Document:

f8k081511ex10i_genesis.htm

STOCK PURCHASE AGREEMENT

 

THIS STOCK PURCHASE AGREEMENT (the "Agreement") date this 15th   day of August, 2011 by and among Genesis Group Holdings Inc., maintaining their principle place of business at 2500 N. Military Trail, Boca Raton, Florida 33431 ("Purchaser"), and William DeVierno maintaining his principle place of business at 6937 NW 82nd Ave, Miami, Florida 3316 (hereinafter the "Seller") respecting the Common Stock of Tropical Communications Inc. (hereinafter referred to as the "Company").

 

WHEREAS, Seller desires to sell, transfer and assign to Purchaser, and Purchaser desires to purchase from Company, common stock (the "Purchased Shares") of the Company, as more fully described and upon the terms and subject to the conditions set forth herein, and to enter into the other transactions as described herein;

 

NOW, THEREFORE, in consideration of the mutual agreements, covenants, representations and warranties expressly contained herein, the receipt and sufficiency of which are hereby acknowledged, and subject to the terms and conditions hereinafter set forth, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

ARTICLE I

PURCHASE OF SHARES

 

1. Agreements to Sell and Purchase. Subject to the express terms and conditions of this Agreement, at the Closing the Seller shall sell, assign, convey, transfer and deliver to Purchaser, and Purchaser shall purchase, acquire and take assignment and delivery of; the Shares, the "Shares" shall mean that amount of stock which shall equal 100% of the Common Stock issued by the Company, on a fully-diluted basis.

 

2. Closing.

 

(i) The clop 4 (the "Closing") shall take place at the offices of the Purchaser, at 10:00 A.M. on T.B.D. . . The Closing, and all transactions to occur at the Closing, shall

be deemed to have taken place at, and shall be effective as of, 12:01 A.M. on the date of the Closing.

 

(ii)Purchase Price; Payment of Consideration. The purchase price for the Purchased Shares (the "Purchase Price") shall be the following consideration:

 

	
a.  

	
1,000,000 shares of common stock in Purchaser, priced at .10 per share, or that amount or that amount of common stock of Purchaser which will equal 2 1/2 times the Seller's average taxable income as reported to the IRS over the last three years, (whichever is greater) delivered at Closing in exchange for 100% of the Shares of common stock in the Company.

 

	
b.  

	
The assumption of certain debt associated with any lines of credit used to support the business of the Company. The assumed debt shall be listed on a schedule A hereto.

  

1

  

 

	
c.  

	
50% of the net income ( as shown on the Company's financial statements and reported with through the Purchaser's S.E.C. qualified auditors) realized by the Company during the Eighteen months following Closing shall be paid in cash or additional shares of common stock of Purchaser to Seller. The amount due to Seller herein shall be calculated on the last day of the 19th month following Closing.

 

	
d.  

	
Cashless Warrants to purchase an additional 500,000 shares of common stock priced at .30 per share (based on the Purchaser's current capitalization) for each $500,000 in EBITDA, computed and vested on a semi-annual basis over the twenty-four month following Closing. In the event that the trading price of the stock is less than .40 per share, the strike price of the Warrants shall be reduced to that price which is a discount of 25% to the market price.

 

	
e.  

	
Seller shall continue to operate the Company after closing, in accordance with an employment agreement executed contemporaneously herewith, as an independent operating entity of Purchaser; subject only to Board of Directors oversight.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF

THE COMPANY

 

The Company makes to the Purchaser the following representations and warranties:

 

2.1  Organization and Standing of the Company. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Florida, and is entitled to own or lease its properties and to carry on its business as and in the places where such properties are now owned, leased or operated. The Company has full corporate power and other authority to enter into this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of the Company and is the valid and binding obligation of the Company enforceable in accordance with its terms. Neither the execution nor the consummation of this Agreement will conflict with or result in a breach or default under, or result in the creation of any lien, security interest, charge or encumbrance upon the Units and the underlying securities, or any of the properties or assets of the Company as a result of the terms, conditions or provisions of any contract, note, mortgage or any other agreement, instrument or obligation to which the Company is a party or by which the Company or any of its properties or assets may be bound.

