Document:

Employment Agreement - Jeffrey Burge

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into this first day of September, 2009, by and between NEVADA EMPLOYER
LLC (the “Employer”), and JEFFREY BURGE (“Executive”). 
 RECITAL 

The Employer wants to employ Executive, and Executive wants to be so employed by the Employer, on the terms and subject to the conditions set forth in
this Agreement. 
 AGREEMENT 

NOW, THEREFORE, with this in mind and in consideration of the mutual promises set forth in this Agreement, the Employer and Executive hereby agree as
follows: 
  

	1.	Term of Employment 

(a) Executive’s employment under this Agreement (the “Term”) shall commence no
later than the 21 day of Sept. 2009 (the “Effective Date”), and shall end on the fourth
(4th) anniversary of the Effective Date (the
“Expiration Date”), or such earlier date on which Executive’s employment terminates as described in Section 8 (subject to any applicable resignation notice requirements). 

(b) Except for those provisions which expressly survive the termination or expiration of this Agreement, upon the
Expiration Date, all rights and obligations under this Agreement shall immediately lapse. No later than twelve (12) months prior to the Expiration Date, the Employer and Executive agree to engage in discussions related to an extension of this
Agreement beyond the Term. If the Employer and Executive are unable to reach such an agreement to extend, and if Executive’s employment continues beyond the Expiration Date, Executive shall remain an at-will employee whose employment may be
terminated at any time by either party for any reason or for no reason. 
  

	2.	Compensation 

(a) Base Salary. Commencing on the Effective Date, Executive shall receive an annual base salary (“Base
Salary”) of $400,000 paid in accordance with the Employer’s payroll policies in effect from time to time. Executive’s Base Salary shall be reviewed no less frequently than annually and may be increased by an amount determined by
the Employer, in its sole and absolute discretion and may not be decreased, without Executive’s written consent. 
  

			
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 (b) Annual Bonus. Executive shall be eligible to receive an annual
discretionary bonus (the “Annual Bonus”). Executive’s minimum Annual Bonus for calendar years 2009 and 2010 shall be $200,000 provided, however, that the actual amount of the Annual Bonus may be increased by the Employer, in
its sole and absolute discretion. For calendar years 2011 and beyond Executive’s Annual Bonus shall be discretionary and will be based on, among other things, Executive’s contribution to the achievement of goals and objectives pertaining
to the Employer and/or the Project, and Executive’s overall performance, as well as the performance of the Employer and/or the Project. The Annual Bonus shall be paid between January 1 and March 15 following the calendar year to which
it relates. Executive must remain continuously employed by the Employer through the date on which the Annual Bonus is paid and must not have submitted notice of intention to resign to be eligible to receive such Annual Bonus. 

(c) Retention Bonus. If, (i) prior to the fourth anniversary of the Effective Date, Nevada Property 1, LLC (the
“Owner”) consummates a sale to an unrelated third party of all or substantially all of the Owner’s interest in The Cosmopolitan Resort & Casino project in Las Vegas, Nevada (the “Project”); and (ii) as
of the date of completion of such sale, Executive’s employment has not terminated pursuant to Section 8 or Executive has not submitted notice of intent to resign pursuant to Section 8(a), then Executive shall be paid a Retention Bonus
of no less than $1,000,000, to be payable within 60 days following completion of the sale. The amount of the Retention Bonus may be increased by the Employer, in its sole and absolute discretion, and may be based on, among other things,
Executive’s contribution to the achievement of goals and objectives pertaining to the Employer, including, but not limited to, the contribution of Executive to the sale of the Project, and Executive’s overall performance, as well as the
performance of the Employer and/or the Project, including but not limited to the Owner’s gain on any such sale of the Project. If, as of the fourth anniversary of the Effective Date, there has not been any sale of the Project and
(A) Executive remains in Employer’s employment and has not submitted notice of intention to resign pursuant to Section 8(a); and (B) Executive executes a release in the form provided by the Employer within 50 days of the fourth
anniversary of the Effective Date and that release becomes effective, then Executive shall be paid the Retention Bonus in the amount of $1,000,000 payable within 90 days following the fourth anniversary of the Effective Date. If, (I) prior to
the fourth anniversary of the Effective Date, Executive’s employment is terminated pursuant to Section 8(e); and (II) Executive executes a release in the form provided by the Employer within 50 days of Executive’s termination of
employment and that release becomes effective, then Executive shall be paid a Retention Bonus in the amount of $1,000,000 payable within 90 days following the date of termination of employment. If, (x) prior to the fourth anniversary of the
Effective Date, 
  

			
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Executive’s employment is terminated pursuant to Section 8(f); and (y) Executive executes a release in the form provided by the Employer within 50 days of Executive’s
termination of employment and that release becomes effective, then Executive shall be paid a pro-rata portion of the Retention Bonus calculated as of the date of termination of employment as follows: $20,833.33 per month for each full month worked
(calculated as of the monthly anniversary of the Effective Date). Any applicable pro-rata portion of the Retention Bonus will be payable within 90 days following the date of termination of employment. If, however, prior to the completion of any such
sale, Executive’s employment is terminated pursuant to Section 8(a), 8(b), 8(c) or 8(d), the Executive shall not receive any portion of the Retention Bonus. 

(d) The obligations of the Employer under this Section will be supported by an independent commitment from Owner as
confirmed in the attached Acknowledgement. 
  

	3.	Title; Location 

 Executive shall serve as
Chief Financial Officer for the Project. Executive’s principal place of business initially shall be at the Project; provided, however, that Executive acknowledges and agrees that Executive may be required to travel from time-to-time for
business reasons. 
  

