Document:

Exhibit 10.30

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT among Las Vegas Sands Corp., a Nevada
corporation (“LVSC”), Las Vegas Sands, Inc., a Nevada corporation and
wholly-owned subsidiary of LVSC (“LVSI” and together with LVSC, the “Company”)
and Bradley H. Stone (“Executive”) is made as of November 18, 2004 and
shall be effective as of the effective date of the first initial public
offering (the “IPO”) of the “Shares” (as defined herein) on a nationally
recognized stock exchange (the “Effective Date”).

 

WHEREAS,
on November 1, 1995, Executive and LVSI entered into an employment agreement,
which employment agreement was subsequently amended and restated as of January
1, 2002 (as so amended and restated, the “Prior Employment Agreement”);
and

 

WHEREAS,
the Company desires to continue to employ Executive  pursuant to the terms, provisions and conditions set forth in
this employment agreement (the “Agreement”), which Agreement shall
supersede the Prior Employment Agreement effective as of the Effective Date;
and

 

WHEREAS,
Executive desires to accept and continue his employment on the terms
hereinafter set forth in this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual
covenants, understandings, representations, warranties, undertakings and
promises hereinafter set forth, and intending to be legally bound thereby, the
Company and Executive agree as follows:

 

1.             Employment.  The Company shall employ Executive, during
the “Term” (as defined below) and subject to the conditions set forth in this
Agreement, to serve as the Executive Vice President of the Company or in such
other managerial or executive capacity as the Board of Directors of LVSC (the “Board”)
may from time to time determine.

 

2.             Duties.
Executive shall have such powers, duties and responsibilities as are generally
associated with his office, as the same may be modified and/or assigned to
Executive from time to time by the Chief Executive Officer of the Company (the
“CEO”), and subject to the supervision, direction and control of the CEO
and the Board, including but not limited to:

 

(a)           participation and involvement in the
proposed development activities of the Company, including the planning,
financing, construction and implementation stages, as shall be requested by the
CEO and the Board;

 

(b)           the efficient operation and
maintenance of the hotel and casino properties of the Company;

 

 

(c)           the promotion, marketing and sale of
the goods and services offered by the Company;

 

(d)           the preparation of budgets and
allocation of funds;

 

(e)           the establishment or continuation of
adequate management reporting and control systems;

 

(f)            the recruitment, selection,
training, delegation of duties and responsibilities, and supervision of
subordinates; and

 

(g)           the direction, review and oversight
of all programs, systems, departments and functions related to the management
and administration of the Company.

 

3.             Performance.
Executive hereby accepts the employment described herein under the terms and
conditions set forth in this Agreement. 
Executive covenants and agrees faithfully and diligently to perform all
of the duties of his employment, devoting his full business and professional
time, attention, energy and ability to promote the business interests of the
Company. Executive further agrees that during the period of his employment with
the Company, he will not engage in any other business or professional pursuit
whatsoever unless the Board shall consent thereto in writing; provided,
however, that the foregoing shall not preclude Executive from engaging in
civic, charitable, or religious activities or from devoting a reasonable amount
of time to private investments that do not unreasonably interfere or conflict
with the performance of Executive’s duties under this Agreement.

 

4.             Term.
The initial term of Executive’s employment hereunder shall commence as of the
Effective Date and shall expire on the day prior to the fifth anniversary of
the Effective Date (the “Initial Term”), unless sooner terminated as
provided herein.  The term of Executive’s
employment shall thereafter be automatically extended for successive one-year
periods (each such period, a “Renewal Term”) unless, no later than one
hundred and twenty (120) days prior to the expiration of the Initial Term or
any Renewal Term, one party shall give written notice to the other of his or
its intention not to extend, in which event this Agreement, and Executive’s
employment hereunder, shall terminate at the end of the Initial Term or Renewal
Term, as applicable (the Initial Term plus any Renewal Term shall collectively
be referred to as the “Term”).

 

5.             Licensing
Requirement. Executive is presently licensed as a casino key employee (the
“License”) by the Nevada Gaming Commission upon the recommendation of
the state Gaming Control Board (collectively, the “Nevada Gaming Authorities”),
pursuant to the provisions of applicable Nevada laws and regulations. Executive
agrees, at the Company’s sole cost and expense, to cooperate with the Nevada
Gaming Authorities to maintain the License in full force and effect and in good
standing.

 

6.             Compensation
and Benefits. As more fully provided in this Section 6, Executive
shall be entitled to receive salary, benefits and other payments of regular
compensation.  In addition, Executive
shall be eligible to participate in LVSI’s 

 

2

 

Executive Cash
Incentive Plan (the “Executive Cash Incentive Plan”) and LVSC’s 2004
Equity Award Plan (the “2004 Equity Award Plan”), each to be established
following the date hereof and prior to the IPO, and each to be administered by
the Compensation Committee of the Board (the “Committee”).

 

(a)           Base Salary. During the Term,
Executive shall receive a base salary of no less than $1,000,000 per year,
payable in accordance with the usual payroll practices of the Company (the “Base
Salary”).

 

(b)           Base Bonus.

 

(i)            Subject to Section 6(e), during the
Term, Executive shall be eligible to receive an annual cash bonus (the “Base
Bonus”) under the Executive Cash Incentive Plan in respect of each fiscal
year of the Company (a “Fiscal Year” which, as of the date hereof, is
the period January 1 through December 31) commencing after December 31, 2004
and ending during the Term.

 

(ii)           The annual Base Bonus shall be earned
and payable quarterly based on the attainment of EBITDAR-based targets
determined in the sole discretion of the Committee for each such quarter
following consultation with senior management. 
If Executive fails to achieve the EBITDAR-based targets for one or more
fiscal quarters in a Fiscal Year, he shall be eligible to earn the missed
quarterly Base Bonus payment on account of achieving additional targets in
later quarters of the same Fiscal Year or targets in respect of the entire
Fiscal Year, in each case as established by the Committee in its sole
discretion following consultation with senior management.

 

(iii)          The target annual Base Bonus for the
2005 Fiscal Year shall be $50,000.

 

(iv)          Commencing with the 2006 Fiscal Year
and for each Fiscal Year of the Term during which Executive is employed
thereafter, the target annual Base Bonus shall increase automatically by at
least four percent (4%) of the sum of (x) Executive’s Base Salary for the
immediately preceding Fiscal Year plus (y) the Base Bonus paid to Executive
with respect to the immediately preceding Fiscal Year.  In addition, commencing with the 2006 Fiscal
Year, if the Company sustains for at least six (6) months annualized EBITDAR
levels at the threshold levels described below, the target annual Base Bonus
shall be cumulatively increased by at least the corresponding amount described
in the following table:

 

3

 

	
  Annualized EBITDAR

  	
   

  	
  Target
  Base Bonus

  Cumulatively Increased By:

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  $

  	
  130,000

  	
   

  
	
  $

  	
  700,000,000

  	
   

  	
  $

  	
  90,000

  	
   

  
	
  $

  	
  800,000,000

  	
   

  	
  $

  	
  90,000

  	
   

  
	
  $

  	
  900,000,000

  	
   

  	
  $

  	
  90,000

  	
   

  
	
  $

  	
  1,000,000,000

  	
   

  	
  $

  	
  90,000

  	
   

  

 

(v)           Notwithstanding any of the foregoing
to the contrary, in the event that the Effective Date first occurs (x) after
January 1, 2005, then the Committee shall determine, in its sole discretion,
the appropriate period (i.e., all or a portion of the 2005 Fiscal Year) in
respect of which Executive shall have the right to receive the Base Bonus for
the 2005 Fiscal Year and (y) prior to January 1, 2005, then the bonus, if any,
payable for the 2004 Fiscal Year shall be determined pursuant to the terms of
the Prior Employment Agreement.

 

(c)           Annual Supplemental Bonus.

 

(i)            In addition to the Base Bonus,
commencing with the 2005 Fiscal Year, Executive shall be eligible to receive an
additional annual cash bonus (the “Annual Supplemental Bonus”) under the
Executive Cash Incentive Plan equal to a percentage of the sum of
(x) Executive’s Base Salary for the Fiscal Year plus (y) the Base
Bonus paid to Executive for such Fiscal Year, subject to the achievement of
annual targets primarily based on EBITDAR to be established in the sole
discretion of the Committee following consultation with senior management (the
“Target”).  In the event that
eighty percent (80%) of the Target is not achieved in respect of a Fiscal Year,
the Annual Supplemental Bonus percentage for such Fiscal Year shall be zero
percent (0%).  In the event that one
hundred and ten percent (110%) of the Target is achieved in respect of a Fiscal
Year, the Annual Supplemental Bonus for that Fiscal Year shall be calculated
using the maximum Annual Supplemental Bonus percentage.  The Annual Supplemental Bonus shall be
calculated using straight line interpolation for performance between eighty
percent (80%) of Target and one hundred percent (100%) of Target.

 

4

 

(ii)           The target Annual Supplemental Bonus
percentage shall be seventy percent (70%) and the maximum Annual Supplemental
Bonus percentage shall be one hundred and forty percent (140%).  Notwithstanding the foregoing, commencing
with the 2006 Fiscal Year and for each Fiscal Year of the Term during which
Executive is employed thereafter, if the Company sustains for at least six (6) months
annualized EBITDAR levels at the threshold levels described below, the target
Annual Supplemental Bonus percentage and the maximum Annual Supplemental Bonus
percentage shall at least equal the corresponding percentages described in the
following table:

 

	
  Annualized

  EBITDAR

  	
   

  	
  Target
  Annual

  Supplemental

  Bonus Percentage

  	
   

  	
  Maximum
  Annual

  Supplemental

  Bonus Percentage

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  75

  	
  %

  	
  150

  	
  %

  
	
  $

  	
  900,000,000

  	
   

  	
  80

  	
  %

  	
  160

  	
  %

  

 

(iii)          Notwithstanding any of the foregoing
to the contrary, in the event that the Effective Date first occurs (x) after
January 1, 2005, then the Committee shall determine, in its sole discretion,
the appropriate period (i.e., all or a portion of the 2005 Fiscal Year)
in respect of which Executive shall have the right to receive the Annual
Supplemental Bonus for the 2005 Fiscal Year and (y) prior to January 1, 2005,
then the bonus, if any, payable for the 2004 Fiscal Year shall be determined
pursuant to the terms of the Prior Employment Agreement.

 

(d)           Equity Awards.

 

(i)            Subject to Section 6(e), in the 2005
Fiscal Year, and in each Fiscal Year during the Term thereafter while Executive
is employed by the Company, Executive shall be granted an equity award under
the 2004 Equity Award Plan (each such award, an “Incentive Award”).  One half of each Incentive Award (the “Share
Incentive Award”) shall be granted as restricted shares of the Company’s
common stock, $0.001 par value per share (“Shares”) during the first
quarter of the Fiscal Year following the Fiscal Year to which the award relates
(but in no event later than March 15 of such Fiscal Year) upon certification by
the Committee of, and subject to, the attainment of performance goals
determined by the Committee for such Fiscal Year, which performance goals shall
be substantially similar to those goals used to determine the 

 

5

 

Annual Supplemental Bonus (for example, the Incentive
Award for the 2005 Fiscal Year would be made in the first quarter of the 2006
Fiscal Year if the Performance Goals for the 2005 Fiscal Year are attained).  The other half of each Incentive Award (the
“Option Incentive Award”) shall be granted, in the form of a
nonqualified stock option to purchase Shares at a per Share exercise price
equal to the fair market value of a Share on the date of grant, (i) in the case
of the Option Incentive Award for the 2005 Fiscal Year, upon the Effective Date
and (ii) in the case of the Option Incentive Award for each subsequent Fiscal
Year during the Term,  immediately
following the first meeting of the Board during the Fiscal Year to which such
Option Incentive Award relates (but in no event later than March 15 of such
Fiscal Year).

 

(ii)           The value of the Incentive Award for
the 2005 Fiscal Year shall be that number of restricted Shares and options
having a value of $1,750,000; provided, however, that if the
Effective Date occurs later than January 1, 2005 the value of such Incentive
Award may be pro-rated to the extent that the Committee determines such
pro-ration is appropriate.

