Document:

2000 Employee Stock Purchase

 EXHIBIT 10.2 
 

 
 2000 EMPLOYEE STOCK PURCHASE PLAN 
 June 21, 2007 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	Section 1	  	    PURPOSE	  	1
			
	 Section 2
	  	    DEFINITIONS	  	1
			
	 2.1
	  	“1934 Act”	  	1
			
	 2.2
	  	“Board”	  	1
			
	 2.3
	  	“Code”	  	1
			
	 2.4
	  	“Committee”	  	1
			
	 2.5
	  	“Common Stock”	  	1
			
	 2.6
	  	“Company”	  	1
			
	 2.7
	  	“Compensation”	  	1
			
	 2.8
	  	“Eligible Employee”	  	1
			
	 2.9
	  	“Employee”	  	2
			
	 2.10
	  	“Employer” or “Employers”	  	2
			
	 2.11
	  	“Enrollment Date”	  	2
			
	 2.12
	  	“Grant Date”	  	2
			
	 2.13
	  	“Participant”	  	2
			
	 2.14
	  	“Plan”	  	2
			
	 2.15
	  	“Purchase Date”	  	2
			
	 2.16
	  	“Subsidiary”	  	2
			
	 Section 3
	  	    SHARES SUBJECT TO THE PLAN	  	2
			
	 3.1
	  	Number Available.	  	2
			
	 3.2
	  	Adjustments.	  	3
			
	 Section 4
	  	    ENROLLMENT	  	3
			
	 4.1
	  	Participation.	  	3
			
	 4.2
	  	Payroll Withholding.	  	3
			
	 Section 5
	  	    OPTIONS TO PURCHASE COMMON STOCK	  	3
			
	 5.1
	  	Grant of Option.	  	3
			
	 5.2
	  	Duration of Option.	  	4
			
	 5.3
	  	Number of Shares Subject to Option.	  	4
			
	 5.4
	  	Other Terms and Conditions.	  	4
			
	 Section 6
	  	    PURCHASE OF SHARES	  	4
			
	 6.1
	  	Exercise of Option.	  	4

  

 -I- 

 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	 6.2
	  	Delivery of Shares.	  	5
			
	 6.3
	  	Exhaustion of Shares.	  	5
			
	 Section 7
	  	    WITHDRAWAL	  	5
			
	 7.1
	  	Withdrawal.	  	5
			
	 Section 8
	  	    CESSATION OF PARTICIPATION	  	5
			
	 8.1
	  	Termination of Status as Eligible Employee.	  	5
			
	 Section 9
	  	    DESIGNATION OF BENEFICIARY	  	5
			
	 9.1
	  	Designation.	  	5
			
	 9.2
	  	Changes.	  	6
			
	 9.3
	  	Failed Designations.	  	6
			
	 Section 10
	  	    ADMINISTRATION	  	6
			
	 10.1
	  	Plan Administrator.	  	6
			
	 10.2
	  	Actions by Committee.	  	6
			
	 10.3
	  	Powers of Committee.	  	6
			
	 10.4
	  	Decisions of Committee.	  	7
			
	 10.5
	  	Administrative Expenses.	  	7
			
	 10.6
	  	Eligibility to Participate.	  	7
			
	 10.7
	  	Indemnification.	  	7
			
	Section 11	  	    AMENDMENT, TERMINATION, AND DURATION	  	7
			
	 11.1
	  	Amendment, Suspension, or Termination.	  	7
			
	 11.2
	  	Duration of the Plan.	  	8
			
	Section 12	  	    GENERAL PROVISIONS	  	8
			
	 12.1
	  	Participation by Subsidiaries.	  	8
			
	 12.2
	  	Inalienability.	  	8
			
	 12.3
	  	Severability.	  	8
			
	 12.4
	  	Requirements of Law.	  	8
			
	 12.5
	  	Compliance with Rule 16b-3.	  	8
			
	 12.6
	  	No Enlargement of Employment Rights.	  	9
			
	 12.7
	  	Apportionment of Costs and Duties.	  	9
			
	 12.8
	  	Construction and Applicable Law.	  	9
			
	 12.9
	  	Captions.	  	9
		
	EXECUTION	  	9

  

 -II- 

 AMENDED AND RESTATED 
 NOVATEL WIRELESS, INC. 
 2000 EMPLOYEE STOCK PURCHASE PLAN 
 SECTION 1 
 PURPOSE 
 Novatel Wireless, Inc. hereby establishes the Novatel Wireless, Inc. 2000 Employee Stock Purchase Plan, effective as of the Initial Public Offering Date,
in order to provide eligible employees of the Company and its participating Subsidiaries with the opportunity to purchase Common Stock through payroll deductions. The Plan is intended to qualify as an employee stock purchase plan under
Section 423(b) of the Code. 
 SECTION 2 
 DEFINITIONS 
 2.1 “1934 Act” means the Securities Exchange Act of 1934, as amended.
Reference to a specific Section of the 1934 Act or regulation thereunder shall include such Section or regulation, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such Section or regulation. 
 2.2 “Board” means the Board of Directors of the Company.

 2.3 “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific Section of the Code or regulation
thereunder shall include such Section or regulation, any valid regulation promulgated under such Section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such Section or regulation.

