Document:

wynn_ex10-1.htm

     

    Exhibit
10.1

     

    
      AMENDED
AND RESTATED

      STOCKHOLDERS
AGREEMENT

       

      This
Amended and Restated Stockholders Agreement (the "Agreement"),
is made as of the 6th day
of January, 2010, by and among Stephen
A. Wynn ("SAW"),
an individual, Elaine P. Wynn (“EW”),
an individual, and Aruze
USA, Inc., a Nevada corporation ("Aruze").

       

      W I T N E
S S E T H:

       

      WHEREAS,
SAW, Baron Asset Fund (“Baron”) and Aruze entered into that certain Stockholders
Agreement as of April 2002, which Stockholders Agreement was amended by that
certain Amendment to Stockholders Agreement dated as of November 8, 2006, Waiver
and Consent dated as of July 31, 2009, and Waiver and Consent dated as of August
13, 2009 (the “Existing Agreement”);

       

      WHEREAS,
SAW has agreed to transfer to EW, 11,076,709 (the “EW Shares”) shares of common
stock of Wynn Resorts, Limited (“Wynn”) as permitted by the Existing
Agreement;

       

      WHEREAS,
pursuant to the terms of the Existing Agreement, EW is to become a party to the
Existing Agreement in connection with her ownership of the EW Shares;
and

       

      WHEREAS,
the parties have agreed to further amend the terms of the Existing Agreement and
have agreed to amend and restate the terms and provisions of the Existing
Agreement as provided herein.

       

      NOW,
THEREFORE, in consideration of the foregoing and the agreements set forth below,
the parties hereto agree as follows:

       

      
        	
                1.

              	
                Definitions.  For
      purposes of this Agreement:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                "Affiliate"
      of any Person means another Person that directly or indirectly, through
      one or more intermediaries, controls, is controlled by, or is under common
      control with, such first Person.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                "Aruze
      Parent" means Universal
      Entertainment Corporation (formerly known as Aruze Corp.), a Japanese
      public corporation, of which Kazuo Okada is Chairman of the Board and,
      together with his family members, a 67.5%
      shareholder.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                "Bankruptcy"
      means,
      and a Stockholder shall be referred to as a "Bankrupt Stockholder" upon,
      (a) the entry of a decree or order for relief against such Stockholder, by
      a court of competent jurisdiction in any voluntary or involuntary case
      brought against the Stockholder under any bankruptcy, insolvency or
      similar law (collectively, "Debtor
      Relief Laws")
      generally affecting the right of creditors and relief of debtors now or
      hereafter in effect; (b) the appointment of a receiver, liquidator,
      assignee, custodian,

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          	
                   
      

                	
                   

                	
                  trustee,
      sequestrator or other similar agent under applicable Debtor Relief Laws
      for such Stockholder or for any substantial part of such Stockholder's
      assets or property; (c) the ordering of the winding up or liquidation of
      such Stockholder's affairs; (d) the filing of a voluntary petition in
      bankruptcy by such Stockholder or the filing of an involuntary petition
      against such Stockholder, which petition is not dismissed within a period
      of 180 days; (e) the consent by such Stockholder to the entry of an order
      for relief in a voluntary or involuntary case under any Debtor Relief Laws
      or to the appointment of, or the taking of any possession by, a receiver,
      liquidator, assignee, trustee, custodian, sequestrator or other similar
      agent under any applicable Debtor Relief Laws for such Stockholder or for
      any substantial part of such Stockholder's assets or property; or (f) the
      making by such Stockholder of any general assignment for the benefit of
      such Stockholder's
creditors.

                

        

         

      

      
        	
                 
      

              	
                (d)

              	
                "Beneficially
      Own" or "Beneficial Ownership" with respect to any securities shall mean
      having "beneficial ownership" of such securities (as determined pursuant
      to Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the
      "Exchange
      Act")) including pursuant to any agreement, arrangement or
      understanding, whether or not in writing.  Without duplicative
      counting of the same securities by the same holder, securities
      Beneficially Owned by a Person shall include securities Beneficially Owned
      by all other Persons who together with such Person would constitute a
      "group" within the meaning of Section 13(d)(3) of the Exchange
      Act.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                "Designated
      Stockholders" means SAW, EW,
      Aruze, any additional Persons made a party to this Agreement and Permitted
      Transferees of any such Person and their Permitted
      Transferees.

              

      

       

      
        	
                 
      

              	
                (f)

              	
                "Fair
      Market Value" means, with respect to each Share of any class or series for
      any day, (i) the closing price on the principal national securities
      exchange on which such Shares are listed or admitted for trading, in
      either case as reported by Bloomberg Financial Markets ("Bloomberg")
      or The Wall Street Journal if Bloomberg is no longer reporting such
      information, or a similar service if Bloomberg and The Wall Street Journal
      are no longer reporting such information or (ii) if such Shares are
      not listed or admitted for trading on any national securities exchange,
      the last reported sale price or, in case no such sale takes place on such
      day, the average of the highest reported bid and the lowest reported asked
      quotation for such class or series of Shares, in either case as reported
      by Bloomberg or The Wall Street Journal if Bloomberg is no longer
      reporting such information, or a similar service if Bloomberg and The Wall
      Street Journal are no longer reporting such
  information.

              

      

       

      
        	
                 
      

              	
                (g)

              	
                "Gaming
      Authority" means those federal, state and local governmental, regulatory
      and administrative authorities, agencies, boards and officials responsible
      for or involved in the regulation of gaming or gaming activities in any
      jurisdiction and, within the State of Nevada, specifically, the
      Nevada

              

      

       

      
        
          
          

        

        
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                    Gaming
      Commission, the Nevada State Gaming Control Board, and the Clark County
      Liquor and Gaming Licensing
Board.

                  

          

           

        

      

      
        	
                 
      

              	
                (h)

              	
                "Gaming
      Laws" means
      those laws pursuant to which any Gaming Authority possesses regulatory,
      licensing or permit authority over gaming within any jurisdiction and,
      within the State of Nevada, specifically, the Nevada Gaming Control Act,
      as codified in NRS Chapter 463, as amended from time to time, and the
      regulations of the Nevada Gaming Commission promulgated thereunder, as
      amended from time to time, and the Clark County Code, as amended from time
      to time.

              

      

       

      
        	
                 
      

              	
                (i)

              	
                "Gaming
      Licenses"
      means all licenses, permits, approvals, authorizations, registrations,
      findings of suitability, franchises and entitlements issued by any Gaming
      Authority necessary for or relating to the conduct of activities under the
      Gaming Laws.

              

      

       

      
        	
                 
      

              	
                (j)

              	
                "Gaming
      Problem" means any circumstances that are deemed likely, in the sole and
      absolute discretion of SAW, based on verifiable information or information
      received from any Gaming Authority or otherwise, to preclude or materially
      delay, impede or impair the ability of Wynn or any subsidiary of Wynn to
      obtain or retain any Gaming Licenses, or to result in any disciplinary
      action, including without limitation the imposition of materially
      burdensome terms and conditions on any such Gaming
  License.

              

      

       

      
        	
                 
      

              	
                (k)

              	
                "Independent
      Qualified Appraiser" means an independent outside qualified appraiser
      appointed by Wynn to determine the fair market value of certain Shares or
      Wynn itself, in all cases considering Wynn as a going
      concern.  Any determination by an Independent Qualified
      Appraiser as to fair market value shall be binding upon all
      parties.

              

      

       

      
        	
                 
      

              	
                (l)

              	
                “Non-Compete
      Termination Date” means the date upon which SAW and EW have sold
      substantially all of their respective
Shares.

              

      

       

      
        	
                 
      

              	
                (m)

              	
                "NRS"
      means
      the Nevada Revised Statutes, as amended from time to
      time.

              

      

       

      
        	
                 
      

              	
                (n)

              	
                "Percentage
      Interest" means, with respect to a specified Stockholder, the percentage
      computed by dividing the number of Shares held by such Stockholder by the
      Total Shares.

              

      

       

      
        	
                 
      

              	
                (o)

              	
                "Permitted
      Transferee" means (a) Kazuo Okada; (b) an immediate family member of Kazuo
      Okada, EW or SAW; (c) a revocable, inter vivos trust of which Kazuo Okada,
      EW or SAW, or a family member of Kazuo Okada, EW or SAW is a beneficiary;
      (d) another Stockholder or an entity wholly owned by such
      Stockholder; or (e) if the Transfer is being made by Aruze, then in
      addition to the Permitted Transfers described in (a) through (d), any
      wholly-owned subsidiary of Aruze Parent where the Transfer has the effect
      of substituting a foreign corporation for Aruze with respect to all of
      Aruze’s Shares.

              

      

       

      
        
          
          

        

        
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                (p)

              	
                "Person"
      means an individual, corporation, limited liability company, partnership,
      joint venture, association, trust, unincorporated organization or other
      entity.

              

      

       

      
        	
                 
      

              	
                (q)

              	
                "Prohibited
      Transferee" means (a) any owner, operator, or manager of, or Person
      primarily engaged in the business of owning or operating, a hotel, casino,
      or an internet or interactive gaming site, (b) any "non-profit" or
      "not-for-profit" corporation, association, trust, fund, foundation or
      other similar entity organized and operated exclusively for charitable
      purposes that qualifies as a tax-exempt entity under federal and state tax
      law or corresponding foreign law, (c) any federal, state, local or foreign
      governmental agency, instrumentality or similar entity, (d) any Person
      that has been convicted of a felony, (e) any Person regularly engaged in
      or affiliated with the production or distribution of alcoholic beverages,
      or (f) any Unsuitable
Person.

              

      

       

      
        	
                 
      

              	
                (r)

              	
                "Shares"
      means the shares of common stock of
Wynn.

              

      

       

      
        	
                 
      

              	
                (s)

              	
                "Specified
      Affiliate" means with respect to a specified Person, any other Person who
      or which is (a) directly or indirectly controlling, controlled by or under
      common control with the specified Person, or (b) any member, stockholder,
      director, officer, manager, or comparable principal of, or relative or
      spouse of, the specified Person.  For purposes of this
      definition, "control", "controlling", "controlled" mean the right to
      exercise, directly or indirectly, more than fifty percent of the voting
      power of the stockholders, members or owners and, with respect to any
      individual, partnership, trust or other entity or association, the
      possession, directly or indirectly, of the power to direct or cause the
      direction of the management or policies of the controlled
      entity.