 

(iii)          Commencing with the 2006 Fiscal Year and
for each Fiscal Year of the Term during which Executive is employed thereafter,
if during the immediately preceding Fiscal Year the Company sustains for at
least six (6) months annualized EBITDAR levels at the threshold levels
described below, the target value of the Incentive Award for the subsequent
Fiscal Year shall at least equal the corresponding amount described in the
following table:

 

	
  Annualized EBITDAR

  	
   

  	
  Target
  Incentive Award

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  $

  	
  2,100,000

  	
   

  
	
  $

  	
  700,000,000

  	
   

  	
  $

  	
  2,300,000

  	
   

  
	
  $

  	
  800,000,000

  	
   

  	
  $

  	
  2,500,000

  	
   

  
	
  $

  	
  900,000,000

  	
   

  	
  $

  	
  2,700,000

  	
   

  
	
  $

  	
  1,000,000,000

  	
   

  	
  $

  	
  2,900,000

  	
   

  

 

(iv)          The value of any Option Incentive
Award shall be measured by determining the grant date Black-Scholes value of
such Award; which value shall be determined by a nationally recognized
compensation consultant selected by the Committee in 

 

6

 

consultation with senior management using the
valuation methodology followed for other senior executives of the Company. The
value of any Share Incentive Award shall be the aggregate grant date Fair
Market Value (as defined in the 2004 Equity Award Plan) of the Shares subject
to such Award.

 

(v)           Each Option Incentive Award shall
vest with respect to twenty-five percent (25%) of the options subject thereto,
on each of the first through fourth anniversaries of the first day of the
Fiscal Year in which such Incentive Award is granted.  Each Share Incentive Award shall vest with respect to
thirty-three and one-third percent (33 1/3%) of the restricted
Shares subject thereto (and the restrictions on such Shares shall lapse), on
each of the first through third anniversaries of the first day of the Fiscal
Year in which such Share Incentive Award is granted.  Each Option Incentive Award and Share Incentive Award shall have
such termination, forfeiture and other terms as are applicable to stock option
or restricted stock awards granted to other senior executives of the Company,
as set forth in the 2004 Equity Award Plan and the applicable award agreement.

 

(vi)          If a termination of this Agreement and
Executive’s employment hereunder occurs on or after the last day of a Fiscal
Year, but prior to the date on which the Share Incentive Award with respect to
such Fiscal Year would have been granted to Executive had his employment not
terminated (the “Award Date”), then, if the Committee certifies that the
performance goals for such Fiscal Year have been attained, the Executive shall
be granted on the Award Date that number of fully vested Shares equal to the
product of (A) the Share Incentive Award Executive would have received had his
employment not terminated multiplied by (B) the applicable percentage set forth
in the following table:

 

	
  Termination Event

  	
   

  	
  Percentage

  	
   

  
	
  By
  the Company without Cause, By Executive for Good Reason

  	
   

  	
  100

  	
  %

  
	
  Due
  to Death or Disability

  	
   

  	
  33 1/3

  	
  %

  
	
  By
  the Company for Cause, Voluntary Termination

  	
   

  	
  0

  	
  %

  

 

(e)           Notwithstanding any provision of
Sections 6(b), (c) and (d) to the contrary, no Base Bonus or Annual
Supplemental Bonus shall be 

 

7

 

paid, and no Incentive Award shall be granted on or
after the earlier of (A) the date of the first meeting of shareholders of the
Company at which directors are to be elected that occurs after the close of the
third calendar year following the calendar year in which the IPO occurs or (B)
such earlier date on which any such Bonus or Incentive Award would cease to be
exempt from the deduction limitations of Section 162(m) of the Internal Revenue
Code of 1986, as amended (the “Code”) (such date, the “162(m)
Effective Date”), unless Sections 6(b), (c) and (d) have been approved
prior to such date by a committee consisting of at least two (2) “outside
directors” within the meaning of Section 162(m) of the Code.

 

(f)            Employee Benefit Plans.
During the Term, Executive shall be entitled to participate in any fringe group
health, medical, dental, hospitalization, life, accident insurance or other
welfare plans, and any tax-qualified pension, tax-qualified profit sharing or
tax-qualified retirement plans, which may be placed in effect or maintained by
the Company during the Term hereof for the benefit of its employees generally,
or for its senior executives subject to all restrictions and limitations
contained in such plans or established by governmental regulation.  In addition to the foregoing, Executive
shall be entitled to participate in such executive retirement and capital
accumulation plans as may be established, sponsored or maintained by the
Company and in effect from time to time for the benefit of its senior
executives, including without limitation, any nonqualified supplemental
executive retirement plan or deferred compensation plan.

 

(g)           Expense Reimbursement.
Executive is authorized to incur such reasonable expenses as may be necessary
for the performance of his duties hereunder in accordance with the policies of
the Company established and in effect from time to time and, except as may be
otherwise agreed, the Company will reimburse Executive for all such authorized
expenses upon submission of an itemized accounting and substantiation of such
expenditures adequate to secure for the Company a tax deduction for the same,
in accordance with applicable Internal Revenue Service guidelines.

 

(h)           Vacations and Holidays.
Executive shall be entitled to vacations and holidays as provided in the
Company’s Flex Day Plan as in effect from time to time, but no less than the
following: four (4) weeks of paid vacation leave per year at such times as may
be requested by Executive and approved by the Company. No more than three (3)
weeks of vacation shall be taken consecutively. Up to two (2) weeks of vacation
may be carried over to the following year (but not to the next).

 

7.             Confidentiality.
Executive agrees that he will hold in strictest confidence and, without the
prior express written approval of the Board, will not disclose to any person,
firm, corporation or other entity, any confidential information which he 

 

8

 

has acquired or
may hereafter acquire during his employment by the Company pertaining to the
business or affairs of the Company or any of its subsidiaries or affiliates,
including but not limited to (i) proprietary information or other
documents concerning the Company’s or its subsidiaries’ or affiliates’
policies, prices, systems, methods of operation, contractual arrangements,
customers or suppliers; (ii) the Company’s or its subsidiaries’ or affiliates’
marketing methods, credit and collection techniques and files; or
(iii) the Company’s or its subsidiaries’ or affiliates’ trade secrets and
other “know how” or information concerning its business and affairs not of a
public nature. The covenant and agreement set forth in this Section shall apply
during Executive’s employment by the Company and shall survive termination of
this Agreement, and Executive’s employment hereunder, for any reason and shall
remain binding upon Executive without regard to the passage of time or other
events.

 

8.             Restrictive
Covenant.  Executive acknowledges
and recognizes the highly competitive nature of the businesses of the Company
and its subsidiaries and affiliates and accordingly agrees as follows:

 

(a)           During the Term and (i) in the
case of a termination of Executive’s employment with the Company for any reason
other than due to a Non-Renewal Termination or a Voluntary Termination
resulting from Executive giving a notice of intention not to extend the Term
pursuant to Section 4 hereof or (ii) in the case of a termination of
Executive’s employment with the Company due to a Non-Renewal Termination or a
Voluntary Termination resulting from Executive giving a notice of intention not
to extend the Term pursuant to Section 4 hereof, solely in the event that the
Company provides Executive with a written notice by no later than the date of
such termination or that it has elected to continue to pay to Executive the
Base Salary Executive would have received if he remained employed for the (12)
months following the date of such Non-Renewal Termination, for a period of one
(1) year from the date of such termination, Executive shall not directly or
indirectly, either as principal, agent, employee, consultant, partner, officer,
director, shareholder, or in any other individual or representative capacity,
own, manage, finance, operate, control or otherwise engage or participate in
any manner or fashion in, any hotel or casino in (I) Clark County, Nevada
(including, without limitation, the City of Las Vegas), (II) the Macau Special
Administrative Region of The People’s Republic of China or (III) any other
location in which the Company or any of its affiliates is doing business or has
made substantial plans to commence doing business, in each case at the time of
Executive’s termination.

 

(b)           In addition to, and not in limitation
of, the provisions of Section 8(a), Executive agrees, for the benefit of the
Company and its affiliates, that during the Term and for the period commencing
on the date of Executive’s termination and ending on the second anniversary of such
date of termination, Executive shall not, directly or indirectly, either as
principal, agent, employee, consultant, partner, officer, director, 

 

9

 

shareholder, or in any other individual or representative
capacity, on behalf of Executive or any other person or entity other than the
Company or its affiliates (i) solicit or induce, or attempt to solicit or
induce, directly or indirectly, any person who is, or during the six months
prior to the termination of Executive’s employment with the Company was, an
employee or agent of, or consultant to, the Company or any of its affiliates to
terminate its, his or her relationship therewith, or (ii) hire or engage any
person who is, or during the six months prior to the termination of Executive’s
employment with the Company was, an employee, agent of or consultant to the
Company or any of its affiliates.

 

(c)           Executive understands that the
provisions of this Section 8 may limit his ability to earn a livelihood in a business
similar to the business of the Company but he nevertheless agrees and hereby
acknowledges that (i) such provisions do not impose a greater restraint
than is necessary to protect the goodwill or other business interests of the
Company, (ii) such provisions contain reasonable limitations as to time
and scope of activity to be restrained, (iii) such provisions are not
harmful to the general public, (iv) such provisions are not unduly
burdensome to Executive, and (v) the consideration provided hereunder is
sufficient to compensate Executive for the restrictions contained in this
Section 8.  In consideration of the
foregoing and in light of Executive’s education, skills and abilities,
Executive agrees that he shall not assert that, and it should not be considered
that, any provisions of Section 8 otherwise are void, voidable or
unenforceable or should be voided or held unenforceable.

 

(d)           It is expressly understood and agreed
that although Executive and the Company consider the restrictions contained in
this Section 8 to be reasonable, if a 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.

 

(e)           In the event that Executive violates
any of the restrictive covenants set forth in Sections 8(a) or 8(b), in
addition to any other remedy which may be available (i) at law or in
equity, (ii) pursuant to any other provision of this Agreement or (iii) pursuant
to any applicable equity award agreement, all outstanding stock options to
purchase Shares and other unvested equity awards granted to Executive shall be
automatically forfeited effective as of the date on which such violation first
occurs.

 

10

 

9.             Disability.  If, during his employment with the Company,
Executive shall, in the opinion of an independent physician selected by
agreement between the Board and Executive, become so physically or mentally
incapacitated that he is unable to perform the duties of his employment for an
aggregate of 180 days in any 365 day consecutive period or for a continuous
period of six (6) consecutive months (in either case, a “Disability”),
then the Company shall have the right to terminate Executive’s employment
hereunder in accordance with the provisions of Sections 10(a)(ii) and
10(d)(ii).

 

10.           Termination
Events.

 

(a)           In General.  Notwithstanding the provisions of
Section 4 of this Agreement, this Agreement and Executive’s employment
hereunder shall terminate upon the occurrence of any of the following events:

 

(i)            Executive’s death;

 

(ii)           the giving of written notice of
termination by the Company based upon Executive’s Disability;

 

(iii)          the giving of written notice to Executive
by the Company that he is discharged for “Cause” (as hereinafter defined);

 

(iv)          the giving of written notice by
Executive to the Company that “Good Reason” (as hereinafter defined) has
occurred and that he has elected to resign, in which event termination shall
occur thirty (30) days after delivery of such notice unless such act or
omission that gave rise to Good Reason has been cured by the Company prior to
the expiration of such thirty (30) day period;

 

(v)           the giving of sixty (60) days written
notice to Executive by the Company that the Company has chosen to terminate
Executive’s employment without Cause;

 

(vi)          (A) the giving of written notice by
Executive that Executive has chosen to terminate his employment with the
Company without Good Reason, in which case his employment shall terminate sixty
(60) days after receipt of such notice by the Company or (B) the giving by
Executive of a notice of intention not to extend the Term pursuant to Section 4
hereof, in which case his employment shall terminate at the end of the then
current Initial or Renewal Term, as applicable (in either case, a “Voluntary
Termination”); or

 

(vii)         if a notice of intention not to extend
the Term is sent by the Company pursuant to Section 4 hereof, upon the 

 

11

 

discharge of Executive at the end of the then current
Initial or Renewal Term, as applicable (a “Non-Renewal Termination”).

 

(b)           “Cause,” as used in
Section 10(a)(iii) above, shall mean:

 

(i)            (A) conviction of a felony, misappropriation
of any material funds or material property of the Company, its subsidiaries or
affiliates, (B) commission of fraud or embezzlement with respect to the
Company, its subsidiaries or affiliates or (C) any material act of  dishonesty relating to Executive’s
employment by the Company resulting in direct or indirect personal gain or
enrichment at the expense of the Company, its subsidiaries or affiliates;

 

(ii)           use of alcohol or drugs that renders
Executive materially unable to perform the functions of his job or carry out
his duties to the Company;

 

(iii)          a material breach of this Agreement by
Executive;

 

(iv)          committing any act or acts of serious
and willful misconduct (including disclosure of confidential information) that
is likely to cause a material adverse effect on the business of the Company,
its subsidiaries or affiliates; or

 

(v)           the revocation or suspension of the
License by the Nevada Gaming Authorities; provided, however, that in the event
that the revocation or suspension occurs without there having been any fault on
the part of Executive, any termination pursuant to this Section 10(b)(v) shall
be treated in the same manner as a termination due to Disability pursuant to
the provisions of Section 10(d)(ii);

 

provided
that, with respect to (ii), (iii) or (v) above, the Company shall have first
provided Executive with written notice stating with specificity the acts,
duties or directives Executive has committed or failed to observe or perform,
and Executive shall not have corrected the acts or omissions complained of
within thirty (30) days of receipt of such notice.

