Document:

EXHIBIT 10.2
------------

Confidential                       Jones Lang LaSalle Incorporated

----------------------------------------------------------------------

           LASALLE INVESTMENT MANAGEMENT LONG-TERM INCENTIVE
                         COMPENSATION PROGRAM
                         TERMS AND CONDITIONS

----------------------------------------------------------------------

I.   INTRODUCTION:

The LaSalle Investment Management Long-Term Incentive Compensation Program
(the "Plan") is designed to provide certain LaSalle Investment Management
("LIM") executives ("Participants") an opportunity to further align their
interests with those of the Jones Lang LaSalle Incorporated (the "Company")
shareholders as well as to retain the Participants at the Company.  The
Plan provides incentives for the growth of LIM's core advisory revenues and
margins, as well as incentives for attaining its performance/incentive fee
projections.  The Plan is designed with the flexibility to add additional
Participants over time.

II.  TERMS:

PERFORMANCE
MEASUREMENT:     The Plan is comprised of two components:

                 1)   MODIFIED CASH FLOW ("MCF")

                      This component of the Plan is designed to recognize
                      the value added the Company receives from LIM's
                      entire business, including performance/incentive
                      fees.  MCF is defined as Pre-Global Operating
                      Income less amortization and equity earnings.  MCF
                      is the metric by which the Plan's payouts are
                      determined.

                 2)   MODIFIED BASE CASH FLOW ("MBCF")

                      This component of the Plan is designed to recognize
                      the value added the Company receives from enhancing
                      LIM's core advisory revenues and the resulting
                      margins. MBCF is defined as MCF less incentive fees
                      net of any related team incentive bonus.  The MBCF
                      is the metric by which the Plan's hurdles are
                      measured, as described below.

                 Additional matters to be taken into account are as
                 follows:

                 .    Regarding control of overhead allocations (those
                      which are outside LIM's span of control), annually
                      during budget season a reasonable and fair
                      allocation to LIM will be agreed upon based on all
                      known facts, events and plans anticipated for the
                      respective year.

                 .    LIM will develop a list of existing incentive fee
                      structures and forecasted payouts, and will update
                      this list as required during the term of the Plan.

                                   1

<PAGE>

PERFORMANCE
PAYOUTS:         Payouts will be determined on a calendar year basis.  In
                 order to earn a payout under the Plan (the "Earned
                 Payout"), both a MBCF margin and a MBCF Compound Annual
                 Growth Rate ("CAGR"), using 2002 as the base year, must
                 be met (collectively, "MBCF Hurdles").  In the event that
                 both of the MBCF Hurdles are not met, the Earned Payout
                 will be determined on the next lowest level for which
                 both are met.

                 Outlined below are the Plan's escalating hurdles and
                 payouts:

          MBCF             MBCF
Hurdle    Margin           CAGR        Payout
------    ------           ----        ------

i.        7.5% or >   &    >12.5%      10% of MCF >12.5% MBCF CAGR

ii.       10% or >    &    >15%        15% of MCF >15% MBCF CAGR

iii.      12.5% or >  &    >17.5%      17.5% of MCF >17.5% MBCF CAGR

iv.       15% or >    &    >20%        20% of MCF >20% MBCF CAGR

                 If LIM exceeds the MBCF Hurdles for a given year, the
                 Participants would be allocated a percentage of the
                 current year net amount of MCF above the respective MBCF
                 CAGR.

PAYOUT
PROVISIONS:      .    The Plan's base MBCF for 2002 will equal $5.5
                      million for purposes of making calculations.

                 .    Earned Payouts will be calculated annually and be
                      paid: (1) 50% in cash (50% at the same time that
                      bonus payments are made for the prior year and the
                      remaining 50% twelve months thereafter) and (2) 50%
                      in restricted shares granted as of January 1
                      following the year they were earned (50% of which
                      will vest 24 months from the date of grant and the
                      remaining 50% of which will vest 36 months from the
                      date of grant).

                 .    Participants must be employed by the Company to
                      receive payment for any unvested cash or restricted
                      shares, subject to 'Retirement and Death/
                      Disability' provisions below.

                 .    The Company reserves the right to substitute cash
                      for restricted shares at its sole discretion.

VESTING:

  CHANGE IN
  CONTROL        .    Vesting and distribution of all unvested cash and
                      restricted shares occurs immediately if a sale or
                      change in control occurs, as determined by the
                      Compensation Committee of the Board of Directors.