              

      

       

      
        	
                 
      

              	
                (t)

              	
                "Stockholder"
      means any one of SAW, EW, Aruze, or any Permitted Transferee of any
      Shares and any additional Persons made a party to this
      Agreement.  “Stockholders” means all of the foregoing,
      collectively.

              

      

       

      
        	
                 
      

              	
                (u)

              	
                "Stockholder's
      Shares" means all Shares held of record or Beneficially Owned by such
      Stockholder, whenever acquired.

              

      

       

      
        	
                 
      

              	
                (v)

              	
                "Termination
      Date" means the earlier of the date of SAW’s death or the date upon which
      SAW sells substantially all of his Shares in
  Wynn.

              

      

       

      
        	
                 
      

              	
                (w)

              	
                "Total
      Shares" means the total number of Shares held by the Stockholders,
      whenever
      acquired.

              

      

       

      
        	
                 
      

              	
                (x)

              	
                "Transfer"
      means any transfer, sale, conveyance, distribution, hypothecation, pledge,
      encumbrance, assignment, exchange or other disposition, either voluntary
      or involuntary, or by reason of death, or change in ownership by reason of
      merger or other transformation in the identity or form of business
      organization of the owner, regardless of whether such change
      or

              

      

       

      
        
          
          

        

        
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                    transformation
      is characterized by state law as not changing the identity of the
      owner.

                  

          

           

        

      

      
        	
                 
      

              	
                (y)

              	
                "Unsuitable
      Person" means any Person (i) who is denied a Gaming License by any Gaming
      Authority, (ii) who is disqualified from eligibility for a Gaming License,
      (iii) who is determined to be unsuitable to own or control Shares or to be
      connected or affiliated with a Person engaged in gaming activities in any
      jurisdiction by a Gaming Authority, (iv) who has withdrawn an application
      to be found suitable by any Gaming Authority, or (v) whose continued
      involvement in the business of Wynn as a stockholder, manager, officer,
      employee or otherwise has caused or may cause a Gaming
      Problem.

              

      

       

      
        	
                 
      

              	
                (z)

              	
                "Voting
      Stock" means capital stock of Wynn of any class or classes, the holders of
      which are entitled to vote on any matter required or permitted to be voted
      upon (either in writing or by resolution) by the stockholders of
      Wynn.

              

      

       

      
        	
                2.

              	
                Covenants
      of Designated Stockholders.  Each Designated Stockholder
      hereby covenants to each other Designated Stockholder as
      follows.

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Voting
      Agreement.  On any and all matters relating to the
      election of directors of Wynn (including the filling of any vacancies),
      the Designated Stockholders each agree to vote all Shares held by them and
      subject to the terms of this Agreement (or the holders thereof shall
      consent pursuant to an action by written consent of the holders of capital
      stock of Wynn) in a manner so as to elect to Wynn’s Board of Directors
      each of the nominees contained on each and every slate of directors
      endorsed by SAW.

              

      

       

      
        
          
            	
                     
      

                  	
                     

                  	
                    SAW
      agrees to include EW as one of his endorsed nominees so long as she is not
      “unable to serve” or “unfit to serve.”  As used herein, “unable
      to serve” shall mean medically incapacitated so as to be unable to serve
      as a director, and “unfit to serve” shall mean a violation of rules and
      laws so as to prohibit one from serving as a director of a public company
      engaged in the gaming business.  In the event of a disagreement
      between SAW and EW regarding these matters, determination of either of the
      preceding conditions shall be made and confirmed by an independent third
      party to be jointly selected by SAW and
  EW.

                  

          

           

          
            
              
                	
                         
      

                      	
                         

                      	
                        
                          SAW also
      agrees to endorse a slate of directors that includes nominees approved by
      Aruze and to vote SAW’s and EW’s Shares in favor of such directors so long
      as such slate results in a majority of all directors at all times being
      director candidates endorsed by
SAW.

                        

                      

              

               

            

          

        

      

      
        	
                 
      

              	
                (b)

              	
                Restrictions
      on Sale or Transfer. Other
      than as expressly set forth in Section 11 and the last sentence of this
      Section 2(b), none of EW, SAW or Aruze (nor any of their respective
      Permitted Transferees) shall Transfer, or permit any of their respective
      Affiliates to Transfer, any Shares Beneficially Owned by such Person
      without the prior written consent of each of the
      others.

              

      

       

      
        
          
          

        

        
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                      Notwithstanding anything to the contrary set forth in this
      Agreement, SAW and Aruze confirm that on August 13, 2009, each agreed that
      the other could sell up to two million Shares (the “Released
      Shares”).  As of the date hereof, SAW has sold two million
      shares under this waiver.  Accordingly, Aruze shall have the
      right to sell up to two million Shares free and clear of the requirements
      of this Agreement.

                    

                  

          

           

        

      

      
        	
                 
      

              	
                (c)

              	
                Restriction
      on Proxies and Non-Interference.  From and after the date
      of this Agreement and ending as of the Termination Date, the Designated
      Stockholders shall not, and shall cause each of their Affiliates who
      Beneficially Own any of the Designated Stockholder's Shares not to,
      directly or indirectly without the consent of the other Designated
      Stockholder:  (A) grant any proxies or powers of attorney,
      deposit such Designated Stockholder's Shares into a voting trust or enter
      into a voting agreement with respect to any of such Designated
      Stockholder's Shares, (B) enter into any agreement or arrangement
      providing for any of the actions described in clause (A) above, or (C)
      take any action that could reasonably be expected to have the effect of
      preventing or disabling such Designated Stockholder from performing such
      Designated Stockholder's obligations under this
      Agreement.

              

      

       

      
        	
                3.

              	
                Representations
      and Warranties of the Stockholders.  Each Stockholder
      hereby represents and warrants and covenants to each other Stockholder as
      follows:

              

      

       

      
        	
                 
      

              	
                (a)

              	
                Ownership.  The
      Stockholder shall be the record and Beneficial Owner of all of the
      Shares.  The Stockholder shall have the sole power of
      disposition, sole power of conversion, sole power to demand appraisal
      rights and sole power to agree to all of the matters set forth in this
      Agreement, in each case with respect to all of the Shares, with no
      material limitations, qualifications or restrictions on such rights,
      subject to applicable securities laws and the terms of this
      Agreement.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                No
      Encumbrances.  All of the Stockholder’s Shares will be
      held by such Stockholder, or by a nominee or custodian for the benefit of
      such Stockholder, free and clear of all liens, claims, security interests,
      proxies, voting trusts or agreements, understandings or arrangements or
      any other encumbrances whatsoever, except for any liens, claims,
      understandings or arrangements that do not limit or impair the
      Stockholder’s ability to perform its obligations under this
      Agreement.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Execution,
      Delivery and Performance by the Stockholder.  The
      execution, delivery and performance of this Agreement and the consummation
      of the transactions contemplated hereby have been duly authorized by the
      Board of Directors of Aruze, as applicable, and Aruze has taken all other
      actions required by law, its Articles of Incorporation and its Bylaws or
      other organizational documents, as applicable, to consummate the
      transactions contemplated by this Agreement.  This Agreement
      constitutes the valid and binding obligations of the Stockholder and is
      enforceable in accordance with its terms, except as enforceability may be
      subject to bankruptcy, insolvency,

              

      

       

      
        
          
          

        

        
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                    reorganization,
      moratorium or other similar laws relating to or affecting creditors'
      rights
generally.

                  

          

        

      

       

      
        	
                 
      

              	
                (d)

              	
                No
      Conflicts.  No filing with, and no permit, authorization,
      consent or approval of, any state or federal public body or authority is
      necessary for the execution of this Agreement by the Stockholder and the
      consummation by the Stockholder of the transactions contemplated hereby,
      except where the failure to obtain such consent, permit, authorization,
      approval or filing would not interfere with the Stockholder's ability to
      perform its obligations hereunder, and none of the execution and delivery
      of this Agreement by the Stockholder, the consummation by the Stockholder
      of the transactions contemplated hereby or compliance by the Stockholder
      with any of the provisions hereof shall violate any order, writ,
      injunction, decree, judgment, statute, rule or regulation applicable to
      the Stockholder or any of its properties or assets, in each such case
      except to the extent that any conflict, breach, default or violation would
      not interfere with the ability of the Stockholder to perform the
      obligations hereunder.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                Preemptive
      Rights.  If a Stockholder purchases Shares from Wynn (the
      “Purchasing
      Stockholder”) in a private placement (the “Purchase”)
      and another Stockholder who is not a Permitted Transferee of the
      Purchasing Stockholder is not extended the same offer by Wynn on the same
      terms and conditions, the Purchasing Stockholder shall allow such other
      Stockholder to purchase the number of Shares in the Purchasing
      Stockholder’s allotment of Shares from Wynn that is necessary to maintain
      their Shares in the same proportion to each other as that which existed
      prior to the Purchase.

              

      

       

      
        	
                4.

              	
                Transferee
      Bound by Agreement.  Notwithstanding anything to the
      contrary in this Agreement, Shares may not be transferred or sold by the
      Designated Stockholder unless the transferee (including a Permitted
      Transferee) both executes and agrees to be bound by both this Agreement
      and the Proxy, including, without limitation, in a sale or transfer made
      pursuant to Rule 144 under the Securities Act (“Rule 144”); provided,
      however, that this Section 4 shall not apply to any sale or transfer and
      all other sales and transfers made by such Stockholder pursuant to Rule
      144 during the term of this Agreement which do not exceed, in the
      aggregate, ten percent of the Shares held by such Stockholder, but the
      provisions of Section 2(b) shall continue to
  apply.

              

      

       

      
        	
                5.

              	
                Stop
      Transfer.  From and after the date of this Agreement and
      ending as of the Termination Date,
      each Stockholder acknowledges that SAW may instruct Wynn to not
      register the transfer (book-entry or otherwise) of any certificate or
      uncertificated interest representing any of such Stockholder's Shares that
      are transferred in violation of this
  Agreement.