 

(c)           “Good Reason,” as used in
Section 10(a)(iv) above, shall mean:

 

(i)            the failure of the Company to
maintain Executive as an executive officer of the Company;

 

(ii)           a reduction in Executive’s Base
Salary;

 

12

 

(iii)          except as provided in Section 6(e), a
reduction in Executive’s target Base Bonus, target Annual Supplemental Bonus or
target Incentive Award opportunity;

 

(iv)          a failure by the Company to obtain the
approvals described in Section 6(e) prior to the 162(m) Effective Date;

 

(v)           a material change in the duties and
responsibilities of office that would cause Executive’s position to have less
dignity, importance or scope than intended at the Effective Date and as set
forth herein; provided, however, that “Good Reason” shall not be deemed to
occur solely as a result of a transaction in which the Company becomes a
subsidiary of another company, so long as Executive’s duties and
responsibilities of office are not materially changed as they relate solely to
the Company; or

 

(vi)          a material breach of this Agreement by
the Company.

 

(d)           Consequences.  Termination pursuant to this Section shall
have the following consequences:

 

(i)            Death.  In the case of a termination of this
Agreement and Executive’s employment hereunder due to Executive’s death,
Executive’s estate, as the case may be, shall be entitled to receive
(A) all accrued and unpaid Base Salary and bonus(es) through the date of
termination; (B) continued payment of the Base Salary and Base Bonus
Executive would have received had he remained employed for the twelve (12)
months following the date of termination; (C) a pro rata bonus for the year
of termination, payable when annual bonuses would normally be paid to other
executive officers of the Company, in an amount equal to the product of
(x) the Annual Supplemental Bonus Executive would have earned had
Executive remained employed with the Company for the entire Fiscal Year in
which the termination of Executive’s employment occurs, multiplied by
(y) a fraction, the numerator of which is the number of days in the Fiscal
Year prior to the date of termination and the denominator of which is 365 (the
“Pro Rated Bonus”); and (D) accelerated vesting of all equity
awards (including Incentive Awards) such that the portion of each such award
that would have vested during the twelve (12) month period following the date
of termination had Executive remained employed during such period shall be
immediately vested as of the date of termination.

 

(ii)           Disability.  In the case of a termination of this
Agreement and Executive’s employment hereunder by the 

 

13

 

Company due to Disability, Executive shall be entitled
to receive (A) all accrued and unpaid Base Salary and bonus(es) through
the date of termination; (B) continued payment of the Base Salary and Base
Bonus Executive would have received had he remained employed for the twelve (12)
months following the date of termination, less any short term disability
insurance proceeds received by Executive during such twelve (12) month period;
(C) a Pro Rated Bonus; and (D) accelerated vesting of all equity
awards (including Incentive Awards) such that the portion of each such award
that would have vested during the twelve (12) month period following the date
of termination had Executive remained employed during such period shall be
immediately vested as of the date of termination.

 

(iii)          Non-Renewal Termination.  In the case of a termination of this
Agreement and Executive’s employment hereunder due to a Non-Renewal
Termination, Executive shall be entitled to receive (A) all accrued and
unpaid Base Salary and bonus(es) through the date of termination and (B) continued
vesting of all equity awards (including Incentive Awards) in accordance with
their terms so that all such awards continue to vest and restrictions on any
restricted Shares continue to lapse at the same rate as if Executive had
remained employed by the Company.

 

(iv)          For Cause; Voluntary Termination.  In the case of a termination of this
Agreement and Executive’s employment hereunder by the Company for Cause or due
to a Voluntary Termination, Base Salary and benefits, including the vesting of
any equity awards, payable to Executive shall immediately cease, subject to any
requirements of law.

 

(v)           Without Cause; For Good Reason (No
Change in Control).  In the case of
a termination of this Agreement and Executive’s employment with the Company by
Executive for Good Reason or by the Company without Cause, in each case at any
time other than within the two (2) year period following a “Change in Control”
(as that term shall be defined in the 2004 Equity Award Plan), then Executive
shall be entitled to receive (A) all accrued and unpaid Base Salary and
bonus(es) through the date of termination; (B) continued payment of the
Base Salary and Base Bonus Executive would have received had he remained
employed through the remainder of the Term, unless and until Executive shall
become employed elsewhere in which event the Company shall pay only the excess,
if any, of the Base Salary and Base Bonus over fifty percent (50%) of the
salary and bonus compensation earned by Executive in such employment;
(C) the Pro Rated Bonus; (D) accelerated vesting of all equity awards

 

14

 

(including Incentive Awards) so that all such awards
are fully vested as of the date of termination; and (E) continued
participation in the health and welfare benefit plans of the Company during the
remainder of the Initial Term or the Renewal Term, as applicable; provided,
that the Company’s obligation to provide such benefits shall cease at the time
Executive and his covered dependents become eligible for comparable benefits
from another employer that do not exclude any pre-existing condition of
Executive or any covered dependent that was not excluded under the Company’s
health and welfare plans immediately prior to the date of termination.

 

(vi)          Without Cause; For Good Reason
(Change in Control).  In the case of
a termination of this Agreement and Executive’s employment with the Company by
Executive for Good Reason or by the Company without Cause, in each case within
the two (2) year period following a Change in Control, then Executive shall be
entitled to receive promptly following the date of such termination,
(A) all accrued and unpaid Base Salary and bonus(es) through the date of
termination; (B) a lump sum payment of two (2) times the sum of (I) the
Base Salary, (II) the target Base Bonus for the year of termination and
(III) the target Annual Supplemental Bonus for the year of termination;
(C) a pro rata annual bonus for the year of termination in an amount equal
to the product of (x) the sum of Executive’s target Base Bonus and target
Annual Supplemental Bonus, in each case for the Fiscal Year in which the
termination of Executive’s employment occurs, multiplied by (y) a
fraction, the numerator of which is the number of days in the Fiscal Year prior
to the date of termination and the denominator or which is 365;
(D) accelerated vesting of all equity awards (including Incentive Awards)
so that all such awards are fully vested as of the date of termination; and
(E) continued participation in the health and welfare benefit plans of the
Company and employer contributions to non-qualified retirement plans and
deferred compensation plans, if any, for two years following the date of
termination; provided, that the Company’s obligation to provide such
benefits shall cease at the time Executive and his covered dependents become
eligible for comparable benefits from another employer that do not exclude any
pre-existing condition of Executive or any covered dependent that was not
excluded under the Company’s health and welfare plans immediately prior to the
date of termination.

 

(vii)         Health and Welfare Benefit Equivalents.  To the extent that the health and welfare
benefits provided for in Sections 10(d)(iii) and (iv) are not permissible
after termination of employment under the terms of the benefit plans of the
Company 

 

15

 

then in effect (and cannot be provided through the
Company’s paying the applicable premium for Executive under COBRA), the Company
shall pay to Executive such amount as is necessary to provide Executive, after
tax, with an amount equal to the cost of acquiring, for Executive and his
spouse and dependents, if any, on a non-group basis, for the required period,
those health and other welfare benefits that would otherwise be lost to
Executive and his spouse and dependents as a result of Executive’s termination.

 

(e)           Taxes.  Notwithstanding any other provision of this
Agreement to the contrary, if payments made pursuant to this Section 10 are
considered “parachute payments” under Section 280G of the Code, then such
parachute payments plus any other payments made by the Company to Executive
which are considered parachute payments shall be limited to the greatest amount
which may be paid to the Executive under Section 280G of the Code without
causing any loss of deduction to the Company under such section, but only if,
by reason of such reduction, the net after tax benefit to Executive shall
exceed the net after tax benefit if such reduction were not made.  “Net after tax benefit” for purposes
of this Agreement shall mean the sum of (i) the total amounts payable to the
Executive under Section 10, plus (ii) all other payments and benefits which the
Executive receives or then is entitled to receive from the Company that would
constitute a “parachute payment” within the meaning of Section 280G of the
Code, less (iii) the amount of federal and state income taxes payable with
respect to the foregoing calculated at the maximum marginal income tax rate for
each year in which the foregoing shall be paid to Executive (based upon the
rate in effect for such year as set forth in the Code at the time of
termination of Executive’s employment), less (iv) the amount of excise taxes
imposed with respect to the payments and benefits described in (i) and (ii)
above by Section 4999 of the Code.

 

(f)            Release.  Notwithstanding any other provision of this
Agreement to the contrary, Executive acknowledges and agrees that any and all
payments to which Executive is entitled under this Section 10 are
conditional upon and subject to Executive’s execution of the Release and
Covenant Not to Sue in the form attached hereto as Exhibit A (which form
may be reasonably modified to reflect changes in the law), of all claims
Executive may have against the Company and its directors, officers and
affiliates, except as to matters covered by provisions of this Agreement that
expressly survive the termination of this Agreement.

 

11.           Assignment
and Assumption.

 

(a)           This Agreement is personal to Executive
and shall not be assignable by Executive otherwise than by will or the laws of
descent and distribution.  This
Agreement shall inure to the benefit of and be 

 

16

 

enforceable by Executive’s legal representatives.  This Agreement shall inure to the benefit of
and be binding upon the Company and its successors.

 

(b)           The Company will require any
successor (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it
if no such succession had taken place. 
As used in this Agreement, “Company” shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

 

12.           Approval
of Agreement. Executive and the Company acknowledge that the terms of this
Agreement are subject to the approval of the Nevada Gaming Authorities and each
agrees to make reasonable modifications in this Agreement, if necessary, to
secure such approval. If this Agreement shall be disapproved by the Nevada
Gaming Authorities and reasonable modifications shall be insufficient to obtain
such approval, then this Agreement shall terminate and neither party shall have
any further responsibility to the other hereunder.

 

13.           Miscellaneous.

 

(a)           Notices. All notices and other
communications required or permitted hereunder shall be in writing and shall be
deemed to have been duly given if sent via a national overnight courier service
or by certified mail, return receipt requested, postage prepaid, addressed to
the parties as follows:

 

  If to Executive, to:

 

Bradley H. Stone

9220 Eagle Ridge Drive

Las Vegas, Nevada 89134

 

If to the Company, to:

 

Las Vegas Sands, Inc.

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attn: General Counsel

 

With a copy to:

 

Charles D. Forman

Director, Member of the Compensation Committee

 

17

 

300 First Avenue

Needham, Massachusetts 02494

 

or to such other address
as any party shall request of the others by giving notice in accordance with
this Section.

 

(b)           Integration.  This Agreement is the result of substantial
negotiations between the parties, represents the complete agreement of the
parties with respect to the subject matter hereof, and supersedes all prior
agreements and understandings.

 

(c)           Severability.  If any provision of this Agreement shall be
declared void or unenforceable by any judicial or administrative authority, the
validity of any other provision and of the entire Agreement shall not be
affected thereby.

 

(d)           Waiver of Provisions. The
failure of either party to insist upon a strict performance of any of the terms
or provisions of this  Agreement or to
exercise any option, right, or remedy herein contained, shall not be construed
as a waiver or as a relinquishment for the future of such term, provision,
option, right, or remedy, but the same shall continue and remain in full force
and effect. No waiver by either party of any term or provision hereof shall be
deemed to have been made unless expressed in writing and signed by such party.

 

(e)           Amendments. This Agreement may
not be amended, changed or modified except by a written document signed by each
of the parties hereto.

 

(f)            Entire Agreement; Effectiveness
of This Agreement.    This Agreement
constitutes the entire agreement between the parties as of the Effective Date
and supersedes all previous agreements and understandings between the parties
with respect to the subject matter hereof, including the Prior Employment
Agreement.  Executive hereby acknowledges
and agrees that the Prior Employment Agreement shall terminate as of
immediately prior to the Effective Date, Executive shall have no further rights
thereunder and the Company shall have no further obligations thereunder.  Notwithstanding anything to the contrary
herein, this Agreement shall not become effective until the Effective Date, i.e.,
if and only if the IPO is consummated. 
If the IPO is not consummated, then this Agreement shall be of no force
or effect, and the Prior Employment Agreement shall remain in effect in
accordance with its terms.

 

(g)           Successors and Assigns. All
provisions of this Agreement shall be binding upon, inure to the benefit of,
and be enforceable by and against the parties hereto, and their respective
heirs, personal representatives, successors and permitted assigns.

