Document:

EX-10.3

 Exhibit 10.3 

SEPARATION AND CONSULTING AGREEMENT 

This Separation and Consulting Agreement (the “Agreement”), dated as of December 12, 2014, is entered into by and between John
Unwin (“Unwin”) and BRE Spade Parent LLC (together with its subsidiaries and affiliates as of the Date of Termination (as defined below), following consummation of the Transaction (as defined below), the “Company”) (which,
together with its and their predecessors, successors, officers, directors and each holder, directly or indirectly of at least ten percent (10%) of the outstanding common stock of the Company as of the Date of Termination, are collectively
referred to as the “BRE Beneficiaries” and, together with the DB Beneficiaries (as defined below), collectively, the “Beneficiaries”). 

WHEREAS, Unwin’s employment as Chief Executive Officer of The Cosmopolitan of Las Vegas (the “Hotel”) will terminate on the
date (the “Date of Termination”) of the consummation of the purchase and sale transaction (the “Transaction”) contemplated by the Purchase Agreement by and between Nevada Mezz 1 LLC (“Nevada Mezz”), Nevada Property 1
LLC (“Nevada Property”), BRE Spade Mezz 1 LLC (a wholly owned subsidiary of the Company) and Deutsche Bank AG (“Deutsche Bank,” and together with Nevada Mezz and their respective subsidiaries, affiliates, predecessors,
successors, officers, directors, employees, representatives, consultants, managers and members (but excluding therefrom Nevada Property and its subsidiaries), collectively, the “DB Beneficiaries”), dated as of May 15, 2014 (as
amended, modified or supplemented from time to time, the “Purchase Agreement”); 
 WHEREAS, the Company and Unwin each desire that
Unwin continue to serve as a consultant to the Hotel for a period of time following the Date of Termination as described in this Agreement; 

WHEREAS, Unwin and Nevada Property are parties to the Employment Agreement dated as of November 6, 2013 (as amended, modified or
supplemented from time to time, the “Employment Agreement”) that provides for certain payments to Unwin upon a termination of employment under circumstances described under the Employment Agreement; 

WHEREAS, Unwin and Nevada Property are parties to the Exit Award Agreement under the Cosmopolitan of Las Vegas Management Exit Award Plan
dated as of July 1, 2013 (the “Exit Award Agreement”) and the Incentive Award Agreement under the Cosmopolitan of Las Vegas Management Incentive Award Plan dated as of July 1, 2013 (the “Incentive Award Agreement”),
each of which provide for certain payments to Unwin upon the Transaction under circumstances described under the Exit Award Agreement and the Incentive Award Agreement; 

WHEREAS, Unwin and the Company (for itself and on behalf of all the Beneficiaries) have agreed to resolve and settle any disputed claims Unwin
may have with respect to events, including, but in no way limited to, any differences that might arise in connection with Unwin’s employment with Nevada Property and its subsidiaries and affiliates and the termination of Unwin’s
employment, in each case through the Date of Termination; and 
 NOW, THEREFORE, in consideration of the recitals, promises, and other good
and valuable consideration specified herein, the receipt and sufficiency of which are hereby acknowledged, Unwin and the Company, on behalf of all the Beneficiaries, agree as follows: 

 

	 	1.	TERMINATION OF EMPLOYMENT 

 1.1 Termination. Unwin hereby resigns, effective as of
the Date of Termination, from all positions as an officer and employee of Nevada Property and its subsidiaries and affiliates (including the Hotel) and from all boards of directors and similar governing bodies of Nevada Property and its subsidiaries
and affiliates. No further action shall be required to effect such terminations and resignations, but Unwin agrees to deliver such other instruments and documents as may be requested by the Company. 

 
For the avoidance of doubt, such terminations and resignations shall occur immediately following, and be contingent upon, the Transaction. If the Purchase Agreement shall have been terminated
without the Transaction occurring, then this Agreement shall be null and void. 
  

	 	2.	PAYMENTS AND BENEFITS 

 2.1 Contingent Payments and Benefits. Subject to the
expiration of the Revocation Period (as defined in Section 3.2 below) and in consideration for Unwin entering into this Agreement, specifically including the General Release (as described in Section 3 below) and other restrictive covenants
identified herein, and subject to the consummation of the Transaction having occurred, the Company shall cause Nevada Property to: 

(a) pay to Unwin, in a lump sum no later than 30 days following the expiration of the Revocation Period, $1,500,000 (the
“Unwin Severance Payment”), which represents eighteen (18) months of Unwin’s base salary at the time of the Date of Termination, pursuant to Section 9(e) of the Employment Agreement; 

(b) waive the non-competition covenant contained in Section 8(e) of the Employment Agreement, effective at the end of the
Consulting Period (as defined below). 
 2.2 Accrued Rights and Obligations. Promptly following the Date of Termination, the Company
shall cause Nevada Property to pay or provide, or cause to be paid or provided, to Unwin the amounts specified in this Section 2.2: 

(a) Accrued Salary. The Company will cause Nevada Property to pay to Unwin, in a lump sum in cash on the first scheduled
payroll date occurring after the Date of Termination (or such earlier date if required by applicable law), an amount which represents, to the extent not previously paid, Unwin’s accrued base salary through the Date of Termination pursuant to
Section 9(e) of the Employment Agreement and; 
 (b) Annual Bonus. The Company will cause Nevada Property to pay
to Unwin, in a lump sum in cash, on or after January 1, 2015, but before March 15, 2015, a ratable portion of Unwin’s Annual Bonus (as defined in Section 2(b) of the Employment Agreement), which represents the only annual
incentive payment required to be made to Unwin. 
 (c) Benefits. The Company will cause Nevada Property to pay or
provide, or cause to be paid or provided, to Unwin such accrued and vested amounts or benefits that Unwin may be entitled under any Nevada Property compensation, incentive or benefit plans, including unpaid but not taken vacation benefits accrued in
2014 to the extent not previously paid pursuant to this Agreement, the Employment Agreement or any other plan. For the avoidance of doubt, Unwin shall remain eligible for (i) payments of awards under the Exit Award Agreement in eight
(8) equal quarterly installments during the twenty-four (24) month period following the Transaction pursuant to Section 1 of the Exit Award Agreement and (ii) payment of any vested but unpaid installments under the Incentive
Award Agreement upon the Transaction pursuant to Section 1 of the Incentive Award Agreement. The Exit Award Agreement and the Incentive Award Agreement remain in full force and effect. 

2.3 Consulting Arrangement. 

(a) The Company and Unwin agree that Unwin will provide services to the Hotel as a consultant (the “Consulting
Services”) for a minimum of three (3) months beginning on the Date of Termination (the “Consulting Period”); provided that either Nevada Property or Unwin may terminate the Consulting Period at any time upon 30 days
advance written notice to the other 

  
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party (so long as such termination does not become effective prior to the date that is three (3) months after the Date of Termination). During the Consulting Period, Unwin will (i) be
available for consultation and transition services to the Chief Executive Officer of the Hotel, in such manner as mutually agreed between Unwin and the Chief Executive Officer of the Hotel, and (ii) provide such other services as may be
mutually agreed between the Hotel and Unwin. As a consultant, Unwin will not be an employee of the Company or its subsidiaries or affiliates, will have no authority to act on behalf of the Company or its subsidiaries or affiliates , and will not
participate in the Company or its subsidiaries or affiliates’ incentive and employee benefit plans. 
 (b) During the
Consulting Period, the Company will cause Nevada Property to pay a consulting fee of $75,000 per month, payable in monthly installments in arrears for Unwin’s Consulting Services (the “Consulting Fee”). 

2.4 Tax Withholding. During the Consulting Period, Unwin shall be solely responsible for the payment of any applicable Federal, state
or local taxes and the Company and its subsidiaries and affiliates will not withhold any amounts from the payments made to Unwin during the Consulting Period; provided, however, that Nevada Property may withhold from any amounts payable under
Sections 2.1 and 2.2 of this Agreement such Federal, state and local income, employment and other taxes as may be required to be withheld in respect of such payments under Sections 2.1 and 2.2 of this Agreement pursuant to any applicable law or
regulation. 
 2.5 Full Satisfaction of Potential Claims. Unwin hereby acknowledges and agrees that his receipt and satisfaction of
all payments and benefits provided in this Section 2 of this Agreement will constitute full and final payment, accord and satisfaction of any and all potential claims described in the General Release (as defined in Section 3 of this
Agreement) against the Company and the Beneficiaries (subject to the terms and limitations in the General Release). 
  