              

      

       

      
        	
                6.

              	
                Aruze
      Non-Compete.  Aruze covenants to EW and SAW that until
      the Non-Compete Termination Date and so long as Aruze is a stockholder of
      Wynn (or of a successor entity to Wynn), Aruze, Aruze Parent, and Kazuo
      Okada agree that (other than through Wynn) Aruze, Aruze Parent, and Kazuo
      Okada shall not without SAW’s

              

      

       

      
        
          
          

        

        
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                    consent,
      directly or indirectly, engage in the development of or own, operate,
      lease, manage, control or invest in, act as consultant or advisor to or
      otherwise assist any Person that engages in (a) casino operations in Clark
      County, Nevada, or Macau or (b) Internet gaming anywhere in the world;
      provided, however, that either Aruze Parent or Kazuo Okada may operate a
      business offering Internet gaming if the forms of gaming offered by such
      business are restricted to games derived from pachinko or pachi-slot
      machines or other games not authorized for manufacture or distribution in
      the State of Nevada or Macau and any of Aruze, Aruze Parent, Kazuo Okada
      or an entity which is at least 80% owned by Kazuo Okada or Aruze Parent
      (“Okada Entity”) may license content from any gaming device manufactured
      by Aruze, Aruze Parent or Okada Entity to a business offering Internet
      gaming.  Nothing herein shall preclude Aruze, Aruze Parent, an
      Okada Entity and/or Kazuo Okada from engaging in the sale of gaming
      devices in the aforementioned
  jurisdictions.

                  

          

           

          
            
              	
                      7.  

                    	
                      Stockholders' Option
      to Purchase Bankrupt Stockholder's
  Shares.

                    

            

             

          

        

      

      
        	
                 
      

              	
                (a)

              	
                Upon
      the institution of a Bankruptcy by or against a Stockholder (a "Bankrupt
      Stockholder"), the Stockholders, not including the Bankrupt
      Stockholder, shall have the option (the "Purchase
      Option") to purchase the Bankrupt Stockholder's Shares in Wynn for
      a price agreed upon by the Stockholders, not including the Bankrupt
      Stockholder, on the one hand, and the Bankrupt Stockholder, on the other
      hand, or if no price can be agreed upon, the Fair Market Value of such
      Shares at the time of such Bankruptcy.  If information is not
      available to determine the Fair Market Value of such Shares at the time of
      such Bankruptcy, the price shall be the fair market value as determined by
      an Independent Qualified Appraiser.  The Stockholders wishing to
      purchase all or a part of the Shares of the Bankrupt Stockholder (the
      "Purchasing
      Stockholders") shall pay the agreed price, the Fair Market Value or
      the fair market value as determined by an Independent Qualified Appraiser,
      as applicable, of such Shares to the Bankrupt Stockholder, in cash or its
      equivalent, by one hundred and twenty (120) days after the date the
      Bankruptcy petition is filed by or against the Bankrupt
      Stockholder.  Each Purchasing Stockholder must notify the other
      Stockholders of such Purchasing Stockholder's desire to purchase all or a
      portion of the Bankrupt Stockholder's Shares in writing by twenty (20)
      days after the date the Bankruptcy petition is filed by or against the
      Bankrupt Stockholder.  Unless they agree otherwise, if there is
      more than one Purchasing Stockholder, each Purchasing Stockholder may
      purchase the proportion of the Bankrupt Stockholder's Shares that such
      Purchasing Stockholder's Percentage Interest bears to the aggregate
      Percentage Interests of all Purchasing Stockholders.  If neither
      any remaining Stockholder wishes to purchase the Bankrupt Stockholder's
      Shares, or the Purchasing Stockholders do not purchase the Bankrupt
      Stockholder's Shares within the earlier of the time periods set forth
      above, then all rights to purchase the Bankrupt Stockholder's Shares
      pursuant to this Section shall
terminate.

              

      

       

      
        
          
          

        

        
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                (b)

              	
                Any Stockholder that
      exercises its right under this Section 7 to purchase
      the Bankrupt Stockholder's Shares may, in its sole and absolute
      discretion, assign such rights to
  Wynn.

              

      

      
         

        
          
            	
                    8. 

                  	
                    Restrictions on
      Transfer of Ownership Interests in
    Stockholders.

                  

          

        

      

                

      
        	
                 
      

              	
                (a)

              	
                Except
      for a Transfer to a Permitted Transferee, any Transfer or issuance of an
      ownership interest in Aruze or in any entity that directly or indirectly
      owns a majority ownership interest in a Stockholder an
      "Upstream Ownership Interest") shall be prohibited unless in
      compliance with the procedures and requirements set forth in this Section
      8.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                The
      Shares that would be indirectly transferred by the transfer of the
      Upstream Ownership Interest shall be referred to as the "Indirect
      Transfer Shares".  If any holder of an Upstream Ownership
      Interest (an "Upstream
      Transferor") intends to Transfer all or any part of its Upstream
      Ownership Interest pursuant to a bona fide offer received from any Person
      (the "Upstream
      Offeror"), prior to accepting such offer the Upstream Transferor
      shall provide written notice to each Stockholder, other than the
      Stockholder holding the Indirect Transfer Shares, which notice shall set
      forth the terms and conditions of the offer so received, including the
      purchase price and the identity of the Upstream Offeror.  If the
      Upstream Transferor does not provide such notice, the Stockholder holding
      the Indirect Transfer Shares shall provide such notice to each other
      Stockholder promptly upon learning that such transaction will occur or has
      occurred.  Within 15 days following receipt of such notice by
      the Stockholders other than the Stockholder holding the Indirect Transfer
      Shares, or if later, within 30 days of such other Stockholders learning
      that the Transfer of the Upstream Ownership Interest has occurred, such
      other Stockholders (i) if information is available to determine the Fair
      Market Value of such Indirect Transfer Shares, may elect to purchase the
      percentage of the Indirect Transfer Shares available for purchase equal to
      such holder's Percentage Interest (determined for this purpose by
      excluding the Indirect Transfer Shares) at the Fair Market Value of such
      Shares, or (ii) if information is not available to determine the Fair
      Market Value of such Indirect Transfer Shares, may, by notice to the
      Stockholder holding the Indirect Transfer Shares, elect to obtain an
      appraisal by an Independent Qualified Appraiser of the fair market value
      of the Indirect Transfer Shares.  Within 15 days following
      receipt by the Stockholders other than the Stockholder holding the
      Indirect Transfer Shares of the results of the appraisal, each such other
      Stockholder may elect to purchase the percentage of the Indirect Transfer
      Shares available for purchase equal to such holder's Percentage Interest
      (determined for this purpose by excluding the Indirect Transfer Shares) at
      the appraisal price of such Shares.  To the extent a Stockholder
      shall determine not to purchase all the Indirect Transfer Shares available
      to that Stockholder, the other Stockholders exercising the right to
      purchase the Indirect Transfer Shares may purchase additional Indirect
      Transfer Shares on a pro rata basis in proportion to their Percentage
      Interests (and the foregoing procedure shall be repeated in respect of any
      Indirect 

              

      

       

      
        
          
          

        

        
          - 9
-

          
            

          

        

        
          
          

        

      

       

      
        
          
            	
                     
      

                  	
                     

                  	
                    
                      Transfer
      Shares not purchased until such other Stockholders have had an opportunity
      to purchase any remaining Indirect Transfer
  Shares).

                    

                  

          

           

        

      

      
        
          
            	
                     
      

                  	
                     

                  	
                    Notwithstanding
      anything to the contrary in this Section 8, any Transfer or issuance of
      shares in Aruze Parent shall not constitute an Upstream Transfer if
      immediately following such Transfer or issuance Kazuo Okada has the right
      to directly or indirectly exercise more than fifty percent of the voting
      power of the shareholders of Aruze
  Parent.

                  

          

           

        

      

      
        	
                 
      

              	
                (c)

              	
                The
      closing of a purchase of Indirect Transfer Shares by a Stockholder under
      this Section 8 shall occur within 10 days following the expiration of the
      last period during which a Stockholder might elect to purchase any of the
      Indirect Transfer Shares, or at such later date when all approvals
      required by the Gaming Laws are obtained (such approvals to be obtained as
      soon as is reasonably practicable).

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Any Stockholder that
      exercises its right under this Section 8 to purchase
      the Indirect Transfer Shares may, in its sole and absolute discretion,
      assign such rights to
Wynn.

              

      

      
         

        
          
            	
                    9.  

                  	
                    Right of First
      Refusal.

                  

          

        

      

               

      
        	
                 
      

              	
                (a)

              	
                Any
      Stockholder (a "Transferor")
      who wishes to Transfer any or all of its Shares (the "Offered
      Shares") to any Person other than a Permitted Transferee and who
      receives a bona fide offer from any Person (the "Offeror")
      who is not a Prohibited Transferee for the purchase of all or any portion
      of such Stockholder's Shares shall, prior to accepting such offer, provide
      written notice (the "Notice
      of Offer") thereof to each other Stockholder holding Shares, which
      notice shall set forth the terms and conditions of the offer so received,
      including the purchase price and the identity of the
      Offeror.  Following the delivery to the other Stockholders of
      the Notice of Offer, each other Stockholder may elect to purchase that
      percentage of the Offered Shares which is equal to the Total Shares
      (excluding the Offered Shares) owned by each such Stockholder divided by
      the Total Shares (excluding the Offered Shares) owned by all such
      Stockholders ("Applicable
      Percentage") during a fifteen-day refusal period (the "Refusal
      Period") on the terms set forth in the Notice of
      Offer.  To the extent any Stockholder shall determine not to
      purchase its Applicable Percentage prior to the expiration of the Refusal
      Period, the accepting Stockholders (the "Accepting
      Purchasers") may purchase such Shares on a pro rata basis in
      proportion to the number of Shares owned by each of them (and the
      foregoing procedure shall be repeated in respect of any Shares not
      purchased until all Accepting Purchasers have had an opportunity to
      purchase any remaining Shares).