	4.	Duties 

 Executive shall have such duties
as may be assigned to Executive from time to time by the CEO of the Project, Board of Directors of Nevada Property 1, LLC (the “Board”) or such other person or entity as designated from time-to-time by Deutsche Bank AG. Executive is
also required to read, review and observe all of the Employer’s policies, procedures, rules and regulations in effect from time to time during the Executive’s employment that apply to employees of the Employer, including, without
limitation, the Code of Business Conduct and Ethics, as amended from time to time (a current version of which is attached as Exhibit A). Executive shall devote Executive’s full-time working time to the performance of Executive’s duties
hereunder, shall faithfully serve the Employer, shall in all respects conform to and comply with the lawful directions and instructions given to Executive the CEO of the Project, the Board or such other person or entity designated from time-to-time
by Deutsche Bank AG. Executive shall use Executive’s best efforts to promote and serve the interests of the Employer and the Project. Further, Executive shall not, directly or indirectly, render services to any other person or organization
without the consent of the Employer or otherwise engage in activities that would interfere with Executive’s faithful performance of Executive’s duties hereunder; provided, however, that Executive may serve on civic or charitable boards or
engage in charitable activities without remuneration if doing so is not inconsistent with, or adverse to, Executive’s employment hereunder. Executive shall report directly to the Board or such other entity as designated by Deutsche Bank AG.
Initially, Executive’s immediate supervisor shall be Jeff Baer but it is expected the Executive will report to the CEO of the Project once the CEO begins employment. 
  

			
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	5.	Other Benefits; Expenses 

(a) Executive shall be eligible to participate in all health, welfare, retirement, pension, life insurance, disability,
perquisite and similar plans, programs and arrangements generally available to employees of the Employer from time to time during Executive’s employment, subject to the then-prevailing terms, conditions and eligibility requirements of each such
plan, program, or arrangement. The Employer has reserved the right to amend or terminate any such plan, program, or arrangement at any time. 

(b) Executive expressly agrees and acknowledges that after the date of Executive’s employment termination, Executive
shall not be entitled to any additional benefits, except as specifically provided in this Agreement and the benefit plans in which Executive participates during his employment, and subject in each case to the then-prevailing terms and conditions of
each such plan. 
 (c) To the extent Executive incurs necessary and reasonable travel or other business expenses
in the course of Executive’s employment, Executive shall be reimbursed for such expenses, upon presentation of written documentation in accordance with the Employer’s policies in effect from time to time. 

 

	6.	Vacation and Paid Holidays 

(a) Executive shall be entitled to 20 paid vacation days per 12-month period, commencing with the Effective Date, subject
to reasonable pre-approval by the Employer. On each anniversary of the Effective Date, one half of any unused vacation balance shall carry forward to the subsequent 12-month period. Except as provided in the foregoing two sentences, vacation pay
shall be governed by the normal vacation policies of the Employer in effect from time to time. 
 (b) Executive
shall be entitled to all paid holidays allowed by the Employer to its full-time employees within the United States. 
  

	7.	Protection of the Employer’s Interests 

Executive recognizes the following: (1) during Executive’s employment with the Employer, Executive shall have access to confidential information
and valuable business relationships of the Employer; (2) the Employer’s confidential and business relationships are critical to the Employer’s success in the marketplace; (3) the Employer operates on a nationwide-basis, and
therefore, the Employer’s commitment to protecting its confidential information and business relationships is nationwide; and (4) Executive’s employment in certain capacities with a competitor would involve the use or disclosure of
the Employer’s confidential information. Therefore, in consideration for the compensation and confidential information provided to Executive, and that shall continue to be provided to Executive, to prevent the use or

  

			
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disclosure of the Employer’s confidential information, and to protect the valuable business relationships of the Employer, Executive agrees to the following: 

(a) Duty of Loyalty. During Executive’s employment, Executive shall owe a “Duty of Loyalty” to the
Employer, which includes, but is not limited to, Executive not competing in any manner, whether directly or indirectly, as a principal, employee, agent, owner, or otherwise, with any entity in the Employer’s Group, including, without
limitation, as more fully set forth in Section 7(f)(i) below. As used in this Agreement, “Employer’s Group” shall mean Nevada Employer LLC, Owner, and their respective affiliates, successors and related entities. 

(b) Property of the Employer. All rights worldwide with respect to any and all intellectual or other property of any
nature produced, created or suggested by Executive, whether on Executive’s own time or not, alone or with others, during Executive’s employment or resulting from Executive’s services which (i) relate in any manner at the time of
conception or reduction to practice to the actual or demonstrably anticipated business of the Employer, (ii) result from or are suggested by any task assigned to Executive or any work performed by Executive on behalf of the Employer,
(iii) were created using the time or resources of the Employer, or (iv) are based on any property owned or idea conceived by the Employer, shall be deemed to be a work made for hire and shall be the sole and exclusive property of the
Employer. To the extent such work does not qualify as a work made for hire, Executive hereby irrevocably assigns all rights in such work to Employer, including the right to sue for infringement. Executive agrees to execute, acknowledge and deliver
to the Employer, at the Employer’s request, such further documents, including copyright and patent assignments, as the Employer finds appropriate to evidence the Employer’s rights in such property and hereby appoints Employer as
Executive’s attorney in fact should Executive be unavailable to execute such forms as may be necessary to register any such rights. 

(c) Confidentiality. Executive acknowledges, and the Employer agrees, that during Executive’s employment, Executive
will have access to, and become informed of, confidential and proprietary information concerning the Employer. During Executive’s employment and at all tunes following the termination of Executive’s employment, the confidential or
proprietary information of any entity in the Employer’s Group shall not be used by Executive or disclosed or made available by Executive to any person except as required in the course of Executive’s employment. Executive specifically
agrees that this Agreement constitutes confidential and proprietary information concerning the Employer. Upon the termination of Executive’s employment (or at any time on the Employer’s request), Executive shall return to the Employer all
such information that exists, whether in electronic, written, or other form (and all copies or extracts thereof) under Executive’s control and 

 

			
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shall not retain such information in any form, including without limitation on any devices, disks or other media. Without limiting the generality of the foregoing, Executive acknowledges signing
and delivering to the Employer the Nondisclosure and Non-Solicitation Agreement attached as Exhibit B hereto (the “Nondisclosure and Non-Solicitation Agreement”) as of the Effective Date and Executive agrees that all terms and
conditions contained in such agreement, and all of Executive’s obligations and commitments provided for in such agreement, shall be deemed, and hereby are, incorporated into this Agreement as if set forth in full herein. 