 

2.2  Capitalization. There are two hundred (200) shares of common stock authorized with one hundred (100) shares outstanding. The Company has not granted, issued or agreed to grant, issue or make any warrants, options, subscription rights or any other commitments of any character relating to the issued or unissued shares of capital stock of the Company except as previously discussed in the Company's reports filed under the Securities Exchange Act of 1934 or of otherwise disclosed to the Purchaser.

 

  

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2.3  Properties. The Company has good and unencumbered title to and the right to the use of all of its properties and assets. The property and assets of the Company are listed on Schedule B hereto.

 

2.4  Disclosure and Liabilities. Except with respect to the liabilities and obligations disclosed in such periodic reports, the Company has no material liabilities, obligations or commitments of any nature, whether liquidated or unliquidated, absolute or contingent.

 

2.5  Delivery of Periodic Reports. The Company has or will have provided the Purchaser with access to all of its accounting reports.

 

2.6 Full Disclosure. No representation or warranty by the Company in this Agreement or in any exhibit or document to be delivered pursuant hereto contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact necessary to make any statement herein or therein not material misleading or necessary to a complete and correct presentation of all material aspects of the business of the Company which would materially adversely affect the business of the Company and the transactions contemplated hereby.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF

THE PURCHASER

 

The Purchaser makes the following representations and warranties:

 

3.1  Organization and Standing of the Company. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and is entitled to own or lease its properties and to carry on its business as and in the places where such properties are now owned, leased or operated. The Purchaser has full corporate power and other authority to enter into this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all necessary corporate action on the part of the Purchaser and is the valid and binding obligation of the Purchaser enforceable in accordance with its terms. Neither the execution nor the consummation of this Agreement will conflict with or result in a breach or default under, or result in the creation of any lien, security interest, charge or encumbrance upon the Units and the underlying securities, or any of the properties or assets of the Purchaser as a result of the terms, conditions or provisions of any contact, note, mortgage or any other agreement, instrument or obligation to which the Purchaser is a party or by which the Purchaser or any of its properties or assets may be bound.

 

3.2  Capitalization. There are Five Hundred Million (500,000,000) shares of common stock authorized by Genesis Group Holdings, Inc. with less than One Hundred Fifty Million (150,000,000) outstanding. The Purchaser has not granted, issued or agreed to grant, issue or make any warrants, options, subscription rights or any other commitments of any character relating to the issued or unissued shares of capital stock of the Purchaser except as previously discussed in the Purchaser's reports filed under the Securities Exchange Act of 1934 or otherwise disclosed to the Seller.

 

3.3  Properties. The Purchaser has good and unencumbered title to and the right to the use of all of its properties and assets.

 

  

3

  

 

3.4  Disclosure and Liabilities. Except with respect to the liabilities and obligations disclosed in such periodic reports, the Purchaser has no material liabilities, obligations or commitments of any nature, whether liquidated or unliquidated, absolute or contingent.

 

3.5  Delivery of Periodic Reports. The Purchaser has or will have provided the Seller with access to all of its S.E.C. reports as well as all periodic reports through June 2011.

 

3.6  Full Disclosure. No representation or warranty in this Agreement or in any exhibit or document to be delivered pursuant hereto contains or will contain any untrue statement of a material fact or omits or will omit to state any material fact necessary to make any statement herein or therein not material misleading or necessary to a complete and correct presentation of all material aspects of the business of the Purchaser which would materially adversely affect the business of the Purchaser and the transactions and issuance of stock contemplated hereby.

 

ARTICLE IV

SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION

 

4.1  Survival of Representations and Warranties. Notwithstanding any right of the Purchaser fully to investigate the affairs of the Company, the Company shall have the right to rely fully upon the representations, warranties, covenants and agreements of the Company contained in this Agreement or in any document delivered to the Purchaser by the Company or any of its representatives, in connection with the transactions contemplated by this Agreement. All such representations, warranties, covenants and agreements shall survive the execution and delivery hereof for twelve (12) months following the date hereof.

 

4.2  Obligation of the Company to Indemnify. Subject to the limitations on the suryival of representations and warranties contained herein, the Company hereby agrees to indemnify, defend and hold harmless the Purchaser from and against any losses, liabilities, damages, deficiencies, costs or expenses (including interest, penalties and reasonable attorneys, fees and disbursements) based upon, arising out of or otherwise due to any inaccuracy in or any breach of any representation, warranty, covenant or agreement of the Company contained in this Agreement or in any document or other writing delivered pursuant to this Agreement.