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Subject
      to the requirements of Section 4, including but not limited to the
      requirement that a transferee execute this Agreement and a Proxy, if all
      or any of the Offered Shares shall remain unsold after completion of the
      

              

      

       

      
        
          
          

        

        
          - 10
-

          
            

          

        

        
          
          

        

      

      
         

        
          
            	
                     
      

                  	
                     

                  	
                    procedures
      set forth in Section 9(a), the Transferor may sell such remaining Offered
      Shares to the Offeror within six months of the completion of such
      procedures on terms no more favorable than those set forth in the Notice
      of Offer; provided
      that the Offeror is not a Prohibited Transferee.  To the extent
      any of the Offered Shares are not sold in accordance with the foregoing,
      the Stockholders shall continue to have a right of first refusal under
      this Section 9 with respect to any Transfers to any Person which are
      subsequently proposed by such
Transferor.

                  

          

           

        

      

      
        	
                 
      

              	
                (c)

              	
                The
      closing of a purchase by a Stockholder under this Section 9 shall occur
      within ten days after the end of the Refusal Period or at such later date
      when all approvals required by the Gaming Laws are obtained (such
      approvals to be obtained as soon as is reasonably
      practicable).  At such closing the Transferor and the relevant
      Accepting Purchaser (and any or all other Stockholders as may be required)
      shall execute an assignment and assumption agreement and any other
      instruments and documents as may be reasonably required by such
      Stockholder to effectuate the transfer of such Shares free and clear of
      any liens, claims or encumbrances, other than as specifically permitted
      hereunder.  Any Transfer to any Person that does not comply with
      the provisions of this Section 9, other than a Transfer expressly provided
      for in the other provisions of this Agreement, shall be null and void of
      no effect whatsoever.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Any
      Stockholder may, in its sole and absolute discretion, assign its right of
      first refusal under this Section 9 to purchase the Offered Shares to Wynn
      with respect to any incident in which its right of first refusal is
      triggered under this Section 9.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                Except
      for Shares transferred pursuant to Sections 2(b), 4, 7, 8, 10 and 11, no
      Shares may be Transferred until the provisions of this Section 9 have been
      complied with.

              

      

      
         

        
          
            	
                    10.  

                  	
                    Tag-Along
      Rights.

                  

          

        

      

      
         

        
          
            	
                     

                  	
                    If
      any party is the Transferor required to provide the Notice of Offer under
      Section 9(a), then each of the other two non-selling parties to this
      Agreement shall each have a right (in addition to its rights under Section
      9) to participate in such Transfer pursuant to the provisions of this
      Section 10.  During the fifteen-day Refusal Period described in
      Section 9(a), each of non-selling parties may, by written notice to the
      Transferor, elect to participate in such Transfer and to sell that
      percentage of the Total Shares owned by each non-selling party as the case
      may be, which is equal to the Total Shares that will be sold by the
      Transferor in such Transfer divided by the Total Shares owned by the
      Transferor.  The terms and conditions of such Transfer
      (including the purchase price per Share sold in such Transfer, the
      identity of the buyer(s), and the consequences resulting from the other
      Stockholder’s exercise of any rights of first refusal) shall be no less
      favorable to the non selling parties than to the Transferor; provided,
      however, that in the event that SAW or Aruze is the Transferor, he or
      Aruze may enter into service, noncompetition, or similar
  

                  

         

        

      

      
        
          
          

        

        
          - 11
-

          
            

          

        

        
          
          

        

      

       

      
        
          	
                   

                	
                  agreements
      with the buyer and receive appropriate consideration thereunder in which
      other Stockholders do not
share.

                

        

      

       

      
        	
                11.

              	
                Release
      of Shares.  Each of SAW and Aruze agree that commencing
      on January 6, 2010, and continuing on each January 6 for a total of ten
      events, a number of Shares owned by EW equal to $10,000,000 divided by the
      closing price of Wynn shares on January 5, 2010 (or if January 5 is not a
      trading day, the trading day immediately preceding January 5) shall be
      released from the restrictions set forth in this Agreement (once released,
      the “EW Released Shares”).  If EW desires to sell any EW
      Released Shares, she shall provide written notice of such desire to SAW
      and, for a period of 48 hours from SAW’s receipt of such notice, SAW shall
      have the right to purchase any or all of such Shares for a price equal to
      the closing price of the Shares on the trading day immediately preceding
      the date of notice.  SAW shall notify EW of his election to
      purchase or not within 48 hours from the date of receipt of the original
      notice.  If SAW elects to purchase hereunder, the purchase price
      shall be payable in cash no later than 3 business days after the date of
      election.  Notices to SAW under this Section 11 shall be
      transmitted by fax and email to SAW at his last known business address and
      residence address (currently c/o cindy.mitchum@wynnresorts.com
      and 702.770.1111), with copies to the General Counsel of Wynn (currently
      Kim Sinatra (kim.sinatra@wynnresorts.com
      and 702.770.1349)) and to James J. Jimmerson, Esq., Jimmerson
      Hansen, P.C., 415 S. Sixth Street, Suite 100, Las Vegas, NV 89101
      (jjj@jimmersonhansen.com
      and 702.387.1167) and notices to EW under this Section 11 shall be
      transmitted by fax and email to EW at her last known business address and
      residence address (currently c/o Elaine.Wynn@wynnresorts.com,
      and 702.770.1103), with copies to Donald Schiller, Esq., Schiller, DuCanto
      & Fleck, LLP, 200 North LaSalle Street, 30th Floor, Chicago,
      IL 60601 (dschiller@sdflaw.com,
      and 312.641.6361) and Gary R. Silverman, Esq., Silverman, DeCaria &
      Kattelman, Chtd., 140 Plumas Street, Suite 200, Reno, NV 89519
      (silverman@silverman-decaria.com and 775.322.3649).  If SAW does
      not elect to purchase hereunder, the EW Released Shares will thereafter be
      held by EW free and clear of any further restrictions on sale under this
      Agreement.

              

      

       

      
        	
                12.

              	
                Recapitalization.  In
      the event of a stock dividend or distribution, or any change in the Shares
      (or any class thereof) by reason of any split-up, recapitalization,
      merger, combination, exchange of shares or the like, the term "Shares"
      shall include, without limitation, all such stock dividends and
      distributions and any shares into which or for which any or all of the
      Shares (or any class thereof) may be changed or exchanged as may be
      appropriate to reflect such
event.

              

      

       

      
        	
                13.

              	
                Stockholder
      Capacity.  Notwithstanding any provisions to the contrary
      contained herein, no Stockholder or any of its Affiliates shall be deemed
      to make any agreement or understanding herein in a capacity other than
      that as stockholder of Wynn.

              

      

       

      
        	
                14.

              	
                Miscellaneous.

              

      

       

      
        
          
          

        

        
          - 12
-

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                (a)

              	
                Entire
      Agreement.  This Agreement constitutes the entire
      agreement between the parties with respect to the subject matter hereof
      and supersedes all other prior agreements and understandings, both written
      and oral, between the parties with respect to the subject matter hereof,
      including without limitation, the Existing
    Agreement.

              

      

       

      
        	
                 
      

              	
                (b)

              	
                Legend.  Certificates
      and all electronic records evidencing Shares subject to this
      Agreement shall each bear the following restrictive legend (the "Legend")
      (in addition to any other legend required by applicable gaming
      laws):

              

      

       

      
        
          
            	
                     
      

                  	
                     

                  	
                    "THE
      SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND
      CONDITIONS OF AN AMENDED AND RESTATED STOCKHOLDERS
      AGREEMENT DATED AS OF JANUARY 6, 2010, WHICH PLACES CERTAIN RESTRICTIONS
      ON THE VOTING AND TRANSFER OF
      THE SHARES REPRESENTED HEREBY.  ANY PERSON ACCEPTING ANY
      INTEREST IN SUCH SHARES SHALL BE DEEMED TO HAVE AGREED TO
      AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF SUCH STOCKHOLDERS
      AGREEMENT.  A COPY OF SUCH STOCKHOLDERS AGREEMENT
      WILL BE FURNISHED TO THE RECORD HOLDER OF THIS CERTIFICATE WITHOUT CHARGE
      UPON WRITTEN REQUEST TO THE COMPANY
      AT ITS PRINCIPAL PLACE OF BUSINESS."

                  	 

          

           

        

      

      
        	
                 
      

              	
                (i)

              	
                Each
      Stockholder agrees that, from and after the date of this Agreement and
      ending as of the Termination Date, it shall not, and shall cause each of
      its Affiliates who Beneficially Own any of the Designated Stockholder's
      Shares not to, allow Wynn to remove, and shall not permit to be removed
      (upon registration of transfer, reissuance or otherwise), the Legend from
      any such certificate and shall place or cause to be placed the Legend on
      any new certificate issued to represent Shares it or any of its Affiliates
      shall Beneficially Own.

              

      

       

      
        	
                 
      

              	
                (c)

              	
                Transfers
      in Violation Void.  Any
      transfer or sale of any Shares in violation of this Agreement shall be
      null and void ab
      initio.

              

      

       

      
        	
                 
      

              	
                (d)

              	
                Amendments,
      Waivers, Etc.  This Agreement may not be amended,
      changed, supplemented, waived or otherwise modified or terminated, except
      upon the execution and delivery of a written agreement executed by the
      parties hereto.

              

      

       

      
        	
                 
      

              	
                (e)

              	
                Notices.  Other
      than as provided in Section 11 above, all notices, requests, claims,
      demands and other communications hereunder shall be in writing and shall
      be given (and shall be deemed to have been duly received if so given) by
      hand delivery, telegram, telex or telecopy, or by mail (registered or
      certified mail, postage prepaid, return receipt requested) or by any
      courier 

              

      

       

      
        
          
          

        

        
          - 13
-

          
            

          

        

        
          
          

        

      

      
         

        
          
            	
                     
      

                  	
                     

                  	
                    service,
      such as Federal Express, providing proof of delivery.  All
      communications hereunder shall be delivered to the respective parties at
      the following addresses or the addresses set forth on the signature pages
      hereto:

                  

          

           

        

      

      
        	
                If
      to Aruze:

              	
                Aruze
      USA, Inc.

