Document:

EX-10.9

  Certain confidential information contained in this document, marked by brackets, has been omitted because it is both (i) not material and (ii) would be competitively harmful is publicly disclosed.  

   

  Exhibit 10.9

  Amtech Systems, Inc.

  131 South Clark Drive
Tempe, Arizona 85281

   

   

  August 4, 2022

   

  Jong S. Whang

  Amtech Systems, Inc.

  131 South Clark Drive

  Tempe, Arizona 85281

  RE:	Letter Agreement Regarding Board Retirement and Related Terms

  Dear JS,

  As you know, we’ve been discussing your retirement from the Board of Directors (the “Board”) of Amtech Systems, Inc. (the “Company”), payments that would be made to you by the Company upon such retirement, your role with the Company thereafter, and the mutual termination of your employment agreement.  The purpose of this letter agreement (this “Agreement”) is to set forth the terms with respect to the foregoing and to obtain your agreement to the same.  

  Mutual Termination of Employment Agreement

  Effective upon your execution of this Agreement (the “Effective Date”), the Company and you each agree that the Second Amended and Restated Employment Agreement between the Company and you, dated February 9, 2012 (as theretofore amended, the “Employment Agreement”), is hereby terminated and of no further force or effect. The Company and you agree that effective December 31, 2023 (the “Separation Date”), your employment with the Company will automatically terminate. 

  Role with Amtech

  During the period between the Effective Date and the Separation Date (the “Transition Period”), you will remain employed full-time by the Company. The Company will employ you to serve solely in an M&A support role, reporting to the Chief Executive Officer of the Company (the “CEO”).  Your duties in this role will be determined from time to time by and at the discretion of the CEO.  You will receive an annual base salary of $100,000, payable in accordance with the Company’s payroll practices.  During this Transition Period, you will be provided such employee benefits as are provided to other employees of the Company in accordance with Company policy. The Company reserves the right to amend or terminate any employee benefit plan, practice, or program at any time in its sole discretion, subject to the terms of any underlying plan document or applicable law.  If you are terminated without “Cause” prior to the Separation Date, you shall be entitled to receive the aforementioned base salary during the period stemming from such termination date to the Separation Date, payable in accordance with the Company’s normal payroll 

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  Jong S. Whang

  Amtech Systems, Inc.

  August 4, 2022

  Page 2

   

  practices.  For purposes of this Agreement, the term “Cause” shall have the same meaning as set forth in the Employment Agreement, which is set forth as follows for ease of reference:  The term “Cause” shall mean (i) your willful, repeated or negligent failure to perform your duties hereunder and to comply with any reasonable or proper direction given by or on behalf of the CEO and the continuation of such failure following twenty (20) days written notice to such effect, (ii) you being guilty of serious misconduct on the Company's premises or elsewhere, whether during the performance of your duties or not, which is reasonably likely to cause material damage to the reputation of the Company or render it materially more difficult for you to satisfactorily continue to perform your duties and the continuation or a second instance of such serious misconduct following twenty (20) days written notice to such effect; (iii) you being found guilty in a criminal court of any offense of a nature which is reasonably likely to materially adversely affect the reputation of the Company or to materially prejudice its interests if you were to continue to be employed by the Company; or (iv) your commission of any act of fraud or theft involving the Company or its business, or any intentional tort against the Company. Notwithstanding the foregoing, “Cause” shall only be deemed to exist if it is so determined by a resolution duly adopted by the Board, at a duly noticed meeting at which you and your counsel are first given the opportunity to address the Board with respect to such determination.

  You agree and acknowledge that as of the Separation Date, you shall not hold yourself out as an employee, agent, or authorized representative of the Company, negotiate or enter into any agreements on behalf of the Company, or otherwise attempt to bind Company.   

  The extension of your employment beyond the Separation Date, or your engagement as a consultant to the Company thereafter, in each case shall be subject to the review and approval of the Board.  The terms of any consulting arrangement shall be subject to the mutual agreement of you and the Company.  

  Board Retirement

  [****].  Although your employment with the Company may continue through the Separation Date, you agree to voluntarily retire from the Board effective at the close business, Arizona time, on December 31, 2022.