 

4.3Obligation of the Purchaser to Indemnify. Subject to the limitations on the survival of representations and warranties contained herein, the Purchaser hereby agrees to indemnify, defend and hold harmless the Company from and against any losses, liabilities, damages, deficiencies, costs or expenses (including interest, penalties and reasonable attorneys, fees and disbursements) based upon, arising out of or otherwise due to any inaccuracy in or any breach of any representation, warranty, covenant or agreement of the Purchaser contained in this Agreement or in any document or other writing delivered pursuant to this Agreement.

 

  

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ARTICLE V

MISCELLANEOUS

 

5.1  Entire Agreement. This Agreement (including the Recitals and any Exhibits hereto) contains the entire agreement among the parties with respect to the purchase of the Units and related transactions and supersedes all prior agreements, written or oral, with respect thereto.

 

5.2  Waivers and Amendments. This Agreement may be amended, modified, superseded, canceled, renewed or extended, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies which any party may otherwise have at la or in equity. The rights and remedies of any party based upon, arising out of or otherwise in respect of any inaccuracy in or breach of any representation, warranty, covenant or agreement contained in this Agreement shall in no way be limited by the fact that the act, omission, occurrence or other state of facts upon which the claim of any inaccuracy or breach is based may also fie the subject matter of any other representation, warranty, covenant or agreement contained in this Agreement (or in any other agreement between the parties) as to which there is no inaccuracy or breach.

 

5.3  Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Florida.

 

5.4  No Assignment, this Agreement is not assignable except by operation of law.

 

5.5  Headings. The headings in this Agreement are for reference purposes only and not in any way affect the meaning or interpretation of this Agreement.

 

5.6  Severability of Provisions. The invalidity or unenforceability of any term, phrase, clause, paragraph, restriction, covenant, agreement or other provision of this Agreement shall in no way affect the validity or enforcement of any other provision or any part thereof.

 

5.7  Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall constitute an original copy hereof, but all of which together shall be considered but one and the same documents.

 

- SIGNATURE PAGE TO FOLLOW -

 

  

5

  

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed delivered as of the date first above written.

 

 

 

 

 

  

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Schedule "A"

 

Assumed Debt

 

	
VENDOR

	 	
CREDIT LIMIT / ORG. 

LOAN AMT

	 	 	
BALANCE 8/15/11

	 
	
CREDIT CARDS

	 	 	 	 	 	 
	
BANK OF AMERICA

	 	$	11,400.00	 	 	$	8,434.76	 
	
WELLS FARGO CREDIT

	 	 	15,000.00	 	 	$	13,156.77	 
	
AMERICAN EXPRESS BUSINESS

	 	 	 	 	 	$	5334.06	 
	
BUSINESS CARD SERVICES (WS)

	 	 	20,750.00	 	 	$	5,083.26	 
	
HOME DEPOT

	 	$	11,200.00	 	 	$	2,142.58	 
	  	 	 	 	 	 	 	 	 
	  	 	 	 	 	 	 	 	 
	
LEASE

	 	 	 	 	 	 	 	 
	
GRAYBAR FINANCIAL

	 	$	16,225.00	 	 	$	10,333.00	 
	
 

	 	 	 	 	 	 	 	 
	
CREDIT LINES

	 	 	 	 	 	 	 	 
	
WELLS FARGO LINE

	 	 	50,000.00	 	 	$	47,928.43	 
	  	 	$	200,000.00	 	 	$	176,013.23	 
	
BANK OF AMERICA

	 	 	 	 	 	 	 	 
	
SHAREHOLDER LOAN

	 	 	 	 	 	 	 	 
	
WILLIAM F DEVIERNO

	 	$	2,061.36	 	 	 	2,061.36	 
	
MRD COMMUNICATIONS INC

	 	$	112,995.62	 	 	$	112,995.62	 
	  	 	 	 	 	 	 	 	 
	
TAXES / LIABILITIES

	 	 	 	 	 	 	 	 
	
IRS - PENALTIES

	 	 	 	 	 	$	8,437.67	 
	
IRS -JULY/ AUGUST 2011

	 	 	 	 	 	$	16,298.45	 

 

7ex10-1.htm

 

Exhibit 10.1

 

 

 

 

RETENTION AGREEMENT

(“Agreement”)

 

- by and between -

WORLDWIDE WYNN, LLC

(“Company” or “Employer”)

 

- and -

 

LINDA CHEN

(“Participant”)

 

DATED AS OF: JULY 27, 2011

 

 

 

  

  

  

	 
	 
	
AGREEMENT

	
  

	

THIS AGREEMENT (“Agreement”) is made and entered into as of the 27TH day of July 2011 (“Grant Date”), by and between WORLDWIDE WYNN, LLC (“Company” or “Employer”) and LINDA CHEN (“Participant”).