              
	 
      	
                745
      Grier Drive

              
	 
      	
                Las
      Vegas, Nevada 89119

              
	 
      	
                Facsimile:
      702-361-3403

              
	 
      	
                Attention:  Sam
      Basile

              
	 
      	 
      
	
                With
      a copy to:

              	
                Universal
      Entertainment Corporation

              
	 
      	
                Ariake
      Frontier Bldg. A, 3-7-26 Ariake, Koto, Ku

              
	 
      	
                Tokyo,
      Japan

              
	 
      	
                Facsimile:  81-3-5530-3097

              
	 
      	
                Attention:  Kazuo
      Okada

              
	 
      	 
      
	
                If
      to SAW:

              	
                Stephen
      A. Wynn

              
	 
      	
                c/o
      Wynn Resorts, LLC

              
	 
      	
                3131
      Las Vegas Boulevard South

              
	 
      	
                Las
      Vegas, Nevada 89109

              
	 
      	
                Facsimile:
      702-770-1100

              
	 
      	 
      
	
                With
      a copy to:

              	
                Wynn
      Resorts, Limited

              
	 
      	
                3131
      Las Vegas Boulevard South

              
	 
      	
                Las
      Vegas, NV  89109

              
	 
      	
                Facsimile:  702-770-1349

              
	 
      	
                Attention:  General
      Counsel

              
	 
      	 
      
	
                If
      to EW:

              	
                Elaine
      P. Wynn

              
	 
      	
                Box
      17007

              
	 
      	
                Las
      Vegas, NV

              
	 
      	
                Facsimile:  702-770-1103

              
	 
      	 
      
	
                With
      copies to:

              	
                Brentwood
      Management Group

              
	 
      	
                11812
      San Vicente Boulevard, Suite 200

              
	 
      	
                Los
      Angeles, CA  90049

              
	 
      	
                Facsimile:  310-820-5354

              
	 
      	
                Attention:  Matt
      Fishburn

              
	 
      	 
      
	 
      	
                Stan
      Maron

              
	 
      	
                1250
      Fourth Street, 5th
      Floor

              
	 
      	
                Santa
      Monica, CA

              
	 
      	
                Fascimile:  ______________________

              

      

       

      or to
such other address as the person to whom notice is given may have previously
furnished to the others in writing in the manner set forth above.

       

      
        
          
          

        

        
          - 14
-

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                (f)

              	
                Severability.  Whenever
      possible, each provision or portion of any provision of this Agreement
      shall be interpreted in such manner as to be effective and valid under
      applicable law but if any provision or portion of any provision of this
      Agreement is held to be invalid, illegal or unenforceable in any respect
      under any applicable law or rule in any jurisdiction, such invalidity,
      illegality or unenforceability shall not affect any other provision or
      portion of any provision in such jurisdiction, and this Agreement shall be
      reformed, construed and enforced in such jurisdiction as if such invalid,
      illegal or unenforceable provision or portion of any provision had never
      been contained herein.

              

      

       

      
        	
                 
      

              	
                (g)

              	
                Specific
      Performance.  Each of the parties hereto recognizes and
      acknowledges that a breach by any party hereto of any covenants or
      agreements contained in this Agreement will cause the other parties hereto
      to sustain damages for which they would not have an adequate remedy at law
      for money damages, and therefore each of the parties hereto agrees that in
      the event of any such breach the parties shall be entitled to the remedy
      of specific performance of such covenants and agreements and injunctive
      and other equitable relief in addition to any other remedy to which he may
      be entitled, at law or in
equity.

              

      

       

      
        	
                 
      

              	
                (h)

              	
                Further
      Assurances.  From time to time, the Stockholders shall
      execute and deliver such additional documents as may be necessary or
      desirable to consummate and make effective, in the most expeditious manner
      practicable, the transactions contemplated by this
      Agreement.

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Remedies
      Cumulative.  All rights, powers and remedies provided
      under this Agreement or otherwise available in respect hereof at law or in
      equity shall be cumulative and not alternative, and the exercise of any
      thereof by any party shall not preclude the simultaneous or later exercise
      of any other such right, power or remedy by such
    party.

              

      

       

      
        	
                 
      

              	
                (j)

              	
                No
      Waiver.  The failure of any party hereto to exercise any
      right, power or remedy provided under this Agreement or otherwise
      available in respect hereof at law or in equity, or to insist upon
      compliance by any other party hereto with its obligations hereunder, and
      any custom or practice of the parties at variance with the terms hereof,
      shall not constitute a waiver by such party of its right to exercise any
      such or other right, power or remedy or to demand such
      compliance.

              

      

       

      
        	
                 
      

              	
                (k)

              	
                No
      Third Party Beneficiaries.  This Agreement is not
      intended to be for the benefit of, and shall not be enforceable by, any
      person or entity who or which is not a party hereto; provided that, the
      obligations of the Designated Stockholders hereunder shall inure to their
      transferees, successors and
heirs.

              

      

       

      
        	
                 
      

              	
                (l)

              	
                No
      Assignment.  Except as otherwise explicitly provided
      herein, neither this Agreement nor any right, interest or obligation
      hereunder may be assigned (by operation of law or otherwise) by any
      Stockholder without the prior

              

      

       

      
        
          
          

        

        
          - 15
-

          
            

          

        

        
          
          

        

      

      
         

        
          
            	
                     
      

                  	
                     

                  	
                    written
      consent of the parties hereto and any attempt to do so will be void;
      provided, however, that the rights under this Agreement may be assigned to
      the transferee in connection with a Transfer that does not violate the
      terms of the Agreement.

                  

          

           

        

      

      
        	
                 
      

              	
                (m)

              	
                Governing
      Law.  This Agreement shall be governed and construed in
      accordance with the laws of the State of Nevada, without giving effect to
      the principles of conflicts of law
  thereof.

              

      

       

      
        	
                 
      

              	
                (n)

              	
                Jurisdiction.  Each
      party hereby irrevocably submits to the exclusive jurisdiction of the
      state courts in the State of Nevada in any action, suit or proceeding
      arising in connection with this Agreement, and agrees that any such
      action, suit or proceeding shall be brought only in such court (and waives
      any objection based on forum non conveniens or any other objection to
      venue therein); provided, however, that such consent to jurisdiction is
      solely for the purpose referred to in this paragraph and shall not be
      deemed to be a general submission to the jurisdiction of the courts of the
      State of Nevada other than for such purposes.  Each party hereto
      hereby waives any right to a trial by jury in connection with any such
      action, suit or proceeding.

              

      

       

      
        	
                 
      

              	
                (o)

              	
                Descriptive
      Headings.  The descriptive headings used herein are
      inserted for convenience of reference only and are not intended to be part
      of or to affect the meaning or interpretation of this
      Agreement.

              

      

       

      
        	
                 
      

              	
                (p)

              	
                Counterparts.  This
      Agreement may be executed in counterparts, each of which shall be deemed
      to be an original, but all of which, taken together, shall constitute one
      and the same Agreement.  This Agreement shall not be effective
      as to any party hereto until such time as this Agreement or a counterpart
      thereof has been executed and delivered by each party
      hereto.

              

      

       

      
        
          
          

        

        
          - 16
-

          
            

          

        

        
          
          

        

      

       

      IN
WITNESS WHEREOF, this Agreement has been duly executed and delivered by Wynn and
a duly authorized officer of Aruze and Baron on the day and year first written
above.

       

       

       

      
        	 
      	
                /s/
      Stephen A. Wynn

              
	 
      	
                Stephen
      A. Wynn

              

      

       

       

       

       

      
        	 
      	
                /s/
      Elaine P. Wynn

              
	 
      	
                Elaine
      P. Wynn

              

      

       

       

      
        	 
      	
                ARUZE
      USA, INC.

              
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Kazuo Okada

              
	 
      	 
      	 
      
	 
      	
                Name:

              	
                Kazuo
      Okada

              
	 
      	
                Title:

              	
                President

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
A

       

      IRREVOCABLE
PROXY

       

      By its
execution hereof, and in order to secure obligations under the Amended and
Restated Stockholders Agreement of even date herewith among Stephen
A. Wynn, an individual ("SAW"), Elaine P. Wynn, an individual (“EW”), and
Aruze
USA, Inc., a Nevada corporation (the "Agreement"),
EW, Aruze
USA, Inc. and each Designated Stockholder (as defined in the Agreement)
other than SAW (collectively “Proxy Grantors”), hereby irrevocably constitutes
and appoints SAW, with full power of substitution and resubstitution, from the
date hereof to the termination of the Agreement, as such Proxy
Grantors’ true and lawful attorney and proxy (its "Proxy"), for and in
such Proxy
Grantors' name, place and stead to vote each of the Shares of each such
Proxy
Grantor as such Proxy
Grantor's Proxy at every annual, special or adjourned meeting of
stockholders of Wynn (as defined in the Agreement), and to sign on behalf of
such Proxy
Grantor (as a stockholder of Wynn) any ballot, proxy, consent,
certificate or other document relating to Wynn that law permits or requires, for
the election of directors as more specifically provided and in a manner
consistent with the Agreement.  This Proxy is coupled with interest
and each Proxy
Grantor intends this Proxy to be irrevocable to the fullest extent
permitted by law.  Each Proxy
Grantor hereby revokes any proxy previously granted by such Proxy
Grantor with respect to such Proxy
Grantor's Shares.  Capitalized terms used but not defined
herein shall have the meaning set forth in the Agreement.  Each Proxy
Grantor shall perform such further acts and execute such further
documents and instruments as may reasonably be required to vest in SAW or any of
his designees, the power to carry out and give effect to the provisions of this
Proxy.  This Irrevocable Proxy shall be in full force and effect until
the Termination Date.

       

      IN
WITNESS WHEREOF, the undersigned has executed this Irrevocable Proxy this ____
day of January 2010.