 2.4 “Committee” shall mean the committee appointed by the Board to administer the Plan. Any member of the Committee may
resign at any time by notice in writing mailed or delivered to the Secretary of the Company. As of the effective date of the Plan, the Plan shall be administered by the Compensation Committee of the Board. 
 2.5 “Common Stock” means the common stock of the Company. 
 2.6 “Company” means Novatel Wireless, Inc., a Delaware corporation. 
 2.7
“Compensation” means a Participant’s regular wages. The Committee, in its discretion, may (on a uniform and nondiscriminatory basis) establish a different definition of Compensation prior to an Enrollment Date for all options
to be granted on such Enrollment Date. 
 2.8 “Eligible Employee” means every Employee of an Employer, except (a) any
Employee who immediately after the grant of an option under the Plan, would own stock 

 and/or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of stock of the Company or of any Subsidiary of the Company (including stock attributed to such Employee pursuant to Section 424(d) of the Code), or (b) as provided in the following sentence. The Committee, in
its discretion, from time to time may, prior to an Enrollment Date for all options to be granted on such Enrollment Date, determine (on a uniform and nondiscriminatory basis) that an Employee shall not be an Eligible Employee if he or she:
(1) has not completed at least two years of service since his or her last hire date (or such lesser period of time as may be determined by the Committee in its discretion), (2) customarily works not more than 20 hours per week (or such
lesser period of time as may be determined by the Committee in its discretion), (3) customarily works not more than 5 months per calendar year (or such lesser period of time as may be determined by the Committee in its discretion), or
(4) is an officer or other manager. 
 2.9 “Employee” means an individual who is a common-law employee of any Employer,
whether such employee is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 
 2.10
“Employer” or “Employers” means any one or all of the Company, and those Subsidiaries which, with the consent of the Board, have adopted the Plan. 
 2.11 “Enrollment Date” means such dates as may be determined by the Committee (in its discretion and on a uniform and nondiscriminatory
basis) from time to time. 
 2.12 “Grant Date” means any date on which a Participant is granted an option under the Plan.

 2.13 “Participant” means an Eligible Employee who (a) has become a Participant in the Plan pursuant to
Section 4.1 and (b) has not ceased to be a Participant pursuant to Section 8 or Section 9. 
 2.14
“Plan” means the Novatel Wireless, Inc. 2000 Employee Stock Purchase Plan, as set forth in this instrument and as hereafter amended from time to time. 
 2.15 “Purchase Date” means such dates as may be determined by the Committee (in its discretion and on a uniform and nondiscriminatory basis) from time to time prior to an Enrollment Date for all
options to be granted on such Enrollment Date. 
 2.16 “Subsidiary” means any corporation in an unbroken chain of
corporations beginning with the Company if each of the corporations other than the last corporation in the unbroken chain then owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one
of the other corporations in such chain. 
 SECTION 3 
 SHARES SUBJECT TO THE PLAN 
 3.1 Number Available. 292,501 shares of Common Stock are currently
available for issuance pursuant to the Plan. On the first day of each fiscal year of the Company, Shares will be added to the Plan equal to the lesser of (a) 0.5% of the outstanding Shares on the 
  

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 last day of the prior fiscal year, (b) 18,000 Shares, or such lesser number of Shares as may be determined by the
Board in its sole discretion. Shares sold under the Plan may be newly issued shares or treasury shares. 
 3.2 Adjustments. In the
event of any reorganization, recapitalization, stock split, reverse stock split, stock dividend, combination of shares, merger, consolidation, offering of rights or other similar change in the capital structure of the Company, the Board may make
such adjustment, if any, as it deems appropriate in the number, kind and purchase price of the shares available for purchase under the Plan and in the maximum number of shares subject to any option under the Plan. 
 SECTION 4 
 ENROLLMENT 
 4.1 Participation. Each Eligible Employee may elect to become a Participant by enrolling or re-enrolling in the Plan effective as of any
Enrollment Date. In order to enroll, an Eligible Employee must complete, sign and submit to the Company an enrollment form in such form, manner and by such deadline as may be specified by the Committee from time to time (in its discretion and on a
nondiscriminatory basis). Any Participant whose option expires and who has not withdrawn from the Plan automatically will be re-enrolled in the Plan on the Enrollment Date immediately following the Purchase Date on which his or her option expires.
Any Participant whose option has not expired and who has not withdrawn from the Plan automatically will be deemed to be un-enrolled from the Participant’s current option and be enrolled as of a subsequent Enrollment Date if the price per Share
on such subsequent Enrollment Date is lower than the price per Share on the Enrollment Date relating to the Participant’s current option. 
 4.2 Payroll Withholding. On his or her enrollment form, each Participant must elect to make Plan contributions via payroll withholding from his or her Compensation. Pursuant to such procedures as the Committee may specify from time
to time, a Participant may elect to have withholding equal to a whole percentage from 1% to 10% (or such lesser percentage that the Committee may establish from time to time for all options to be granted on any Enrollment Date). A Participant may
elect to increase or decrease his or her rate of payroll withholding by submitting a new enrollment form in accordance with such procedures as may be established by the Committee from time to time. A Participant may stop his or her payroll
withholding by submitting a new enrollment form in accordance with such procedures as may be established by the Committee from time to time. In order to be effective as of a specific date, an enrollment form must be received by the Company no later
than the deadline specified by the Committee, in its discretion and on a nondiscriminatory basis, from time to time. Any Participant who is automatically re-enrolled in the Plan will be deemed to have elected to continue his or her contributions at
the percentage last elected by the Participant. 
 SECTION 5 
 OPTIONS TO PURCHASE COMMON STOCK 
 5.1 Grant of Option. On each Enrollment Date on which the
Participant enrolls or re-enrolls in the Plan, he or she shall be granted an option to purchase shares of Common Stock. 
  

