 	 	$	4.14	 	 	 	224,014	 	 	 	224,014	 	 	 	0	 

Restricted Shares

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant	 	Shares	 	 	Shares	 	 	Shares	 
	Date	 	Issued	 	 	Vested	 	 	Unvested	 
	01/01/2006
	 	 	17,609	 	 	 	17,609	 	 	 	0	 
	01/01/2007
	 	 	10,391	 	 	 	10,391	 	 	 	0	 
	01/01/2008
	 	 	5,071	 	 	 	5,071	 	 	 	0	 
	01/01/2009
	 	 	4,024	 	 	 	2,683	 	 	 	1,341	 

	B.	 	Option Incentive Award under the 2009 Employment Agreement

Non-Qualified Stock Options

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant	 	Expiration	 	 	Options	 	 	Option	 	 	Options	 	 	Options	 	 	Options	 
	Date	 	Date	 	 	Issued	 	 	Price	 	 	Vested	 	 	Unvested	 	 	Exercised	 
	07/10/2009
	 	 	07/10/2019	 	 	 	500,000	 	 	$	6.84	 	 	 	500,000	 	 	 	0	 	 	 	0	 

 

- 15 -

 

Exhibit A

General Release and

Covenant Not to Sue

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

Robert G. Goldstein (“Executive”), on Executive’s own behalf and on behalf of
Executive’s descendants, dependents, heirs, executors and administrators and permitted assigns,
past and present, in consideration for the amounts payable and benefits to be provided to Executive
under that letter agreement dated as of January 11, 2011 and effective as of January 1, 2011 (the
“Letter Agreement”) by and among Executive, Las Vegas Sands Corp. (“LVSC”), a
Nevada corporation, and Las Vegas Sands LLC, a wholly-owned subsidiary of LVSC (together with LVSC,
the “Company”) does hereby covenant not to sue or pursue any litigation against, and
waives, releases and discharges the Company, its assigns, affiliates, subsidiaries, parents,
predecessors and successors, and the past and present shareholders, employees, officers, directors,
representatives and agents of any of them (collectively, the “Company Group”), from any and
all claims, demands, rights, judgments, defenses, actions, charges or causes of action whatsoever,
of any and every kind and description, whether known or unknown, accrued or not accrued, that
Executive ever had, now has or shall or may have or assert as of the date of this General Release
and Covenant Not to Sue against the Company Group relating to his employment with the Company or
the termination thereof or his service as an officer or director of any subsidiary or affiliate of
the Company or the termination of such service, including, without limiting the generality of the
foregoing, any claims, demands, rights, judgments, defenses, actions, charges or causes of action
related to employment or termination of employment or that arise out of or relate in any way to the
Age Discrimination in Employment Act of 1967 (“ADEA,” a law that prohibits discrimination
on the basis of age), the National Labor Relations Act, the Civil Rights Act of 1991, the Americans
With Disabilities Act of 1990, Title VII of the Civil Rights Act of 1964, the Employee Retirement
Income Security Act of 1974, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all
as amended, and other Federal, state and local laws relating to discrimination on the basis of age,
sex or other protected class, all claims under Federal, state or local laws for express or implied
breach of contract, wrongful discharge, defamation, intentional infliction of emotional distress,
and any related claims for attorneys’ fees and costs; provided, however, that
nothing herein shall release the Company from any of its obligations to Executive under the Letter
Agreement (including, without limitation, its obligation to pay the amounts and provide the
benefits upon which this General Release and Covenant Not to Sue is conditioned) or any rights
Executive may have to indemnification under any charter or by-laws (or similar documents) of any
member of the Company Group or any insurance coverage under any directors and officers insurance or
similar policies.

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

 

- 16 -

 

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

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

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

 

- 17 -

 

Executive acknowledges and agrees that Executive has entered into this General Release and
Covenant Not to Sue knowingly and willingly and has had ample opportunity to consider the terms and
provisions of this General Release and Covenant Not to Sue.

IN WITNESS WHEREOF, the undersigned has caused this General Release and Covenant Not to Sue to
be executed on this                      day of                     ,
_____.

	 	 	 	 	 
	 

	 	EXECUTIVE	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Robert G. Goldstein	 	 

 

- 18 -

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