  Upon your retirement from the Board, (a) the Company will pay you a lump sum payment equal to $400,000.00 in recognition of your service, which will be subject to applicable deductions required by law and will be paid upon your retirement from the Board (i.e., December 31, 2022), and (b) you will be eligible to receive additional incentive compensation, the amount of which is dependent upon [****]. If [****], the Company will pay you a lump sum payment equal to fifty percent (50%) of [****], subject to a cap of $200,000.00, which payment will be subject to applicable deductions required by law and will be paid within sixty (60) days after [****].    

  In exchange for the payment of the $400,000.00 discussed in the paragraph above, and as a condition of receipt of any such payment, you agree to execute no later than December 31, 2022, and not to revoke the release attached hereto, of any and all claims against the Company and any parent, subsidiary, affiliate or other related party with respect to all matters arising out of your 

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  Jong S. Whang

  Amtech Systems, Inc.

  August 4, 2022

  Page 3

   

  employment, or termination thereof (a “Release”).  Should you, for whatever reason, fail to execute, or you revoke, the Release, you shall not be entitled to any portion of the compensation discussed in this paragraph, and you further acknowledge and agree that your entitlement to any future such amounts shall be forfeited.

  Misc.

  You and the Company agree to keep the terms of this Agreement confidential; provided, that you and the Company may disclose the terms of this Agreement to your respective counsel, accountants and advisers and as may be necessary to comply with any legal requirement, including, without limitation, any tax reporting obligations or disclosure obligations required by the Securities and Exchange Commission.  You and the Company agree to instruct their advisors that they must similarly agree to keep the details of this Agreement confidential.

  This Agreement shall be governed and construed in accordance with the internal laws of the State of Arizona, without application of choice of law or conflicts of law principles.  All disputes arising hereunder shall be resolved exclusively in state or federal courts located in Maricopa County, Arizona, to which jurisdiction and venue you and the Company irrevocably consent.

  Very truly yours,

  /s/ Robert C. Daigle

  Robert C. Daigle

  Chairman of the Board

   

  ACKNOWLEDGED AND AGREED TO:

   

  /s/ Jong S. Whang____________

  Jong S. Whang

   

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  WAIVER AND RELEASE AGREEMENT

  This Waiver and Release Agreement (“Release”) is entered into by and between J.S. Whang (“Employee”) and Amtech Systems, Inc. (the “Company”). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Agreement (as defined below). 

   

  	WHEREAS, Employee has entered into a letter agreement with the Company (the “Agreement”) to which this Release was attached, pursuant to which Employee is eligible to receive incentive compensation relating to the Kingston Receivable (as defined in the Agreement), conditioned in part on Employee’s execution of this Release; and

  	 

  	WHEREAS, in order to induce the Company to enter into the Agreement, Employee has agreed to execute and deliver this Release, and, accordingly, the Company and Employee (collectively, the “Parties”) desire to execute this Release.

   

  	NOW, THEREFORE, in consideration of the mutual agreements and promises contained herein and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:

   

  1.General Release of Claims.  In exchange for the Kingston Receivable incentive compensation, the sufficiency of which is hereby acknowledged, Employee, on behalf of himself and his heirs, legal representatives, successors and assigns, waives and releases (i.e., gives up) all known and unknown claims which he may have, that arise out of or relate to anything that occurred before the date that Employee signed this Release, against the Company, its parent companies, subsidiaries, and affiliates, and their respective past, present and future officers, directors, managers, managing member, partners, general partners, limited partners, managing directors, members, trustees, shareholders, representatives, employees, principals, agents, affiliates, parents, subsidiaries, joint ventures, predecessors, successors, assigns, beneficiaries, heirs, executors, personal or legal representatives, insurers and attorneys of any of them (each, a “Released Party” and collectively, the “Released Parties”).  For example, and without limitation, Employee is releasing the Released Parties from: 

   

  a.any and all claims relating to or arising from his employment relationship with the Released Parties;

   

  b.any and all claims of breach of contract, both express and implied, breach of the covenant of good faith and fair dealing, retaliation claims including but not limited to workers’ compensation retaliation claims, promissory estoppel, fraudulent, negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, unfair business practices, defamation, libel, slander, negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, conversion, and any other claim for tort or wrongful treatment;

   

  c.any and all claims for violation of any federal, state, county, municipal or local statute, regulation, code or ordinance, including, but not limited to, Title VII of the Civil Rights 