 

18

 

(h)           Governing Law. This Agreement
shall be governed by, construed under, and interpreted in accordance with the
laws of the State of Nevada applicable to agreements made and to be wholly
performed within that State, without regard to its conflict of laws provisions
or any conflict of laws provisions of any other jurisdiction which would cause
the application of any law other than that of the State of Nevada.  Any action to enforce this agreement must be
brought in a court situated in, and the parties hereby  consent to the jurisdiction of, courts
situated in Clark County, Nevada.  Each
party hereby waives the rights to claim that any such court is an inconvenient
forum for the resolution of any such action.

 

(i)            JURY TRIAL WAIVER.  THE PARTIES EXPRESSLY AND KNOWINGLY WAIVE
ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR EXECUTIVE’S EMPLOYMENT WITH THE COMPANY IS
LITIGATED OR HEARD IN ANY COURT.

 

(j)            Dispute Resolution.

 

(i)            Executive acknowledges and agrees
that the Company’s remedies at law for a breach or threatened breach of any of
the provisions of Sections 7 or 8 herein would be inadequate and, 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, and without limiting Section
8(f) hereof, the Company shall be entitled to immediately cease paying any
amounts remaining due or providing any benefits (including the vesting of
equity) to Executive pursuant to Section 10 if Executive has violated any
provision of Section 7 or 8.  Any
controversy or claim arising out of or relating to Sections 7 or 8 of this
Agreement (or the breach thereof) shall be settled by a state or federal court
located in Las Vegas, Nevada.

 

(ii)           Any controversy or claim arising out
of or related to any provision of this Agreement other than Sections 7 or 8
shall be settled by final, binding and non-appealable arbitration in Las Vegas,
Nevada.  Subject to the following
provisions, the arbitration shall be conducted in accordance with the
Commercial Rules of the American Arbitration Association (the “AAA”)
then in effect.  The arbitration shall
be conducted by a panel of three arbitrators. 
One of the arbitrators shall be appointed by the Company, one shall be
appointed by Executive and the third shall be appointed by the first two
arbitrators.  If the first two
arbitrators cannot agree on the third 

 

19

 

arbitrator within thirty (30) days of the appointment
of the second arbitrator, then the third arbitrator shall be selected from a
list of seven arbitrators selected by the AAA, each of whom shall be experienced
in the resolution of disputes under employment agreements for executive
officers of major corporations.  From
the list of seven arbitrators selected by the AAA, one arbitrator shall be
selected by each party striking in turn with the party to strike first being
chosen by a coin toss. Any award entered by the arbitrators shall be final,
binding and non-appealable and judgment may be entered thereon by either party
in accordance with applicable law in any court of competent jurisdiction.  This arbitration provision shall be
specifically enforceable.  The
arbitrators shall have no authority to modify any provision of this Agreement
or to award a remedy for a dispute involving this Agreement other than a
benefit specifically provided under or by virtue of the Agreement.  The Company shall be responsible for all of
the fees of the AAA and the arbitrators (if applicable).

 

(iii)          If Executive prevails on any material
issue which is the subject of an arbitration or litigation, as applicable, the
Company shall reimburse one hundred percent (100%) of Executive’s reasonable
legal fees and expenses. Otherwise, subject to Section 13(k)(ii), each party
shall be responsible for its own expenses relating to the conduct of the
arbitration or litigation, as applicable (including reasonable attorneys’ fees
and expenses).

 

(iv)          The arbitrators shall render an award
and written opinion explaining the award.

 

(v)           The hearing and arbitration
proceedings (as well as any resulting judicial proceedings seeking to enforce
or vacate any arbitration award) shall be conducted in a confidential manner
and both the conduct and the results of the arbitration shall be kept
confidential by the parties.  The
arbitrators shall be advised of the confidentiality of the proceedings and any
award and decision of the arbitrators shall be written in such a way as to
protect the confidentiality of personal information or information made (or
recognized as) confidential by this Agreement or recognized as confidential by
any confidentiality agreement.

 

(vi)          In the event of litigation to secure
provisional relief, or to enforce, confirm or review an arbitration award under
this Agreement, any such court action shall be brought under seal to the extent
permitted by the court in order to maintain the confidentiality of the matter
as well as the confidentiality of the arbitration, the decision and award, any
personal information and the confidentiality of any information which any party
is required 

 

20

 

to keep confidential pursuant to this Agreement or any
other agreement involving the parties. 
Each party to any such judicial action shall make every effort in any
pleadings filed with the court and in his or its conduct of any court
litigation to maintain the confidentiality of any personal information and any
information which any party is required to keep confidential pursuant to this
Agreement or any other agreement involving the parties.  To this end, the court shall, inter alia,
be informed of the confidentiality obligations of this Agreement and shall be
requested that any decision, opinion or order issued by the court be written in
such a manner as to protect the confidentiality of any information which is
required to be kept confidential pursuant to this Agreement or any other
agreement involving the parties.

 

(vii)         In the event of a dispute subject to
this Section 13(k), the parties shall be entitled to reasonable, but expedited
discovery related to the claim that is the subject of the dispute, subject to
the discretion of the arbitrators.  Any
discovery agreed upon or authorized by the arbitrators shall be concluded prior
to the date set for the hearing.  In the
event of a conflict between the applicable rules of the AAA and the procedures
set forth in this Section 13(k), the provisions of this Section 13(k) shall
govern.

 

(k)           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.

 

(l)            Continuation of Employment.  Unless the parties otherwise agree in
writing, continuation of Executive’s employment with the Company beyond the
expiration of the 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 Executive or the Company.

 

(m)          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.

 

(n)           No Mitigation.  Except as expressly provided in Sections 10(d)(v)
and (vi), Executive shall not be required to mitigate the value of any payments
or benefits contemplated by this Agreement, nor shall any such benefits be
reduced from any earnings or benefits that Executive may receive from any other
source.

 

21

 

(o)           Headings. Section headings in
this Agreement are included for convenience of reference only and are not
intended to define, limit or describe the scope or intent of any provision of
this Agreement.

 

(p)           Counterparts. This Agreement
may be executed in two counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

(q)           Survival. Sections 7 and
8 shall survive and continue in full force and effect in accordance with their
terms notwithstanding the termination of this Agreement and Executive’s
employment for any reason.

 

22

 

IN WITNESS WHEREOF,
the parties have executed and delivered this Agreement at Las Vegas, Nevada as
a contract under seal on the date first written above.

 

	
   

  	
  LAS VEGAS SANDS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ CHARLES D. FORMAN

  	
   

  
	
   

  	
  By: Charles D. Forman

  
	
   

  	
  Its: Director—Chairman
  of Compensation Committee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAS VEGAS SANDS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ CHARLES D. FORMAN

  	
   

  
	
   

  	
  By: Charles D. Forman

  
	
   

  	
  Its:  Director—Chairman of Compensation
  Committee

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ BRADLEY H. STONE

  	
   

  
	
   

  	
  Bradley H. Stone

  

 

 

EXHIBIT
A

 

GENERAL RELEASE

AND
COVENANT NOT TO SUE

 

TO ALL WHOM THESE PRESENTS SHALL COME OR MAY CONCERN, KNOW
that:

 

Bradley H. Stone (“Executive”),
on Executive’s own behalf and on behalf of Executive’s descendants, dependents,
heirs, executors and administrators and permitted assigns, past and present, in
consideration for the amounts payable and benefits to be provided to Executive
under that Employment Agreement dated as of November 18, 2004 (the “Employment
Agreement”) by and among Executive, Las Vegas Sands Corp. (“LVSC”),
a Nevada corporation, and Las Vegas Sands, Inc., a Nevada corporation and
wholly-owned subsidiary of LVSC (“LVSI” and together with LVSC, the “Company”)
does hereby covenant not to sue or pursue any litigation against, and waives,
releases and discharges the Company, its assigns, affiliates, subsidiaries,
parents, predecessors and successors, and the past and present shareholders,
employees, officers, directors, representatives and agents of any of them
(collectively, the “Company Group”), from any and all claims, demands,
rights, judgments, defenses, actions, charges or causes of action whatsoever,
of any and every kind and description, whether known or unknown, accrued or not
accrued, that Executive ever had, now has or shall or may have or assert as of
the date of this Release and Covenant Not to Sue against the Company Group
relating to his employment with the Company or the termination thereof or his
service as an officer or director of any subsidiary or affiliate of the Company
or the termination of such service, including, without limiting the generality
of the foregoing, any claims, demands, rights, judgments, defenses, actions,
charges or causes of action related to employment or termination of employment
or that arise out of or relate in any way to the Age Discrimination in
Employment Act of 1967 (“ADEA,” a law that prohibits discrimination on
the basis of age), the National Labor Relations Act, the Civil Rights Act of
1991, the Americans With Disabilities Act of 1990, Title VII of the Civil
Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Family
and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all as amended, and
other Federal, state and local laws relating to discrimination on the basis of
age, sex or other protected class, all claims under Federal, state or local
laws for express or implied breach of contract, wrongful discharge, defamation,
intentional infliction of emotional distress, and any related claims for
attorneys’ fees and costs; provided, however, that nothing herein
shall release the Company from any of its obligations to Executive under the
Employment Agreement (including, without limitation, its obligation to pay the
amounts and provide the benefits upon which this Release and Covenant Not to
Sue is conditioned) or any rights Executive may have to indemnification under any
charter or by-laws (or similar documents) of any member of the Company Group or
any insurance coverage under any directors and officers insurance or similar
policies.

 

Executive further agrees that this Release and
Covenant Not to Sue may be pleaded as a full defense to any action, suit or
other proceeding covered by the terms hereof that is or may be initiated,
prosecuted or maintained by Executive or 

 

24

 

Executive’s heirs or assigns.  Executive understands and confirms that
Executive is executing this Release and Covenant Not to Sue voluntarily and
knowingly, but that this Release and Covenant Not to Sue does not affect
Executive’s right to claim otherwise under ADEA.  In addition, Executive shall not be precluded by this Release and
Covenant Not to Sue from filing a charge with any relevant Federal, state or
local administrative agency, but Executive agrees to waive Executive’s rights
with respect to any monetary or other financial relief arising from any such
administrative proceeding.

 

In furtherance of the agreements set forth above,
Executive hereby expressly waives and relinquishes any and all rights under any
applicable statute, doctrine or principle of law restricting the right of any
person to release claims that such person does not know or suspect to exist at
the time of executing a release, which claims, if known, may have materially
affected such person’s decision to give such a release.  In connection with such waiver and
relinquishment, Executive acknowledges that Executive is aware that Executive
may hereafter discover claims presently unknown or unsuspected, or facts in
addition to or different from those that Executive now knows or believes to be
true, with respect to the matters released herein.  Nevertheless, it is the intention of Executive to fully, finally
and forever release all such matters, and all claims relating thereto, that now
exist, may exist or theretofore have existed, as specifically provided
herein.  The parties hereto acknowledge
and agree that this waiver shall be an essential and material term of the
release contained above.  Nothing in
this paragraph is intended to expand the scope of the release as specified
herein.

 

This Release and Covenant
Not to Sue shall be governed by and construed in accordance with the laws of
the State of Nevada, applicable to agreements made and to be performed entirely
within such State.

 

To the extent that
Executive is forty (40) years of age or older, this paragraph shall apply.  Executive acknowledges that Executive has
been offered a period of time of at least twenty-one (21) days to consider
whether to sign this Release and Covenant Not to Sue, which Executive has
waived, and the Company agrees that Executive may cancel this Release and
Covenant Not to Sue at any time during the seven (7) days following the date on
which this Release and Covenant Not to Sue has been signed by all parties to
this Release and Covenant Not to Sue. 
In order to cancel or revoke this Release and Covenant Not to Sue,
Executive must deliver to the General Counsel of the Company written notice
stating that Executive is canceling or revoking this Release and Covenant Not
to Sue.  If this Release and Covenant
Not to Sue is timely cancelled or revoked, none of the provisions of this
Release and Covenant Not to Sue shall be effective or enforceable and the
Company shall not be obligated to make the payments to Executive or to provide
Executive with the other benefits described in the Employment Agreement and all
contracts and provisions modified, relinquished or rescinded hereunder shall be
reinstated to the extent in effect immediately prior hereto.

 

Executive acknowledges
and agrees that Executive has entered into this Release and Covenant Not to Sue
knowingly and willingly and has had ample opportunity to consider the terms and
provisions of this Release and Covenant Not to Sue.

 

25

 

IN WITNESS WHEREOF,
the parties hereto have caused this General Release and Covenant Not to Sue to
be executed on this          day of
                      ,
       .