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 5.2 Duration of Option. Each option granted under the Plan shall expire on the earliest to occur
of (a) the completion of the purchase of shares on the last Purchase Date occurring within 24 months of the Grant Date of such option, (b) such shorter option period as may be established by the Committee from time to time prior to an
Enrollment Date for all options to be granted on such Enrollment Date, or (c) the date on which the Participant ceases to be such for any reason. Until otherwise determined by the Committee for all options to be granted on an Enrollment Date,
the period referred to in clause (b) in the preceding sentence shall mean the period from the applicable Enrollment Date through the last business day prior to the immediately following Enrollment Date. 
 5.3 Number of Shares Subject to Option. The number of shares available for purchase by each Participant under the option will be established by
the Committee from time to time prior to an Enrollment Date for all options to be granted on such Enrollment Date. 
 5.4 Other Terms and
Conditions. Each option shall be subject to the following additional terms and conditions: 
 (a) payment for shares
purchased under the option shall be made only through payroll withholding under Section 4.2; 
 (b) purchase of shares
upon exercise of the option will be accomplished only in accordance with Section 6.1; 
 (c) the price per share under
the option will be determined as provided in Section 6.1; and 
 (d) the option in all respects shall be subject to such
other terms and conditions (applied on a uniform and nondiscriminatory basis), as the Committee shall determine from time to time in its discretion. 
 SECTION 6 
 PURCHASE OF SHARES 
 6.1 Exercise of Option. Subject to Section 6.2, on each Purchase Date, the funds then credited to each Participant’s account shall be used to purchase whole shares of Common Stock. Any cash remaining after whole shares of
Common Stock have been purchased shall be carried forward in the Participant’s account for the purchase of shares on the next Purchase Date. The price per Share of the Shares purchased under any option granted under the Plan shall be
eighty-five percent (85%) of the lower of: 
 (a) the closing price per Share on the Grant Date for such option on the
NASDAQ National Market System; or 
 (b) the closing price per Share on the Purchase Date on the NASDAQ National Market
System; 
 provided, however, that with respect to any Grant Date under the Plan that coincides with the date of the final prospectus for the initial public
offering of the Common Stock, the price in clause (a) above shall be the price per Share at which shares of Common Stock are initially offered for sale to the public by the Company’s underwriters in such offering. 
  

 4 

 6.2 Delivery of Shares. As directed by the Committee in its sole discretion, shares purchased on
any Purchase Date shall be delivered directly to the Participant or to a custodian or broker (if any) designated by the Committee to hold shares for the benefit of the Participants. As determined by the Committee from time to time, such shares shall
be delivered as physical certificates or by means of a book entry system. 
 6.3 Exhaustion of Shares. If at any time the shares
available under the Plan are over-enrolled, enrollments shall be reduced proportionately to eliminate the over-enrollment. Such reduction method shall be “bottom up,” with the result that all option exercises for one share shall be
satisfied first, followed by all exercises for two shares, and so on, until all available shares have been exhausted. Any funds that, due to over-enrollment, cannot be applied to the purchase of whole shares shall be refunded to the Participants
(without interest thereon). 
 SECTION 7 
 WITHDRAWAL 
 7.1 Withdrawal. A Participant may withdraw from the Plan by submitting a completed enrollment form to the
Company. A withdrawal will be effective only if it is received by the Company by the deadline specified by the Committee (in its discretion and on a uniform and nondiscriminatory basis) from time to time. When a withdrawal becomes effective, the
Participant’s payroll contributions shall cease and all amounts then credited to the Participant’s account shall be distributed to him or her (without interest thereon). 
 SECTION 8 
 CESSATION OF PARTICIPATION 
 8.1 Termination of Status as Eligible Employee. A Participant shall cease to be a Participant immediately upon the cessation of his or her status
as an Eligible Employee (for example, because of his or her termination of employment from all Employers for any reason). As soon as practicable after such cessation, the Participant’s payroll contributions shall cease and all amounts then
credited to the Participant’s account shall be distributed to him or her (without interest thereon). If a Participant is on a Company-approved leave of absence, his or her participation in the Plan shall continue for so long as he or she
remains an Eligible Employee and has not withdrawn from the Plan pursuant to Section 7.1. 
 SECTION 9 
 DESIGNATION OF BENEFICIARY 
 9.1
Designation. Each Participant may, pursuant to such uniform and nondiscriminatory procedures as the Committee may specify from time to time, designate one or more Beneficiaries to receive any amounts credited to the Participant’s account
at the time of his or her death. Notwithstanding any contrary provision of this Section 9, Sections 9.1 and 9.2 shall be operative only after (and for so long as) the Committee determines (on a uniform and nondiscriminatory basis) to permit the
designation of Beneficiaries. 
  

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 9.2 Changes. A Participant may designate different Beneficiaries (or may revoke a prior
Beneficiary designation) at any time by delivering a new designation (or revocation of a prior designation) in like manner. Any designation or revocation shall be effective only if it is received by the Committee. However, when so received, the
designation or revocation shall be effective as of the date the designation or revocation is executed (whether or not the Participant still is living), but without prejudice to the Committee on account of any payment made before the change is
recorded. The last effective designation received by the Committee shall supersede all prior designations. 
 9.3 Failed Designations.
If a Participant dies without having effectively designated a Beneficiary, or if no Beneficiary survives the Participant, the Participant’s Account shall be payable to his or her estate. 
 SECTION 10 
 ADMINISTRATION 
 10.1 Plan Administrator. The Plan shall be administered by the Committee. The Committee shall have the authority to control and manage the
operation and administration of the Plan. 
 10.2 Actions by Committee. Each decision of a majority of the members of the Committee
then in office shall constitute the final and binding act of the Committee. The Committee may act with or without a meeting being called or held and shall keep minutes of all meetings held and a record of all actions taken by written consent.