 

 

 

1.     GRANT. The Company hereby grants to the Participant, as of the Grant Date, an award (“Award”) in an amount equal to $10,000,000, subject to all of the terms and conditions contained in this Agreement.

 

2.     VESTING.  Subject to Section 4 below, and the Participant’s continuous employment, the Award shall vest in full on July 27, 2021(“Vesting Date”).

 

3.     SETTLEMENT.  Within ten 10 days following the Vesting Date, the Participant shall be entitled to receive a lump sum cash payment equal to the amount set forth in Section 1 above, less any applicable employment and income tax withholdings.

 

4.     TERMINATION OF EMPLOYMENT:  In the event of termination of the Participant’s employment by the Company (or one of its affiliates) for any reason other than Cause prior to the Vesting Date (including without limitation, termination due to death or Disability), a pro-rated portion of the Award equal to the number of full calendar months elapsed between the Grant Date and the date of such termination of employment divided by 120 shall vest and become payable within 30 days following such termination of employment.  “Cause” shall have the meaning set forth in the Participant’s employment agreement with the Company (if any), or if there is no such definition, shall mean (i) acts or omissions by the Participant which constitute intentional material misconduct or a knowing violation of a material policy of the Company or any of its subsidiaries, (ii) the Participant personally receiving a benefit in money, property or services from the Company or any of its subsidiaries or from another person dealing with the Company or any of its subsidiaries, in material violation of applicable law or the Company policy, (iii) an act of fraud, conversion, misappropriation, or embezzlement by the Participant or the Participant’s conviction of, or entering a guilty plea or plea of no contest with respect to, a felony, or the equivalent thereof (other than DUI), or (iv) any material misuse or improper disclosure of confidential or proprietary information of the Company.  “Disability” shall have the meaning set forth in the Participant’s employment agreement with the Company (if any), or if there is no such definition, shall mean total and permanent disability as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended.

 

In the event that Participant’s employment by the Company (or one of its affiliates) terminates for any other reason (including termination for Cause or voluntary resignation by Participant) prior to the Vesting Date, the Award shall be forfeited in full with no action required or compensation paid.

 

Notwithstanding any provision in this Agreement to the contrary, if, at the time of Participant’s termination of employment with Employer, he or she is a “specified employee” as defined in Section 409A of the Internal Revenue Code (the “Code”), and the Settlement of the Award received or to be received by Participant pursuant to the Agreement constitutes deferred compensation subject to Section 409A, no such Settlement of the Award will be provided under the Agreement until the earlier of : (a) the date that is six (6) months following Participant’s termination of employment with Employer or (b) the Participant’s death.  The provisions of this section shall only apply to the extent required to avoid Participant’s incurrence of any penalty tax or interest under Section 409A of the Code or regulations or Treasury guidance promulgated thereunder.  In addition, if any provision of the Agreement would cause Participant to incur any penalty tax or interest under Section 409A of the Code or regulations or Treasury guidance promulgated thereunder, Employer may reform such provision to maintain the maximum extent practicable the original intent of the applicable provision without violating the provisions of Section 409A of the Code.

 

 

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5.     NON-TRANSFERABILITY.  The Award may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution.

 

6.     NO RIGHTS TO CONTINUATION OF EMPLOYMENT.  Nothing in this Agreement shall confer upon the Participant any right to continue in the employ of the Company or any subsidiary thereof or shall interfere with or restrict the right of the Company or its stockholders (or of a subsidiary or its stockholders, as the case may be) to terminate the Participant’s employment any time for any reason whatsoever, with or without Cause.