 

 

	
   

  	
  LAS VEGAS SANDS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
  Its: 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAS VEGAS SANDS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
  Its: 

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  

 

26Exhibit 10.33

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT among Las Vegas
Sands Corp., a Nevada corporation (“LVSC”), Las Vegas Sands, Inc., a
Nevada corporation and wholly-owned subsidiary of LVSC (“LVSI” and
together with LVSC, the “Company”) and Robert G. Goldstein (“Executive”)
is made as of November 18, 2004 and shall be effective as of the effective
date of the first initial public offering (the “IPO”) of the “Shares”
(as defined herein) on a nationally recognized stock exchange (the “Effective
Date”).

 

WHEREAS, on November 1, 1995, Executive and
LVSI entered into an employment agreement, which employment agreement was
subsequently amended and restated as of January 1, 2002 (as so amended and
restated, the “Prior Employment Agreement”); and

 

WHEREAS, the Company desires to continue to
employ Executive pursuant to the terms, provisions and conditions set forth in
this employment agreement (the “Agreement”), which Agreement shall
supersede the Prior Employment Agreement effective as of the Effective Date;
and

 

WHEREAS, Executive desires to accept and
continue his employment on the terms hereinafter set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the
premises and of the mutual covenants, understandings, representations,
warranties, undertakings and promises hereinafter set forth, and intending to
be legally bound thereby, the Company and Executive agree as follows:

 

1.             Employment.  The Company shall employ Executive, during
the “Term” (as defined below) and subject to the conditions set forth in this
Agreement, to serve as the Senior Vice President of the Company and President
of the Venetian or in such other managerial or executive capacity as the Board
of Directors of LVSC (the “Board”) may from time to time determine.

 

2.             Duties.
Executive shall have such powers, duties and responsibilities as are generally
associated with his office, as the same may be modified and/or assigned to
Executive from time to time by the Chief Executive Officer of the Company (the
“CEO”), and subject to the supervision, direction and control of the CEO
and the Board, including but not limited to:

 

(a)           participation
and involvement in the proposed development activities of the Company,
including the planning, financing, construction and implementation stages, as
shall be requested by the CEO and the Board;

 

(b)           the
efficient operation and maintenance of the hotel and casino properties of the
Company;

 

 

(c)           the
promotion, marketing and sale of the goods and services offered by the Company;

 

(d)           the
preparation of budgets and allocation of funds;

 

(e)           the
establishment or continuation of adequate management reporting and control
systems;

 

(f)            the
recruitment, selection, training, delegation of duties and responsibilities,
and supervision of subordinates; and

 

(g)           the
direction, review and oversight of all programs, systems, departments and
functions related to the management and administration of the Company.

 

3.             Performance.
Executive hereby accepts the employment described herein under the terms and
conditions set forth in this Agreement. 
Executive covenants and agrees faithfully and diligently to perform all
of the duties of his employment, devoting his full business and professional
time, attention, energy and ability to promote the business interests of the
Company. Executive further agrees that during the period of his employment with
the Company, he will not engage in any other business or professional pursuit
whatsoever unless the Board shall consent thereto in writing; provided,
however, that the foregoing shall not preclude Executive from engaging in
civic, charitable, or religious activities or from devoting a reasonable amount
of time to private investments that do not unreasonably interfere or conflict
with the performance of Executive’s duties under this Agreement.

 

4.             Term.
The initial term of Executive’s employment hereunder shall commence as of the
Effective Date and shall expire on the day prior to the fifth anniversary of
the Effective Date (the “Initial Term”), unless sooner terminated as
provided herein.  The term of
Executive’s employment shall thereafter be automatically extended for
successive one-year periods (each such period, a “Renewal Term”) unless,
no later than one hundred and twenty (120) days prior to the expiration of the
Initial Term or any Renewal Term, one party shall give written notice to the
other of his or its intention not to extend, in which event this Agreement, and
Executive’s employment hereunder, shall terminate at the end of the Initial
Term or Renewal Term, as applicable (the Initial Term plus any Renewal Term
shall collectively be referred to as the “Term”).

 

5.             Licensing
Requirement. Executive is presently licensed as a casino key employee (the
“License”) by the Nevada Gaming Commission upon the recommendation of
the state Gaming Control Board (collectively, the “Nevada Gaming Authorities”),
pursuant to the provisions of applicable Nevada laws and regulations. Executive
agrees, at the Company’s sole cost and expense, to cooperate with the Nevada
Gaming Authorities to maintain the License in full force and effect and in good
standing.

 

6.             Compensation
and Benefits. As more fully provided in this Section 6, Executive
shall be entitled to receive salary, benefits and other payments of regular
compensation.  In addition, Executive
shall be eligible to participate in LVSI’s

 

2

 

Executive Cash Incentive Plan (the “Executive Cash
Incentive Plan”) and LVSC’s 2004 Equity Award Plan (the “2004 Equity
Award Plan”), each to be established following the date hereof and prior to
the IPO, and each to be administered by the Compensation Committee of the Board
(the “Committee”).

 

(a)           Base
Salary. During the Term, Executive shall receive a base salary of no less
than $965,000 per year, payable in accordance with the usual payroll practices
of the Company (the “Base Salary”).

 

(b)           Base
Bonus.

 

(i)            Subject
to Section 6(e), during the Term, Executive shall be eligible to receive an
annual cash bonus (the “Base Bonus”) under the Executive Cash Incentive
Plan in respect of each fiscal year of the Company (a “Fiscal Year”
which, as of the date hereof, is the period January 1 through December 31)
commencing after December 31, 2004 and ending during the Term.

 

(ii)           The
annual Base Bonus shall be earned and payable quarterly based on the attainment
of EBITDAR-based targets determined in the sole discretion of the Committee for
each such quarter following consultation with senior management.  If Executive fails to achieve the
EBITDAR-based targets for one or more fiscal quarters in a Fiscal Year, he
shall be eligible to earn the missed quarterly Base Bonus payment on account of
achieving additional targets in later quarters of the same Fiscal Year or
targets in respect of the entire Fiscal Year, in each case as established by
the Committee in its sole discretion following consultation with senior
management.

 

(iii)          The
target annual Base Bonus for the 2005 Fiscal Year shall be $0.

 

(iv)          Commencing
with the 2006 Fiscal Year and for each Fiscal Year of the Term during which
Executive is employed thereafter, the target annual Base Bonus shall increase
automatically by at least four percent (4%) of the sum of (x) Executive’s Base
Salary for the immediately preceding Fiscal Year plus (y) the Base Bonus paid to
Executive with respect to the immediately preceding Fiscal Year.  In addition, commencing with the 2006 Fiscal
Year, if the Company sustains for at least six (6) months annualized EBITDAR
levels at the threshold levels described below, the target annual Base Bonus
shall be cumulatively increased by at least the corresponding amount described
in the following table:

 

3

 

	
  Annualized EBITDAR

  	
   

  	
  Target
  Base Bonus

  Cumulatively Increased By:

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  $

  	
  80,000

  	
   

  
	
  $

  	
  700,000,000

  	
   

  	
  $

  	
  80,000

  	
   

  
	
  $

  	
  800,000,000

  	
   

  	
  $

  	
  80,000

  	
   

  
	
  $

  	
  900,000,000

  	
   

  	
  $

  	
  80,000

  	
   

  
	
  $

  	
  1,000,000,000

  	
   

  	
  $

  	
  80,000

  	
   

  

 

(v)           Notwithstanding
any of the foregoing to the contrary, in the event that the Effective Date
first occurs (x) after January 1, 2005, then the Committee shall determine, in
its sole discretion, the appropriate period (i.e., all or a portion of the 2005
Fiscal Year) in respect of which Executive shall have the right to receive the
Base Bonus for the 2005 Fiscal Year and (y) prior to January 1, 2005, then the
bonus, if any, payable for the 2004 Fiscal Year shall be determined pursuant to
the terms of the Prior Employment Agreement.

 

(c)           Annual
Supplemental Bonus.

 

(i)            In
addition to the Base Bonus, commencing with the 2005 Fiscal Year, Executive shall
be eligible to receive an additional annual cash bonus (the “Annual
Supplemental Bonus”) under the Executive Cash Incentive Plan equal to a
percentage of the sum of (x) Executive’s Base Salary for the Fiscal Year
plus (y) the Base Bonus paid to Executive for such Fiscal Year, subject to
the achievement of annual targets primarily based on EBITDAR to be established
in the sole discretion of the Committee following consultation with senior
management (the “Target”).  In
the event that eighty percent (80%) of the Target is not achieved in respect of
a Fiscal Year, the Annual Supplemental Bonus percentage for such Fiscal Year
shall be zero percent (0%).  In the
event that one hundred and ten percent (110%) of the Target is achieved in
respect of a Fiscal Year, the Annual Supplemental Bonus for that Fiscal Year
shall be calculated using the maximum Annual Supplemental Bonus
percentage.  The Annual Supplemental
Bonus shall be calculated using straight line interpolation for performance
between eighty percent (80%) of Target and one hundred percent (100%) of
Target.

 

4

 

(ii)           The
target Annual Supplemental Bonus percentage shall be sixty-five percent (65%)
and the maximum Annual Supplemental Bonus percentage shall be one hundred and
thirty percent (130%).  Notwithstanding
the foregoing, commencing with the 2006 Fiscal Year and for each Fiscal Year of
the Term during which Executive is employed thereafter, if the Company sustains
for at least six (6) months annualized EBITDAR levels at the threshold levels
described below, the target Annual Supplemental Bonus percentage and the
maximum Annual Supplemental Bonus percentage shall at least equal the
corresponding percentages described in the following table:

 

	
  Annualized

  EBITDAR

  	
   

  	
  Target
  Annual

  Supplemental

  Bonus Percentage

  	
   

  	
  Maximum
  Annual

  Supplemental

  Bonus Percentage

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  70

  	
  %

  	
  150

  	
  %

  
	
  $

  	
  900,000,000

  	
   

  	
  75

  	
  %

  	
  160

  	
  %

  

 

(iii)          Notwithstanding
any of the foregoing to the contrary, in the event that the Effective Date first
occurs (x) after January 1, 2005, then the Committee shall determine, in its
sole discretion, the appropriate period (i.e., all or a portion of the
2005 Fiscal Year) in respect of which Executive shall have the right to receive
the Annual Supplemental Bonus for the 2005 Fiscal Year and (y) prior to January
1, 2005, then the bonus, if any, payable for the 2004 Fiscal Year shall be
determined pursuant to the terms of the Prior Employment Agreement.

 

(d)           Equity
Awards.

 

(i)            Subject
to Section 6(e), in the 2005 Fiscal Year, and in each Fiscal Year during the
Term thereafter while Executive is employed by the Company, Executive shall be
granted an equity award under the 2004 Equity Award Plan (each such award, an “Incentive
Award”).  One half of each Incentive
Award (the “Share Incentive Award”) shall be granted as restricted
shares of the Company’s common stock, $0.001 par value per share (“Shares”)
during the first quarter of the Fiscal Year following the Fiscal Year to which
the award relates (but in no event later than March 15 of such Fiscal Year)
upon certification by the Committee of, and subject to, the attainment of
performance goals determined by the Committee for such Fiscal Year, which
performance goals shall be substantially similar to those goals used to
determine the 

 

5

 

Annual Supplemental Bonus (for example, the Incentive
Award for the 2005 Fiscal Year would be made in the first quarter of the 2006
Fiscal Year if the Performance Goals for the 2005 Fiscal Year are
attained).  The other half of each
Incentive Award (the “Option Incentive Award”) shall be granted, in the
form of a nonqualified stock option to purchase Shares at a per Share exercise
price equal to the fair market value of a Share on the date of grant, (i) in
the case of the Option Incentive Award for the 2005 Fiscal Year, upon the
Effective Date and (ii) in the case of the Option Incentive Award for each
subsequent Fiscal Year during the Term, 
immediately following the first meeting of the Board during the Fiscal
Year to which such Option Incentive Award relates (but in no event later than
March 15 of such Fiscal Year).

 

(ii)           The
value of the Incentive Award for the 2005 Fiscal Year shall be that number of
restricted Shares and options having a value of $1,500,000; provided, however,
that if the Effective Date occurs later than January 1, 2005 the value of such
Incentive Award may be pro-rated to the extent that the Committee determines
such pro-ration is appropriate.