       

       

       

      
        	 
      	
                ARUZE
      USA, INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              
	 
      	 
      
	 
      	 
      
	 
      	
                Name:

              
	 
      	 
      
	 
      	 
      
	 
      	
                Title:

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                ELAINE
      P. WYNNexhibit_10-1.htm

    Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

     

    THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into by and between Realty
Income Corporation, a Maryland corporation (the “Company”), and  NAME, an individual residing
in the county of San Diego, state of California (the “Employee”), and shall be
effective as of January 1, 2010 (the “Effective Date”).

     

    1.Term.  The
Company hereby continues to employ the Employee for an indefinite term
commencing on the date hereof and continuing until this Agreement is terminated
by either party as provided hereinafter in Paragraph 10 (such period being
hereinafter sometimes referred to as the “term of this Agreement”).  The
Employee accepts such employment and agrees to perform the services specified
herein, all upon the terms and conditions hereinafter set forth.

     

    2.Duties.  The
Employee shall perform such management and administrative duties as are from
time-to-time assigned to him by the Company.  If the Employee is elected an
officer of the Company during the term of this Agreement, the Employee will
serve in such capacity without further compensation.  The Employee also
agrees to perform, without additional compensation, such other services for the
Company and for any subsidiary or affiliated corporations of the Company or for
any partnerships in which the Company has an interest, as the Board of Directors
of the Company (the “Board”) shall from time-to-time specify.

     

    3.Extent of
Services.  During the term of this Agreement, the Employee shall
devote his full time, attention and energy to the business of the Company and,
except as may be specifically permitted by the Board in writing, shall not be
engaged in any other business activity which would interfere with the
performance of his duties hereunder or be competitive with the business of the
Company.  The foregoing restrictions shall not be construed as preventing
the Employee from making passive investments in other businesses or enterprises;
provided, however, that such other investments will not require services on the
part of the Employee which would in any manner impair the performance of his
duties under this Agreement, and provided further that such other businesses or
enterprises are not engaged in any business competitive to the business of the
Company.

     

    4.Salary; Bonus. 
During the term of this Agreement, as compensation for the proper and
satisfactory performance of all duties to be performed by Employee hereunder,
the Company shall pay to the Employee a base salary of no less than SALARY per
year less required deductions for state and federal withholding tax, social
security and all other required employee taxes and payroll deductions. 
From time-to-time during the term of this Agreement, the amount of the
Employee’s base salary may be increased by and at the sole discretion of the
Company.  The base salary shall be payable in installments in
accordance with regular payroll policies of the Company in effect from
time-to-time during the term of this Agreement.  Any annual bonus
payable to Employee during the term of this Agreement shall be solely at the
discretion of the Company, and shall be subject to and conditioned on Employee’s
continued employment with the Company through the date of payment of such
bonus.  Employee acknowledges
and agrees that nothing contained herein confers on him any right to an annual
bonus in any year, and that whether the Company pays him an annual bonus and the
amount of any such annual bonus shall be determined by the Company in its sole
and absolute discretion. 

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    5.Annual Incentive
Plan.  The Employee shall participate in the 2003 Incentive Award
Plan of the Company as the same shall be adopted and amended from time to time
by the Compensation Committee of the Board.

     

    6.Medical Insurance; Benefit
Plans.  During the term of this Agreement, the Employee shall be
eligible to participate, on the same terms as are applied to all other
employees, in any group medical insurance plan, qualified pension or profit
sharing plan or any other employee benefit plan from time-to-time maintained by
the Company.  Nothing in this paragraph is intended to require the
Company to maintain or to continue any employee benefits plans, nor is this
paragraph intended to limit the Company’s ability to revise, supplement or
terminate any or all such employee benefit plans in its sole
discretion.

     

    7.Expenses. 
During the term of this Agreement, the Company shall pay to or reimburse the
Employee, upon submission of an appropriate statement by him documenting such
expenses as required by the Internal Revenue Code of 1986, as amended (the
“Code”), for all out-of-pocket expenses for entertainment, travel, meals, hotel
accommodations and the like reasonably incurred by him in the course of his
employment hereunder.

     

    8.Vacation.  The
Employee shall be entitled to an annual vacation in accordance with the
Company’s vacation policy as contained in its Employee Handbook, as the same may
be amended from time to time.  Employee’s prior service with the Company
shall be included in determining vacation accrual and all other benefits. 
Such vacation shall be scheduled at such time as the Employee may choose, but
shall be timed in such manner as to avoid interference with the necessary
performance of his duties hereunder.  Unused vacation time shall accrue
from year-to-year subject to the caps and other limitations set forth in the
Company’s vacation policy as contained in its Employee Handbook, as the same may
be amended from time to time in the Company’s sole discretion.

     

    9.Sick/Personal
Leave.  The Employee shall be entitled to sick/personal leave in
accordance with the Company’s Employee Handbook, as the same may be amended from
time to time.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    10.Termination.

     

    
      	
               
      

            	
              a.   Death or Permanent
      Disability.  In the event that the Employee dies or incurs a
      disability (as defined below) during the term of this Agreement, then the
      Employee’s employment with the Company shall terminate upon the Employee’s
      death or disability, and (with the exception of any life or disability
      insurance benefits to which the Employee may be entitled) the Company
      shall have no further obligation hereunder to the Employee or his spouse
      or estate except to pay to the Employee (in the event of his disability)
      or the Employee’s spouse if she should survive him, or to the Employee’s
      estate if his spouse shall not survive him, the amount of the Employee’s
      accrued but unpaid wages (including all earned commission pay, if any,
      payable pursuant to a separate commissions agreement), and accrued but
      unused vacation, if any, as of the date of his death or
      disability.  For purposes of this Agreement, “disability” shall
      mean the Employee’s inability to perform his duties with the Company on a
      full-time basis for 120 consecutive days or for a total of 180 days in any
      12-month period, in either case as a result of incapacity due to mental or
      physical illness which is determined to be total and permanent by the
      Company or its insurers.

            

    

     

    
      	
               
      

            	
              b.   Termination by the
      Company Without Cause/Constructive Termination.  The
      Employee’s employment with the Company may be terminated by the Company
      without Cause or by the Employee by reason of a Constructive Termination
      (each as defined in the Definitions Annex below) at any time upon written
      notice to the Employee or the Company, as applicable, provided that in the
      event of the Company’s termination of Employee’s employment without Cause
      or Employee’s Constructive Termination, in either case prior to or more
      than twelve months after a Change in Control (as defined in the
      Definitions Annex below) the Company shall: (i) pay to the Employee in a
      single lump sum an amount equal to twelve (12) months’ of the Employee’s
      then current  base salary under this Agreement plus the average
      of the last three (3) years’ cash bonus paid to the Employee (excluding
      commissions, if any, payable pursuant to a separate commissions agreement)
      (the “Severance Payment”), (ii) pay any accrued but unpaid wages
      (including all earned commission pay, if any, payable pursuant to a
      separate commissions agreement) and accrued but unused vacation pay to
      which the Employee may be entitled hereunder as of the termination date,
      and (iii) continue to provide Employee with group medical insurance at the
      Company’s expense (whether through reimbursement of Consolidated Omnibus
      Budget Reconciliation Act of 1985, as amended (“COBRA”) premiums or
      otherwise in the Company’s discretion) for a period of twelve (12) months
      from the date of the Employee’s Separation from Service (as defined below)
      or until Employee becomes covered under another group medical insurance
      plan, whichever occurs first.  In the event of the Company’s
      termination of Employee’s employment without Cause or Employee’s
      Constructive Termination, in either case on or within twelve months after
      a Change in Control, in lieu of the foregoing, the Company shall: (i) pay
      to the Employee in a single lump sum an amount equal to eighteen (18)
      months’ of the Employee’s then current base salary under this Agreement
      plus the average of the last three (3) years’ cash bonus paid to the
      Employee (excluding commissions, if any, payable pursuant to a separate
      commissions agreement) (the “CIC Severance Payment”), (ii) pay any accrued
      salary (including all earned commission pay, if any, payable pursuant to a
      separate commissions agreement) and accrued but unused vacation pay to
      which the Employee may be entitled hereunder as of the termination date,
      and (iii) continue to provide Employee with group medical insurance at the
      Company’s expense (whether through reimbursement of COBRA premiums or
      otherwise in the Company’s discretion) for a period of eighteen (18)
      months from the date of the Employee’s Separation from Service or until
      Employee becomes covered under another group medical insurance plan,
      whichever occurs first.  Notwithstanding the foregoing, the severance
      payments described in this Paragraph 10(b), other than the accrued salary
      and accrued but unused vacation described in clause (ii), shall be payable
      only in the event that the termination of employment constitutes a
      “separation from service” within the meaning of Treasury Regulation
      Section 1.409A-1(h) (a “Separation from Service”).  In addition,
      in the event that the Employee’s employment is terminated by the Company
      or by the Employee pursuant to this Paragraph 10(b), such termination
      shall be upon the terms of, and the Company and the Employee shall
      execute, in the execution time frame specified in such document following
      the Separation from Service, the Severance Agreement and General Release
      substantially in the form of Exhibit A, attached hereto and incorporated
      herein by reference, and the Employee’s right to receive
      the  severance payments and benefits under this Paragraph 10(b)
      (other than the accrued salary and accrued but unused vacation described
      in clause (ii) above) shall be subject to and contingent on the execution
      and non-revocation by Employee of such Severance Agreement and General
      Release.  Subject to Paragraph 10(d) below, any Severance
      Payment or CIC Severance Payment, as applicable, that becomes payable to
      the Employee pursuant to this Paragraph 10(b) shall be paid to the
      Employee on the sixtieth (60th)
      day following the date of the Employee’s Separation from
      Service.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              c.   Termination by the
      Employee.   The Employee may voluntarily terminate
      his employment with the Company other than by reason of a Constructive
      Termination at any time upon two (2) weeks’ written notice to the
      Company.