 

7.     SEVERABILITY. In the event any one or more provisions of this Agreement is declared judicially void or otherwise unenforceable, the remainder of this Agreement shall survive and such provision(s) shall be deemed modified or amended so as to fulfill the intent of the parties hereto.

 

8.     AMENDMENT OR MODIFICATION. This Agreement may not be amended, modified, changed or altered except by a writing signed by both the Company and the Participant.

 

9.     SUCCESSION.  This Agreement shall be binding upon and inure to the benefit of the Company and the Participant and their respective successors and assigns.

 

10.     GOVERNING LAW.  This Agreement shall be governed by and construed in accordance with Nevada law, without regard to conflicts of law principles.

 

11.     DISPUTE RESOLUTION.  Any controversy or claim arising out of or relating to this Agreement, the breach hereof, or Participant's employment by Employer, shall be submitted to binding arbitration in accordance with the employment arbitration rules then in effect of the American Arbitration (“AAA”), to the extent not inconsistent with this Section as set forth below.  

 

(a)     Coverage of Arbitration Agreement:   The promises by Employer and Participant to arbitrate differences, rather than litigate them before courts or other bodies, provide consideration for each other, in addition to other consideration provided under the Agreement.

 

(b)     Waiver of Rights to Pursue Claims in Court and to Jury Trial: This Section 11 does not in any manner waive any rights or remedies available under applicable statutes or common law, but does waive Employer’s and Participant's rights to pursue those rights and remedies in a judicial forum and waive any right to trial by jury of any claims.  By signing this Agreement, the parties voluntarily agree to arbitrate any covered claims against each other.

 

(c)     Initiation of Arbitration:  To commence arbitration of a claim subject to this Section 11, the aggrieved party must, within the time frame provided in Section 11(d) below, make written demand for arbitration and provide written notice of that demand to the other party. If a claim is brought by Participant against Employer, such notice shall be given to Employer’s Legal Department.  Such written notice must identify and describe the nature of the claim, the supporting facts, and the relief or remedy sought.  In the event that either party files an action in any court to pursue any of the claims covered by this Section 11, the complaint, petition or other initial pleading commencing such court action shall be considered the demand for arbitration.  In such event, the other party may move that court to compel arbitration.

 

(d)     Time Limit to Initiate Arbitration: To ensure timely resolution of disputes, Participant and Employer must initiate arbitration within the statute of limitations (deadline for filing) provided by applicable law pertaining to the claim, or one year, whichever is shorter, except that the statute of limitations imposed by relevant law will solely apply in circumstances where such statute of limitations cannot legally be shortened by private agreement. The failure to initiate arbitration within this time limit will bar any such claim.  The parties understand that Employer and Participant are waiving any longer statutes of limitations that would otherwise apply, and any aggrieved party is encouraged to give

 

 

 

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written notice of any claim as soon as possible after the event(s) in dispute so that arbitration of any differences may take place promptly.

 

(e)     Arbitrator Selection:  The parties contemplate that, except as specifically set forth in this Section 11, selection of one arbitrator shall take place pursuant to the then-current rules of the AAA applicable to employment disputes.  The arbitrator must be either a retired judge or an attorney experienced in employment law. The parties will select one arbitrator from among a list of qualified neutral arbitrators provided by AAA.  If the parties are unable to agree on the arbitrator, the parties will select an arbitrator by alternatively striking names from a list of qualified arbitrators provided by AAA.  AAA will flip a coin to determine which party has the final strike (that is, when the list has been narrowed by striking to two arbitrators). The remaining named arbitrator will be selected.

 