 

(iii)          Commencing
with the 2006 Fiscal Year and for each Fiscal Year of the Term during which
Executive is employed thereafter, if during the immediately preceding Fiscal
Year the Company sustains for at least six (6) months annualized EBITDAR levels
at the threshold levels described below, the target value of the Incentive
Award for the subsequent Fiscal Year shall at least equal the corresponding
amount described in the following table:

 

	
  Annualized EBITDAR

  	
   

  	
  Target
  Incentive Award

  	
   

  
	
  $

  	
  600,000,000

  	
   

  	
  $

  	
  1,800,000

  	
   

  
	
  $

  	
  700,000,000

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
  $

  	
  800,000,000

  	
   

  	
  $

  	
  2,150,000

  	
   

  
	
  $

  	
  900,000,000

  	
   

  	
  $

  	
  2,300,000

  	
   

  
	
  $

  	
  1,000,000,000

  	
   

  	
  $

  	
  2,500,000

  	
   

  
							

 

(iv)          The
value of any Option Incentive Award shall be measured by determining the grant
date Black-Scholes value of such Award; which value shall be determined by a
nationally recognized compensation consultant selected by the Committee in

 

6

 

consultation with senior management using the
valuation methodology followed for other senior executives of the Company. The
value of any Share Incentive Award shall be the aggregate grant date Fair
Market Value (as defined in the 2004 Equity Award Plan) of the Shares subject
to such Award.

 

(v)           Each
Option Incentive Award shall vest with respect to twenty-five percent (25%) of
the options subject thereto, on each of the first through fourth anniversaries
of the first day of the Fiscal Year in which such Incentive Award is
granted.  Each Share Incentive Award
shall vest with respect to thirty-three and one-third percent (33 1/3%)
of the restricted Shares subject thereto (and the restrictions on such Shares
shall lapse), on each of the first through third anniversaries of the first day
of the Fiscal Year in which such Share Incentive Award is granted.  Each Option Incentive Award and Share
Incentive Award shall have such termination, forfeiture and other terms as are
applicable to stock option or restricted stock awards granted to other senior
executives of the Company, as set forth in the 2004 Equity Award Plan and the
applicable award agreement.

 

(vi)          If
a termination of this Agreement and Executive’s employment hereunder occurs on
or after the last day of a Fiscal Year, but prior to the date on which the
Share Incentive Award with respect to such Fiscal Year would have been granted
to Executive had his employment not terminated (the “Award Date”), then,
if the Committee certifies that the performance goals for such Fiscal Year have
been attained, the Executive shall be granted on the Award Date that number of
fully vested Shares equal to the product of (A) the Share Incentive Award
Executive would have received had his employment not terminated multiplied by
(B) the applicable percentage set forth in the following table:

 

	
  Termination Event

  	
   

  	
  Percentage

  	
   

  
	
  By
  the Company without Cause,

  By Executive for Good Reason

  	
   

  	
  100

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  Due
  to Death or Disability

  	
   

  	
  33 1/3
  

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  By
  the Company for Cause,

  Voluntary Termination

  	
   

  	
  0

  	
  %

  

 

(e)           Notwithstanding
any provision of Sections 6(b), (c) and (d) to the contrary, no Base Bonus or
Annual Supplemental Bonus shall be

 

7

 

paid, and no Incentive
Award shall be granted on or after the earlier of (A) the date of the first
meeting of shareholders of the Company at which directors are to be elected
that occurs after the close of the third calendar year following the calendar
year in which the IPO occurs or (B) such earlier date on which any such Bonus
or Incentive Award would cease to be exempt from the deduction limitations of
Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”)
(such date, the “162(m) Effective Date”), unless Sections 6(b), (c) and
(d) have been approved prior to such date by a committee consisting of at least
two (2) “outside directors” within the meaning of Section 162(m) of the Code.

 

(f)            Employee
Benefit Plans. During the Term, Executive shall be entitled to participate
in any fringe group health, medical, dental, hospitalization, life, accident
insurance or other welfare plans, and any tax-qualified pension, tax-qualified
profit sharing or tax-qualified retirement plans, which may be placed in effect
or maintained by the Company during the Term hereof for the benefit of its
employees generally, or for its senior executives subject to all restrictions and
limitations contained in such plans or established by governmental
regulation.  In addition to the
foregoing, Executive shall be entitled to participate in such executive
retirement and capital accumulation plans as may be established, sponsored or
maintained by the Company and in effect from time to time for the benefit of
its senior executives, including without limitation, any nonqualified
supplemental executive retirement plan or deferred compensation plan.

 

(g)           Expense
Reimbursement. Executive is authorized to incur such reasonable expenses as
may be necessary for the performance of his duties hereunder in accordance with
the policies of the Company established and in effect from time to time and,
except as may be otherwise agreed, the Company will reimburse Executive for all
such authorized expenses upon submission of an itemized accounting and
substantiation of such expenditures adequate to secure for the Company a tax
deduction for the same, in accordance with applicable Internal Revenue Service guidelines.

 

(h)           Vacations
and Holidays. Executive shall be entitled to vacations and holidays as
provided in the Company’s Flex Day Plan as in effect from time to time, but no
less than the following: four (4) weeks of paid vacation leave per year at such
times as may be requested by Executive and approved by the Company. No more
than three (3) weeks of vacation shall be taken consecutively. Up to two (2)
weeks of vacation may be carried over to the following year (but not to the
next).

 

7.             Confidentiality.
Executive agrees that he will hold in strictest confidence and, without the
prior express written approval of the Board, will not disclose to any person,
firm, corporation or other entity, any confidential information which he

 

8

 

has acquired or may hereafter acquire during his
employment by the Company pertaining to the business or affairs of the Company
or any of its subsidiaries or affiliates, including but not limited to
(i) proprietary information or other documents concerning the Company’s or
its subsidiaries’ or affiliates’ policies, prices, systems, methods of
operation, contractual arrangements, customers or suppliers; (ii) the Company’s
or its subsidiaries’ or affiliates’ marketing methods, credit and collection
techniques and files; or (iii) the Company’s or its subsidiaries’ or
affiliates’ trade secrets and other “know how” or information concerning its
business and affairs not of a public nature. The covenant and agreement set
forth in this Section shall apply during Executive’s employment by the Company
and shall survive termination of this Agreement, and Executive’s employment
hereunder, for any reason and shall remain binding upon Executive without
regard to the passage of time or other events.

 

8.             Restrictive
Covenant.  Executive acknowledges
and recognizes the highly competitive nature of the businesses of the Company
and its subsidiaries and affiliates and accordingly agrees as follows:

 

(a)           During
the Term and (i) in the case of a termination of Executive’s employment
with the Company for any reason other than due to a Non-Renewal Termination or
a Voluntary Termination resulting from Executive giving a notice of intention
not to extend the Term pursuant to Section 4 hereof or (ii) in the case of a
termination of Executive’s employment with the Company due to a Non-Renewal
Termination or a Voluntary Termination resulting from Executive giving a notice
of intention not to extend the Term pursuant to Section 4 hereof, solely in the
event that the Company provides Executive with a written notice by no later
than the date of such termination that it has elected to continue to pay to
Executive the Base Salary Executive would have received if he remained employed
for the (12) months following the date of such Non-Renewal Termination, for a
period of one (1) year from the date of such termination, Executive shall not
directly or indirectly, either as principal, agent, employee, consultant,
partner, officer, director, shareholder, or in any other individual or
representative capacity, own, manage, finance, operate, control or otherwise
engage or participate in any manner or fashion in, any hotel or casino in (I)
Clark County, Nevada (including, without limitation, the City of Las Vegas),
(II) the Macau Special Administrative Region of The People’s Republic of China
or (III) any other location in which the Company or any of its affiliates is
doing business or has made substantial plans to commence doing business, in
each case at the time of Executive’s termination.

 

(b)           In
addition to, and not in limitation of, the provisions of Section 8(a),
Executive agrees, for the benefit of the Company and its affiliates, that
during the Term and for the period commencing on the date of Executive’s
termination and ending on the second anniversary of such date of termination,
Executive shall not, directly or indirectly, either as principal, agent,
employee, consultant, partner, officer, director,

 

9

 

shareholder, or in any
other individual or representative capacity, on behalf of Executive or any
other person or entity other than the Company or its affiliates (i) solicit or
induce, or attempt to solicit or induce, directly or indirectly, any person who
is, or during the six months prior to the termination of Executive’s employment
with the Company was, an employee or agent of, or consultant to, the Company or
any of its affiliates to terminate its, his or her relationship therewith, or
(ii) hire or engage any person who is, or during the six months prior to the
termination of Executive’s employment with the Company was, an employee, agent
of or consultant to the Company or any of its affiliates.

 

(c)           Executive
understands that the provisions of this Section 8 may limit his ability to earn
a livelihood in a business similar to the business of the Company but he
nevertheless agrees and hereby acknowledges that (i) such provisions do
not impose a greater restraint than is necessary to protect the goodwill or
other business interests of the Company, (ii) such provisions contain
reasonable limitations as to time and scope of activity to be restrained,
(iii) such provisions are not harmful to the general public,
(iv) such provisions are not unduly burdensome to Executive, and
(v) the consideration provided hereunder is sufficient to compensate
Executive for the restrictions contained in this Section 8.  In consideration of the foregoing and in
light of Executive’s education, skills and abilities, Executive agrees that he
shall not assert that, and it should not be considered that, any provisions of
Section 8 otherwise are void, voidable or unenforceable or should be
voided or held unenforceable.

 

(d)           It
is expressly understood and agreed that although Executive and the Company
consider the restrictions contained in this Section 8 to be reasonable, if
a 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.

 

(e)           In
the event that Executive violates any of the restrictive covenants set forth in
Sections 8(a) or 8(b), in addition to any other remedy which may be available
(i) at law or in equity, (ii) pursuant to any other provision of this
Agreement or (iii) pursuant to any applicable equity award agreement, all
outstanding stock options to purchase Shares and other unvested equity awards
granted to Executive shall be automatically forfeited effective as of the date
on which such violation first occurs.

 

10

 

9.             Disability.  If, during his employment with the Company,
Executive shall, in the opinion of an independent physician selected by
agreement between the Board and Executive, become so physically or mentally
incapacitated that he is unable to perform the duties of his employment for an
aggregate of 180 days in any 365 day consecutive period or for a continuous
period of six (6) consecutive months (in either case, a “Disability”),
then the Company shall have the right to terminate Executive’s employment
hereunder in accordance with the provisions of Sections 10(a)(ii) and
10(d)(ii).

 

10.           Termination
Events.

 

(a)           In
General.  Notwithstanding the
provisions of Section 4 of this Agreement, this Agreement and Executive’s
employment hereunder shall terminate upon the occurrence of any of the
following events:

 

(i)            Executive’s
death;

 

(ii)           the
giving of written notice of termination by the Company based upon Executive’s
Disability;

 

(iii)          the
giving of written notice to Executive by the Company that he is discharged for
“Cause” (as hereinafter defined);

 

(iv)          the
giving of written notice by Executive to the Company that “Good Reason” (as
hereinafter defined) has occurred and that he has elected to resign, in which
event termination shall occur thirty (30) days after delivery of such notice
unless such act or omission that gave rise to Good Reason has been cured by the
Company prior to the expiration of such thirty (30) day period;

 

(v)           the
giving of sixty (60) days written notice to Executive by the Company that the
Company has chosen to terminate Executive’s employment without Cause;

 

(vi)          (A)
the giving of written notice by Executive that Executive has chosen to
terminate his employment with the Company without Good Reason, in which case
his employment shall terminate sixty (60) days after receipt of such notice by
the Company or (B) the giving by Executive of a notice of intention not to
extend the Term pursuant to Section 4 hereof, in which case his employment
shall terminate at the end of the then current Initial or Renewal Term, as
applicable (in either case, a “Voluntary Termination”); or

 

(vii)         if
a notice of intention not to extend the Term is sent by the Company pursuant to
Section 4 hereof, upon the

 

11

 

discharge of Executive at the end of the then current
Initial or Renewal Term, as applicable (a “Non-Renewal Termination”).

 

(b)           “Cause,”
as used in Section 10(a)(iii) above, shall mean:

 

(i)            (A)
conviction of a felony, misappropriation of any material funds or material
property of the Company, its subsidiaries or affiliates, (B) commission of
fraud or embezzlement with respect to the Company, its subsidiaries or
affiliates or (C) any material act of dishonesty relating to Executive’s
employment by the Company resulting in direct or indirect personal gain or
enrichment at the expense of the Company, its subsidiaries or affiliates;

 

(ii)           use
of alcohol or drugs that renders Executive materially unable to perform the
functions of his job or carry out his duties to the Company;

 

(iii)          a
material breach of this Agreement by Executive;

 

(iv)          committing
any act or acts of serious and willful misconduct (including disclosure of
confidential information) that is likely to cause a material adverse effect on
the business of the Company, its subsidiaries or affiliates; or

 

(v)           the
revocation or suspension of the License by the Nevada Gaming Authorities;
provided, however, that in the event that the revocation or suspension occurs
without there having been any fault on the part of Executive, any termination
pursuant to this Section 10(b)(v) shall be treated in the same manner as a
termination due to Disability pursuant to the provisions of Section 10(d)(ii);

 

provided
that, with respect to (ii), (iii) or (v) above, the Company shall have first
provided Executive with written notice stating with specificity the acts,
duties or directives Executive has committed or failed to observe or perform,
and Executive shall not have corrected the acts or omissions complained of
within thirty (30) days of receipt of such notice.