	 	3.	RELEASE; REPRESENTATIONS 

 3.1 General Release. For and in consideration of the
payment of the amounts and the provision of the benefits described in Section 2.1 of this Agreement and the Consulting Services arrangement described in Section 2.3 of this Agreement (and as a condition to such payment and arrangement),
Unwin hereby agrees to execute, on the Date of Termination, a release of all claims against the Beneficiaries in the form attached as Exhibit I hereto (the “General Release”). 

3.2 Unwin’s Representations and Warranties. Unwin represents that he has read carefully and fully understands the terms of this
Agreement, and that Unwin has been advised to consult with an attorney and has availed himself of the opportunity to consult with an attorney prior to signing this Agreement. Unwin acknowledges and agrees that he is executing this Agreement
willingly, voluntarily and knowingly, of his own free will, in exchange for the payments and benefits described in Section 2.1 of this Agreement and the Consulting Services arrangement described in Section 2.3 of this Agreement, and that
he has not relied on any representations, promises or agreements of any kind made to him in connection with his decision to accept the terms of this Agreement, other than those set forth in this Agreement. Unwin further acknowledges, understands,
and agrees that as of the Date of Termination his employment with Nevada Property shall terminate, that the provisions of Section 2.1 of this Agreement and the Consulting Services arrangement described in Section 2.3 of this Agreement are
in lieu of any and all payments and benefits to which Unwin may otherwise be entitled to receive pursuant to the Employment Agreement or any other plan, contract or arrangement between Unwin and Nevada Property, that Unwin will not be reemployed by
Nevada Property, and that Unwin will not apply for or otherwise seek employment with Nevada Property or any of its parents, companies, subsidiaries, divisions or affiliates. Unwin understands that, except as otherwise expressly provided for under
this Agreement, he will not receive any payments or benefits under Section 2.1 of this Agreement or the Consulting Services arrangement described in Section 2.3 of this Agreement until the seven (7) day revocation period provided for
under the General Release has passed, and then, only if he has not revoked the General Release (such period during which no such revocation has occurred, the “Revocation Period”).  

  
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	 	4.	EFFECTS OF SETTLEMENT; WAIVER OF JURY TRIAL 

 4.1 No Admission. Unwin and the
Company, on behalf of the Beneficiaries, agree that the payments and benefits caused to be paid by Nevada Property, and the acceptance by Unwin of the same, all as provided in Section 2 of this Agreement, and the execution of this Agreement are
the result of a compromise of disputed claims, and shall never for any purpose be considered an admission of liability or responsibility by the Company and the Beneficiaries, and the Company, on behalf of the Beneficiaries, expressly denies any
liability. 
 4.2 Waiver of Jury Trial. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES THEIR
RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREIN. Each of the parties hereto also waives
any bond or surety or security upon such bond, which might, but for this waiver, be required of any of the other parties. The scope of this waiver is intended to be all-encompassing of any and all disputes
that may be filed in any court and that relate to the subject matter of this Agreement or the General Release, including, without limitation, contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. Each of
the parties hereto acknowledges that this waiver is a material inducement to enter into a business relationship, that each has already relied on the waiver in entering into this Agreement, and that each will continue to rely on the waiver in their
related future dealings. Each of the parties hereto further warrants and represents that each has reviewed this waiver with his or its legal counsel and that each knowingly and voluntarily waives his or its jury trial rights following consultation
with legal counsel. This waiver is irrevocable, meaning that it may not be modified either orally or in writing, and the waiver shall apply to any subsequent amendments, renewals, supplements or modifications to this Agreement. In the event of
litigation, this Agreement may be filed as a written consent to a trial by the court. 
  

	 	5.	RESTRICTIVE COVENANTS; COOPERATION 

 5.1 Statements by Unwin. Unwin shall not at
any time make any release or statement about Nevada Property, the Company or the Beneficiaries regarding any of the foregoing’s financial status, business, compliance with laws, ethics, members, managing members, partners, personnel, directors,
officers, employees, consultants, agents, services, business methods, operations, management of the Hotel or otherwise, which is intended to or could disparage any of the foregoing, or otherwise degrade the reputation of any of the foregoing in the
business, industry or legal community in which any such person operates; provided that Unwin shall be permitted to (a) reasonably defend himself against any public statement made by Nevada Property, the Company or a Beneficiary, as
applicable, that disparages Unwin, but only if statements made in such defense are not false statements and (b) provide truthful testimony in any legal proceeding or process. 

5.2 Restrictive Covenants. Unwin agrees and acknowledges that, except as may be expressly otherwise agreed by the parties in this
Agreement, the restrictive covenants set forth in Section 8 of the Employment Agreement shall continue in full force and effect pursuant to their terms and are incorporated by reference herein and made a part hereof; provided, however,
that, effective as of the expiration of the Consulting Period, Section 8(e) of the Employment Agreement shall not apply or be of further force and effect and the Company shall hereby cause Nevada Property to waive Unwin’s obligations to
comply with Section 8(e) of the Employment Agreement, effective as of the expiration of the Consulting Period. Unwin further agrees and understands that his obligations set forth in this Section 5.2 (including the restrictive covenants
incorporated by reference herein) are separate from any other provisions in this Agreement and that any breach of the provisions of this Section 5.2 may be treated by the Company and 

  
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the Beneficiaries as a breach for which Unwin may be separately liable, and for which the Company and the Beneficiaries may, seek any remedies to which it is entitled as set forth in the
Employment Agreement, Exit Award Agreement or Incentive Award Agreement or otherwise at law or in equity. 
 5.3 Cooperation. Unwin
will reasonably cooperate with any request made by the Company or Nevada Property relating to or arising out of any of the matters that Unwin worked on, learned of or became familiar with or that occurred during Unwin’s employment with Nevada
Property, including, but not limited to, disputes, claims, investigations, proceedings or litigation arising out of or relating to such matters. 
  

	 	6.	GOVERNING LAW; RESOLUTION OF DISPUTES 

 6.1 Governing Law. 

This Agreement and the General Release shall each be governed and interpreted in accordance with and enforced in all respects pursuant to the
laws of the State of Nevada, irrespective of the choice of law rules of that or any other jurisdiction that direct the application of the laws of any jurisdiction other than the State of Nevada, which is the principal place of operation of Nevada
Property. 
 6.2 Resolution of Disputes. 

Any disagreement or controversy arising out of or relating to this Agreement (other than with respect to Sections 5.1 and 5.2) shall be
exclusively resolved by final and binding arbitration pursuant to Section 10(j) of the Employment Agreement. 
  

	 	7.	SEVERABILITY 

 If any provision of this Agreement is determined to be invalid or
unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement or the remaining portion of a partially invalid provision, which shall remain in force, and the provision in question shall be modified by
the court so as to be rendered enforceable. 
  

	 	8.	CONSTRUCTION 

 Each party and its counsel have reviewed this Agreement and the General
Release and have been provided the opportunity to review this Agreement and the General Release and accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement or the General Release. Instead, the language of all parts of this Agreement and the General Release shall be construed as a whole, and according to their fair meaning, and not strictly for or against either
party. 
  

	 	9.	ACCEPTANCE AND EFFECTIVENESS 

 This Agreement shall become effective immediately, but
shall become void ab initio if the Purchase Agreement shall have been terminated without the Transaction occurring, upon execution of this Agreement; provided, however, that the parties’ obligations hereunder (except with
respect to Sections 1, 6, 7, 8, 9 and 10) shall not become effective until the eighth (8th) day following the date of execution of the General Release, so long as Unwin has not then revoked
the General Release. 
  