                                   2

<PAGE>

                 .    In the event of a change of control of LIM or the
                      Company and the Participants are subsequently
                      required to take a significant change in
                      responsibility or reduction in compensation,
                      Participants may choose to be treated as terminated
                      without cause.

  TERMINATION    .    Participant forfeit unvested cash and restricted
                      shares if terminated with cause, including
                      documented poor performance.

                 .    Accelerated vesting, with distributions in
                      accordance with the Payout Provisions above, for
                      unvested cash and restricted shares occurs if
                      terminated without cause, with the balance treated
                      consistent with the terms of 'Retirement and
                      Death/Disability'.

                 .    Participants forfeit unvested cash and restricted
                      shares if Participant elects to leave company on
                      own accord, but not for retirement reasons.

  RETIREMENT
  AND DEATH/
  DISABILITY     .    For retirement prior to age 58, if approved by the
                      Company CEO in his sole discretion,accelerated
                      vesting occurs for all of a Participant's unvested
                      cash and restricted shares upon retirement , with
                      payment or distribution in accordance with the
                      Payout Provisions above, and no further benefits
                      accrue.  The factors that will be considered by the
                      Company CEO in approving a retirement prior to age
                      58 will include, but not be limited to, age, tenure
                      with the Company, position with the Company and
                      plans for employment, if any, after retirement. For
                      death or total disability at any age or retirement
                      at age 58 or later, but prior to the end of the
                      Plan term, accelerated vesting occurs for all of a
                      Participant's unvested cash and restricted shares
                      with payment or distribution in accordance with the
                      Payout Provisions above and for Earned Payouts
                      determined post retirement, death, or total
                      disability, a Senior Participant's points will be
                      reduced each year by 20% for the next three years.
                      Payment entitlements do not extend beyond three
                      years (i.e.- points will equal 80% for the first
                      year of retirement, 60% for the second year, 40%
                      for the third year and 0% thereafter).

                 .    For retirement at age 58 or later or death or total
                      disability at any age and after the end of the Plan
                      term, accelerated vesting occurs for all of a
                      Participant's unvested cash and restricted shares
                      with payment or distribution in accordance with the
                      Payout Provisions above.

FORFEITURES:     .    All forfeited points will be reallocated to the
                      Reserve Pool, as defined under 'Allocation
                      Methodology'.   All forfeited cash and restricted
                      shares will be reallocated to Participants in the
                      relevant Earned Payout on a prorata basis based on
                      each Participant's specified points as a percent of
                      the total.

                                   3

<PAGE>

TERM:            .    The Plan will be effective through the calendar
                      year 2007.

                 .    It is anticipated that a subsequent long-term plan
                      would follow this Plan period, and such a plan
                      would be revised for market competitive
                      compensation, eligible participants, and business
                      forecasts at that time.

ALLOCATION
METHODOLOGY:

  POINTS         .    A total of 100 points will be allocated out of the
                      Plan

                 .    Initial permanent allocation of 60 points to create
                      a pool that is allocated across eight initial
                      senior Participants ("Senior Participants"), which
                      cannot be reduced during the life of the Plan.

                 .    Not more than 35 of the remaining 40 points
                      ("Reserve Pool") may be allocated to:

                      1.    current employees who are selected to become
                            Senior Participants given the strength of
                            their contributions to the growth of LIM;

                      2.    new hires who become Senior Participants; or

                      3.    increase point allocations to individuals who
                            are part of the initial group of Senior
                            Participants, as appropriate, based on the
                            value of the ongoing contribution made by the
                            individual.

                 .    LIM's CEO shall ensure that reasonable efforts are
                      taken to identify new Senior Participants for
                      grants out of the Reserve Pool, by either promoting
                      from within or hiring from the outside, as
                      appropriate to maximize the prospects of achieving
                      LIM's growth opportunities.

  EARNED
  PAYOUTS        .    Annual allocation of the first $20 million of the
                      Earned Payout funds during life of the Plan:

                      1.    First, to the Senior Participants according
                            to their allocated points;

                      2.    Second, at least 5 points but no more than 10
                            points worth will be allocated to Key
                            Employees;

                 .    The remaining Earned Payout funds will be
                      distributed across the Senior Participants by:

                      1.    allocating 33% of any remaining amount on a
                            pro-rata basis based on each Senior
                            Participant's specified points as a percent
                            of the total;

                      2.    allocating 67% to the Senior Participants
                            based on the LIM CEO's objective/subjective
                            assessment of each person's relative
                            contribution to the success of LIM.