 

(c)           “Good
Reason,” as used in Section 10(a)(iv) above, shall mean:

 

(i)            the
failure of the Company to maintain Executive as an executive officer of the
Company;

 

(ii)           a
reduction in Executive’s Base Salary;

 

12

 

(iii)          except
as provided in Section 6(e), a reduction in Executive’s target Base Bonus,
target Annual Supplemental Bonus or target Incentive Award opportunity;

 

(iv)          a
failure by the Company to obtain the approvals described in Section 6(e) prior
to the 162(m) Effective Date;

 

(v)           a
material change in the duties and responsibilities of office that would cause
Executive’s position to have less dignity, importance or scope than intended at
the Effective Date and as set forth herein; provided, however, that “Good
Reason” shall not be deemed to occur solely as a result of a transaction in
which the Company becomes a subsidiary of another company, so long as
Executive’s duties and responsibilities of office are not materially changed as
they relate solely to the Company; or

 

(vi)          a
material breach of this Agreement by the Company.

 

(d)           Consequences.  Termination pursuant to this Section shall
have the following consequences:

 

(i)            Death.  In the case of a termination of this
Agreement and Executive’s employment hereunder due to Executive’s death,
Executive’s estate, as the case may be, shall be entitled to receive
(A) all accrued and unpaid Base Salary and bonus(es) through the date of
termination; (B) continued payment of the Base Salary and Base Bonus
Executive would have received had he remained employed for the twelve (12)
months following the date of termination; (C) a pro rata bonus for the year
of termination, payable when annual bonuses would normally be paid to other
executive officers of the Company, in an amount equal to the product of
(x) the Annual Supplemental Bonus Executive would have earned had
Executive remained employed with the Company for the entire Fiscal Year in
which the termination of Executive’s employment occurs, multiplied by
(y) a fraction, the numerator of which is the number of days in the Fiscal
Year prior to the date of termination and the denominator of which is 365 (the
“Pro Rated Bonus”); and (D) accelerated vesting of all equity
awards (including Incentive Awards) such that the portion of each such award
that would have vested during the twelve (12) month period following the date
of termination had Executive remained employed during such period shall be
immediately vested as of the date of termination.

 

(ii)           Disability.  In the case of a termination of this
Agreement and Executive’s employment hereunder by the

 

13

 

Company due to Disability, Executive shall be entitled
to receive (A) all accrued and unpaid Base Salary and bonus(es) through
the date of termination; (B) continued payment of the Base Salary and Base
Bonus Executive would have received had he remained employed for the twelve
(12) months following the date of termination, less any short term disability
insurance proceeds received by Executive during such twelve (12) month period;
(C) a Pro Rated Bonus; and (D) accelerated vesting of all equity
awards (including Incentive Awards) such that the portion of each such award
that would have vested during the twelve (12) month period following the date
of termination had Executive remained employed during such period shall be
immediately vested as of the date of termination.

 

(iii)          Non-Renewal
Termination.  In the case of a
termination of this Agreement and Executive’s employment hereunder due to a
Non-Renewal Termination, Executive shall be entitled to receive (A) all
accrued and unpaid Base Salary and bonus(es) through the date of termination
and (B) continued vesting of all equity awards (including Incentive
Awards) in accordance with their terms so that all such awards continue to vest
and restrictions on any restricted Shares continue to lapse at the same rate as
if Executive had remained employed by the Company.

 

(iv)          For
Cause; Voluntary Termination.  In
the case of a termination of this Agreement and Executive’s employment
hereunder by the Company for Cause or due to a Voluntary Termination, Base
Salary and benefits, including the vesting of any equity awards, payable to
Executive shall immediately cease, subject to any requirements of law.

 

(v)           Without
Cause; For Good Reason (No Change in Control).  In the case of a termination of this Agreement and Executive’s
employment with the Company by Executive for Good Reason or by the Company
without Cause, in each case at any time other than within the two (2) year
period following a “Change in Control” (as that term shall be defined in the
2004 Equity Award Plan), then Executive shall be entitled to receive
(A) all accrued and unpaid Base Salary and bonus(es) through the date of
termination; (B) continued payment of the Base Salary and Base Bonus
Executive would have received had he remained employed through the remainder of
the Term, unless and until Executive shall become employed elsewhere in which
event the Company shall pay only the excess, if any, of the Base Salary and
Base Bonus over fifty percent (50%) of the salary and bonus compensation earned
by Executive in such employment; (C) the Pro Rated Bonus;
(D) accelerated vesting of all equity awards

 

14

 

(including Incentive Awards) so that all such awards
are fully vested as of the date of termination; and (E) continued participation
in the health and welfare benefit plans of the Company during the remainder of
the Initial Term or the Renewal Term, as applicable; provided, that the
Company’s obligation to provide such benefits shall cease at the time Executive
and his covered dependents become eligible for comparable benefits from another
employer that do not exclude any pre-existing condition of Executive or any
covered dependent that was not excluded under the Company’s health and welfare
plans immediately prior to the date of termination.

 

(vi)          Without
Cause; For Good Reason (Change in Control).  In the case of a termination of this Agreement and Executive’s
employment with the Company by Executive for Good Reason or by the Company
without Cause, in each case within the two (2) year period following a Change
in Control, then Executive shall be entitled to receive promptly following the
date of such termination, (A) all accrued and unpaid Base Salary and
bonus(es) through the date of termination; (B) a lump sum payment of two (2)
times the sum of (I) the Base Salary, (II) the target Base Bonus for
the year of termination and (III) the target Annual Supplemental Bonus for
the year of termination; (C) a pro rata annual bonus for the year of
termination in an amount equal to the product of (x) the sum of
Executive’s target Base Bonus and target Annual Supplemental Bonus, in each
case for the Fiscal Year in which the termination of Executive’s employment
occurs, multiplied by (y) a fraction, the numerator of which is the number
of days in the Fiscal Year prior to the date of termination and the denominator
or which is 365; (D) accelerated vesting of all equity awards (including
Incentive Awards) so that all such awards are fully vested as of the date of
termination; and (E) continued participation in the health and welfare
benefit plans of the Company and employer contributions to non-qualified
retirement plans and deferred compensation plans, if any, for two years
following the date of termination; provided, that the Company’s obligation
to provide such benefits shall cease at the time Executive and his covered
dependents become eligible for comparable benefits from another employer that
do not exclude any pre-existing condition of Executive or any covered dependent
that was not excluded under the Company’s health and welfare plans immediately
prior to the date of termination.

 

(vii)         Health
and Welfare Benefit Equivalents.  To
the extent that the health and welfare benefits provided for in
Sections 10(d)(iii) and (iv) are not permissible after termination of
employment under the terms of the benefit plans of the Company

 

15

 

then in effect (and cannot be provided through the
Company’s paying the applicable premium for Executive under COBRA), the Company
shall pay to Executive such amount as is necessary to provide Executive, after
tax, with an amount equal to the cost of acquiring, for Executive and his
spouse and dependents, if any, on a non-group basis, for the required period,
those health and other welfare benefits that would otherwise be lost to
Executive and his spouse and dependents as a result of Executive’s termination.

 

(e)           Taxes.  Notwithstanding any other provision of this
Agreement to the contrary, if payments made pursuant to this Section 10 are
considered “parachute payments” under Section 280G of the Code, then such
parachute payments plus any other payments made by the Company to Executive
which are considered parachute payments shall be limited to the greatest amount
which may be paid to the Executive under Section 280G of the Code without
causing any loss of deduction to the Company under such section, but only if,
by reason of such reduction, the net after tax benefit to Executive shall
exceed the net after tax benefit if such reduction were not made.  “Net after tax benefit” for purposes
of this Agreement shall mean the sum of (i) the total amounts payable to the
Executive under Section 10, plus (ii) all other payments and benefits which the
Executive receives or then is entitled to receive from the Company that would
constitute a “parachute payment” within the meaning of Section 280G of the
Code, less (iii) the amount of federal and state income taxes payable with
respect to the foregoing calculated at the maximum marginal income tax rate for
each year in which the foregoing shall be paid to Executive (based upon the
rate in effect for such year as set forth in the Code at the time of
termination of Executive’s employment), less (iv) the amount of excise taxes
imposed with respect to the payments and benefits described in (i) and (ii)
above by Section 4999 of the Code.

 

(f)            Release.  Notwithstanding any other provision of this
Agreement to the contrary, Executive acknowledges and agrees that any and all
payments to which Executive is entitled under this Section 10 are
conditional upon and subject to Executive’s execution of the Release and
Covenant Not to Sue in the form attached hereto as Exhibit A (which form
may be reasonably modified to reflect changes in the law), of all claims
Executive may have against the Company and its directors, officers and
affiliates, except as to matters covered by provisions of this Agreement that
expressly survive the termination of this Agreement.

 

11.           Assignment
and Assumption.

 

(a)           This
Agreement is personal to Executive and shall not be assignable by Executive
otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of
and be

 

16

 

enforceable by Executive’s
legal representatives.  This Agreement
shall inure to the benefit of and be binding upon the Company and its
successors.

 

(b)           The
Company will require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company to expressly assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be
required to perform it if no such succession had taken place.  As used in this Agreement, “Company”
shall mean the Company as hereinbefore defined and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this
Agreement by operation of law, or otherwise.

 

12.           Approval
of Agreement. Executive and the Company acknowledge that the terms of this
Agreement are subject to the approval of the Nevada Gaming Authorities and each
agrees to make reasonable modifications in this Agreement, if necessary, to
secure such approval. If this Agreement shall be disapproved by the Nevada
Gaming Authorities and reasonable modifications shall be insufficient to obtain
such approval, then this Agreement shall terminate and neither party shall have
any further responsibility to the other hereunder.

 

13.           Miscellaneous.

 

(a)           Notices.
All notices and other communications required or permitted hereunder shall be
in writing and shall be deemed to have been duly given if sent via a national
overnight courier service or by certified mail, return receipt requested,
postage prepaid, addressed to the parties as follows:

 

  If to Executive, to:

 

Robert
G. Goldstein

1105 Pine Island Court

Las Vegas, Nevada 89134

 

If to the Company,
to:

 

Las
Vegas Sands, Inc.

3355 Las Vegas Boulevard South

Las Vegas, Nevada 89109

Attn: General Counsel

 

With a
copy to:

 

Charles
D. Forman

Director, Member of the Compensation Committee

300 First Avenue

Needham, Massachusetts 02494

 

17

 

or to such other address
as any party shall request of the others by giving notice in accordance with
this Section.

 

(b)           Integration.  This Agreement is the result of substantial
negotiations between the parties, represents the complete agreement of the
parties with respect to the subject matter hereof, and supersedes all prior
agreements and understandings.

 

(c)           Severability.  If any provision of this Agreement shall be
declared void or unenforceable by any judicial or administrative authority, the
validity of any other provision and of the entire Agreement shall not be
affected thereby.

 

(d)           Waiver
of Provisions. The failure of either party to insist upon a strict
performance of any of the terms or provisions of this Agreement or to exercise
any option, right, or remedy herein contained, shall not be construed as a
waiver or as a relinquishment for the future of such term, provision, option,
right, or remedy, but the same shall continue and remain in full force and
effect. No waiver by either party of any term or provision hereof shall be
deemed to have been made unless expressed in writing and signed by such party.

 

(e)           Amendments.
This Agreement may not be amended, changed or modified except by a written
document signed by each of the parties hereto.

 

(f)            Entire
Agreement; Effectiveness of This Agreement.    This Agreement constitutes the entire agreement between the
parties as of the Effective Date and supersedes all previous agreements and
understandings between the parties with respect to the subject matter hereof,
including the Prior Employment Agreement. 
Executive hereby acknowledges and agrees that the Prior Employment
Agreement shall terminate as of immediately prior to the Effective Date,
Executive shall have no further rights thereunder and the Company shall have no
further obligations thereunder.  Notwithstanding
anything to the contrary herein, this Agreement shall not become effective
until the Effective Date, i.e., if and only if the IPO is
consummated.  If the IPO is not
consummated, then this Agreement shall be of no force or effect, and the Prior Employment
Agreement shall remain in effect in accordance with its terms.

 

(g)           Successors
and Assigns. All provisions of this Agreement shall be binding upon, inure
to the benefit of, and be enforceable by and against the parties hereto, and
their respective heirs, personal representatives, successors and permitted
assigns.