	 	10.	APPLICATION OF SECTION 409A. 

 This Agreement shall be interpreted to avoid any penalty
sanctions under section 409A of the Code. For purposes of section 409A of the Code, all payments to be made upon a termination of 

  
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employment under this Agreement may only be made upon a “separation from service” (within the meaning of such term under section 409A of the Code), each payment made under this
Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement is to be treated as a right to a series of separate payments. All reimbursements provided under this Agreement shall be made or
provided in accordance with the requirements of section 409A, including, where applicable, the requirement that: (i) any reimbursement is for expenses incurred during Unwin’s lifetime (or during a shorter period of time specified in this
Agreement); (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year; (iii) the reimbursement of an eligible expense will be made on or
before the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. In no event may Unwin, directly or indirectly,
designate the calendar year of payment. 
  

	 	11.	PURCHASE AGREEMENT 

 11.1 The Company and BRE Spade Mezz 1 LLC hereby acknowledge and
agree for the benefit of Nevada Mezz and Deutsche Bank that, pursuant to Exhibit E of the Purchase Agreement, the obligation to pay the Unwin Severance Payment arises solely from the actions of BRE Spade Mezz 1 LLC and, in connection with the
Transaction, no amounts shall be included in Estimated Net Working Capital or Closing Net Working Capital (each as defined in the Purchase Agreement) in respect of the Unwin Severance Payment. 

 

	 	12.	ENTIRE AGREEMENT; COUNTERPARTS; THIRD PARTY BENEFICIARIES 

 12.1 This Agreement, the
General Release and the other agreements set forth herein together set forth the entire agreement between the parties hereto. 
 12.2 This
Agreement may be executed in one or more counterparts and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same
agreement. 
 12.3 The DB Beneficiaries shall be deemed third party beneficiaries of this Agreement and the General Release. 

[Signatures on next page] 

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

							
	BRE SPADE PARENT LLC
		
	By:		 /s/ William J. Stein

	Title:		
	
	JOHN UNWIN
	
	 /s/ John Unwin

  

			
	 Executing Solely to Confirm the

	 Provisions of Section 11:

	
	BRE SPADE MEZZ 1 LLC
		
	 By:
		 /s/ William J. Stein

	 Title:
		

 Exhibit I 

RELEASE AND WAIVER OF CLAIMS 

This Release and Waiver of Claims (the “Release”) is made and delivered by John Unwin (“Executive”) of [Las
Vegas, Nevada] to BRE Spade Parent LLC and the Beneficiaries (as defined below) (collectively referred to as the “Company”). 

WHEREAS, Executive and the Company have entered into a Separation and Consulting Agreement, dated as December 12, 2014 (the
“Separation Agreement”); 
 WHEREAS, Executive and the Company (for itself and on behalf of all the Beneficiaries, as defined in
the Separation Agreement) have agreed to resolve and settle any disputed claims Executive may have with respect to events, including, but in no way limited to, any differences that might arise in connection with Executive’s employment with
Nevada Property 1 LLC (“Nevada Property”) and its subsidiaries and affiliates and the termination of Executive’s employment, in each case through the date of this Release; 

IN CONSIDERATION of the benefits described in the Separation Agreement, Executive agrees as follows: 

 

	 	1.	Executive acknowledges and agrees that Executive would not receive the payments and benefits specified in Section 2.1 the Separation Agreement and the Consulting Services arrangement described in Section 2.3
of the Separation Agreement but for Executive’s execution of this Release and Executive’s fulfillment of its terms. Neither the making of this Release, nor anything contained in it, shall in any way be construed or considered to be an
admission by the Company of noncompliance with any law or of any other wrongdoing. 

  

	 	2.	Except for the obligations of the Company as stated in the Separation Agreement, Executive, on behalf of himself and Executive’s heirs, executors, administrators, successors and assigns (referred to collectively
throughout this Release as “Executive”) voluntarily waives, releases and forever discharges the Company and the Beneficiaries (as defined in the Separation Agreement) (collectively the “Releasees”) from all claims, charges,
causes of action, obligations, expenses, damages of any kind (including attorney’s fees and costs actually incurred) or demands, in law or in equity, whether known or unknown, which may have existed or which may now exist from the beginning of
time to the date of this Release, arising from or relating to Executive’s employment or termination from employment with Nevada Property, including a release of any rights or claims Executive may have under Title VII of the Civil Rights Act of
1964; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the Older Workers Benefit Protection Act; the Americans with Disabilities Act of 1990; the Rehabilitation Act of 1973; the Family
and Medical Leave Act of 1993; Section 1981 of the Civil Rights Act of 1866; Section 1985(3) of the Civil Rights Act of 1871; the Employee Retirement Income Security Act of 1974; the Fair Labor Standards Act; any other federal, state or
local laws against discrimination; or any other federal, state, or local statute, regulation or common law relating to employment, wages, hours, or any other terms and conditions of employment. 

 

	 	3.	 Executive acknowledges that Executive is waiving and releasing rights that Executive may have under the ADEA and other federal, state and local
statutes contract and the common law and that this Release is knowing and voluntary. This Release does not apply to any rights or claims that may arise after the date of execution by Executive of this Release. Executive acknowledges that the
consideration given for this Release is in addition to anything of value to which Executive is 

	 	
already entitled. Executive further acknowledges that Executive has been advised by this writing that: (i) Executive should consult with an attorney prior to executing this Release;
(ii) Executive has up to twenty-one (21) days within which to consider this Release, although Executive may, at Executive’s discretion, sign and return this Release at an earlier time, in which case Executive waives all rights to the
balance of this twenty-one (21) day review period; and (iii) for a period of 7 days following the execution of this Release in duplicate originals, Executive may revoke this Release in a writing delivered to the Chairman of the Board of
Directors of the Company, and this Release shall not become effective or enforceable until the revocation period has expired. 

  

	 	4.	This Release does not release the Releasees from any obligations due to Executive under the Separation Agreement or this Release. 

  

	 	5.	Executive represents and warrants that he has not filed any action, complaint, charge, grievance, arbitration or similar proceeding against the Releasees that is currently pending. 

 

	 	6.	This Release is not an admission by the Releasees or Executive of any wrongdoing, liability or violation of law. 

  

	 	7.	Executive waives any right to reinstatement or future employment with Nevada Property or its subsidiaries and affiliates following Executive’s separation from Nevada Property on the Date of Termination (as defined
in the Separation Agreement). 

  

	 	8.	Executive agrees and acknowledges that, except as may be expressly otherwise agreed by the parties hereto or in the Separation Agreement, the restrictive covenants set forth in Section 8 of the Employment Agreement
(as defined in the Separation Agreement) shall continue in full force and effect pursuant to their terms and are incorporated by reference herein and made a part hereof; provided, however, that, effective as of the expiration of the
Consulting Period (as defined in the Separation Agreement), Section 8(e) of the Employment Agreement shall not apply or be of further force and effect and the Company hereby waives Executive’s obligations to comply with Section 8(e)
of the Employment Agreement, effective as of the expiration of the Consulting Period . Executive further agrees and understands that his obligations set forth in this Section 8 (including the restrictive covenants incorporated by reference
herein) are separate from any other provisions in this Release and that any breach of the provisions of this Section 8 may be treated by the Company and the Beneficiaries as a breach for which Executive may be separately liable, and for which
the Company may, seek any remedies to which it is entitled as set forth in the Employment Agreement or otherwise at law or in equity. 

  

	 	9.	This Release shall be governed by and construed according to the law of the State of Nevada. 

  

	 	10.	This Release represents the complete agreement between Executive and the Company concerning the subject matter in this Release and supersedes all prior agreements or understandings, written or oral. This Release may not
be amended or modified otherwise than by a written agreement executed by Executive and the Company or their respective successors and legal representatives. 

  

	 	11.	Each of the sections contained in this Release shall be enforceable independently of every other section in this Release, and the invalidity or unenforceability of any section shall not invalidate or render
unenforceable any other section contained in this Release. 

	 	12.	Executive acknowledges that Executive has carefully read and understands this Release, that Executive has the right to consult an attorney with respect to its provisions and that this Release has been entered into
knowingly and voluntarily. Executive acknowledges that no representation, statement, promise, inducement, threat or suggestion has been made by any of the Releasees to influence Executive to sign this Release except such statements as are expressly
set forth herein or in the Separation Agreement. 