                                   4

<PAGE>

                 .    If a payout equals more than $20 million during a
                      single year, LIM's CEO may elect to pay some
                      portion or all of the amount over $20 million to
                      other LIM employees who are viewed as future
                      leaders of the business ("Key Employees"), subject
                      to the approval of the Company's CEO.  Any amount
                      over $20 million not used for this purpose will be
                      allocated in accordance with the Earned Payout
                      allocation procedure above.

                 .    All Senior Participant changes, either Participants
                      and/or points, will be at the recommendation of
                      LIM's CEO as agreed to by the Company CEO.  Any
                      recommendations not agreed to between the LIM CEO
                      and Company CEO may be brought to the Compensation
                      Committee of the Board of Directors for review.

                 .    All recommendations related to the annual
                      distribution will be made by LIM's CEO and
                      submitted to the Company's CEO for final approval.

"ZERO SUM"
RULE:            .    LIM will not receive credit nor be penalized for
                      margin gained from the transfer of existing
                      products and services from affiliates within the
                      Company.

                 .    To the extent LIM is able to improve margins
                      related to products and services transferred to it
                      from Company affiliated businesses, this margin
                      enhancement would be included as part of the
                      payment calculation. Each transfer, and the related
                      base case margin impact on LIM's business, will be
                      reviewed in advance by senior management within
                      both the Company and LIM, and subsequently
                      documented to guide future calculations related to
                      realized margin enhancement activities.

                 .    The Company acknowledges the Plan is a long-term
                      compensation plan unique to the Participants of LIM
                      in recognition of the competitive marketplace for
                      the skills of Senior Participants. Participants
                      also acknowledge that the goal of the plan is to
                      accelerate the contribution of the business to the
                      overall success of the Company, and therefore
                      contribute to the success of the "One Firm Firm".
                      In this regard, the Company recognizes that LIM,
                      while acting in the best interests of its clients,
                      must be able to select those service firms that LIM
                      management believes are best capable in the
                      marketplace of providing the various real estate
                      property management, advisory and transactional
                      services needed to create value for their clients,
                      taking into account skills and capabilities, market
                      costs and their ability to provide investment and
                      leasing opportunities. Therefore, subject to the
                      provisions above, should LIM not support the
                      Company's overall mission, the Company's CEO will
                      have the discretion to hold back up to 20% of the
                      Earned Payout due to a Participant(s) in any given
                      year.  This hold back amount can subsequently be
                      released if there is satisfactory resolution of the
                      issue. The CEO of LIM may appeal to the
                      Compensation Committee of the Board of Directors

                                   5

<PAGE>

                      any decision by the Company CEO to hold back any
                      Earned Payout.  The CEO of LIM will contact the
                      Company CEO quarterly and inquire if there are any
                      unresolved issues.  Regardless, the Company CEO
                      will notify the CEO of LIM in a timely fashion if
                      any matters come to his attention that could have
                      an impact on this provision.

ELIGIBILITY:     .    LIM designated executives, who will participate
                      based on point allocations.

                 .    Senior Participants in this plan are not eligible
                      for other long-term plans without the approval of
                      the Company's CEO.

                 .    Senior Participants participate in the Inter-
                      national Director Co-Investment Long Term
                      Incentive Plan for the 2002 plan year, but
                      participation in plan years thereafter shall be
                      determined in accordance with the terms of that
                      plan.

                 .    Senior Participants will not be eligible to receive
                      Company financing for investing into LIM funds
                      (existing financing would stay in place), except as
                      may be required by a client of LIM, authorized by
                      applicable law and approved by the Company CEO.

ADMINISTRATION:  .    Performance calculations managed through the
                      Company's Global Finance Group.

INTERPRETATION:  .    This Plan shall be interpreted by the Compensation
                      Committee of the Board of Directors and such
                      interpretations shall be final.  Any matters upon
                      which the LIM CEO and Company CEO fail to reach
                      agreement may be referred to the Compensation
                      Committee of the Board of Directors for resolution.

LOANS:           Not permitted.

AMENDMENTS:      It is the intent of both the Senior Participants and the
                 Company that the Plan not be amended during its term.
                 However, both acknowledge that at some point during its
                 term it may be necessary to amend the Plan in order to
                 maintain its original objectives.  An amendment to the
                 Plan may be proposed by either the Senior Participants
                 (provided they all agree to the proposal) or the Company
                 by presenting it to the other party.  Should the Company
                 and the Senior Participants come to an agreement on the
                 Amendment, the amendment shall be presented to the
                 Compensation Committee for review and approval.  In the
                 event they are unable to come to an agreement on an
                 amendment, the issue shall be presented to the
                 Compensation Committee for resolution.  Approval of the
                 Compensation Committee of Board of Directors is required
                 for any amendment.