(d) Return of Property and Resignation from Office. Executive acknowledges that, upon termination of Executive’s
employment for any reason whatsoever (or at any time on the Employer’s request), Executive shall promptly deliver to the Employer or surrender to the Employer’s representative all property of any entity in the Employer’s Group,
including, without limitation, all documents and other materials (and all copies thereof) relating to the Employer’s business, all identification and access cards, all contact lists, all customer information including but not limited to
customer lists and customer preferences, and third party business cards however and wherever preserved, and any equipment provided by any entity in the Employer’s Group, including, without limitation, computers, telephones, personal digital
assistants, memory cards and similar devices that Executive possesses or has in Executive’s custody or under Executive’s control. Executive shall cooperate with the Employer by participating in interviews to share any knowledge Executive
may have regarding the Employer’s intellectual or other property with personnel designated by the Employer. Executive also agrees to resign from any office held by Executive within the Employer immediately upon termination of Executive’s
employment for any reason whatsoever (or at any time on the Employer’s request) and Executive irrevocably appoints any person designated as the Employer’s representative at that time as Executive’s delegate to effect such resignation.

 (e) Covenant Not to Engage in Certain Activities. For the period of six (6) months following the
termination of Executive’s employment for any reason whatsoever, Executive shall not, either alone or jointly, for pay or otherwise, with or on behalf of others, whether as principal, partner, agent, shareholder, director, employee, consultant,
owner, manager or otherwise, engage in, supervise, or assist others to perform the same or similar activities in which Executive was engaged during the two (2) years prior to Executive’s separation from the Employer for any reason, either
directly or indirectly, for any business that is within 100 miles of the Project engaged in or about to be engaged in (A) gaming, (B) casino and/or hotel and resort operations or management, or (C) marketing or solicitation on behalf
of any such entity. It shall not be a violation of this Agreement to perform services for a diversified business or enterprise meeting the requirements of provisions (A), (B), or (C) above

  

			
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if Executive does not personally engage in, supervise, or have any other involvement whatsoever in any activities described in this Section and Executive does not have an ownership interest in
the business or enterprise, except that the foregoing shall not prevent Executive from holding at any time less than five percent (5%) of the outstanding capital stock of any company whose stock is publicly traded. Executive expressly
acknowledges and agrees that the restrictions contained in this Section 7(e) are reasonably tailored to protect the Employer’s legitimate business interests, and are reasonable in all circumstances in scope, duration and all other
respects. 
 (f) Covenant Not to Solicit. 

 

	 	(i)	During Executive’s employment and for six (6) months following the termination of Executive’s employment for any reason whatsoever, Executive shall not,
either alone or jointly, with or on behalf of others, whether as principal, partner, agent, shareholder, director, employee, consultant or otherwise, directly or indirectly: (a) hire, offer employment to, or solicit the employment or engagement
of, or otherwise entice away from the employment or engagement of the Employer, either for Executive’s own account or for any other person, firm or company, any person employed or otherwise engaged by any entity in the Employer’s Group,
whether or not such person would commit any breach of a contract by reason of his or her leaving the service of the Employer; or (b) retain, solicit, induce or entice any client, customer, contractor, licensor, agent, partner or other business
relationship of any entity in the Employer’s Group to terminate, discontinue, renegotiate or otherwise cease or modify its relationship with the Employer. Any exception to this provision must be pre-approved in writing by the Employer, the
Owner and Deutsche Bank AG in their sole and absolute discretion. 

  

	 	(ii)	During Executive’s employment and at all times following the termination of Executive’s employment for any reason whatsoever, Executive shall not directly or
indirectly solicit, induce or entice any client, customer, contractor, licensor, agent, partner or other business relationship of any entity in the Employer’s Group to terminate, discontinue, renegotiate or otherwise cease or modify its
relationship with the Employer. 

  

	 	(iii)	Executive expressly acknowledges and agrees that the restrictions contained in this Section 7 are reasonably tailored to protect the Employer’s confidential
information and trade secrets, and are reasonable in all circumstances in scope, duration and all other respects. The provisions of this Section 7 shall survive the termination of this Agreement. 

 

			
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	8.	Termination of Employment 

(a) Resignation by Employee. Should Executive resign his employment for any reason prior to the completion of a sale of
the Project, Executive shall immediately forfeit any rights related to Section 2(c). Further, Executive agrees to provide the Employer with at least thirty (30) days’ notice of his intention to resign Executive’s employment with
Employer. During the thirty day notice period, Executive will continue to receive his full salary and benefits under this Agreement. Employer, in its sole discretion, may elect to place Executive on leave during the thirty day period or terminate
his employment. 
 (b) By the Employer for Cause. Employer may terminate Executive’s employment for
“Cause,” which shall include, but not be limited to, a good-faith determination by the Employer that Executive: (i) engaged in misconduct or gross negligence in the performance of Executive’s duties or willfully and
continuously failed or refused to perform any duties reasonably requested in the course of Executive’s employment; (ii) engaged in fraud, dishonesty, or any other improper conduct that causes, or in the sole and absolute discretion of the
Employer has the potential to cause, harm to any entity in the Employer’s Group, including its business or reputation; (iii) violated any lawful directives or policies of the Employer or any applicable laws, rules or regulations;
(iv) materially breached Executive’s employment agreement, Nondisclosure and Non-Solicitation Agreement or any other agreement with any entity in the Employer’s Group; (v) committed, was charged with, was convicted of, or pled
guilty or no contest to, a felony or crime involving dishonesty or moral turpitude; (vi) breached Executive’s fiduciary duties to the Employer; or (vii) failed to obtain or maintain in good standing any necessary or desirable licenses
or took any action that could reasonably be expected to jeopardize Executive’s, the Employer’s or any other member of the Employer’s Group’s ability to obtain or retain in good standing any necessary or desirable licenses. If
Executive engages in an activity that Employer considers to be Cause for Executive’s termination and it is capable of being cured by Executive, Executive will (x) receive notice (written or otherwise) of that event and (y) have a
reasonable opportunity to cure as determined by Employer in its sole discretion. If Executive’s employment terminates for any reason other than a termination by the Employer for Cause, at a time when the Employer had Cause to terminate
Executive (or would have had Cause if it then knew all relevant facts), Executive’s termination shall be treated as a termination by the Employer for Cause. 