 Executive now voluntarily and knowingly executes this Release: 

 

									
	 /s/ John Unwin
				Date:		 12-12-2014
		
					
	JOHN UNWIN								
					
	SMRH:435504500.2EX-10.4

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

(WILLIAM P. MCBEATH) 

EMPLOYMENT AGREEMENT (the “Agreement”) dated November 19, 2014 by and between BRE Spade Parent LLC, a Delaware limited
liability company (collectively with its subsidiaries, the “Company”), and William P. McBeath (“Executive”). 
 The
Company desires to employ (or cause one of its subsidiaries to employ) Executive, contingent and effective upon the date of the closing (the “Closing”) of the acquisition of the Hotel (as defined below) the Company (the “Effective
Date”), and to enter into an agreement embodying the terms of such employment; 
 Executive desires to accept such employment,
contingent and effective upon the Effective Date and enter into such an agreement; and 
 On the Effective Date, the Company and Executive
hereby agree that this Agreement shall automatically be assigned to, and assumed by, Nevada Property 1 LLC, a Delaware limited liability company. 

In consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows: 

1. Term of Employment. Subject to the provisions of Section 6 of this Agreement, Executive shall be employed by the Company (or
one of its subsidiaries) under this Agreement for a period commencing on the Effective Date (which is expected to occur on or about December 19, 2014) and ending on the fifth anniversary of the Effective Date (the “Employment Term”)
on the terms and subject to the conditions set forth in this Agreement. 
 2. Position, Duties and Authority. 

(a) During the Employment Term, Executive shall serve as the President and Chief Executive Officer of the Cosmopolitan of Las Vegas (the
“Hotel”). In such position, Executive shall report directly to the Company’s Board of Directors (the “Board”) and have such duties, functions and responsibilities commensurate with such title, including, without limitation,
(i) managing all operations of the property including oversight of third party managed and leased areas, (ii) developing community and gaming association relationships, (iii) implementing rigorous financial reporting standards,
(iv) managing customer relationships, (v) implementing marketing and advertising strategies and (vi) any other duties that may be assigned from time to time by the Board. 

(b) During the Employment Term, Executive will devote Executive’s full business time and best efforts to the performance of
Executive’s duties hereunder (excluding periods of vacation and sick leave) and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or unreasonably interfere with the rendition of
such services either directly or indirectly without the prior written consent of the Board; provided that nothing herein shall preclude Executive from (i) subject to the prior approval of the Board, accepting appointment to or continuing
to serve on any board of directors or trustees of any business corporation, (ii) serving as an officer or director or otherwise 

 
participating in non-profit educational, welfare, social, religious and civil organizations, including, without limitation, all such positions and participation in effect as of the Effective
Date, and (iii) managing personal and family investments; provided, however, that any such activities as described in (i), (ii) or (iii) of the preceding provisions of this paragraph do not conflict or interfere with the
performance and fulfillment of the Executive’s duties and responsibilities as an executive or director of the Company in accordance with this Agreement or conflict with Section 7. 

3. Compensation. 
 (a)
Base Salary. During the Employment Term, the Company shall pay Executive a base salary (“Base Salary”) at the annual rate of $750,000, payable in substantially equal biweekly installments (or, if different, in accordance with the
Company’s usual payment practices). Executive shall be entitled to such increases in Executive’s Base Salary, if any, as may be determined from time to time in the sole discretion of the Board, but in no event shall the Company be entitled
to reduce Executive’s Base Salary. 
 (b) Annual Bonus. With respect to each full fiscal year during the Employment Term,
Executive shall be eligible to earn an annual bonus award (an “Annual Bonus”) based on the achievement of mutually agreed upon Company and personal performance objectives and targets adopted by the Board within the first three months of
each full fiscal year during the Employment Term. During each fiscal year, the minimum bonus payable to Executive if the minimum performance objectives and targets are achieved will be 75% of Executive’s Base Salary, the target bonus will be
100% of Executive’s Base Salary if target performance objectives and targets are achieved and the maximum bonus payable to Executive will be 125% of Base Salary if the maximum performance objectives and targets are achieved or exceeded;
provided that, in respect of fiscal year 2015, Executive shall be entitled to an Annual Bonus of no less than $750,000. The Annual Bonus, if any, shall be paid to Executive within two and one-half (2.5) months after the end of the
applicable fiscal year. Except as provided in Section 6, no Annual Bonus shall be payable in respect of any fiscal year in which Executive’s employment is terminated. 

4. Equity-Based Incentive Compensation and Capital Contribution. 

(a) Equity Incentive Award. Executive shall receive an equity incentive award in the Company’s ultimate parent entity
(“Parent”) subject to the terms and conditions set forth on Annex I attached hereto. 
 (b) Capital Contribution. No
later than 60 days following the Effective Date, Executive agrees to make an initial investment of one million dollars ($1,000,000) (the “Co-Investment”) in the common equity interests of Parent at a per unit purchase price equal to the
per unit price paid by Blackstone Real Estate Partners VII L.P. or its affiliates (collectively “Sponsor”) for its equity interests in Parent. 

  
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 5. Benefits. 

(a) General. During the Employment Term, Executive shall be entitled to participate in the Company’s employee benefit plans,
practices, policies and arrangements as in effect from time to time (collectively, “Employee Benefits”), on generally the same basis terms and conditions as each of the Employee Benefits are made available to other senior executives of the
Company (other than with respect to annual bonuses, incentive plans and severance plans (as well as any other terms and conditions specifically determined under this Agreement), the benefits for each which shall be determined instead in accordance
with this Agreement). 
 (b) Reimbursement of Business Expenses. During the Employment Term, the Company shall reimburse Executive
for reasonable and documented business expenses incurred by Executive in the performance of Executive’s duties hereunder in accordance with its then prevailing policy for senior executives (which shall include appropriate itemization and
substantiation of expenses incurred). 
 6. Termination. The Employment Term and Executive’s employment hereunder may be
terminated by either party at any time and for any reason; provided that Executive will be required to give the Company at least sixty (60) days advance written notice (the “Notice Period”) of any resignation of
Executive’s employment. Notwithstanding any other provision of this Agreement, the provisions of this Section 6 shall exclusively govern Executive’s rights upon termination of employment with the Company and its affiliates. 

(a) By the Company For Cause or By Executive without Good Reason. 

(i) The Employment Term and Executive’s employment hereunder may be terminated by the Company for Cause (as defined below). The Employment
Term and Executive’s employment shall terminate automatically upon the effective date of Executive’s resignation. 
 (ii) For
purposes of this Agreement, “Cause” shall mean (A) any act by Executive constituting a willful or deliberate act or failure to act which is committed in bad faith by the Executive which causes or can be expected to cause financial
injury (other than de minimus financial injuries) to the Company, (B) Executive’s willful malfeasance or willful misconduct, including dishonesty, in connection with Executive’s employment duties, (C) Executive’s theft,
intentional misappropriation or embezzlement of property of the Company or its affiliates or any act of fraud committed by Executive, (D) an act or acts on Executive’s part constituting (x) a felony under the laws of the United States
or any state thereof or (y) a misdemeanor involving moral turpitude (and such misdemeanor has or could have an adverse impact on the Company and its Affiliates), (E) Executive materially breached Executive’s fiduciary duties to the
Company, (F) Executive failed to obtain or maintain in good standing any necessary or desirable licenses or took any action that could reasonably be expected to jeopardize (other than in a de minimus manner) Executive’s, the Company’s
or the Sponsor’s ability to obtain or retain in good standing any necessary or desirable licenses or (G) Executive’s breach (other than a de minimus or inadvertent breach which, if curable, is promptly cured by Executive during the
cure period set forth below) during the Employment Term of any provision of Section 7 or 8 of this Agreement or any similar corresponding provision applicable to Executive under a written agreement between Executive and the Company or its
Subsidiaries from time to time; 

  
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provided that, solely with respect to clauses (A), (B), (E), (F) and (G), to the extent the circumstances giving rise to Cause and the adverse consequences resulting therefrom are curable,
Executive shall have an opportunity to cure such circumstances and consequences within 30 days after written notice from the Company. 