                                   6QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 4.5    
  

 
 

FORM OF    
    
    WYNN RESORTS, LIMITED    
    
    STOCK OPTION AGREEMENT    
  

        THIS STOCK OPTION AGREEMENT (together with the attached grant notice (the "Grant Notice"), (the
"Agreement") is made and entered into as of the date set forth on the Grant Notice by and between Wynn Resorts, Limited, a Nevada corporation (the
"Company"), and the individual (the "Optionee") set forth on the Grant Notice. 

        A.    Pursuant
to the Wynn Resorts, Limited 2002 Stock Incentive Plan (the "Plan"), the Administrator has determined that it is
to the advantage and best interest of the Company to grant to Optionee an option (the "Option") to purchase the number of shares of the Common Stock of
the Company (the "Shares" or the "Option Shares") set forth on the Grant Notice, at the exercise price
determined as provided herein, and in all respects subject to the terms, definitions and provisions of the Plan, which is incorporated herein by reference. 

        B.    Unless
otherwise defined herein, capitalized terms used in this Agreement shall have the meanings set forth in the Plan. 

        NOW,
THEREFORE, in consideration of the mutual agreements contained herein, the Optionee and the Company hereby agree as follows: 

        1.    Grant and Terms of Stock Option.    

        1.1    Grant of Option.    Pursuant to the Grant Notice, the Company has granted to the Optionee the right and option
to purchase, subject to the terms and conditions set forth in the Plan and this Agreement, all or any part of the number of Shares set forth on the Grant Notice at a purchase price per Share equal to
the exercise price per Share set forth on the Grant Notice. If the Grant Notice indicates (under "Type of Option") that this Option is an "ISO", then this Option is intended by the Company and
Optionee to be an Incentive Stock Option. However, if the Grant Notice indicates that this Option is a "NQSO", then this Option is not intended to be an Incentive Stock Option and is instead intended
to be a Nonqualified Stock Option. 

        1.2    Vesting and Exercisability.    Subject to the provisions of the Plan and the other provisions of this
Agreement, this Option shall vest and become exercisable in accordance with the schedule set forth in the Grant Notice. Notwithstanding the foregoing, in the event of termination of Optionee's
Continuous Status as an Employee, Director or Consultant for any reason, with or without Cause, including as a result of death or Disability, this Option shall immediately cease vesting. 

        1.3    Term of Option.    No portion of this Option may be exercised more than ten years from the date of this
Agreement. In the event of termination of Optionee's Continuous Status as an Employee, Director or Consultant for any reason, the portion of this Option that is not vested and exercisable as of the
date of termination shall be immediately cancelled and terminated. In addition, the portion of this Option that is vested and exercisable as of the date of termination of Optionee's Continuous Status
as an Employee, Director or Consultant shall terminate and be cancelled on the earlier of (i) the expiration of the ten year period set forth in the first sentence of this Section 1.3,
or (ii) 90 days after termination of Optionee's Continuous Status as an Employee, Director or Consultant (or 12 months in the case of termination as a result of Optionee's
Disability or death); provided, however, if Optionee's Continuous Status as an Employee, Director or Consultant is terminated for Cause, this entire Option shall be cancelled and terminated as of the
date of such termination and shall no longer be exercisable as to any Shares, whether or not previously vested. 

        2.    Method of Exercise.    

        2.1    Delivery of Notice of Exercise.    This Option shall be exercisable by written notice in the form attached
hereto as Exhibit A which shall state the election to exercise this Option, the number of Shares in respect of which this Option is being exercised, and such other representations and
agreements with respect to such Shares as may be required by the Company pursuant to the provisions of this Agreement and the Plan. Such written notice shall be signed by Optionee (or by Optionee's
beneficiary or other person entitled to exercise this Option in the event of Optionee's death or Disability under the Plan) and shall be delivered in person or by certified mail to the Secretary of
the Company. The written notice shall be accompanied by payment of the exercise price. This Option shall not be deemed exercised until the Company receives such written notice accompanied by the
exercise price and any other applicable terms and conditions of this Agreement are satisfied. This Option may not be exercised for a fraction of a Share. 