            

    

     

    
      	
               
      

            	
              d.   Internal Revenue Code
      Section 409A.  Notwithstanding any provision to the contrary
      in this Agreement, if the Employee is deemed by the Company at the time of
      his Separation from Service to be a “specified employee” for purposes of
      Section 409A(a)(2)(B)(i) of the Code, to the extent delayed commencement
      of any portion of the benefits to which the Employee is entitled under
      this Agreement is required in order to avoid a prohibited distribution
      under Section 409A(a)(2)(B)(i) of the Code, such portion of the Employee’s
      benefits shall not be provided to the Employee prior to the earlier of (i)
      the expiration of the six-month period measured from the date of the
      Separation from Service or (ii) the date of the Employee’s
      death.  Upon the expiration of the applicable Code Section
      409A(a)(2)(B)(i) period, all payments deferred pursuant to this Paragraph
      10(d) shall be paid in a lump sum to the Employee, and any remaining
      payments due under the Agreement shall be paid as otherwise provided
      herein.

            

    

     

    
      	
               
      

            	
              To
      the extent that any payments or reimbursements provided to the Employee
      under this Agreement are deemed to constitute compensation to which
      Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts
      shall be paid or reimbursed to the Employee reasonably promptly, but in no
      event later than December 31 of the year following the year in which the
      expense was incurred.  The amount of any such payments eligible
      for reimbursement in one year shall not affect the payments or expenses
      that are eligible for payment or reimbursement in any other taxable year,
      and the Employee’s right to such payments or reimbursement shall not be
      subject to liquidation or exchange for any other
  benefit.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              e.   Failure to
      Perform.  Notwithstanding any other provision of this
      Agreement, if the Employee shall be discharged by the Company for Cause or
      if Employee voluntarily terminates employment other than as a result of a
      Constructive Termination, then this Agreement shall automatically
      terminate (except for the provisions of Paragraphs 12 and 13, which shall
      continue in effect), and upon such termination, the Company shall have no
      further obligation to the Employee or his spouse or estate, except that
      the Company shall pay to the Employee, the amount of his accrued but
      unpaid wages (including all earned commission pay, if any, payable
      pursuant to a separate commissions agreement) and accrued but unused
      vacation pay as of the date of such
termination.

            

    

     

    11.Corporate
Opportunity.  The Employee acknowledges the value to the Company of
his knowledge, contacts and working relationships involving the business of the
Company.  Employee agrees to utilize all of such capacities for the sole
use and benefit of the Company and to first offer to the Company any and all of
those opportunities which shall come to his knowledge which are within the area
of business of the Company.

     

    12.Confidential
Information.  The Employee acknowledges that in the course of his
employment with the Company, he will receive certain trade secrets, know-how,
lists of customers, employee records and other confidential information and
knowledge concerning the business of the Company (hereinafter collectively
referred to as “information”) which the Company desires to protect.  The
Employee understands that such information is confidential, and he agrees not to
reveal such information to anyone outside the Company either during the term of
this Agreement or indefinitely thereafter.  The Employee further agrees
that during the term of this Agreement and indefinitely thereafter he will not
use such information, directly or indirectly, to compete against the
Company.  At such time as the Employee shall cease to be employed by the
Company, he shall surrender to the Company all papers, documents, writings and
other property produced by him or coming into his possession by or through his
employment hereunder and relating to the information referred to in this
paragraph, and the Employee agrees that all such materials will at all times
remain the property of the Company.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    13.Assignment of Proprietary
Information.  During the term of this Agreement, all patents,
processes and other proprietary information developed by the Employee in the
course of his employment shall be the sole and exclusive property of the
Company.  The Employee covenants and agrees to execute any documents or
take any action necessary to effectively transfer any rights he may have in such
proprietary information to the Company and to maintain the rights, interest and
title of the Company in and to such information.  Nothing herein shall be
deemed to deny Employee the protection afforded by California Labor Code Section
2870.

     

    14.Indemnification. 
The Company shall indemnify Employee against liability pursuant to an Indemnity
Agreement, which the Company and Employee have previously executed.

     

    15.Notices.  All
notices, requests, consents and other communications under this Agreement shall
be in writing and shall be deemed to have been delivered on the date personally
delivered or on the date mailed, postage prepaid, by certified mail, return
receipt requested, or telegraphed and confirmed if addressed to the respective
parties as follows:

     

    If
to the Employee:NAME

    ADDRESS

    CITY,
STATE  ZIP

    

    If
to the Company: Realty Income
Corporation

    Attention:  President, Chief
Operating Officer

    600 La Terraza Boulevard 

    Escondido,
California  92025

     

    Either
party hereto may designate a different address by providing written notice of
such new address to the other party hereto as provided in this Paragraph
15.

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

     

    16.Specific
Performance.  The Employee acknowledges that a remedy at law for any
breach or attempted breach of Paragraphs 12 and 13 of this Agreement will be
inadequate, and therefore agrees that the Company shall be entitled to specific
performance and injunctive and other equitable relief in case of any such breach
or attempted breach, and further agrees to waive any requirement for the
securing or posting of any bond in connection with the obtaining of any such
injunctive or any other equitable relief.

    

    17.Severability. 
In the event any term, phrase, clause,  paragraph, section, restriction,
covenant or agreement contained in this Agreement shall be held to be invalid or
unenforceable, the same shall be deemed, and it is hereby agreed that the same
are meant to be several and shall not defeat or impair the remaining provisions
hereof.

     

    18.Waiver.  The
waiver by the Company of any breach of any provision of this Agreement by the
Employee shall not operate or be construed as a waiver of any subsequent or
continuing breach of this Agreement by the Employee.

     

    19.Assignment. 
This Agreement may not be assigned by the Employee.  Neither of the
Employee nor his spouse or estate shall have any right to commute, encumber or
dispose of any right to receive payments under this Agreement, it being agreed
that such payments and the rights thereto are nonassignable and
nontransferable.

     

    20.Binding Effect. 
Subject to the provisions of Paragraph 19, this Agreement shall be binding upon
and inure to the benefit of the parties hereto, the Employee’s heirs and
personal representatives, and the successors and assigns of the
Company.

     

    21.Entire
Agreement.  This Agreement sets forth the entire agreement and
understanding between the parties relating to the subject matter contained
herein and supersedes all other agreements, oral or written, between the parties
relating to such subject matter, including, but not limited to, any and all
other agreements between the parties concerning employment, compensation, or
profit sharing; provided, however, that the Company’s equity compensation plans
and any written stock option or restricted stock agreement between the Company
and Employee setting forth the terms of equity compensation awards granted to
Employees under such plans and the Indemnity Agreement between the Company and
Employee all shall remain in full force and effect.

     

    22.Withholding. 
Any amounts payable under this Agreement shall be subject to any required
federal, state, local or other income, employment or other tax
withholdings.

     

    23.Amendment.  This
Agreement may be amended only by an instrument in writing executed by both
parties hereto.

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

    24.Governing Law. 
This Agreement shall be construed and enforced in accordance with and governed
by the law of the State of California.

     

    IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
and year first above written.

     

    REALTY
INCOME CORPORATION         EMPLOYEE

     

    

     

    By:   __________________________          ________________________

      Thomas A. Lewis, Jr.                
NAME

      Chief Executive Officer

      

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    DEFINITIONS

     

    For
purposes of this Agreement, “Cause,” “Change in Control” and “Constructive
Termination” shall have the following defined meanings:

     

    1.“Cause” means (a) theft, dishonesty or
falsification of any employment or Company records; (b) malicious or reckless
disclosure of the Company’s confidential or proprietary information; (c)
commission of any immoral or illegal act or any gross or willful misconduct,
where the Company reasonably determines that such act or misconduct has (1)
seriously undermined the ability of the Company’s management to entrust Employee
with important matters or otherwise work effectively with Employee, (2)
contributed to the Company’s loss of significant revenues or business
opportunities, or (3) significantly and detrimentally effected the business or
reputation of the Company or any of its subsidiaries; and/or (d) Employee’s
failure or refusal to work diligently to perform tasks or achieve goals
reasonably requested by the Board, provided such breach, failure or refusal
continues after the receipt of reasonable notice in writing of such failure or
refusal and an opportunity to correct the problem.  “Cause” shall not mean
a physical or mental disability.

     

    2.“Change in Control” shall mean the occurrence
of any of the following:

     

    (a)An acquisition in one transaction or a series
of related transactions (other than directly from the Company or pursuant to
awards granted under the Company’s equity incentive plan or compensatory options
or other similar awards granted by the Company) of the Company’s voting
securities by any individual or entity (a “Person”), immediately after which
such Person has beneficial ownership of fifty percent (50%) or more of the
combined voting power of the Company’s then outstanding voting securities (other
than a Non-Control Transaction, as defined below);

     

    (b)The individuals who, immediately prior to the
Effective Date, are members of the Board (the “Incumbent Board”), cease for any
reason to constitute at least a majority of the members of the Board; provided,
however, that if the election, or nomination for election, by the Company’s
common stockholders, of any new director was approved by a vote of at least a
majority of the Incumbent Board, such new director shall, for purposes of this
Agreement, be considered as a member of the Incumbent Board; provided further,
however, that no individual shall be considered a member of the Incumbent Board
if such individual initially assumed office as a result of either an actual or
threatened “Election Contest” (as described in Rule 14a-11 promulgated under the
Securities Exchange Act of 1934, as amended) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Board (a “Proxy Contest”) including by reason of any agreement intended to avoid
or settle any Election Contest or Proxy Contest; or

     

    (c)the consummation of

     

    (i)a merger, consolidation or reorganization
involving the Company unless:

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    (A)the stockholders of the Company,
immediately before such merger, consolidation or reorganization, own, directly
or indirectly, immediately following such merger, consolidation or
reorganization, more than fifty percent (50%) of the combined voting power of
the outstanding voting securities of the corporation resulting from such merger
or consolidation or reorganization (the “Surviving Corporation”) in
substantially the same proportion as their ownership of the Company’s voting
securities immediately before such merger, consolidation or reorganization,

     

    (B)the individuals who were members of the
Incumbent Board immediately prior to the execution of the agreement providing
for such merger, consolidation or reorganization constitute at least a majority
of the members of the board of directors of the Surviving Corporation, or a
corporation beneficially owning, directly or indirectly, a majority of the
voting securities of the Surviving Corporation, and

     

    (C)no Person, other than (i) the Company,
(ii) any employee benefit plan (or any trust forming a part thereof) that,
immediately prior to such merger, consolidation or reorganization, was
maintained by the Company, the Surviving Corporation, or any related entity or
(iii) any Person who, together with its Affiliates, immediately prior to such
merger, consolidation or reorganization had beneficial ownership of fifty
percent (50%) or more of the Company’s then outstanding voting securities, owns,
together with its Affiliates, beneficial ownership of fifty percent (50%) or
more of the combined voting power of the Surviving Corporation’s then
outstanding voting securities.