 10.3 Powers of Committee. The Committee shall have all powers and discretion necessary or appropriate to supervise the
administration of the Plan and to control its operation in accordance with its terms, including, but not by way of limitation, the following discretionary powers: 
 (a) To interpret and determine the meaning and validity of the provisions of the Plan and the options and to determine any question
arising under, or in connection with, the administration, operation or validity of the Plan or the options; 
 (b) To
determine any and all considerations affecting the eligibility of any employee to become a Participant or to remain a Participant in the Plan; 
 (c) To cause an account or accounts to be maintained for each Participant; 
 (d) To determine
the time or times when, and the number of shares for which, options shall be granted; 
 (e) To establish and revise an
accounting method or formula for the Plan; 
 (f) To designate a custodian or broker to receive shares purchased under the
Plan and to determine the manner and form in which shares are to be delivered to the designated custodian or broker; 
  

 6 

 (g) To determine the status and rights of Participants and their Beneficiaries or
estates; 
 (h) To employ such brokers, counsel, agents and advisers, and to obtain such broker, legal, clerical and other
services, as it may deem necessary or appropriate in carrying out the provisions of the Plan; 
 (i) To establish, from time
to time, rules for the performance of its powers and duties and for the administration of the Plan; 
 (j) To adopt such
procedures and subplans as are necessary or appropriate to permit participation in the Plan by employees who are foreign nationals or employed outside of the United States; 
 (k) To delegate to any one or more of its members or to any other person, severally or jointly, the authority to perform for and on behalf
of the Committee one or more of the functions of the Committee under the Plan. 
 10.4 Decisions of Committee. All actions,
interpretations, and decisions of the Committee shall be conclusive and binding on all persons, and shall be given the maximum possible deference allowed by law. 
 10.5 Administrative Expenses. All expenses incurred in the administration of the Plan by the Committee, or otherwise, including legal fees and expenses, shall be paid and borne by the Employers, except any
stamp duties or transfer taxes applicable to the purchase of shares may be charged to the account of each Participant. Any brokerage fees for the purchase of shares by a Participant shall be paid by the Company, but fees and taxes (including
brokerage fees) for the transfer, sale or resale of shares by a Participant, or the issuance of physical share certificates, shall be borne solely by the Participant. 
 10.6 Eligibility to Participate. No member of the Committee who is also an employee of an Employer shall be excluded from participating in the Plan if otherwise eligible, but he or she shall not be entitled, as
a member of the Committee, to act or pass upon any matters pertaining specifically to his or her own account under the Plan. 
 10.7
Indemnification. Each of the Employers shall, and hereby does, indemnify and hold harmless the members of the Committee and the Board, from and against any and all losses, claims, damages or liabilities (including attorneys’ fees and
amounts paid, with the approval of the Board, in settlement of any claim) arising out of or resulting from the implementation of a duty, act or decision with respect to the Plan, so long as such duty, act or decision does not involve gross
negligence or willful misconduct on the part of any such individual. 
 SECTION 11 
 AMENDMENT, TERMINATION, AND DURATION 
 11.1 Amendment, Suspension, or
Termination. The Board, in its sole discretion, may amend or terminate the Plan, or any part thereof, at any time and for any reason. 
  

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 If the Plan is terminated, the Board, in its discretion, may elect to terminate all outstanding options either
immediately or upon completion of the purchase of shares on the next Purchase Date, or may elect to permit options to expire in accordance with their terms (and participation to continue through such expiration dates). If the options are terminated
prior to expiration, all amounts then credited to Participants’ accounts which have not been used to purchase shares shall be returned to the Participants (without interest thereon) as soon as administratively practicable. 
 11.2 Duration of the Plan. The Plan shall commence on the date specified herein, and subject to Section 11.1 (regarding the Board’s
right to amend or terminate the Plan), shall remain in effect for ten (10) years from the effective date. 
 SECTION 12 
 GENERAL PROVISIONS 
 12.1 Participation by
Subsidiaries. One or more Subsidiaries of the Company may become participating Employers by adopting the Plan and obtaining approval for such adoption from the Board. By adopting the Plan, a Subsidiary shall be deemed to agree to all of its
terms, including (but not limited to) the provisions granting exclusive authority (a) to the Board to amend the Plan, and (b) to the Committee to administer and interpret the Plan. An Employer may terminate its participation in the Plan at
any time. The liabilities incurred under the Plan to the Participants employed by each Employer shall be solely the liabilities of that Employer, and no other Employer shall be liable for benefits accrued by a Participant during any period when he
or she was not employed by such Employer. 
 12.2 Inalienability. In no event may either a Participant, a former Participant or his or
her Beneficiary, spouse or estate sell, transfer, anticipate, assign, hypothecate, or otherwise dispose of any right or interest under the Plan; and such rights and interests shall not at any time be subject to the claims of creditors nor be liable
to attachment, execution or other legal process. Accordingly, for example, a Participant’s interest in the Plan is not transferable pursuant to a domestic relations order. 
 12.3 Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
 12.4 Requirements of Law. The granting of options and the issuance of shares shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or securities exchanges as the Committee
may determine are necessary or appropriate. 
 12.5 Compliance with Rule 16b-3. Any transactions under this Plan with respect to
officers (as defined in Rule 16a-1 promulgated under the 1934 Act) are intended to comply with all applicable conditions of Rule 16b-3. To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be deemed null
and void, to the extent permitted by law and deemed advisable by the Committee. Notwithstanding any contrary provision of the Plan, if the Committee specifically determines that compliance with Rule 16b-3 no longer is required, all references in the
Plan to Rule 16b-3 shall be null and void. 
  