(c) Death. In the event of Executive’s death, Executive’s employment shall terminate immediately and be deemed a
Resignation as defined in Section 8(a) as of the date of Executive’s death. 
  

			
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 (d) Disability. In the event that Executive has or develops a disability (as
defined below) then, to the extent not prohibited by applicable law, the Employer shall have the right to terminate Executive’s employment. Executive acknowledges that, should such disability continue for a period of more than 12 weeks during
any 12-month period, or if Executive occupies a key position or is performing key duties for the Employer at the time of such absence, any further absence likely would cause the Employer an undue hardship and/or substantial and grievous injury.
Except to the extent provided by the Employer’s policies and practices then in effect, Executive shall not receive any Base Salary during any period of disability during which Executive is unable to perform the services required of Executive
under this Agreement. For purposes hereof, a “disability” shall mean a physical or mental impairment that renders Executive unable to perform the duties required of Executive under this Agreement, even with the Employer providing
Executive a reasonable accommodation, as determined by a physician selected by the Employer in its sole discretion. Executive shall cooperate and be available for any medical examination requested by the Employer with respect to any determination of
whether Executive has a disability within ten (10) days of such a request. 
 (e) By Employer Due to a
Shutdown of the Project. In the event Employer terminates Executive’s employment as part of a shutdown of the Project, Executive’s employment shall terminate immediately and Executive shall not be entitled to any severance pay except that
Executive shall be eligible for a payment pursuant to Section 2(c). 
 (f) By Employer for Any Other Reason.
Notwithstanding any other provision of this Agreement, the Employer may terminate Executive’s employment for any reason or no reason at any time, provided, however, if applicable, Executive shall be eligible for a payment pursuant to the
applicable subsection of Section 2(c), plus severance pay equal to six months of Executive’s base salary, and otherwise subject to the applicable provisions of this Section 8. 

 

	9.	General Provisions 

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

  

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

(c) Assignment. This Agreement and the rights and obligations hereunder shall not be assignable or transferable by
Executive without the prior written consent of the Employer in its sole and absolute discretion. The Employer may assign this Agreement or all or any part of its rights and obligations under this Agreement at any time without Executive’s
consent and following such assignment all references to the Employer shall be deemed to refer to such assignee and the Employer shall thereafter have no obligation under this Agreement. 

(d) No Conflict with Prior Agreements. Executive represents to the Employer that neither Executive’s commencement of
employment under this Agreement nor the performance of Executive’s duties under this Agreement conflicts or will conflict with any contractual or legal commitment on Executive’s part to any third party, nor does it or will it violate or
interfere with any rights of any third party. 
 (e) Successors. This Agreement shall be binding on and inure to
the benefit of the Employer and its successors and assigns, including successors by merger and operation of law. This Agreement shall also be binding on and inure to the benefit of Executive and Executive’s heirs, executors, administrators and
legal representatives. 
 (f) Waiver. No waiver by Executive or the Employer at any time of any breach by the
other party of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No waiver
of any provision of this Agreement shall be implied from any course of dealing between or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of occasions. 

(g) Taxation. The Employer may withhold from any payments made under the Agreement all federal, state, city or other
applicable taxes or amounts as shall be required or permitted pursuant to any law, governmental regulation or ruling or agreement with Executive. 

(h) Choice of Law. Except to the extent governed by federal law, this Agreement shall be governed by and construed in
accordance with the laws of the State of Nevada, without regard to conflict of law principles. 
  

			
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 (i) Conditions of Employment -Immigration, Background Check, Miscellaneous.
Executive’s employment by Employer and all of the terms and condition of this Agreement is conditioned upon satisfactory (i) proof of Executive’s identity and legal ability to work in the United States, (ii) passage of the
Employer’s pre-employment processing, (iii) passage of a background check, (iv) passage of a drug screening, (v) Executive commencing employment within 45 days of executing this Agreement and (vi) acceptability of Executive
to the relevant regulatory authorities and obtaining such licenses as are deemed necessary or desirable by the Employer. 

(j) Arbitration. 
  

	 	(i)	Except as otherwise provided in this Agreement and in Section 9(m) hereof, any dispute or controversy between the Employer and Executive will be settled by final
and binding arbitration by a single arbitrator to be held in the city in which Executive was last employed by the Employer, unless the Employer and Executive agree otherwise, in accordance with the JAMS rules for resolution of employment disputes
then in effect, except as provided in this Section 9(j). The arbitrator the parties select will have the authority to grant any party all remedies otherwise available by law, but will not have the power to grant any remedy that would not be
available in a state or federal court. Either party may seek court intervention in a dispute for interim equitable relief in a court of competent subject matter jurisdiction located within the city in which Executive was last employed by the
Employer, but the resort to interim equitable relief will be pending and in aid of arbitration only, and in such cases the trial on the merits of the action will occur in front of, and will be decided by, the arbitrator, who will have the same
ability to order legal or equitable remedies as could a court of general jurisdiction. The arbitrator will have the authority to hear and rule on dispositive motions (such as motions for summary adjudication or summary judgment). This arbitration
obligation shall not prohibit the Employer or Executive from filing a claim with an administrative agency, nor does it apply to claims for workers’ compensation or unemployment benefits, or claims for benefits under an employee welfare or
pension plan that specifies a different dispute resolution procedure. 

  

	 	(ii)	 Notwithstanding anything to the contrary in the rules of JAMS, the arbitration shall provide (a) for written discovery and depositions as provided
under the Federal Rules of Civil Procedure and (b) for a written decision by the arbitrator that includes the essential findings and conclusions upon which the decision is based which must be issued no later than thirty (30) days after a
dispositive motion is heard or an arbitration hearing has completed. The Employer will pay the fees and administrative costs charged by the arbitrator and JAMS; provided, however, that if Executive initiates the claim, Executive

  

			
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must initiate it by paying to JAMS an amount equal to the filing fee for the court of general jurisdiction in the state in which Executive was last employed by the Employer.