(iii) If Executive’s employment is terminated by the Company for Cause or Executive resigns without Good Reason (as defined below),
Executive shall be entitled to receive: 
 (A) no later than ten (10) days following the date of termination, the Base
Salary through the date of termination; 
 (B) any Annual Bonus earned, but unpaid, as of the date of termination for the
immediately preceding fiscal year, paid in accordance with Section 3(b) (except to the extent payment is otherwise deferred pursuant to any applicable deferred compensation arrangement with the Company, in which case such payment shall be made
in accordance with the terms and conditions of such deferred compensation arrangement); 
 (C) reimbursement, within sixty
(60) days following receipt by the Company of Executive’s claim for such reimbursement (including appropriate supporting documentation), for any unreimbursed business expenses properly incurred by Executive in accordance with Company
policy prior to Executive’s termination; provided that such claims for such reimbursement are submitted to the Company within ninety (90) days following the date of Executive’s termination of employment; 

(D) such Employee Benefits, if any, to which Executive may be entitled under the tax-qualified employee benefit plans of the
Company, payable in accordance with the terms and conditions of such tax-qualified employee benefit plans (the amounts described in clauses (A) through (D) hereof being referred to as the “Accrued Rights”); and 

Following such termination of Executive’s employment, except as set forth in this Section 6(a)(iii), Executive shall have no further rights to any
compensation or any other benefits under this Agreement. 
 (b) Disability or Death. 

(i) The Employment Term and Executive’s employment hereunder shall terminate upon Executive’s death and may be terminated by the
Company if Executive becomes physically or mentally incapacitated and is therefore unable for a period of six (6) consecutive months or for an aggregate of twelve (12) months in any twenty-four (24) consecutive month period to perform
the essential functions of Executive’s duties, with or without reasonable accommodation (such incapacity and inability to accommodate is hereinafter referred to as “Disability”). Any question as to the existence of the Disability of
Executive as to which Executive and the Company cannot agree shall be determined in writing by a qualified 

  
 4 

 
independent physician mutually acceptable to Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and
those two physicians shall select a third physician who shall make such determination in writing. The determination of Disability made in writing to the Company and Executive shall be final and conclusive for all purposes of this Agreement. 

(ii) Upon termination of Executive’s employment hereunder for either Disability or death, Executive or Executive’s estate (as the
case may be) shall be entitled to receive: 
 (A) the Accrued Rights; 

(B) a pro rata Annual Bonus equal to the product of (1) the Annual Bonus that Executive would have received (in respect of
the fiscal year in which Executive’s termination of employment occurred) but for the termination of Executive’s employment, based on actual performance achieved at the end of such fiscal year and (2) a fraction, the numerator of which
is the number of days during the fiscal year up to and including the date of termination of Executive’s employment and the denominator of which is 365, payable at the time the annual bonuses are normally paid to other senior executives of the
Company (the “Pro-Rated Bonus”); and 
 (C) death or disability benefits under any applicable plans and programs of
the Company in accordance with the terms and provisions of such plans and programs. 
 Following Executive’s termination of employment due to death or
Disability, except as set forth in this Section 6(b)(ii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(c) By the Company Without Cause or by Executive for Good Reason. 

(i) The Employment Term and Executive’s employment hereunder may be terminated by the Company without Cause. 

(ii) For purposes of this Agreement, “Good Reason” shall mean, without Executive’s consent, (x) a “change of
control” (as defined in Annex I), (y) a material reduction in Executive’s title, duties, authorities and responsibilities measured in the aggregate from those described in Section 2 hereof or (z) a material reduction in
Executive’s Base Salary; provided that such event shall constitute Good Reason only if the Company fails to cure such event within 30 days after receipt from Executive of written notice of the event which constitutes Good Reason;
provided, further, that “Good Reason” shall cease to exist for an event on the 60th day following the later of its occurrence or Executive’s knowledge thereof, unless
Executive has given the Company written notice thereof prior to such date. 
 (iii) If Executive’s employment is terminated by the
Company without Cause (other than by reason of death or Disability) or by Executive for Good Reason, Executive shall be entitled to receive: 

(A) the Accrued Rights; 

  
 5 

 (B) the Pro-Rated Bonus; 

(C) subject to Executive’s continued compliance with the provisions of Sections 7 and 8, the payment of an aggregate
amount of severance equal to the sum of (x) one-year of Executive’s Base Salary at the time of termination and (y) an amount equal to the Annual Bonus paid to Executive in respect of the full fiscal year ending immediately prior to
the date of termination, which amount shall be payable to Executive in a lump sum on the sixtieth (60th) day following the date of Executive’s termination of employment; and 

(D) Subject to Executive’s election of COBRA continuation coverage under the Company’s group health plan, payment, on
the first regularly scheduled payroll date of each month during the Severance Term, of an amount equal to the difference between the monthly COBRA premium cost and the monthly contribution paid by active employees for the same coverage; provided,
that the payments described in this clause (v) shall cease earlier than the expiration of the Severance Term in the event that Executive becomes eligible to receive any health benefits as a result of subsequent employment or service during the
Severance Term. For purposes of this paragraph, “Severance Term” shall mean the twelve (12) month period immediately following the termination of Executive’s employment by the Company without Cause (other than by reason of death
or Disability) or by Executive for Good Reason. 
 Notwithstanding the foregoing, in the case of any termination of Executive’s employment in
connection with a change of control, the payments under Section 6(c)(iii)(C) above shall be offset and reduced, on a dollar-for-dollar basis, by the value of Executive’s vested Profits Interests (as defined in Annex I) implied by the price
paid for the equity interests of Parent by the acquiror in such change of control transaction (the “Promote Set-Off”). Following Executive’s termination of employment by the Company without Cause (other than by reason of
Executive’s death or Disability) or by the Executive for Good Reason, except as set forth in this Section 6(c)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 

(d) Release. The amounts payable to Executive under Section 6(c)(iii)(B), (C) and (D) above (the “Severance
Benefits”) are subject to execution and non-revocation of a release of claims by Executive (or, if applicable, Executive’s estate), substantially in the form attached hereto as Exhibit I, within sixty (60) days of the date of
termination. If Executive fails to execute the release of claims in such a timely manner so as to permit any revocation period to expire prior to the end of such sixty (60) day period, or timely revokes his acceptance of such release following
its execution, Executive shall not be entitled to any of the Severance Benefits. Further, to the extent that any of the Severance Benefits constitutes “nonqualified deferred compensation” for purposes of Section 409A of the Code, any
payment of any amount or provision of any benefit otherwise scheduled to occur prior to the sixtieth (60th) day following the date of Executive’s termination of employment hereunder, but for the condition on executing

  
 6 

 
the Release of Claims as set forth herein, shall not be made until the first regularly scheduled payroll date following such sixtieth (60th) day, after which any remaining Severance Benefits
shall thereafter be provided to Executive according to the applicable schedule set forth herein 
 (e) Continued Employment Beyond the
Expiration of the Employment Term. Unless the parties otherwise agree in writing, continuation of Executive’s employment with the Company beyond the expiration of the Employment Term shall be deemed an employment at-will and shall not be
deemed to extend any of the provisions of this Agreement and Executive’s employment may thereafter be terminated at will by either Executive or the Company; provided that, the provisions of Section 8 and Section 9 of this Agreement
shall survive any termination of this Agreement or Executive’s termination of employment that occurs after the expiration of the Employment Term. 

(f) Notice of Termination. Any purported termination of employment by the Company or by Executive (other than due to Executive’s
death) pursuant to Section 6 of this Agreement shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the
specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of employment under the provision so indicated. 

(g) Board/Committee and Officer Resignations. Upon termination of Executive’s employment for any reason, Executive agrees to
resign, as of the date of such termination and to the extent applicable, (i) from the board of directors (and any committees thereof) of the Company and any of its affiliates on which Executive is a member and (ii) as an officer of the
Company and any of the Company’s affiliates. 
 7. Non-Competition; Non-Solicitation; Non-Disparagement. 