        2.2    Restrictions on Exercise.    No Shares will be issued pursuant to the exercise of this Option unless and until
there shall have been full compliance with all applicable requirements of the Securities Act of 1933, as amended, and the rules promulgated thereunder (the "Securities
Act"), whether by registration or satisfaction of exemption conditions, all Applicable Laws, and all applicable listing requirements of any national securities exchange or
other market system on which the Common Stock is then listed. As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the Company as
may be necessary or appropriate, in the judgment of the Administrator, to comply with any Applicable Law. 

        2.3    Method of Payment.    Payment of the exercise price shall be made in full at the time of exercise in cash or by
check payable to the order of the Company, or, subject in each case to the advance approval of the Administrator in its sole discretion, (a) by delivery of shares of Common Stock already owned
by Optionee, (b) by delivery of a full recourse promissory note made by Optionee in favor of the Company, (c) by delivery of a properly executed exercise notice together with any other
documentation as the Administrator and the Optionee's broker, if applicable, require to effect an exercise of the Option and delivery to the Company of the sale or loan proceeds required to pay the
exercise price, or (d) by any combination of the foregoing. Shares of Common Stock used to satisfy the exercise price of this Option shall be valued at their Fair Market Value determined on the
date of exercise (or if such date is not a business day, as of the close of the business day immediately preceding such date). In addition, the Administrator may impose such other conditions in
connection with the delivery of shares of Common Stock in satisfaction of the exercise price as it deems appropriate in its sole discretion, including without limitation a requirement that the shares
of Common Stock delivered have been held by the Optionee for a specified period of time. Any promissory note delivered pursuant to this Section 2.3 shall have terms and provisions (including,
without limitation, those relating to the maturity date, payment schedule and interest rate) as determined by the Administrator in its sole discretion, shall be secured by the Shares acquired and
shall comply with all Applicable Laws (including, without limitation, state and federal margin requirements). 

        2.4    Notice of Disqualifying Disposition of Incentive Stock Option.    If this Option is an Incentive Stock Option
and the Optionee sells or otherwise disposes of any of the Shares acquired upon exercise of this Option on or before the later of (i) two years after the date of grant, or (ii) one year
after the date such Shares were acquired, the Optionee shall immediately notify the Company in writing of such disposition. The Optionee agrees that he or she may be subject to income tax withholding
by the Company on the taxable income recognized as a result of such disposition and that the Optionee shall be required to satisfy such withholding obligations either by making a payment to the
Company in cash or by withholding from current earnings of the Optionee. 

        3.    Non-Transferability of Option.    This Option may not be transferred in any manner otherwise than by
will or by the laws of descent or distribution or to a beneficiary designated pursuant to the Plan, and may be exercised during the lifetime of Optionee only by Optionee, or, in the event of
Optionee's Disability, on his behalf by his legal representative. Subject to all of the other terms and conditions of this Agreement, following the death of Optionee, this Option may, to the extent it
is vested and exercisable
by Optionee in accordance with its terms on the date of death, be exercised by Optionee's beneficiary or other person entitled to exercise this Option in the event of Optionee's death under the Plan.
Notwithstanding the first sentence of this Section 3, if this Option is a Nonqualified Stock Option, (i) this Option may be assigned pursuant to a qualified domestic relations order as
defined by the Code, and exercised by the spouse of the Optionee who obtained such Option pursuant to such qualified domestic relations order, and (ii) this Option may be assigned, in
connection with the Optionee's estate plan, in whole or in part, during the Optionee's lifetime to one or more members of the Optionee's immediate family or to a trust established exclusively for one
or more of such immediate family members. Rights under the assigned portion may be exercised by the person or persons who acquire a proprietary interest in such Option pursuant to the assignment. The
terms applicable to the assigned portion shall be the same as those in effect for the Option immediately before such assignment and shall be set forth in such documents issued to the assignee as the
Administrator deems appropriate. For purposes of this Section 3, the term "immediate family" means an individual's spouse, children, stepchildren, grandchildren and parents. 

        4.    Restrictions; Restrictive Legends.    Ownership and transfer of Shares issued pursuant to the exercise of this
Option will be subject to the provisions of, including ownership and transfer restrictions (including, without limitation, ownership and transfer restrictions imposed by applicable gaming laws)
contained in, the Company's Certificate of Incorporation, as amended from time to time, restrictions imposed by Applicable Laws and restrictions set forth or referenced in legends imprinted on
certificates representing such Shares. 

        5.    General.    

        5.1    Governing Law.    This Agreement shall be governed by and construed under the laws of the state of Nevada
applicable to agreements made and to be performed entirely in Nevada, without regard to the conflicts of law provisions of Nevada or any other jurisdiction. 