  

	 	(iii)	Either party will have the same amount of time to file any claim against any other party as it would have if the claim had been filed in state or federal court. In
conducting the arbitration, the arbitrator will follow the Federal Rules of Evidence (including but not limited to all applicable privileges). 

  

	 	(iv)	The arbitrator must be experienced in employment law. He or she will be selected by the mutual agreement of the parties. If the parties cannot agree on an arbitrator,
the parties will alternately strike names from a list provided by JAMS until only one name remains. 

  

	 	(v)	The decision of the arbitrator will be final, conclusive and binding on the parties to the arbitration. The prevailing party in the arbitration, as determined by the
arbitrator, shall be entitled to recover his or its reasonable attorneys’ fees, experts’ fees and costs, including the costs or fees charged by the arbitrator and JAMS, in addition to such other relief as may be granted, under the
standards provided by law for awarding such fees and costs applicable to the claims asserted. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. 

 

	 	(vi)	Executive understands that Executive’s and the Employer’s agreement to arbitrate all disputes means that both Executive and the Employer are waiving their
right to file a court action, except for requests for injunctive relief pending arbitration. Executive also understands that both Executive and the Employer are giving up any right to a jury trial. 

(k) Severability. It is expressly agreed by the parties that each of the provisions included in Sections 7(e) and 7(f) is
separate, distinct, and severable from the other and remaining provisions of Sections 7(e) and 7(f), and that the invalidity or unenforceability of any Section 7(e) or 7(f) provision shall not affect the validity or enforceability of any other
provision or provisions of this Agreement. If any provision of this Agreement is held to be illegal, invalid or unenforceable under, or would require the commission of any act contrary to, existing or future laws, such provisions shall be fully
severable, the Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this Agreement shall remain in full force and effect and
shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision, there shall be added automatically as part of this Agreement
a legal and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible. 
  

			
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 (l) Services Unique. Executive recognizes that the services being performed
by Executive under this Agreement are of a special, unique, unusual, extraordinary and intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated for in damages in the event of a breach of
this Agreement by Executive. 
 (m) Injunctive Relief. In the event of a breach of or threatened breach of the
provisions of this Agreement regarding the exclusivity of Executive’s services or the provisions of Sections 7 and 8, Executive agrees that any remedy at law would be inadequate. Accordingly, Executive agrees that the Employer is entitled to
obtain injunctive or other equitable relief for such breaches or threatened breaches in any court of competent jurisdiction. The injunctive and equitable relief provided for in this Section 9(m) is in addition to, and is not in limitation of,
any and all other remedies at law or in equity otherwise available to the applicable party. The parties agree to waive the requirement of posting a bond in connection with a court’s issuance of an injunction. If the Employer prevails in whole
or in substantial part with respect to any litigation between Executive and the Employer concerning the interpretation of or performance under Section 7, the Employer shall recover from Executive its reasonable attorneys’ and other fees.

 (n) Remedies Cumulative. The remedies in this Agreement are not exclusive, and the parties shall have the
right to pursue any other legal or equitable remedies to enforce the terms of this Agreement. 
 (o) Headings.
The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of the provisions of this Agreement. 

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

 

			
	 CONFIDENTIAL
	  	13

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

(q) Survivability. The provisions of Sections l(b), 7, and 9, as well as the Nondisclosure and Non-solicitation Agreement,
shall survive the termination of this Agreement. 
 (r) Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed an original and both of which together shall constitute one and the same instrument. 

(s) Legal Counsel. Executive acknowledges that Executive has been given the opportunity to consult with legal counsel or
any other advisor of Executive’s own choosing regarding this Agreement. Executive understands and agrees that any attorney retained by the Employer, or any member of management who has discussed any term or condition of this Agreement with
Executive or Executive’s advisor is only acting on behalf of the Employer and not on Executive’s behalf. 

(t) Right to Negotiate. Executive hereby acknowledges that Executive has been given the opportunity to participate in the
negotiation of the terms of this Agreement. Executive acknowledges and confirms that Executive has read this Agreement and fully understands its terms and contents. 

(u) No Broker. Executive has given no indication, representation or commitment of any nature to any broker, finder, agent
or other third party to the effect that any fees or commissions of any nature are, or under any circumstances might be, payable by the Employer in connection with Executive’s employment under this Agreement. 

(v) All Terms Material. Executive’s failure to comply with any of the terms of this Agreement shall constitute a
material breach of this Agreement. 
  

			
	 CONFIDENTIAL
	  	14

	10.	Notices 

 All notices which either party
is required or may desire to give the other shall be in writing and given either personally or by depositing the same in the United States mail addressed to the party to be given notice as follows: 

 

			
	To the Employer:	  	Nevada Employer LLC
		  	4285 Polaris Avenue
		  	Las Vegas, NV 89103
		  	Attention: General Counsel
		  	
	To Executive:	  	Jeffrey Burge
		  	at the address set forth in the
		  	Employer’s personnel file

 Either party may by written
notice designate a different address for giving of notices. The date of mailing of any such notices shall be deemed to be the date on which such notice is given. 
  

									
	ACCEPTED AND AGREED TO:	 		 	
			
	EMPLOYER	 		 	EXECUTIVE
			
	NEVADA EMPLOYER LLC	 		 	
				
		 	/s/ Jeff Baer	 		 	/s/ Jeffrey Burge
	By:	 		 		 	Jeffrey Burge
	Date:	 	9-1-09	 		 		 	
		 		 		 	
				
		 	/s/ Kathryn Turner	 		 	/s/ Anthony Pearl
	By:	 	V.P of H. R.	 		 	General Counsel
	Date:	 	9-1-09	 		 	

  

			
	 CONFIDENTIAL
	  	15Employment Agreement - Sherry Harris

 Exhibit 10.5 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is entered into as of December 31, 2009 (the “Effective Date”) by
and between NEVADA EMPLOYER LLC (the “Employer”), and SHERRY HARRIS (the “Executive”). Employer and Executive are jointly referred to herein as the “Parties.” 