(a) Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and its affiliates and accordingly
agrees as follows: 
 (i) During the Employment Term and, for a period equal to twelve months following the date Executive ceases to be
employed by the Company for any reason (the “Restricted Period”), Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or
other business organization, entity or enterprise whatsoever (“Person”), solicit or assist in soliciting business in direct competition with the Restricted Group in the Business; provided that the provisions contained in this
Section 7(a)(i) shall not apply following any termination of Executive’s employment in connection with a change of control. 

(ii) During the Restricted Period, Executive will not directly or indirectly: 

(A) engage in the Business for a Competitor; 

(B) enter the employ of, or render any services (that are the same or similar to the services or activities in which Executive
was engaged during the 

  
 7 

 
two (2) years prior to Executive’s termination of employment) to, a Competitor, except where such employment or services do not relate in any manner to the Business; 

(C) acquire a financial interest in, or otherwise become actively involved with, a Competitor, directly or indirectly, as an
individual, partner, shareholder, officer, director, principal, agent, trustee or consultant; or 
 (D) interfere with, or
attempt to interfere with, business relationships (whether formed before, on or after the date of this Agreement) between the members of the Restricted Group and any of their clients, customers, suppliers, partners, members or investors; 

provided that the provisions contained in this Section 7(a)(ii) shall not apply following any termination of Executive’s
employment in connection with a change of control. 
 (iii) Notwithstanding anything to the contrary in this Agreement,
Executive may, directly or indirectly own, solely as an investment, securities of any Person engaged in a Business (including, without limitation, a Competitor) which are publicly traded on a national or regional stock exchange or on the
over-the-counter market if Executive (A) is not a controlling person of, or a member of a group which controls, such person and (B) does not, directly or indirectly, own 5% or more of any class of securities of such Person; provided
that the provisions contained in this Section 7(a)(iii) shall not apply following any termination of Executive’s employment in connection with a change of control. 

(iv) During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or in conjunction
with any Person, directly or indirectly: 
 (A) solicit or encourage any employee who is a director or is more senior than a
director of the Restricted Group to leave the employment of the Restricted Group; or 
 (B) hire any such employee who was
employed by the Restricted Group as of the date of Executive’s termination of employment with the Company or who left the employment of the Restricted Group within six months prior to the termination of Executive’s employment with the
Company. 
 (v) During the Restricted Period, Executive will not, whether on Executive’s own behalf or on behalf of or
in conjunction with any Person, directly and intentionally encourage any material consultant of the Restricted Group to cease working with the Restricted Group. 

(vi) (A) During the Employment Term and at all times thereafter, Executive agrees not to make, or cause any other person
to make, any communication that is intended to criticize or disparage, or has the effect of criticizing or disparaging, the 

  
 8 

 
Company or any of its subsidiaries, or Sponsor and its affiliates (excluding portfolio companies thereof); provided, however, that an action shall not constitute a breach of this
Section 7(a)(vi)(A) if made in the Executive’s good faith performance of his duties hereunder. (B) During the Employment Term and at all times thereafter, the Company agrees to instruct its directors and executive officers not to
make, or cause any other person to make, any public communication that is intended to criticize or disparage, or has the effect of criticizing or disparaging, Executive; provided, however, that an action shall not constitute a breach
of this Section 7(a)(vi)(B) if made in the course of operating the business of the Company and such communication is not made publicly outside of the Company. Nothing shall be interpreted to prohibit Executive or the Company from responding
truthfully to incorrect public statements, making truthful statements when required by law, subpoena or court order and/or from responding any inquiry by any regulatory or investigatory organization. 

(vii) For purposes of this Agreement: 

(A) “Restricted Group” shall mean, collectively, the Company and its subsidiaries. 

(B) “Business” shall mean (i) gaming, (ii) casino and/or hotel resort operations or management or
(iii) marketing or solicitation on behalf of any entity engaged in the Business, in each case, in any geographical area that is within one hundred (100) miles of the Hotel or any geographical area where the Restricted Group engages in the
Business. 
 (C) “Competitor” shall mean any Person engaged in the Business in direct competition with the Company
and its subsidiaries, including for the avoidance of doubt (but not limited to): Aria Resort & Casino, Bally’s Las Vegas, Bellagio, Caesars Palace, Caesars Entertainment, Circus Circus Hotel & Casino, Excalibur
Hotel & Casino, Harrah’s Hotel & Casino Las Vegas, Hilton Hotels and Resorts, Luxor Hotel & Casino, Mandalay Bay Resort & Casino, MGM Grand Hotel & Casino, MGM Resorts International, Mirage
Resort & Casino, Monte Carlo Hotel & Casino, New York – New York Hotel & Casino, Paris Las Vegas, Riviera Hotel & Casino, The Palazzo Resort Hotel & Casino, The Cromwell, Treasure Island
Hotel & Casino, Tropicana Las Vegas, The Venetian Resort Hotel & Casino, Wynn Las Vegas, Wynn Resorts. 
 (b) It is
expressly understood and agreed that although Executive and the Company consider the restrictions contained in this Section 7 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or
territory or any other restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory
and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction
cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

  
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 (c) The period of time during which the provisions of this Section 7 shall be in effect
shall be extended by the length of time during which Executive is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company’s application for injunctive relief. 

(d) The provisions of Section 7 hereof shall survive the termination of Executive’s employment for any reason. 

8. Confidentiality; Intellectual Property. 

(a) Confidentiality. 
 (i)
Executive will not, in any manner that could be or is detrimental to the Company, at any time (whether during or after Executive’s employment with the Company) (x) retain or use for the benefit, purposes or account of Executive or any
other Person other than in the good faith performance of Executive’s duties hereunder; or (y) disclose, divulge, reveal, communicate, share, transfer or provide access to any Person outside the Company (other than its professional advisers
who are bound by confidentiality obligations or otherwise in performance of Executive’s duties hereunder and pursuant to customary industry practice), any non-public, proprietary or confidential information (including without limitation trade
secrets, know-how, research and development, software, databases, inventions, processes, formulae, technology, designs and other intellectual property, information concerning finances, investments, profits, pricing, costs, products, services,
vendors, customers, clients, partners, investors, personnel, compensation, recruiting, training, advertising, sales, marketing, promotions, government and regulatory activities and approvals) concerning the past, current or future business,
activities and operations of the Company, its subsidiaries or affiliates and/or any third party that has disclosed or provided any of same to the Company on a confidential basis (“Confidential Information”) without the prior written
authorization of the Board; provided, however, that the conscious awareness of any Confidential Information (as opposed to the physical possession of documentary Confidential Information) by Executive, and Executive’s
consideration of such information in connection with Executive’s pursuit or evaluation of, involvement with or participation in, any project or activity that is not prohibited by this Agreement shall be deemed not to constitute a breach of this
Section 8 in any manner whatsoever, unless such Executive’s use of such Confidential Information has an objective and detrimental impact on the business of the Company and its subsidiaries. 

(ii) “Confidential Information” shall not include any information that is (a) generally known to the industry or the public
other than as a result of Executive’s breach of this covenant or any breach of other confidentiality obligations by third parties; (b) made legitimately available to Executive by a third party without breach of any confidentiality
obligation of which Executive has knowledge; or (c) required by law to be disclosed; provided that with respect to subsection (c) Executive shall give prompt written notice to the Company of such requirement, disclose no more
information than is so required, and cooperate with any attempts by the Company to obtain a protective order or similar treatment. 

  
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 (iii) Except as required by law, Executive will not disclose to anyone, other than
Executive’s family (it being understood that, in this Agreement, the term “family” refers to Executive, Executive’s spouse, children, parents and spouse’s parents) and legal or financial advisors, the contents of this
Agreement; provided that Executive may disclose to any prospective future employer the provisions of Sections 7 and 8 of this Agreement; provided they agree to maintain the confidentiality of such terms. This Section 8(a)(iii)
shall terminate if the Company publicly discloses a copy of this Agreement (or, if the Company publicly discloses summaries or excerpts of this Agreement, to the extent so disclosed). 