 

18

 

(h)           Governing
Law. This Agreement shall be governed by, construed under, and interpreted
in accordance with the laws of the State of Nevada applicable to agreements
made and to be wholly performed within that State, without regard to its
conflict of laws provisions or any conflict of laws provisions of any other
jurisdiction which would cause the application of any law other than that of
the State of Nevada.  Any action to
enforce this agreement must be brought in a court situated in, and the parties
hereby consent to the jurisdiction of, courts situated in Clark County, Nevada.  Each party hereby waives the rights to claim
that any such court is an inconvenient forum for the resolution of any such
action.

 

(i)            JURY
TRIAL WAIVER.  THE PARTIES EXPRESSLY
AND KNOWINGLY WAIVE ANY RIGHT TO A JURY TRIAL IN THE EVENT ANY ACTION ARISING
UNDER OR IN CONNECTION WITH THIS AGREEMENT OR EXECUTIVE’S EMPLOYMENT WITH THE
COMPANY IS LITIGATED OR HEARD IN ANY COURT.

 

(j)            Dispute
Resolution.

 

(i)            Executive
acknowledges and agrees that the Company’s remedies at law for a breach or
threatened breach of any of the provisions of Sections 7 or 8 herein would be inadequate
and, 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, and without
limiting Section 8(f) hereof, the Company shall be entitled to immediately
cease paying any amounts remaining due or providing any benefits (including the
vesting of equity) to Executive pursuant to Section 10 if Executive has
violated any provision of Section 7 or 8. 
Any controversy or claim arising out of or relating to Sections 7 or 8
of this Agreement (or the breach thereof) shall be settled by a state or
federal court located in Las Vegas, Nevada.

 

(ii)           Any
controversy or claim arising out of or related to any provision of this
Agreement other than Sections 7 or 8 shall be settled by final, binding and
non-appealable arbitration in Las Vegas, Nevada.  Subject to the following provisions, the arbitration shall be
conducted in accordance with the Commercial Rules of the American Arbitration
Association (the “AAA”) then in effect. 
The arbitration shall be conducted by a panel of three arbitrators.  One of the arbitrators shall be appointed by
the Company, one shall be appointed by Executive and the third shall be
appointed by the first two arbitrators. 
If the first two arbitrators cannot agree on the third

 

19

 

arbitrator within thirty (30) days of the appointment
of the second arbitrator, then the third arbitrator shall be selected from a
list of seven arbitrators selected by the AAA, each of whom shall be
experienced in the resolution of disputes under employment agreements for
executive officers of major corporations. 
From the list of seven arbitrators selected by the AAA, one arbitrator
shall be selected by each party striking in turn with the party to strike first
being chosen by a coin toss. Any award entered by the arbitrators shall be
final, binding and non-appealable and judgment may be entered thereon by either
party in accordance with applicable law in any court of competent jurisdiction.  This arbitration provision shall be
specifically enforceable.  The
arbitrators shall have no authority to modify any provision of this Agreement
or to award a remedy for a dispute involving this Agreement other than a
benefit specifically provided under or by virtue of the Agreement.  The Company shall be responsible for all of
the fees of the AAA and the arbitrators (if applicable).

 

(iii)          If
Executive prevails on any material issue which is the subject of an arbitration
or litigation, as applicable, the Company shall reimburse one hundred percent
(100%) of Executive’s reasonable legal fees and expenses. Otherwise, subject to
Section 13(k)(ii), each party shall be responsible for its own expenses
relating to the conduct of the arbitration or litigation, as applicable
(including reasonable attorneys’ fees and expenses).

 

(iv)          The
arbitrators shall render an award and written opinion explaining the award.

 

(v)           The
hearing and arbitration proceedings (as well as any resulting judicial
proceedings seeking to enforce or vacate any arbitration award) shall be
conducted in a confidential manner and both the conduct and the results of the
arbitration shall be kept confidential by the parties.  The arbitrators shall be advised of the
confidentiality of the proceedings and any award and decision of the
arbitrators shall be written in such a way as to protect the confidentiality of
personal information or information made (or recognized as) confidential by
this Agreement or recognized as confidential by any confidentiality agreement.

 

(vi)          In
the event of litigation to secure provisional relief, or to enforce, confirm or
review an arbitration award under this Agreement, any such court action shall
be brought under seal to the extent permitted by the court in order to maintain
the confidentiality of the matter as well as the confidentiality of the
arbitration, the decision and award, any personal information and the
confidentiality of any information which any party is required

 

20

 

to keep confidential pursuant to this Agreement or any
other agreement involving the parties. 
Each party to any such judicial action shall make every effort in any
pleadings filed with the court and in his or its conduct of any court litigation
to maintain the confidentiality of any personal information and any information
which any party is required to keep confidential pursuant to this Agreement or
any other agreement involving the parties. 
To this end, the court shall, inter alia, be informed of the
confidentiality obligations of this Agreement and shall be requested that any
decision, opinion or order issued by the court be written in such a manner as
to protect the confidentiality of any information which is required to be kept
confidential pursuant to this Agreement or any other agreement involving the
parties.

 

(vii)         In
the event of a dispute subject to this Section 13(k), the parties shall be
entitled to reasonable, but expedited discovery related to the claim that is
the subject of the dispute, subject to the discretion of the arbitrators.  Any discovery agreed upon or authorized by
the arbitrators shall be concluded prior to the date set for the hearing.  In the event of a conflict between the
applicable rules of the AAA and the procedures set forth in this Section 13(k),
the provisions of this Section 13(k) shall govern.

 

(k)           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.

 

(l)            Continuation
of Employment.  Unless the parties
otherwise agree in writing, continuation of Executive’s employment with the
Company beyond the expiration of the 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 Executive or
the Company.

 

(m)          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.

 

(n)           No
Mitigation.  Except as expressly provided
in Sections 10(d)(v) and (vi), Executive shall not be required to mitigate the
value of any payments or benefits contemplated by this Agreement, nor shall any
such benefits be reduced from any earnings or benefits that Executive may
receive from any other source.

 

21

 

(o)           Headings.
Section headings in this Agreement are included for convenience of reference
only and are not intended to define, limit or describe the scope or intent of
any provision of this Agreement.

 

(p)           Counterparts.
This Agreement may be executed in two counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

 

(q)           Survival.
Sections 7 and 8 shall survive and continue in full force and effect in
accordance with their terms notwithstanding the termination of this Agreement
and Executive’s employment for any reason.

 

22

 

IN WITNESS WHEREOF, the parties have
executed and delivered this Agreement at Las Vegas, Nevada as a contract under
seal on the date first written above.

 

	
   

  	
  LAS VEGAS SANDS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ CHARLES D. FORMAN

  	
   

  
	
   

  	
  By: Charles D. Forman

  
	
   

  	
  Its: Director—Chairman
  of Compensation Committee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAS VEGAS SANDS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ CHARLES D. FORMAN

  	
   

  
	
   

  	
  By: Charles D. Forman

  
	
   

  	
  Its:  Director—Chairman of Compensation
  Committee

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ ROBERT G. GOLDSTEIN

  	
   

  
	
   

  	
  Robert G. Goldstein

  
					

 

 

EXHIBIT
A

 

GENERAL RELEASE

AND
COVENANT NOT TO SUE

 

TO ALL WHOM THESE PRESENTS SHALL COME
OR MAY CONCERN, KNOW that:

 

Robert G. Goldstein (“Executive”),
on Executive’s own behalf and on behalf of Executive’s descendants, dependents,
heirs, executors and administrators and permitted assigns, past and present, in
consideration for the amounts payable and benefits to be provided to Executive
under that Employment Agreement dated as of November 18, 2004 (the “Employment
Agreement”) by and among Executive, Las Vegas Sands Corp. (“LVSC”),
a Nevada corporation, and Las Vegas Sands, Inc., a Nevada corporation and
wholly-owned subsidiary of LVSC (“LVSI” and together with LVSC, the “Company”)
does hereby covenant not to sue or pursue any litigation against, and waives,
releases and discharges the Company, its assigns, affiliates, subsidiaries,
parents, predecessors and successors, and the past and present shareholders,
employees, officers, directors, representatives and agents of any of them
(collectively, the “Company Group”), from any and all claims, demands,
rights, judgments, defenses, actions, charges or causes of action whatsoever,
of any and every kind and description, whether known or unknown, accrued or not
accrued, that Executive ever had, now has or shall or may have or assert as of
the date of this Release and Covenant Not to Sue against the Company Group
relating to his employment with the Company or the termination thereof or his
service as an officer or director of any subsidiary or affiliate of the Company
or the termination of such service, including, without limiting the generality
of the foregoing, any claims, demands, rights, judgments, defenses, actions,
charges or causes of action related to employment or termination of employment
or that arise out of or relate in any way to the Age Discrimination in
Employment Act of 1967 (“ADEA,” a law that prohibits discrimination on
the basis of age), the National Labor Relations Act, the Civil Rights Act of
1991, the Americans With Disabilities Act of 1990, Title VII of the Civil
Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the
Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, all as amended,
and other Federal, state and local laws relating to discrimination on the basis
of age, sex or other protected class, all claims under Federal, state or local
laws for express or implied breach of contract, wrongful discharge, defamation,
intentional infliction of emotional distress, and any related claims for
attorneys’ fees and costs; provided, however, that nothing herein
shall release the Company from any of its obligations to Executive under the
Employment Agreement (including, without limitation, its obligation to pay the
amounts and provide the benefits upon which this Release and Covenant Not to
Sue is conditioned) or any rights Executive may have to indemnification under
any charter or by-laws (or similar documents) of any member of the Company
Group or any insurance coverage under any directors and officers insurance or
similar policies.

 

Executive further
agrees that this Release and Covenant Not to Sue may be pleaded as a full
defense to any action, suit or other proceeding covered by the terms hereof
that is or may be initiated, prosecuted or maintained by Executive or

 

24

 

Executive’s heirs or
assigns.  Executive understands and
confirms that Executive is executing this Release and Covenant Not to Sue
voluntarily and knowingly, but that this Release and Covenant Not to Sue does
not affect Executive’s right to claim otherwise under ADEA.  In addition, Executive shall not be
precluded by this Release and Covenant Not to Sue from filing a charge with any
relevant Federal, state or local administrative agency, but Executive agrees to
waive Executive’s rights with respect to any monetary or other financial relief
arising from any such administrative proceeding.

 

In furtherance of
the agreements set forth above, Executive hereby expressly waives and
relinquishes any and all rights under any applicable statute, doctrine or
principle of law restricting the right of any person to release claims that
such person does not know or suspect to exist at the time of executing a
release, which claims, if known, may have materially affected such person’s
decision to give such a release.  In
connection with such waiver and relinquishment, Executive acknowledges that
Executive is aware that Executive may hereafter discover claims presently
unknown or unsuspected, or facts in addition to or different from those that
Executive now knows or believes to be true, with respect to the matters
released herein.  Nevertheless, it is
the intention of Executive to fully, finally and forever release all such
matters, and all claims relating thereto, that now exist, may exist or
theretofore have existed, as specifically provided herein.  The parties hereto acknowledge and agree
that this waiver shall be an essential and material term of the release
contained above.  Nothing in this
paragraph is intended to expand the scope of the release as specified herein.

 

This Release and Covenant
Not to Sue shall be governed by and construed in accordance with the laws of
the State of Nevada, applicable to agreements made and to be performed entirely
within such State.

 

To the extent that
Executive is forty (40) years of age or older, this paragraph shall apply.  Executive acknowledges that Executive has
been offered a period of time of at least twenty-one (21) days to consider
whether to sign this Release and Covenant Not to Sue, which Executive has waived,
and the Company agrees that Executive may cancel this Release and Covenant Not
to Sue at any time during the seven (7) days following the date on which this
Release and Covenant Not to Sue has been signed by all parties to this Release
and Covenant Not to Sue.  In order to
cancel or revoke this Release and Covenant Not to Sue, Executive must deliver
to the General Counsel of the Company written notice stating that Executive is
canceling or revoking this Release and Covenant Not to Sue.  If this Release and Covenant Not to Sue is
timely cancelled or revoked, none of the provisions of this Release and
Covenant Not to Sue shall be effective or enforceable and the Company shall not
be obligated to make the payments to Executive or to provide Executive with the
other benefits described in the Employment Agreement and all contracts and
provisions modified, relinquished or rescinded hereunder shall be reinstated to
the extent in effect immediately prior hereto.

 

Executive acknowledges
and agrees that Executive has entered into this Release and Covenant Not to Sue
knowingly and willingly and has had ample opportunity to consider the terms and
provisions of this Release and Covenant Not to Sue.

 

25

 

IN WITNESS WHEREOF,
the parties hereto have caused this General Release and Covenant Not to Sue to
be executed on this
           day of
                        ,
         .

 

 

	
   

  	
  LAS VEGAS SANDS CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
  Its: 

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAS VEGAS SANDS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  
	
   

  	
  Its: 

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
					

 

26

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