     

    (A
transaction described in clauses (A) through (C) above is referred to herein as
a “Non-Control Transaction”);

     

    (d)a complete liquidation or dissolution of the
Company; or

     

    (e)an agreement for the sale or other disposition
of all or substantially all of the assets or business of the Company to any
Person.

     

    For
purposes of this Agreement, “Affiliate” shall mean, with respect to any Person,
any other Person that, directly or indirectly, controls, is controlled by, or is
under common control with, such Person.  Neither the Company nor any Person
controlled by the Company shall be deemed to be an Affiliate of any holder of
Common Stock.

     

    3.“Constructive Termination” means Employee’s
resignation of employment within sixty (60) days of one or more of the following
events which remains uncured thirty (30) days after Employee’s delivery of
written notice thereof, and which resignation is effective not more than thirty
(30) days following the expiration of such cure period:

     

    (a)a material diminution by the Company in
Employee’s authority, duties or responsibilities from those in effect
immediately prior to such diminution;

     

    (b)a material reduction by the Company in
Employee’s base salary in effect immediately prior to such reduction;
or

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (c)a material relocation by the Company of
Employee’s principal office location; provided, that a change to a
location which is not more than forty (40) miles from the Company’s present
headquarters location shall in no event be deemed “material” for purposes of
this definition (and, for the avoidance of doubt, reasonably required travel on
the Company’s business shall not be considered a relocation).

      
        
          
            

             

          

           

        

        
          3

          
            

          

        

        
           

        

      

    EXHIBIT
A

     

    SEVERANCE
AGREEMENT AND GENERAL RELEASE

     

    This
Severance Agreement and General Release (this “Severance Agreement”) is entered
into as of  _____________________, 20___, by and between Realty Income
Corporation (the “Company”), and ____________________ (hereinafter
“Employee”).

     

    IN
CONSIDERATION of the severance compensation as herein provided, to which
Employee is not otherwise entitled, Employee does hereby unconditionally,
irrevocably and absolutely release and discharge the Company, and any parent and
subsidiary corporations, divisions and other affiliated entities, past and
present, as well as its past and present directors, officers, employees,
shareholders, agents, successors and assigns (collectively, “Released Parties”),
from any and all loss, liability, claims, demands, causes of action, or suit of
any type related directly or indirectly or in any way connected to the
transactions or occurrences between Employee and the Released Parties to date,
to the fullest extent permitted by applicable law.  This release
includes, but is not limited to, any losses, liabilities, claims, demands,
causes of action, known or unknown, suspected or unsuspected, arising directly
out of or in any way related to Employee’s employment with the Company, or the
termination of Employee’s employment.  This release is intended to have the
broadest possible application and includes, but is not limited to, any tort,
contract, common law, constitutional or other statutory claims, as well as
alleged violations of the California Labor Code, any applicable California
Industrial Welfare Commission order, the California Business and Professions
Code, Title VII of the Civil Rights Act of 1964, the California Fair Employment
and Housing Act, the Americans with Disabilities Act, the Family and Medical
Leave Act, the Age Discrimination in Employment Act of 1967, all as amended, and
all claims for attorneys’ fees, costs and expenses.  However, this
release shall not apply to claims for workers’ compensation benefits or
unemployment insurance benefits, any challenge made by Employee to the validity
of his release of claims under the Age Discrimination in Employment Act, or any
other claims of Employee that cannot, by statute, lawfully be waived by this
Severance Agreement.

     

    IN
FURTHER CONSIDERATION THEREOF, Employee hereby waives all rights he may have to
any personal relief or recovery from any charge or complaint, for events or
causes of action occurring or accruing on or before the Effective Date of this
Severance Agreement, before any federal, state, or local administrative agency
against the Released Parties, except as such waiver is prohibited by statutory
provision.  Employee further waives all rights to file or join in any
action before any federal, state, or local court against the Released Parties
for any events or causes of action occurring or accruing on or before the
Effective Date of this Severance Agreement.  Employee also
acknowledges that he does not have any current charge or claim against the
Released Parties pending before any local, state or federal agency regarding his
employment.  Except as prohibited by statutory provision, in the event
that any claims are filed, they shall be dismissed with prejudice upon
presentation of this Severance Agreement, and Employee shall reimburse the
Company for the costs, including reasonable attorneys' fees, of defending any
such action.  The attorneys’ fee provision in the previous sentence
shall not apply to any action by Employee to challenge the enforceability of his
waiver of rights under the Age Discrimination in Employment Act..

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    As
consideration for entering into this Severance Agreement, Employee shall receive
the following severance compensation payable in accordance with the terms of
Paragraph 10 of that certain Employment Agreement between the parties dated as
of [_______, 20__]:

     

    a)The total gross sum of
                  
($             ),
payable in a lump sum, and subject to applicable withholdings; and

     

    b)Group medical insurance paid for by the
Company for Employee and his dependents (if currently covered) through
                 ,
or until Employee becomes covered under another group medical insurance plan,
whichever occurs first.  Employee shall immediately notify the Company
upon becoming eligible for coverage under another group medical insurance
plan.

     

    Except
as set forth in this Severance Agreement, or as otherwise mandated by applicable
law, Employee shall not be entitled to any benefits as an employee or former
employee of the Company.

     

    As
a condition of the foregoing payments and benefits, Employee agrees to preserve
the confidentiality of all trade secrets and other confidential information of
the Released Parties, and will not now or in the future disrupt, damage, impair
or interfere with the business of the Released Parties, whether by way of using
or disclosing the Released Parties’ trade secrets and confidential information
to compete against them, interfering with or raiding their employees, or
otherwise unlawfully disrupting their relationships with customers, agents,
representatives or vendors.  Employee agrees to comply, in all
respects, with the on-going confidentiality provisions contained in Paragraph 12
of the Employment Agreement between the parties.

     

    Employee
agrees to cooperate with the Company in accomplishing a smooth and orderly
transition in the transfer of responsibilities of Employee to other employees of
the Company, particularly including pending matters of which Employee has the
principal knowledge and background information.  In this regard, Employee
agrees to respond in a timely fashion to the questions which may be presented
occasionally by the Company.  Such cooperation and responses shall not
entitle Employee to any additional compensation beyond the severance
compensation specified herein above, so long as such cooperation and responses
do not unreasonably interfere with Employee’s other gainful employment or
efforts to secure gainful employment.

     

    By
signing this Severance Agreement, Employee represents, warrants and agrees as
follows:

     

    (1)Employee has carefully read this
Severance Agreement and understands all of its respective terms.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (2)Employee does expressly waive all of
the benefits and rights granted to him pursuant to California Civil Code Section
1542, which provides and reads as follows:

     

    “A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH
IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH
THE DEBTOR.”

     

    Employee
does certify that he has read all of this Severance Agreement and the quoted
Civil Code Section, and that he fully understands all of the same, and that he
has been given the opportunity, if he desires, to review the terms of this
Severance Agreement and with counsel of his choosing.

     

    (3)Employee expressly declares and
represents that no promise, inducement or agreement not herein expressed has
been made to him and that this Severance Agreement contains the entire agreement
between the parties concerning the subject matter of this Severance Agreement
and supersedes all prior negotiations, discussions or agreements relating to the
subject matter of this Severance Agreement; provided, however, that the
Employment Agreement between the parties is incorporated and made a part of this
Severance Agreement and remains in full force and effect.

     

    (4)Employee agrees that this Severance
Agreement may be pled as a full and complete defense to, and may be used as the
basis for an injunction against, any action, suit or other proceeding which may
be prosecuted, instituted or attempted by Employee in breach
hereof.  Employee further agrees that in the event an action or
proceeding is instituted by Employee or the Company or any party released hereby
in order to enforce the terms or provisions hereof, the prevailing party shall
be entitled to an award of reasonable costs and attorneys’ fees.  This
attorneys’ fee provision shall not apply to an action brought by Employee to
challenge the enforceability of his waiver of rights under the Age
Discrimination in Employment Act.

     

    (5)
The parties agree that this Severance Agreement shall bind Employee, his heirs,
successors, agents, representatives and assigns, and each of them, and shall
inure to the benefit of the successors and assigns of the respective parties
hereto.

     

    (6)Employee has signed this Severance
Agreement knowingly and voluntarily, and no promises or representations have
been made to him to induce him to sign this Severance Agreement.

     

    (7)If Employee is under age 40 as of the
date he signs this Severance Agreement, he understands that the acceptance
procedures of this Paragraph 7 apply to him.  Employee
understands that he may take up to twenty-one (21) days to sign this Severance
Agreement and the Severance Agreement shall be effective immediately upon the
date of his signature (“Effective Date”).

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (8)If Employee is age 40 or over as of
the date he signs this Severance Agreement, he understands that the acceptance
procedures of this Paragraph 8 apply to him.  Employee
acknowledges and agrees that:  a) he has been advised to consult with
an attorney before executing this Severance Agreement; b) he has been given at
least twenty-one (21) days to consider and sign this Severance Agreement; c)
Employee may revoke his acceptance of this Severance Agreement within seven days
after he signs it by delivering a written revocation to the President, Chief
Operating Officer so that such written revocation is received by no later than
the seventh day; d) this Severance Agreement shall not be binding and
enforceable until the eighth day after Employee signs this Severance Agreement
without revoking it (“Effective Date”); and e) this Severance Agreement does not
waive or release any rights or claims that Employee may have under the Age
Discrimination in Employment Act that arise after execution of this Severance
Agreement.

     

    IN
WITNESS WHEREOF, the undersigned have executed this Severance Agreement and
General Release as of the date first above written.

     

    REALTY
INCOME CORPORATION   EMPLOYEE

     

    

     

    By:      
___________________________       __________________

     

    Title:   
___________________________      

     

    
4

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