        5.2    Notices.    Any notice required or permitted under this Agreement shall be given in writing by express courier
or by postage prepaid, United States registered or certified mail, return receipt requested, to the address set forth below or to such other address for a party as that party may designate by
10 days advance written notice to the other parties. Notice shall be effective upon the earlier of receipt or 3 days after the mailing of such notice. 

	If to the Company:	Wynn Resorts, Limited

3145 Las Vegas Boulevard South

Las Vegas, NV 89109

Attention: Legal Department
	

If to Optionee, at the address set forth on the Grant Notice.

        5.3    Community Property.    Without prejudice to the actual rights of the spouses as between each other, for all
purposes of this Agreement, the Optionee shall be treated as agent and attorney-in-fact for that interest held or claimed by his or her spouse with respect to this Option and
the parties hereto shall act in all matters as if the Optionee was the sole owner of this Option. This appointment is coupled with an interest and is irrevocable. 

        5.4    Modifications.    This Agreement may be amended, altered or modified only by a writing signed by each of the
parties hereto. 

        5.5    Application to Other Stock.    In the event any capital stock of the Company or any other corporation shall be
distributed on, with respect to, or in exchange for shares of Common Stock as a stock dividend, stock split, reclassification or recapitalization in connection with any merger or 

reorganization or otherwise, all restrictions, rights and obligations set forth in this Agreement shall apply with respect to such other capital stock to the same extent as they are, or would have
been applicable, to the Option Shares on or with respect to which such other capital stock was distributed. 

        5.6    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. 

        5.7    No Third-Party Benefits.    Except as otherwise expressly provided in this Agreement, none of the provisions of
this Agreement shall be for the benefit of, or enforceable by, any third-party beneficiary. 

        5.8    Successors and Assigns.    Except as provided herein to the contrary, this Agreement shall be binding upon and
inure to the benefit of the parties, their respective successors and permitted assigns. 

        5.9    No Assignment.    Except as otherwise provided in this Agreement, the Optionee may not assign any of his, her
or its rights under this Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion. The Company shall be permitted to assign its rights or
obligations under this Agreement, but no such assignment shall release the Company of any obligations pursuant to this Agreement. 

        5.10    Severability.    If any of the provisions of this Agreement are determined to be unlawful or otherwise
unenforceable, in whole or in part, such determination shall not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its
provisions to the greatest extent possible in accordance with the intent of the parties. 

        5.11    Equitable Relief.    The Optionee acknowledges that, in the event of a threatened or actual breach of any of
the provisions of this Agreement, damages alone will be an inadequate remedy, and such breach will cause the Company great, immediate and irreparable injury and damage. Accordingly, the Optionee
agrees that the Company shall be entitled to injunctive and other equitable relief, and that such relief shall be in addition to, and not in lieu of, any remedies it may have at law or under this
Agreement. 

        5.12    Arbitration.    

        5.12.1    General.    Except as provided in Section 5.11, any controversy, dispute, or claim between the
parties to this Agreement, including any claim arising out of, in connection with, or in relation to the formation, interpretation, performance or breach of this Agreement shall be settled exclusively
by arbitration, before a single arbitrator, in accordance with this Section 5.12 and the then most applicable rules of the American Arbitration Association. Judgment upon any award rendered by
the arbitrator may be entered by any state or federal court having jurisdiction thereof. Such arbitration shall be administered by the American Arbitration Association. Arbitration shall be the
exclusive remedy for determining any such dispute, regardless of its nature. Notwithstanding the foregoing, either party may in an appropriate matter apply to a court for provisional relief, including
a temporary restraining order or a preliminary injunction, on the ground that the award to which the applicant may be entitled in arbitration may be rendered ineffectual without provisional relief.
Unless mutually agreed by the parties otherwise, any arbitration shall take place in Las Vegas, Nevada. 

        5.12.2    Selection of Arbitrator.    In the event the parties are unable to agree upon an arbitrator, the parties
shall select a single arbitrator from a list of nine arbitrators drawn by the parties at random from the "Independent" (or "Gold Card") list of retired judges or, at the option of Optionee, from a
list of nine persons (which shall be retired judges or corporate or litigation attorneys experienced in stock options and buy-sell agreements) provided by the office of the American
Arbitration Association having jurisdiction over Las Vegas, Nevada. If the parties are unable to agree upon an arbitrator from the list so drawn, then the parties 

shall each strike names alternately from the list, with the first to strike being determined by lot. After each party has used four strikes, the remaining name on the list shall be the arbitrator. If
such person is unable to serve for any reason, the parties shall repeat this process until an arbitrator is selected. 