RECITALS 

WHEREAS, Employer has been contracted by Nevada Property 1, LLC (“Owner”) for purposes of providing employees to that
certain hotel resort casino project known as The Cosmopolitan Resort & Casino located in Las Vegas, Nevada (the “Project”); 

WHEREAS, Employer desires to offer employment to Executive as provided for in Section 1 of this Agreement, and Executive
wishes to accept such employment upon such terms and conditions set forth herein; 
 Now, therefore, in consideration of the
foregoing and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Parties agree that the foregoing recitals are true and correct and are incorporate herein as if fully set forth and further
agree as follows: 
 AGREEMENT 
  

	1.	Employment. During the Specified Term (defined in Section 2 below), Employer shall employ Executive as Employer’s Chief Strategy Officer. Executive may
have such duties, authorities, and responsibilities as may customarily be exercised by individuals serving as the Chief Strategy Officer of similarly situated employers, including oversight of Human Resources, Strategy, and the Project Management
Office (PMO). Executive shall report to John Unwin (the “Chief Executive Officer”). 

  

	2.	Commencement Date; Specified Term. Subject to earlier termination as provided for herein, the term of Executive’s employment hereunder shall commence on a
date no later than January 18, 2010 (the “Commencement Date”) and terminate on January 17, 2013 (the “Specified Term”). The first annual period commencing on the Commencement Date through the end of calendar year 2010,
and thereafter each calendar year during the Specified Term, shall hereinafter be referred to as a “Contract Year.” If Executive remains employed by Employer after the conclusion of the Specified Term, any such employment shall be
expressly at-will, unless the Parties agree otherwise in writing, and the provisions of Sections 13 through 18 shall no longer have any force or effect. 

 

	3.	 Base Salary. During the Specified Term, in consideration of the performance by Executive of all of Executive’s obligations hereunder,
Employer shall pay Executive an annual base salary of $400,000.00 (the “Base Salary”). The Base 

	 	
Salary shall be payable in accordance with the payroll practices of Employer in effect from time to time for Employer’s other similarly situated executives. If and to the extent consistent
with the review program and compensation policies for similarly situated executives, Employer shall perform a review of Executive’s performance on or before each anniversary of the Commencement Date for consideration of an increase of
Executive’s Base Salary for the immediately following Contract Year. 

  

	4.	Bonus Compensation. Executive shall be eligible to participate in the discretionary executive bonus and long term incentive program(s) offered by Employer, if
any, in the same manner as other similarly situated executives, and in accordance with the terms of such bonus and incentive program; provided, however, that Executive’s minimum annual cash bonus for calendar year 2010 shall be $200,000. Except
as otherwise expressly provided for herein, Executive shall only be entitled to receive a bonus (including the above-described minimum annual bonus for calendar year 2010) if Executive remains continuously employed, and has not given notice of
Executive’s intent to resign, through the date upon which any bonus is to be paid, which shall not be later than ninety (90) days after the end of each Contract Year. If this Section 4 conflicts with the provision of any other
agreement or plan of any kind pertaining to the earning or payment of bonus or incentive compensation, the terms of this Agreement shall control. In addition, Employer shall pay Executive a signing bonus in the amount of $25,000.00 within thirty
(30) days after the date of this Agreement. 

  

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

  

	6.	Expense Payments and Reimbursements. To the extent Executive incurs necessary and reasonable travel or other business expenses in the course of Executive’s
employment, Executive shall be reimbursed for such expenses, upon presentation of written documentation in accordance with Employer’s policies in effect from time to time. In addition, Executive shall receive the specific travel, housing and
relocation reimbursement as described in Exhibit A attached hereto, and to be more particularly set forth in a separate relocation agreement. 

  

	7.	 Extent of Services. Executive agrees that the duties and services to be performed by Executive shall be performed exclusively for Employer on a
full time basis. Executive further agrees to perform such duties in an efficient, trustworthy and businesslike manner. Executive agrees not to render to others any service of any kind whether or not for compensation, or to engage in any other
business activity whether or not for compensation, that, in each case, is similar to or conflicts with the performance of Executive’s duties under this Agreement, without the written approval of the Project’s Compliance Officer or such
other person as may be 

  

 2 

	 	
designated by Employer from time to time. Notwithstanding the foregoing, Executive shall be entitled to conduct his own personal affairs, including directing and managing the investment of the
assets of Executive’s and/or Executive’s immediate family, so long as such activities do not interfere with Executive’s duties and services hereunder. Notwithstanding the foregoing, Executive shall be permitted to hold a position on
the Advisory Board of OrderCatcher LLC, provided that services rendered in such capacity will not unreasonably interfere with performance of Executive’s duties under this Agreement, and for so long as Executive’s participation in said
company does not violate Employer’s conflict of interest policies, as the same may be amended from time to time. 

  

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

 

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

  

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

  

	11.	Restrictive Covenants. 

  

	 	a.	 Non-Competition. Executive acknowledges that by virtue of Executive’s position with Employer and in the course of Executive performing
Executive’s duties and responsibilities hereunder, Executive will form relationships and become specifically and generally acquainted with Employer’s, Project’s, and Owner’s (collectively the “Employer’s Group”)
confidential and proprietary information as further described in Section 11(b) below. Executive further acknowledges that such relationships and 

 

 3 

	 	
information are and will remain highly valuable to Employer’s Group and that the restrictions on future employment, if any, are reasonably necessary in order for Employer’s Group to
remain competitive in the highly competitive resort-gaming industry. In recognition of Employer Group’s heightened need for protection from abuse of relationships formed or information garnered before and during Executive’s employment
hereunder, Executive covenants and agrees that: 

  

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

  

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

  

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

 

	 	(iv)	 Notwithstanding the obligations enumerated herein, it shall not be a violation of any obligation owed by Employee during the restrictive periods
identified in Sections 11(a)(i), (ii) or (iii) for 

  

 4 

	 	
Executive (or anyone one acting on Executive’s behalf) to own up to five percent (5%) of a publically traded entity engaged in the hotel-resort or hotel-resort-gaming industry so long
as such ownership does not result in Executive having any operational or management role of any kind in such industry. 