 8 

 12.6 No Enlargement of Employment Rights. Neither the establishment or maintenance of the Plan,
the granting of options, the purchase of shares, nor any action of any Employer or the Committee, shall be held or construed to confer upon any individual any right to be continued as an employee of the Employer nor, upon dismissal, any right or
interest in any specific assets of the Employers other than as provided in the Plan. Each Employer expressly reserves the right to discharge any employee at any time, with or without cause. 
 12.7 Apportionment of Costs and Duties. All acts required of the Employers under the Plan may be performed by the Company for itself and its
Subsidiaries, and the costs of the Plan may be equitably apportioned by the Committee among the Company and the other Employers. Whenever an Employer is permitted or required under the terms of the Plan to do or perform any act, matter or thing, it
shall be done and performed by any officer or employee of the Employers who is thereunto duly authorized by the Employers. 
 12.8
Construction and Applicable Law. The Plan is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423(b) of the Code. Any provision of the Plan which is inconsistent with Section 423(b) of
the Code shall, without further act or amendment by the Company or the Committee, be reformed to comply with the requirements of Section 423(b). The provisions of the Plan shall be construed, administered and enforced in accordance with such
Section and with the laws of the State of California (excluding California’s conflict of laws provisions). 
 12.9 Captions. The
captions contained in and the table of contents prefixed to the Plan are inserted only as a matter of convenience, and in no way define, limit, enlarge or describe the scope or intent of the Plan nor in any way shall affect the construction of any
provision of the Plan. 
 EXECUTION 
 IN WITNESS WHEREOF, Novatel Wireless, Inc., by its duly authorized officer, has executed this Plan. 
  

					
		 	NOVATEL WIRELESS, INC.
			
		 	By:	 	 /s/ Peter V. Leparulo

		 	Title:	 	Executive Chairman

  

 9First Amendment to Amended and Restated Credit Agreement dated April 9, 2007

 EXHIBIT 10.1 
 FIRST AMENDMENT TO AMENDED AND RESTATED 
 CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this “First Amendment”), dated as of April 9, 2007, is made and
entered into among WYNN LAS VEGAS, LLC, a Nevada limited liability company (the “Borrower”), the Wynn Amendment Parties (as hereinafter defined) and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent (in such capacity,
the “Administrative Agent”) on behalf of the Lenders (as hereinafter defined). 
 RECITALS 
 A. The Borrower and the Administrative Agent are parties to that certain Amended and Restated Credit Agreement dated as of August 15, 2006 (as
amended, modified or supplemented from time to time, the “Credit Agreement”) among the Borrower, the Administrative Agent, Deutsche Bank Securities Inc., as lead arranger and joint book running manager, Banc of America Securities
LLC, as lead arranger and joint book running manager, Bank of America, N.A., as syndication agent, Bear, Stearns & Co. Inc., as arranger and joint book running manager, Bear Stearns Corporate Lending Inc., as joint documentation agent, J.P.
Morgan Securities Inc., as arranger and joint book running manager, JPMorgan Chase Bank, as joint documentation agent, SG Americas Securities, LLC, as arranger and joint book running manager, Societe Generale, as joint documentation agent, Bank of
Scotland, as managing agent, HSH Nordbank AG, as managing agent, The Royal Bank of Scotland PLC, as managing agent, Wachovia Bank, as managing agent, and the several banks and other financial institutions or entities from time to time parties
thereto (the “Lenders”). 
 B. In connection with the Credit Agreement, each of Wynn Las Vegas Capital Corp., a Nevada
corporation (“Capital Corp.”), Wynn Show Performers, LLC, a Nevada limited liability company (“Show Performers”), Wynn Golf, LLC, a Nevada limited liability company (“Wynn Golf”), Wynn Sunrise, LLC,
a Nevada limited liability company (“Wynn Sunrise”), World Travel, LLC, a Nevada limited liability company (“World Travel”), Kevyn, LLC, a Nevada limited liability company (“Kevyn”), and Las Vegas
Jet, LLC, a Nevada limited liability company (“Las Vegas Jet” and together with Capital Corp., Show Performers, Wynn Golf, Wynn Sunrise, World Travel, Kevyn, Wynn Resorts Holdings, LLC, a Nevada limited liability company, and Wynn
Completion Guarantor, LLC, a Nevada limited liability company, the “Wynn Amendment Parties”), have executed certain Loan Documents. 
 C. The Borrower has requested that the Lenders agree, subject to the conditions and on the terms set forth in this First Amendment, to amend certain provisions of the Credit Agreement and the Disbursement Agreement
to, among other things, (i) permit the release to the Borrower of certain funds on deposit in the Completion Guaranty Deposit Account and the Project Liquidity Reserve Account, (ii) permit the issuance by the Borrower and Capital Corp. of
up to $500,000,000 in principal amount of senior unsecured indebtedness and (iii) declare the occurrence of the Phase I Final Completion Date. 

 D. The Lenders are willing to agree to such amendments, subject to the conditions and on the terms set
forth below. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Borrower, the Administrative Agent on behalf of the Lenders and the Wynn Amendment Parties agree as follows: 
 1. Definitions. Except
as otherwise expressly provided herein, capitalized terms used in this First Amendment shall have the meanings given in the Credit Agreement, and the rules of interpretation set forth in the Credit Agreement shall apply to this First Amendment.