(iv) Upon termination of Executive’s employment with the Company for any reason, Executive shall (x) cease and not thereafter
commence use of, in any manner that could be or is detrimental to the Company, any Confidential Information or intellectual property (including without limitation, any patent, invention, copyright, trade secret, trademark, trade name, logo, domain
name or other source indicator) owned or used by the Company, its subsidiaries or its affiliates; provided, however, that the conscious awareness of any Confidential Information (as opposed to the physical possession of documentary
Confidential Information) by Executive, and Executive’s consideration of such information in connection with Executive’s pursuit or evaluation of, involvement with or participation in, any project or activity that is not prohibited by this
Agreement shall be deemed not to constitute a breach of this Section 8 in any manner whatsoever, unless such Executive’s use of such Confidential Information has an objective and detrimental impact on the business of the Company and its
subsidiaries; (y) to the extent that it could be or is detrimental to the Company, immediately destroy, delete, or return to the Company, at the Company’s option and expense, all originals and copies in any form or medium (including
memoranda, books, papers, plans, computer files, letters and other data) in Executive’s possession or control (including any of the foregoing stored or located in Executive’s office, home, laptop or other computer, whether or not Company
property) that contain Confidential Information or otherwise relate to the business of the Company, its affiliates and subsidiaries, except that Executive may retain only those portions of any personal notes, notebooks and diaries that do not
contain any Confidential Information; and (z) notify and fully cooperate with the Company regarding the delivery or destruction of any other Confidential Information of which Executive is or becomes aware. 

(b) Intellectual Property. 

(i) If Executive creates, invents, designs, develops, contributes to or improves any works of authorship, inventions, intellectual property,
materials, documents or other work product (including, without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials), either alone or with third parties, at any
time during Executive’s employment by the Company and within the scope of such employment and with the use of any the Company’s resources (“Company Works”), Executive shall promptly and fully disclose same to the Company and
hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair
competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company. 

  
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 (ii) Executive shall take all requested actions and execute all requested documents (including
any licenses or assignments required by a government contract) at the Company’s expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering
any of the Company’s rights in the Company Works. If the Company is unable for any other reason, to secure Executive’s signature on any document for this purpose, then Executive hereby irrevocably designates and appoints the Company and
its duly authorized officers and agents as Executive’s agent and attorney in fact, to act for and in Executive’s behalf and stead to execute any documents and to do all other lawfully permitted acts required in connection with the
foregoing. 
 (iii) Executive shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal,
transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without the prior written permission of such third party.
Executive hereby indemnifies, holds harmless and agrees to defend the Company and its officers, directors, partners, employees, agents and representatives from any breach of the foregoing covenant. Executive shall comply with all relevant policies
and guidelines of the Company that are from time to time previously disclosed to Executive regarding the protection of Confidential Information and intellectual property and potential conflicts of interest. Executive acknowledges that the Company
may amend any such policies and guidelines from time to time, and that Executive remains at all times bound by their most current version from time to time previously distributed or delivered to Executive. 

(iv) The provisions of Section 8 hereof shall survive the termination of Executive’s employment for any reason (except as otherwise
set forth in Section 8(a)(iii) hereof). 
 9. Specific Performance. Executive acknowledges and agrees that the Company’s
remedies at law for a breach or threatened breach of any of the provisions of Section 7 of this Agreement (or a material breach or material threatened breach of any of the provisions of Section 8 of this Agreement) would be inadequate and
the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company,
without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. In addition, upon
any finally adjudicated breach of Section 7 or any finally adjudicated material breach of Section 8 of this Agreement, Executive shall promptly return to the Company upon request and final Order of the Court the Pro-Rated Bonus and/or
Severance Benefits (if any), less any amounts paid by Executive as taxes in respect of such payments (unless such taxes are actually recovered by Executive from the relevant governmental authority, in which case such tax amounts also shall be
returned to the Company). Any final Court determination under this Section 9 of whether the Executive is in compliance with Section 7 hereof and material compliance with Section 8 hereof shall be determined based solely on the
contractual provisions provided therein and the facts and circumstances of Executive’s actions without regard to whether the Company could obtain an injunction or other relief under the law of any particular jurisdiction. 

  
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 10. Miscellaneous. 

(a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada, without regard
to conflicts of laws principles thereof (except that the provisions of Section 7 shall be governed by the law of the state where Executive is principally employed by the Company or its Subsidiaries). 

(b) Entire Agreement/Amendments. This Agreement (including, without limitation, the schedules and exhibits attached hereto) contains
the entire understanding of the parties with respect to the employment of Executive by the Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein
other than those expressly set forth herein. This Agreement (including, without limitation, the schedules and exhibits attached hereto) may not be altered, modified, or amended except by written instrument signed by the parties hereto.
Notwithstanding anything herein to the contrary, the effectiveness of this Agreement is subject to and conditioned upon occurrence of the Closing and if the Purchase Agreement between Nevada Mezz 1 LLC, Nevada Property 1 LLC, BRE Spade Mezz 1 LLC,
and Deutsche Bank AG, dated as of May 15, 2014, terminates prior to the occurrence of the Closing, this Agreement will immediately become null and void ab initio and of no force and effect. 

(c) No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be
considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

(d) Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or
unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

(e) Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not be assignable or delegable by
Executive. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect. This Agreement may be assigned by the Company to a person or entity which is a successor
in interest to substantially all of the business operations of the Company, but only if such person agrees, in writing, to be bound to the terms hereof to the same extent as the Company. Upon such assignment, the rights and obligations of the
Company hereunder shall become the rights and obligations of such affiliate or successor person or entity. Notwithstanding the foregoing, the Company and Executive agree that, on the Effective Date, (i) this Agreement shall be automatically
assigned to Nevada Property 1 LLC, (ii) BRE Spade Parent LLC shall cause Nevada Property 1 LLC to assume all of BRE Spade Parent LLC’s obligations under this Agreement, (iii) BRE Spade Parent LLC shall automatically be discharged of
any and all of its obligations under this Agreement and (iv) all references to the Company hereunder shall, as of the Effective Date, be deemed to refer to Nevada Property 1 LLC. 

(f) Set Off; No Mitigation. The Company’s obligation to pay Executive the amounts provided and to make the arrangements provided
hereunder shall not be subject to set-off, 

  
 13 

 
counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates, except for the Promote Set-Off. Executive shall not be required to mitigate the amount of any payment
provided for pursuant to this Agreement by seeking other employment, and such payments shall not be reduced by any compensation or benefits received from any subsequent employer, self-employment or other endeavor. 

(g) Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary, (i) if at the time of Executive’s
termination of employment with the Company Executive is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such
termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the payments to which Executive would otherwise be entitled during the first six months following Executive’s
termination of employment shall be deferred and accumulated (without any reduction in such payments or benefits ultimately paid or provided to Executive) for a period of six months from the date of termination of employment and paid in a lump sum on
the first day of the seventh month following such termination of employment (or, if earlier, the date of the Executive’s death) and (ii) if any other payments of money or other benefits due to Executive hereunder would cause the
application of an accelerated or additional tax under Section 409A of the Code, such payments or other benefits shall be deferred if deferral will make such payment or other benefits compliant under Section 409A of the Code, or otherwise
such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the Board, that does not cause such an accelerated or additional tax. Furthermore, the Company intends that this Agreement shall comply with
Section 409A and shall be interpreted, operated and administered accordingly. Each payment in a series of payments hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code. 

(h) Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives,
executors, administrators, successors, heirs, distributees, devisees and legatees. 
 (i) Notice. For the purpose of this Agreement,
notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States registered mail,
return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of
change of address shall be effective only upon receipt. 

  
 14 

 If to the Company: 

BRE Spade Parent LLC 
 c/o The
Blackstone Group 
 345 Park Avenue 

New York, New York 10154 

Attention: William J. Stein 
 with
a copy (which shall not constitute notice) to: 
 The Blackstone Group 

345 Park Avenue 
 New York, New
York 10154 
 Attention: William J. Stein 

and 
 Simpson Thacher &
Bartlett LLP 
 425 Lexington Avenue, 

New York, New York 10017 

Attention: Gregory T. Grogan 
 If
to Executive: 
 To the most recent address of Executive set forth in the personnel records of the Company. 