(f)      Arbitration Rights and Procedures:  Participant may be represented by an attorney of his/her choice at his/her own expense.  Any arbitration hearing or proceeding will take place in private, not open to the public, in Clark County, Nevada.  The arbitrator shall apply the substantive law (and the law of remedies, if applicable) of Nevada (without regard to its choice of law provisions) and/or federal law when applicable. The arbitrator is without power or jurisdiction to apply any different substantive law or law of remedies or to modify any term or condition of this Agreement.  The arbitrator will have no power or authority to award non-economic damages or punitive damages except where such relief is specifically authorized by an applicable federal, state or local statute or ordinance, or common law.  In such a situation, the arbitrator shall specify in the award the specific statute or other basis under which such relief is granted.    The applicable law with respect to privilege, including attorney-client privilege, work product, and offers to compromise must be followed.   The parties will have the right to conduct reasonable discovery, including written and oral (deposition) discovery and to subpoena and/or request copies of records, documents and other relevant discoverable information consistent with the procedural rules of AAA.  The arbitrator will decide disputes regarding the scope of discovery and will have authority to regulate the conduct of any hearing.  The arbitrator will have the right to entertain a motion or request to dismiss, for summary judgment, or for other summary disposition.   The parties will exchange witness lists at least 30 days prior to the hearing.  The arbitrator will have subpoena power so that either Employee or Employer may summon witnesses.  The arbitrator will use the Federal Rules of Evidence in connection with the admission of all evidence at the hearing.  Both parties shall have the right to file post-hearing briefs.  Any party, at its own expense, may arrange for and pay the cost of a court reporter to provide a stenographic record of the proceedings.

 

(g)     Arbitrator’s Award: The arbitrator will issue a written decision containing the specific issues raised by the parties, the specific findings of fact, and the specific conclusions of law.  The award will be rendered promptly, typically within 30 days after conclusion of the arbitration hearing, or after the submission of post-hearing briefs if requested.  The arbitrator shall have no power or authority to award any relief or remedy in excess of what a court could grant under applicable law.  The arbitrator’s decision shall be final and binding on both parties.  Judgment upon an award rendered by the arbitrator may be entered in any court having competent jurisdiction.

 

(h)     Fees and Expenses:  Unless the law requires otherwise for a particular claim or claims, the party demanding arbitration bears the responsibility for payment of the fee to file with AAA and the fees and expenses of the arbitrator shall be allocated by the AAA under its rules and procedures. Participant and Employer shall each pay his/her/its own expenses for presentation of their cases, including but not limited to attorney’s fees, costs, and fees for witnesses, photocopying and other preparation expenses.  If any party prevails on a statutory claim that affords the prevailing party attorney’s fees and costs, the arbitrator may award reasonable attorney’s fees and/or

 

 

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costs to the prevailing party, applying the same standards a court would apply under the law applicable to the claim.

 

 

12.     HEADINGS.  Headings are used solely for the convenience of the parties and shall not be deemed to be a limitation upon or descriptive of the contents of any such Section.

 

13.     ASSIGNMENT.  Notwithstanding anything to the contrary in this Agreement, neither this Agreement nor any rights granted herein shall be assignable by the Participant.

 

14.     ADDITIONAL DOCUMENTS.  Each party agrees to execute any and all further documents and writings, and to perform such other actions, which may be or become reasonably necessary or expedient to be made effective and carry out this Agreement.

 

15.     NOTICES.  Any and all notices required under this Agreement shall be in writing and shall be either hand-delivered or mailed, certified mail, return receipt requested, addressed to:

 

	 	  	  	  
	 	
TO THE COMPANY:

	
  

	  
	 	  	
  

	
c/o 3131 Las Vegas Boulevard South

	 	  	
  

	
Las Vegas, Nevada 89109

Attn:  General Counsel

	 	  	  
	 	  	  
	 	
TO THE PARTICIPANT:

	
  

	
Linda Chen

	 	  	
  

	
2309 Whispering Hills Circle.

Las Vegas NV 89117

 

All notices hand-delivered shall be deemed delivered as of the date actually delivered.  All notices mailed shall be deemed delivered as of three (3) business days after the date postmarked.  Any changes in any of the addresses listed herein shall be made by notice as provided in this Section 15.

 

16.     ENTIRE AGREEMENT.  This Agreement contains the entire agreement and understanding among the parties as to the subject matter hereof.

 

17.     COUNTERPARTS.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original, and taken together shall constitute one and the same document.

 

IN WITNESS WHEREOF AND INTENDING TO BE LEGALLY BOUND THEREBY, the parties hereto have executed and delivered this Agreement as of the year and date first above written.

 

	
COMPANY

	  	
PARTICIPANT

	  	  	  	  	  
	  	  	  	  	  
	
By:

	  	
/s/ Marc Schorr

	  	
 /s/ Linda Chen

	  	  	
Name: Marc Schorr

	  	
Linda Chen

	  	  	
Title:    President, Worldwide Wynn, LLC

	  	
  

	  	  	           8/16/11	  	
Execution Date:  August 12, 2011

 

 

 

 

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