 2. Amendments. 
 (a)
The definition of “Financing Agreements” set forth in Section 1.1 of the Credit Agreement is amended by inserting the words “and any agreements relating to the Senior Unsecured Debt” immediately after the words “Second
Lien Secured Obligations” in the third line thereof. 
 (b) The definition of “Permitted Refinancing Indebtedness” set forth
in Section 1.1 of the Credit Agreement is deleted in its entirety and replaced with the following: 
 “Permitted Refinancing
Indebtedness”: any Indebtedness of any Loan Party issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund any First Lien Secured Obligations, any Second Lien Secured Obligations
or any obligations under Senior Unsecured Debt; provided, that (a) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable)
of the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on such Indebtedness and the amount of all expenses and premiums incurred in connection therewith), (b) such Permitted
Refinancing Indebtedness has a final maturity date not earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded, (c) the restrictions on the Loan Parties contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive, taken as a whole, than those contained in the
agreements governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded and, in any event, the differences between the restrictions on the Loan Parties in the agreements governing such Permitted Refinancing
Indebtedness from those contained in the agreements governing the Indebtedness being extended, refinancing, 

  

 2 

 
renewed, replaced, defeased or refunded, taken as a whole, could not reasonably be expected to be materially adverse to the Loan Parties (taken as a whole)
or the Lenders and (d) to the extent related to any First Lien Secured Obligations or any Second Lien Secured Obligations (including any Permitted Refinancing Indebtedness related thereto) the relevant holders of such Permitted Refinancing
Indebtedness become party to the Intercreditor Agreement. In the event Permitted Refinancing Indebtedness is used to extend, refinance, renew, replace, amend and restate, restate, defease or refund the 2014 Notes all relevant definitions and
provisions of the Loan Documents related to the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded shall be amended, as necessary, to reflect such Permitted Refinancing Indebtedness and related documentation and/or
arrangements by action of the Administrative Agent without the consent of the Lenders. 
 (c) The following new definition is inserted into
Section 1.1 of the Credit Agreement in appropriate alphabetical order: 
 “Senior Unsecured Debt” as defined in
Section 7.2(n). 
 (d) Section 1.3 of the Credit Agreement is amended by inserting the words “and any proceeds of the Senior
Unsecured Debt applied on the date of issuance thereof to transaction costs related thereto” after the words “Refinancing Transaction” in the seventh line thereof. 
 (e) Section 7.2 of the Credit Agreement is amended by (i) deleting the word “and” at the end of clause (l) of such section,
(ii) deleting the period at the end of clause (m) of such section and replacing it with the words “; and” and (iii) inserting a new clause (n) to such section as follows: 
 (n) Indebtedness of the Borrower and/or Capital Corp. in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to
refund, refinance or replace any such Indebtedness, not to exceed the lesser of (x) $500,000,000, (y) the amount of such Indebtedness permitted to be incurred under the 2014 Notes Indenture by the Loan Parties on the date that such
Indebtedness is initially issued or obtained in reliance on this clause (n) in accordance with clause (i) below and (z) the principal amount of Indebtedness initially issued or obtained in reliance on this clause (n) in
accordance with clause (i) below (in any such case, reduced by any principal payments from time to time made thereon) and Guarantee Obligations of any Loan Party with respect thereto (the “Senior Unsecured Debt”);
provided that (i) the Senior Unsecured Debt shall initially be issued by the Borrower and/or Capital Corp. in a single issuance (and thereafter, except with respect to Permitted Refinancing Indebtedness related thereto, no other
Indebtedness shall be issued in reliance on this clause (n)), (ii) the Senior Unsecured Debt shall have a final maturity date not earlier than the final maturity date of, and have a 

  

 3 

 
Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the 2014 Notes and (iii) subject to clause
(ii) above, the terms and conditions of the Senior Unsecured Debt (including the pricing, covenants and restrictions contained in the agreements governing the Senior Unsecured Debt) shall be in form and substance satisfactory to the Majority of
the Arrangers. 
 (f) Section 7.9 of the Credit Agreement is amended by inserting the words “any Senior Unsecured Debt or”
after the words “optionally defease,” in the third line thereof. 
 (g) Section 7.23 of the Credit Agreement is deleted in its
entirety and replaced with the words “[INTENTIONALLY OMITTED].” All references to Section 7.23 of the Credit Agreement contained in the Loan Documents shall have no further force or effect. 
 (h) Section 7.26 of the Credit Agreement is amended by adding the following immediately after the concluding period thereof: 
 Notwithstanding the foregoing, this Section 7.26 shall not apply to the acquisition by the Borrower or any other Loan Party of any fee, easement or
other interest in any real property as to which the Majority of the Arrangers have determined that the size, location and proposed use thereof are insufficient to justify the time and expense of satisfying the terms of this Section 7.26.

 (i) Section 7.27 of the Credit Agreement is deleted in its entirety and replaced with the words “[INTENTIONALLY OMITTED].”

 (j) Exhibit K to the Credit Agreement is amended by (i) replacing the words “Three Hundred Million Dollars ($300,000,000)”
in Section 6.8 thereof with the words “Five Hundred Million Dollars ($500,000,000)” and (ii) deleting Section 4.4.5 thereof in its entirety and replacing it with the words “[INTENTIONALLY OMITTED].” 
 3. Release of Certain Funds on Deposit in the Completion Guaranty Deposit Account and Project Liquidity Reserve Account. Upon the effectiveness of
this Amendment (i) all amounts on deposit in the Project Liquidity Reserve Account shall be released to the Borrower and (ii) any amounts in excess of $30,000,000 then on deposit in the Completion Guaranty Deposit Account shall be released
to the Borrower. 
 4. Disbursement Agreement Amendment. The Administrative Agent is hereby directed to execute on the date hereof
that certain Fifth Amendment to Master Disbursement Agreement (the “Disbursement Agreement Amendment”), substantially in the form attached hereto as Exhibit A on behalf of the Lenders. 
 5. Phase I Final Completion Date. Notwithstanding anything to contrary contained in the Loan Documents, as of the effective date of this First
Amendment, the Phase I Final Completion Date shall be deemed to have occurred. 
  