(j) Executive Representation. Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive
and the Company and the performance by Executive of Executive’s duties hereunder shall not constitute a breach of the terms of any employment agreement or other agreement or written policy to which Executive is a party or otherwise bound.
Executive hereby further represents that Executive is not subject to any restrictions on Executive’s ability to solicit, hire or engage any employee or other service-provider. Executive agrees that the Company is relying on the foregoing
representations in entering into this Agreement and related equity-based award agreements and that any breach of the foregoing representations shall constitute dishonesty in the performance of Executive’s duties hereunder. 

(k) Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with any pending claim, litigation,
regulatory or administrative proceeding involving the Company (or any appeal from any action or proceeding) arising out of or related to the period when the Executive was employed by the Company (a “Company Legal Matter”); provided
that if such cooperation occurs after the Executive’s employment has terminated with the Company, Executive shall be compensated at a just and reasonable rate for any cooperation (other than de minimus cooperation) and entitled to be reimbursed
for any reasonable expenses incurred in connection therewith. 

  
 15 

 (l) Jurisdiction; Venue. Except as otherwise provided in Section 9 in connection with
equitable remedies, each of the parties hereto hereby irrevocably submits to the exclusive jurisdiction of any federal court sitting in the District of Nevada or any state court in Las Vegas, Nevada over any suit, action or proceeding arising out of
or relating to this Agreement and each of the parties agrees that any action relating in any way to this Agreement must be commenced only in the courts of the State of Nevada, federal or state. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted or not prohibited by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding bought in such a court has been brought in an inconvenient forum. Each of
the parties hereto hereby irrevocably consents to the service of process in any suit, action or proceeding by sending the same by certified mail, return receipt requested, or by recognized overnight courier service, to the address of such party set
forth in Section 10(i). 
 (m) Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such
Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 (n) Counterparts.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

(Remainder of page intentionally left blank.) 

  
 16 

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

			
	BRE SPADE PARENT LLC
	
	 /s/ William J. Stein

	By:		William J. Stein
	Title:		Authorized Signatory

  
 [Signature page to
Employment Agreement] 

 
	
	EXECUTIVE
	
	 /s/ William P. McBeath

	WILLIAM P. MCBEATH

  
 [Signature page to
Employment Agreement] 

 Exhibit I 

RELEASE AND WAIVER OF CLAIMS 
 This
Release and Waiver of Claims (“Release”) is entered into as of this [ — ] day of             , 20[—],by WILLIAM P.
MCBEATH (the “Executive”) and delivered to [            ] (collectively, with its subsidiaries, the “Company”). 

The Executive agrees as follows: 
 1. The
employment relationship between the Executive and the Company and its subsidiaries and affiliates, as applicable, terminated on the [ — ] day of
            , 20[-    ] (the “Termination Date”) pursuant to Section 6([    ]) of the Employment Agreement between the Company
and Executive dated November 19, 2014 (“Employment Agreement”). 
 2. In consideration of the payments, rights and
benefits provided for in Section 6([    ]) of the Employment Agreement (“Separation Terms”), the sufficiency of which the Executive hereby acknowledges, the Executive, on behalf of himself and
Executive’s agents, representatives, attorneys, administrators, heirs, executors and assigns (collectively, the “Employee Releasing Parties”), hereby releases and forever discharges the Company Released Parties (as defined
below), from all claims, charges, causes of action, obligations, expenses, damages of any kind (including attorney’s fees and costs actually incurred) or demands, in law or in equity, whether known or unknown, which may have existed or which
may now exist from the beginning of time to the date of this Release, arising from or relating to Executive’s employment or termination from employment with the Company, including a release of any rights or claims the Executive may have under
Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the Older Workers Benefit Protection Act; the Americans with Disabilities Act of 1990;
the Rehabilitation Act of 1973; the Family and Medical Leave Act of 1993; Section 1981 of the Civil Rights Act of 1866; Section 1985(3) of the Civil Rights Act of 1871; the Employee Retirement Income Security Act of 1974; the Fair Labor
Standards Act; any other federal, state or local laws against discrimination; or any other federal, state, or local statute, regulation or common law relating to employment, wages, hours, or any other terms and conditions of employment. This
includes a release by the Executive of any and all claims or rights arising under contract (whether written or oral, express or implied), covenant, public policy, tort or otherwise. For purposes hereof, “Company Released Parties”
shall mean the Company and any of its past or present employees, agents, insurers, attorneys, administrators, officials, directors, shareholders, divisions, parents, members, subsidiaries, affiliates, predecessors, successors, employee benefit
plans, and the sponsors, fiduciaries, or administrators of the Company’s employee benefit plans. 
 3. The Executive acknowledges that
the Executive is waiving and releasing rights that the Executive may have under the ADEA and other federal, state and local statutes contract and the common law and that this Release is knowing and voluntary. This Release does not

  
 [Signature page to
Employment Agreement] 

 
apply to any rights or claims that may arise after the date of execution by Executive of this Release. The Executive acknowledges that the consideration given for this Release is in addition to
anything of value to which the Executive is already entitled. The Executive further acknowledges that the Executive has been advised by this writing that: (i) the Executive should consult with an attorney prior to executing this Release;
(ii) the Executive has up to twenty-one (21) days within which to consider this Release, although the Executive may, at the Executive’s discretion, sign and return this Release at an earlier time, in which case the Executive waives
all rights to the balance of this twenty-one (21) day review period; and (iii) for a period of 7 days following the execution of this Release in duplicate originals, the Executive may revoke this Release in a writing delivered to the
Chairman of the Board of Directors of the Company, and this Release shall not become effective or enforceable until the revocation period has expired. 
 4.
This Release does not release the Company Released Parties from (i) any obligations due to the Executive under the Separation Terms, this Release, or [the Management Subscription Agreement by and between
[—] and Executive dated as of [    ], (ii) any rights Executive has to indemnification by the Company and to directors and officers liability insurance coverage under the
Employment Agreement or otherwise, (iii) any vested rights the Executive has under the Company’s employee pension benefit (including any supplemental executive retirement plan) and welfare benefit plans as a result of Executive’s
actual service with the Company, or (iv) any rights of the Executive as a shareholder of the Company or [—] (or its successor). 

5. The Executive represents and warrants that he has not filed any action, complaint, charge, grievance, arbitration or similar proceeding
against the Company Released Parties that is currently pending. 
 6. This Release is not an admission by the Company Released Parties or
the Employee Releasing Parties of any wrongdoing, liability or violation of law. 
 7. The Executive waives any right to reinstatement or
future employment with the Company following the Executive’s separation from the Company on the Termination Date. 
 8. The Executive
shall continue to be bound by the restrictive covenants contained in the Employment Agreement. 
 9. This Release shall be governed by and
construed in accordance with the laws of the State of Nevada, without reference to the principles of conflict of laws. 
 10. This Release
represents the complete agreement between the Executive and the Company concerning the subject matter in this Release and supersedes all prior agreements or understandings, written or oral. This Release may not be amended or modified otherwise than
by a written agreement executed by the Executive and the Company or their respective successors and legal representatives. 
 11. Each of
the sections contained in this Release shall be enforceable independently of every other section in this Release, and the invalidity or unenforceability of any section shall not invalidate or render unenforceable any other section contained in this
Release. 

  
 [Signature page to
Employment Agreement] 

 12. The Executive acknowledges that the Executive has carefully read and understands this
Release, that the Executive has the right to consult an attorney with respect to its provisions and that this Release has been entered into knowingly and voluntarily. The Executive acknowledges that no representation, statement, promise, inducement,
threat or suggestion has been made by any of the Company Released Parties to influence the Executive to sign this Release except such statements as are expressly set forth herein or in the Employment Agreement. 

The parties to this Release have executed this Release as of the day and year first written above. 

 

	
	EXECUTIVE
	
	  

	
	WILLIAM P. MCBEATH

  
 [Signature page to
Employment Agreement]

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