        5.12.3    Applicability of Arbitration; Remedial Authority.    This agreement to resolve any disputes by binding
arbitration shall extend to claims against any parent, subsidiary or affiliate of each party, and, when acting within such capacity, any officer, director, shareholder, employee or agent of each
party, or of any of the above, and shall apply as well to claims arising out of state and federal statutes and local ordinances as well as to claims arising under the common law. In the event of a
dispute subject to this paragraph the parties shall be entitled to reasonable discovery subject to the discretion of the arbitrator. The remedial authority of the arbitrator (which shall include the
right to grant injunctive or other equitable relief) shall be the same as, but no greater than, would be the remedial power of a court having jurisdiction over the parties and their dispute. The
arbitrator shall, upon an appropriate motion, dismiss any claim without an evidentiary hearing if the party bringing the motion establishes that he or it would be entitled to summary judgement if the
matter had been pursued in court litigation. In the event of a conflict between the applicable rules of the American Arbitration Association and these procedures, the provisions of these procedures
shall govern. 

        5.12.4    Fees and Costs.    Any filing or administrative fees shall be borne initially by the party requesting
arbitration. The Company shall be responsible for the costs and fees of the arbitration, unless the Optionee wishes to contribute (up to 50%) of the costs and fees of the arbitration. Notwithstanding
the foregoing, the prevailing party in such arbitration, as determined by the arbitrator, and in any enforcement or other court proceedings, shall be entitled, to the extent permitted by law, to
reimbursement from the other party for all of the prevailing party's costs (including but not limited to the arbitrator's compensation), expenses, and attorneys' fees. 

        5.12.5    Award Final and Binding.    The arbitrator shall render an award and written opinion, and the award shall be
final and binding upon the parties. If any of the provisions of this paragraph, or of this Agreement, are determined to be unlawful or otherwise unenforceable, in whole or in part, such determination
shall not affect the validity of the remainder of this Agreement, and this Agreement shall be reformed to the extent necessary to carry out its provisions to the greatest extent possible and to insure
that the resolution of all conflicts between the parties, including those arising out of statutory claims, shall be resolved by neutral, binding arbitration. If a court should find that the
arbitration provisions of this Agreement are not absolutely binding, then the parties intend any arbitration decision and award to be fully admissible in evidence in any subsequent action, given great
weight by any finder of fact, and treated as determinative to the maximum extent permitted by law. 

        5.13    Compliance With Applicable Laws.    The Optionee will do all acts and things, execute, acknowledge and deliver
all documents and instruments, and make all representations and warranties that are necessary or appropriate, in the judgment of the Company, for the purchase, vesting, holding or transfer of the
Option Shares to comply with Applicable Laws. Without limiting the generality of the foregoing, the Optionee hereby represents and warrants that he understands that at the time he wishes to
sell the Option Shares, there may be no public market upon which to make such a sale, and that,
even if such a public market then exists, the Company may not be satisfying the current public information requirements of Rule 144, and that, in such event, he would be precluded from selling
the Shares under Rule 144 under the Securities Act. 

        5.14    Market Stand-Off.    The Optionee agrees not to sell, make any short sale of, loan, grant any
option for the purchase of, or otherwise dispose of (including by means of sales pursuant to Rule 144) any shares of Common Stock, or any securities convertible into or exchangeable or
exercisable for Common Stock, during the 180-day period beginning on the effective date of the 

registration statement for the Initial Public Offering (as defined below) and during the 90-day period beginning on the effective date of the registration statement for any other
underwritten offering (except as part of such underwritten registration), unless the managing underwriters for the registered public offering otherwise agree. This provision shall expire two years
after the date of the Initial Public Offering. "Initial Public Offering" shall mean the initial underwritten public offering by the Company of its
Common Stock pursuant to an effective registration statement under the Securities Act. 

        5.15    Headings.    The section headings in this Agreement are inserted only as a matter of convenience, and in no
way define, limit, extend or interpret the scope of this Agreement or of any particular section. 

        5.16    Number and Gender.    Throughout this Agreement, as the context may require, (a) the masculine gender
includes the feminine and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number includes the
singular; (c) the past tense includes the present, and the present tense includes the past; (d) references to parties, sections, paragraphs and exhibits mean the parties, sections,
paragraphs and exhibits of and to this Agreement; and (e) periods of days, weeks or months mean calendar days, weeks or months. 

        5.17    Counterparts.    This Agreement may be executed simultaneously in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and the same instrument. 