 4 

 6. Representations and Warranties. To induce the Lenders to agree to this First Amendment, the
Borrower represents to the Administrative Agent and the Lenders that as of the date hereof: 
 (a) the Borrower and each of the Wynn
Amendment Parties has all power and authority to enter into this First Amendment and the Disbursement Agreement Amendment (collectively, the “First Amendment Documents”) to which each is a party and that have been entered into by
the Borrower and each of the Wynn Amendment Parties as of the date this representation is being made, and to carry out the transactions contemplated by, and to perform its obligations under or in respect of, the First Amendment Documents to which
each is a party; 
 (b) the execution and delivery of First Amendment Documents and the performance of the obligations of the Borrower and
each of the Wynn Amendment Parties under or in respect of the First Amendment Documents to which each is a party and that have been entered into by the Borrower and each of the Wynn Amendment Parties as of the date this representation is being made
have been duly authorized by all necessary action on the part of the Borrower and each of the Wynn Amendment Parties; 
 (c) the execution
and delivery of the First Amendment Documents that have been entered into by the Borrower and each of the Wynn Amendment Parties as of the date this representation is being made and the performance of the obligations of the Borrower and each of the
Wynn Amendment Parties under or in respect of such First Amendment Documents to which each is a party do not and will not conflict with or violate (i) any provision of the articles of incorporation or bylaws (or similar constituent documents)
of the Borrower or any Wynn Amendment Party, (ii) any Requirement of Law, (iii) any order, judgment or decree of any court or other governmental agency binding on the Borrower or any Wynn Amendment Party, or (iv) any indenture,
agreement or instrument to which the Borrower or any Wynn Amendment Party is a party or by which the Borrower or any Wynn Amendment Party, or any property of any of them, is bound, and do not and will not require any consent or approval of any
Person; 
 (d) the First Amendment Documents that have been entered into by the Borrower and each of the Wynn Amendment Parties as of the
date this representation is being made have been duly executed and delivered by the Borrower and each of the Wynn Amendment Parties party thereto and the Credit Agreement and the other Loan Documents, as amended by the First Amendment Documents, are
the legal, valid and binding obligations of the Borrower and each of the Wynn Amendment Parties, enforceable in accordance with their terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law); 
 (e) no event has occurred and is continuing or will result from the execution and delivery of the First Amendment Documents that would constitute a
Default or an Event of Default; 
 (f) since the Closing Date, no event has occurred that has resulted, or could reasonably be expected to
result, in a Material Adverse Effect; and 
  

 5 

 (g) each of the representations and warranties made by the Borrower and the Wynn Amendment Parties in or
pursuant to the Loan Documents to which each is a party shall be true and correct in all material respects on and as of the date this representation is being made, except for representations and warranties expressly stated to relate to a specific
earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date. 
 7. Effectiveness of this First Amendment. This First Amendment shall be effective only if and when (i) executed by the Borrower, the Wynn Amendment Parties and the Administrative Agent, on behalf of the Lenders, and
(ii) the Disbursement Agreement Amendment shall have been executed by all parties thereto. 
 8. Acknowledgments. By executing
this First Amendment, each of the Wynn Amendment Parties (a) consents to the First Amendment Documents and the issuance of the Senior Unsecured Debt, (b) acknowledges that, notwithstanding the execution and delivery of the First Amendment
Documents or the issuance of the Senior Unsecured Debt, the obligations of each of the Wynn Amendment Parties under the Loan Documents to which they are a party (including the Guarantee, the Completion Guaranty Collateral Account Agreement, the
Completion Guaranty and the Security Agreement) are not impaired or affected, and such Loan Documents continue in full force and effect, and (c) affirms and ratifies, to the extent it is a party thereto, the Loan Documents. 
 9. Miscellaneous. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK, WITHOUT REGARD TO CONFLICT OF LAW RULES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). This First Amendment may be executed in one or more duplicate counterparts and when signed by all of the
parties listed below shall constitute a single binding agreement. Except as amended hereby, all of the provisions of the Credit Agreement and the other Loan Documents shall remain in full force and effect except that each reference to the
“Credit Agreement”, or words of like import in any Loan Document, shall mean and be a reference to the Credit Agreement as amended hereby. This First Amendment shall be deemed a “Loan Document” as defined in the Credit Agreement.
Section 10.12 of the Credit Agreement shall apply to this First Amendment and all past and future amendments to the Credit Agreement and other Loan Documents as if expressly set forth therein. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 6 

 IN WITNESS WHEREOF, the parties have caused this First Amendment to be duly executed by their officers or
officers of their sole ultimate members thereunto duly authorized as of the day and year first above written. 
  

																			
	 WYNN LAS VEGAS, LLC,
 a Nevada limited
liability company
	 		 	 WYNN GOLF, LLC,
 a Nevada limited liability
company

					
	By:	 	 Wynn Resorts Holdings, LLC,
 a Nevada limited
liability company,
 its sole member
	 		 	By:	 	 Wynn Las Vegas, LLC,
 a Nevada limited
liability company,
 its sole member

							
		 	By:	 	 Wynn Resorts, Limited,
 a Nevada corporation,

 its sole member
	 		 		 	By:	 	 Wynn Resorts Holdings, LLC,
 a Nevada limited
liability company, its
 sole member

									
		 		 	By:	 	 /s/ Marc Schorr
	 		 		 		 	By:	 	Wynn Resorts, Limited, a Nevada
		 		 	Name:	 	 Marc Schorr
	 		 		 		 		 	corporation, its sole member
		 		 	Title:	 	 Chief Operating Officer
	 		 		 		 		 		 	