  

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

 

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

  

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

  

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

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

 5 

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

 

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

 

 6 

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

 

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

  

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

 

 7 

	 	a.	A portion of the compensation and consideration to be paid to Executive hereunder is in consideration for: (i) Employer’s agreement to employ Executive;
(ii) agreement that the covenants contained in Sections 7 and 11 are reasonable, appropriate and suitable in their geographic scope, duration and content; (iii) agreement that Executive shall not, directly or indirectly, raise any issue of
the reasonableness, appropriateness and suitability of the geographic scope, duration or content of such covenants and agreements in any proceeding to enforce such covenants and agreements; (iv) agreement that such covenants and agreements
shall survive the termination of this Agreement, in accordance with their terms; and, (v) the free and full assignability of such covenants and agreement upon a sale or other transaction of any kind relating to the ownership and/or control of
the Project; 

  

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

  

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

 

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

 

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

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

 

	13.	 Termination for Death or Disability. Executive’s employment hereunder shall terminate upon Executive’s death or Disability (as defined
below). In the event of Executive’s death or Disability, Executive (or Executive’s estate or beneficiaries in the case of death) shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after
the date of termination of employment other than (a) unpaid Base Salary earned to the date of termination of employment (which shall be paid on Employer’s next scheduled payroll date), (b) any bonus and/or incentive award earned in
accordance with the terms of 

  

 8 

	 	
Employer’s plan in a prior calendar year then unpaid to Executive (which shall be paid on the date such bonus is distributed to other executives in like positions), (c) business expense
reimbursement pursuant to Section 6, (d) benefits provided pursuant to Section 5 (including but not limited to any unused vacation pay through the date of termination, to the extent theretofore unpaid), subject to the terms and
conditions applicable thereto, and (e) a pro rata bonus and/or incentive award determined in accordance with Section 4, above, for the year of termination based on the amount Executive would have earned but for Executive’s
termination, which shall be paid at the time such bonus and/or incentive award would have been paid in the ordinary course. For purposes of this Section 13, Disability is defined as Executive’s incapacity, certified by a licensed physician
selected by Employer (“Employer’s Physician”), which precludes Executive from performing the essential functions of Executive’s duties hereunder for any consecutive period of three (3) months or more. In the event Executive
disagrees with the conclusions of Employer’s Physician, Executive (or Executive’s representative) shall designate a physician (“Executive’s Physician”), and Employer’s Physician and Executive’s Physician shall
jointly select a third physician (“Third Physician”), who shall make the determination. Executive hereby consents to any examination or to provide or authorize access to any medical records that may be reasonably required by
Employer’s Physician or the Third Physician in connection with any determination to be made pursuant to this Section 13. 

  

	14.	 Termination by Employer for Cause. Employer may terminate Executive’s employment hereunder for “Cause” (as defined below) at any
time. If Employer terminates Executive’s employment for Cause, Executive shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after the date of termination of employment other than unpaid Base
Salary earned to the date of termination of employment (which shall be paid on Employer’s next scheduled payroll date), unpaid business expense reimbursement pursuant to Section 6, and any unused vacation pay through the date of
termination, to the extent theretofore unpaid. For purposes of this Section 14, Cause is defined as: (a) any material breach by Executive of any of Executive’s material obligations contained in this Agreement (other than any such
failure resulting from any medically determined physical or mental impairment); (b) Executive’s engaging in illegal conduct or gross misconduct which is injurious to the Employer; (c) a material breach of Executive’s fiduciary
duties of loyalty or care to the Employer, or Employer’s code of ethics or anti harassment/discrimination/retaliation policies; (d) conviction or plea of nolo contendere to a felony, or (e) circumstances set forth in Section 9
above. Notwithstanding the foregoing, prior to terminating Executive’s employment hereunder for Cause pursuant to Section 14(a) or (b), and except with respect to an uncurable breach pursuant to subsection (e) above, Executive shall
be given thirty (30) days prior written notice that Employer intends to terminate Executive’s employment for Cause during which time Executive must demonstrate to the satisfaction of Employer that Executive either has cured his

  

 9 

	 	
defective performance or has a specific and detailed plan for such cure. If Employer determines that Executive has not cured or has failed to present a thorough plan for cure prior to the
expiration of such thirty (30) day period, Executive shall be terminated for Cause at the expiration of such thirty (30) day period. 

  

	15.	 Termination by Employer without Cause; Termination by Executive for Good Reason. Employer may, at any time, terminate Executive’s
employment hereunder without Cause by delivering 30 days prior written notice of termination. Executive may, with 30 days’ prior written notice to Employer, terminate Executive’s employment hereunder for “Good Reason” (defined
below). Such notice shall reasonably specify the grounds for Executive’s decision to terminate employment for Good Reason. If Employer terminates Executive’s employment hereunder other than for Cause, or if Executive terminates
Executive’s employment hereunder for Good Reason, then Executive shall have no right to receive any compensation or benefit hereunder or otherwise from Employer on and after the date of termination of employment other than (a) Base Salary
then in effect, earned but unpaid through the date of termination, plus twelve (12) months Base Salary then in effect paid in accordance with Employer’s scheduled payroll practices, provided however that if such termination occurs during
the first year of the Specified Term, Executive shall be paid the $200,000.00 minimum bonus described in Section 4 within thirty (30) days after termination, (b) any discretionary bonus and/or other incentive benefit expressly awarded
but not yet paid to Executive (which shall be paid to Executive at the same time Employer distributes like bonuses and/or awards to similarly situated executives), (c) a pro rata bonus and incentive award determined in accordance with
Employer’s then existing policies, for the year of termination based on the amount Executive would have earned but for Executive’s termination, which shall be paid at the time such bonus and award would have been paid in the ordinary
course, (d) any bonus and incentive award that would have been earned but for Executive’s termination for the year following termination calculated in accordance with Employer’s then existing policies, provided however that the total
amount of such bonus and incentive award shall not be less than the total amount of bonus and incentive award that was last awarded to Executive by Employer for an annual period (which shall be paid at the time such bonus and award would have been
paid in the ordinary course), (e) business expense reimbursement pursuant to Section 6, (f) any unused vacation pay through the date of termination to the extent theretofore unpaid, and (g) continued health care coverage or COBRA
coverage, at no cost to Executive or his dependents, under Employer’s health insurance programs for twelve (12) months immediately following termination after which time the cost of continued health coverage shall be Executive’s sole
and exclusive responsibility; provided, however, that if Executive becomes eligible for health and insurance coverage from a new employer, then Employer’s obligations pursuant to this clause 15 shall immediately cease. The payments and benefits
to be provided pursuant to this Section 15 upon termination of Executive’s employment shall constitute the 