        5.18    Complete Agreement.    The Grant Notice, this Agreement and the Plan constitute the parties' entire agreement
with respect to the subject matter hereof and supersede all agreements, representations, warranties, statements, promises and understandings, whether oral or written, with respect to the subject
matter hereof. 

	 	 	WYNN RESORTS, LIMITED
	

 	
 	

By:	

 
	 	 	 	

	

 	
 	

Its:	

 
	 	 	 	

	 	 	 	 
	 	 	OPTIONEE
	 	 	 	 
	 	 	
 Name:

SPOUSAL CONSENT  

        By his or her signature below, the spouse of the Optionee agrees to be bound by all of the terms and conditions of the foregoing Option Agreement. 

	 	 	OPTIONEE'S SPOUSE
	 	 	 
	 	 	
 Signature
	 	 	 
	 	 	
 Print Name

 
 

EXHIBIT A    
    
    NOTICE OF EXERCISE OF STOCK OPTION    
  

Wynn
Resorts, Limited

3145 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attention: Legal Department 

Ladies
and Gentlemen: 

        The
undersigned hereby elects to exercise the option indicated below: 

	Option Grant Date:	 	    

	Type of Option:	 	Incentive Stock Option/Nonqualified Stock Option
	Number of Shares Being Exercised:	 	    

	Exercise Price Per Share:	 	    

	Total Exercise Price:	 	$

	Method of Payment:	 	    

        Enclosed
herewith is payment in full of the total exercise price and a copy of the Grant Notice. 

        My
exact name, current address and social security number for purposes of the stock certificates to be issued and the shareholder list of the Company are: 

	Name:	 	    

	Address:	 	    

	 	 	    

	Social Security Number:	 	    

	 	 	 	 	Sincerely,
	

Dated:	
 	

    
	
 	

    
 (Optionee's Signature)

WYNN RESORTS, LIMITED

STOCK OPTION GRANT NOTICE

(2002 Stock Incentive Plan)  

        Wynn Resorts, Limited (the "Company"), pursuant to its 2002 Stock Incentive Plan (the  "Plan"), hereby grants to Optionee the option to purchase the number of Shares of the Company set forth below (the  "Option"). This Option is subject to all of the terms and conditions as set forth in
this Grant Notice, the Stock Option Agreement (the
"Option Agreement") and the Plan, all of which are attached hereto and incorporated herein in their entirety. 

	 	 	Optionee:	 	
	 	 
	 	 	Date of Grant:	 	
	 	 
	 	 	Number of Shares of Common Stock:	 	
	 	 
	 	 	Exercise Price Per Share:	 	
	 	 
	 	 	Initial Vesting Date:	 	
	 	 
	 	 	Type of Option	 	ISO / NQSO	 	 

        Vesting Schedule:    Subject to the restrictions and limitations of the Option Agreement and the Plan, this Option shall vest
and become exercisable with respect to    % of the Shares subject to this Option on the Initial Vesting Date. On each subsequent anniversary of the Initial Vesting Date, this Option shall
become vested and exercisable with respect to an additional    % of the Shares subject to this Option. 

        Additional Terms/Acknowledgements:    The undersigned Optionee acknowledges receipt of, and has read and understands and agrees
to, the Option Agreement and the Plan. Optionee further acknowledges that as of the Date of Grant, the Option Agreement and the Plan set forth the entire understanding between Optionee and the Company
regarding the grant by the Company of the Option referred to in this Grant Notice. Optionee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Board or
the Administrator upon any questions arising under the Plan. 

	 WYNN RESORTS, LIMITED	 	OPTIONEE:
	

 	

 	
 	

 	

 
	By:	 	 	 	 
	 	
 Signature	 	
 Signature
	Title:	 	 	Date:	 
	 	
	 	 	

	Date:	 	 	 	 
	 	
	 	 	 

ATTACHMENTS:    Stock Option Agreement and 2002 Stock Incentive Plan 

SPOUSE OF OPTIONEE:  

        Spouse has read and understands the Option Agreement and the Plan and is executing this Grant Notice to evidence Spouse's consent and agreement to be bound by all
of the terms and conditions of the Option Agreement and the Plan (including those relating to the appointment of the Optionee as agent for any interest that Spouse may have in the Option Shares). 

	

 	
 	

 
	
 Signature	 	
 Date
	

 	
 	

 
	Optionee Address:	 	 
	

QuickLinks

Exhibit 4.5

FORM OF WYNN RESORTS, LIMITED STOCK OPTION AGREEMENT

EXHIBIT A NOTICE OF EXERCISE OF STOCK OPTION

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]