		 		 		 		 		 		 		 		 	By:	 	 /s/ Marc Schorr

		 		 		 		 		 		 		 		 	Name:	 	 Marc Schorr

		 		 		 		 		 		 		 		 	Title:	 	 Chief Operating Officer

			
	 WYNN SUNRISE, LLC,
 a Nevada limited
liability company
	 		 	 WORLD TRAVEL, LLC,
 a Nevada limited
liability company

					
	By:	 	 Wynn Las Vegas, LLC,
 a Nevada limited
liability company,
 its sole member
	 		 	By:	 	 Wynn Las Vegas, LLC,
 a Nevada limited
liability company,
 its sole member

							
		 	By:	 	 Wynn Resorts Holdings, LLC,
 a Nevada limited
liability company,
 its sole member
	 		 		 	By:	 	 Wynn Resorts Holdings, LLC,
 a Nevada limited
liability company,
its sole member

								
		 	By:	 	 Wynn Resorts, Limited, a
 Nevada corporation,
its sole
 member
	 		 		 		 	By:	 	 Wynn Resorts, Limited,
 a Nevada corporation,

 its sole member

										
		 		 	By:	 	 /s/ Marc Schorr
	 		 		 		 		 	By:	 	 /s/ Marc Schorr

		 		 	Name:	 	 Marc Schorr
	 		 		 		 		 	Name:	 	 Marc Schorr

		 		 	Title:	 	 Chief Operating Officer
	 		 		 		 		 	Title:	 	 Chief Operating Officer

 [Signature Page to First Amendment to Credit Agreement] 

																			
	 LAS VEGAS JET, LLC,
 a Nevada limited
liability company
	 		 	 WYNN SHOW PERFORMERS, LLC,
 a Nevada limited
liability company

					
	By:	 	 Wynn Las Vegas, LLC,
 a Nevada limited
liability company,
 its sole member
	 		 	By:	 	 Wynn Las Vegas, LLC,
 a Nevada limited
liability company,
 its sole member

							
		 	By:	 	 Wynn Resorts Holdings, LLC,
 a Nevada limited
liability
 company, its sole member
	 		 		 	By:	 	 Wynn Resorts Holdings, LLC,
 a Nevada limited
liability company, its sole
 member

									
		 		 	By:	 	 Wynn Resorts, Limited, a
 Nevada corporation, its sole

 member
	 		 		 		 	By:	 	 Wynn Resorts, Limited, a Nevada
 corporation,
its sole member

										
		 		 	By:	 	 /s/ Marc Schorr
	 		 		 		 		 	By:	 	 /s/ Marc Schorr

		 		 	Name:	 	 Marc Schorr
	 		 		 		 		 	Name:	 	 Marc Schorr

		 		 	Title:	 	 Chief Operating Officer
	 		 		 		 		 	Title:	 	 Chief Operating Officer

			
	 WYNN LAS VEGAS CAPITAL CORP.,
 a Nevada
corporation
	 		 	 KEVYN, LLC,
 a Nevada limited liability
company

					
	By:	 	 /s/ Marc Schorr
	 		 	By:	 	Wynn Las Vegas, LLC,
	Name:	 	Marc Schorr	 		 		 	a Nevada limited liability company,
	Title:	 	Chief Operating Officer	 		 		 	its sole member
							
		 		 		 		 		 	By:	 	 Wynn Resorts Holdings, LLC,
 a Nevada limited
liability company, its sole
 member

									
		 		 		 		 		 		 		 	By:	 	 Wynn Resorts, Limited, a Nevada
 corporation,
its sole member

										
		 		 		 		 		 		 		 		 	By:	 	 /s/ Marc Schorr

		 		 		 		 		 		 		 		 	Name:	 	 Marc Schorr

		 		 		 		 		 		 		 		 	Title:	 	 Chief Operating Officer

 [Signature Page to First Amendment to Credit Agreement] 
  

 8 

																			
	 WYNN RESORTS HOLDINGS, LLC,
 a Nevada limited
liability company
	 		 	 WYNN COMPLETION GUARANTOR, LLC,
 a Nevada
limited liability company

					
	 By:
	 	 Wynn Resorts, Limited, a Nevada
 corporation,
its sole member
	 		 	 By:
	 	 Wynn Las Vegas, LLC, a Nevada limited
 liability company, its control manager

							
		 	By:	 	/s/ Marc Schorr	 		 		 	By:	 	Wynn Resorts Holdings, LLC,
		 	Name:	 	 Marc Schorr
	 		 		 		 	a Nevada limited liability company, its sole
		 	Title:	 	Chief Operating Officer	 		 		 		 	member
							
		 		 		 		 		 	By:	 	 Wynn Resorts, Limited, a Nevada
 corporation,
its sole member

										
		 		 		 		 		 		 		 		 	By:	 	/s/ Marc Schorr
		 		 		 		 		 		 		 		 	Name:	 	 Marc Schorr

		 		 		 		 		 		 		 		 	Title:	 	Chief Operating Officer
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS, as the
Administrative Agent
 on behalf of the Lenders
	 		 	
							
		 	By:	 	 /s/ Mary Kay Coyle 
	 		 		 		 	
		 	Name:	 	 Mary Kay Coyle 
	 		 		 		 	
		 	Title:	 	 Managing Director 
	 		 		 		 	
							
		 	By:	 	 /s/ Steven Lapham
	 		 		 		 	
		 	Name:	 	 Steven Lapham
	 		 		 		 	
		 	Title:	 	 Managing Director
	 		 		 		 	

 [Signature Page to First Amendment to Credit Agreement] 

 EXHIBIT A 
 FIFTH AMENDMENT 
 TO MASTER DISBURSEMENT AGREEMENT

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