 

 10 

	 	
exclusive payments in the nature of severance, termination pay or salary continuation which shall be due to Executive and shall be in lieu of any other such payments or benefits under any plan,
program, policy or arrangement which has heretofore been or shall hereafter be established by Employer. 

  

	16.	Good Reason Defined. For purposes of Section 15, Good Reason is defined as (a) breach by Employer of any of its material obligations contained in this
Agreement (b) a material reduction by Employer of Executive’s title or reporting relationship; (c) the assignment to Executive of any duties or responsibilities materially and adversely inconsistent with Executive’s title and
stature; (d) Employer’s bankruptcy; or (e) the occurrence of a “Change in Control” which is defined herein as each of (i) a sale or exchange (or negotiations that lead to) of the capital interest by the
members of the Employer in one transaction or series of related transactions where more than 50% of the outstanding voting power of the Employer is acquired by a person or entity or group of related persons or entities; or (ii) a
reorganization, consolidation or merger (or negotiations leading thereto) of the Employer with or into any other entity, entities, corporation or corporations where the outstanding voting rights of the Company immediately before the transaction
represent or are converted into less than fifty percent 50% of the outstanding voting power of the surviving entity (or its parent corporation) immediately after the transaction; or (iii) a sale of all or substantially all of the assets of the
Employer and its subsidiaries, on a consolidated basis, but in each case of (i), (ii) or (iii) above, the same shall constitute Good Reason only if Executive’s employment hereunder is also terminated substantially concurrently with
said Change of Control. Notwithstanding the foregoing, a bona fide equity financing shall not be deemed to be a Change in Control. Notice of termination given to Employer by Executive for Good Reason shall specify the reason(s) for such termination
and, if reasonably susceptible of cure, Employer shall have 30 days to cure such breach. If Employer fails to cure such reason for termination within 30 days of notice by Executive that Executive is exercising a Good Reason termination, termination
for Good Reason shall then become effective. 

  

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

  

	18.	 Release; Full Satisfaction. Notwithstanding any provision in Sections 13 (in the case of “Disability”) and 15 hereof, no payments or
benefits shall be provided pursuant to Sections 13 or 15, which are in addition to the payments or benefits that are required by law, unless and until Executive executes and delivers a

  

 11 

	 	
standard form of general release of any and all claims relating to this Agreement and employment generally, and such release has become irrevocable in the event that the release of a claim
requires a waiting period for irrevocability. The form of such general release is attached hereto as Exhibit B. 

  

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

 

	20.	Section 409A. To the extent applicable, it is intended that the Agreement comply with the provisions of Section 409A of the Internal Revenue Code of
1986, as amended (“Section 409A”). The Agreement shall be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Agreement to fail to satisfy Section 409A shall have no force and
effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Section 409A). Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment
with Employer for purposes of the Agreement and no payments shall be due to Executive under the Agreement which are payable upon Executive’s termination of employment unless Executive would be considered to have incurred a “separation from
service” from Employer within the meaning of Section 409A. To the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be payable and benefits that would
otherwise be provided pursuant to the Agreement during the six-month period immediately following Executive’s termination of employment shall instead be paid on the first business day after the date that is six months following Executive’s
termination of employment (or upon Executive’s death, if earlier). In addition, for purposes of the Agreement, each amount to be paid or benefit to be provided to Executive pursuant to the Employment Agreement shall be construed as a separate
identified payment for purposes of Section 409A. With respect to expenses eligible for reimbursement under the terms of the Agreement, (i) the amount of such expenses eligible for reimbursement in any taxable year shall not affect the
expenses eligible for reimbursement in another taxable year and (ii) any reimbursements of such expenses shall be made no later than the end of the calendar year following the calendar year in which the related expenses were incurred, except,
in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A. 

 

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

  

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

 

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

  

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

 

 13 

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

  

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

To Employer: 

John Unwin 

Chief Executive Officer 

The Cosmopolitan Resort & Casino 

4285 Polaris Avenue 

Las Vegas, Nevada 89103 

With a copy to: 

Anthony J. Pearl 

General Counsel - Development 

The Cosmopolitan Resort & Casino 

4285 Polaris Avenue 

Las Vegas, Nevada 89103 

To Executive: 

Sherry Harris 

255 West
85th Street, PH #6 

New York, NY 10024 

With a copy to: 

Liviu Vogel, Esq. 

Salon Marrow Dyckman Newman & Broudy LLP 

292 Madison Avenue 

New York, NY 10017 
  

 14 

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

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

  

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

  

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

  

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

  

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

 

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

 

	33.	 Waiver of Jury Trial. EXECUTIVE AND EMPLOYER RECOGNIZE THAT A TRIAL BY JURY IS MORE COSTLY AND TIME CONSUMING THAN

  

 15 

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

  

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

  

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

 

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

  

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

  

 16 

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

	
	EXECUTIVE:
	
	/s/ Sherry Harris
	SHERRY HARRIS

  

					
	NEVADA EMPLOYER LLC:
		
	By:	 	/s/ Jeff Baer
		 	Name:	 	Jeff Baer
		 	Title:	 	President

  

					
	NEVADA EMPLOYER LLC:
		
	By:	 	/s/ John Unwin
		 	Name:	 	John Unwin
		 	Title:	 	Chief Executive Officer

  

 17

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