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  Act of 1964, as amended (42 U.S.C. §§2000e et seq.); the Civil Rights Act of 1991, as amended; Sections 1981 and 1983 of the Civil Rights Act of 1866, as amended (42 U.S.C. §§1981, 1983); the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended (29 U.S.C. §§621 et seq.); the Americans with Disabilities Act of 1990 (“ADA”), as amended (42 U.S.C. §§12101 et seq.); the Rehabilitation Act of 1973, as amended (29 U.S.C. §§701 et seq.); the Genetic Information Nondiscrimination Act of 2008, as amended (42 U.S.C. § 2000ff); the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended (29 U.S.C. §§1001 et seq.); the Uniformed Services Employment and Reemployment Rights Act of 1994 (“USERRA”), as amended, (38 U.S.C. §§4301 et seq.); the Vietnam Era Veterans’ Readjustment Assistance Act of 1974 (“VEVRAA”), as amended (38 U.S.C. §§4211 et seq.); Executive Order 11246, as amended, the Sarbanes-Oxley Act of 2002, as amended; the Family and Medical Leave Act  of 1993 (“FMLA”), as amended (29 U.S.C. §§2601 et seq.); the National Labor Relations Act, as amended (29 U.S.C. §§151 et seq.), the Worker Adjustment and Retraining Notification Act (“WARN”), as amended (29 U.S.C. §§2101 et seq.) and any similar state or local plant closing laws, as amended, the Equal Pay Act of 1963, as amended (29 U.S.C. §§206(d)); the False Claims Act, as amended (31 U.S.C. § 3729 et seq.); and any other wage and hour claims that can be waived; the statutes, laws, ordinances, regulations, or common laws of the State of Arizona, including but not limited to, Arizona wage laws, Arizona equal pay laws, the Arizona Employment Protection Act, the Arizona Civil Rights Act, the Arizona Occupational Health and Safety Act, Arizona right to work laws, Arizona employee drug testing laws, the Arizona Medical Marijuana Act, Arizona genetic testing laws, the Arizona criminal code, all as amended and including their implementing regulations; 

   

  d.Specific ADEA Waiver and Release.  By signing this Release, Employee specifically waives and releases any claims he may have against the Released Parties under the ADEA, which prohibits discrimination on the basis of age against individuals ages 40 and older, with the exception of any rights or claims that may arise under the ADEA after the date that Employee signs this Release.    

   

  e.any and all claims arising out of any other federal, state or local laws and regulations, and any and all common law claims, relating to employment or employment discrimination, harassment or retaliation; and

   

  f.any and all claims for attorneys’ fees and costs.

   

  2.Unknown Claims.  This Release extends to all claims Employee may now have, even claims unknown at this time. Employee understands that after signing this Release he may discover claims or facts different from or in addition to those which he now knows or believes to exist, and which, if known or suspected at the time of entering into this Release, may have materially affected this Release or his decision to sign it. Nevertheless, the waiver and release in this Release shall remain effective in all respects regardless of any such different or additional facts.

   

  3.Claims Not Released.  By signing this Release, Employee is not waiving any rights he may have to: (a) his own vested accrued employee benefits, if any, as of the date that Employee signed this Release, under the Company’s health and welfare and retirement benefit plans; (b) benefits 

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  under applicable workers’ compensation statutes or government-provided unemployment benefits; and (c) claims that the law does not permit Employee to waive by signing this Release.  In addition, nothing in this Release shall prohibit or prevent Employee from filing a charge with or participating, testifying or assisting in any investigation, hearing or other proceeding before the U.S. Equal Employment Opportunity Commission (“EEOC”) or a state or local fair employment practices agency, except that the Employee may not recover any monetary benefits or other relief in connection with any such claim, charge or proceeding filed by him or filed by others on his behalf.  Finally, nothing in this Release shall be construed to waive Employee’s right to enforce any provision of this Release or challenge the validity of this Release under the ADEA.  

   

  4.Agreement Not to Sue.  Employee represents and agrees that he has not filed any complaint, charge, claim, action or lawsuit (collectively, “Actions”) against the Released Parties with any federal, state or local agency or court.  Except as provided in Paragraphs 2 and 3, Employee represents and agrees that: (a) he will not file any Actions at any time, regarding any claim that he has released in this Release; and (b) if Employee files an Action asserting any claim that he has released in this Release, he understands and agrees the Released Parties will be entitled to recover from him their attorneys’ fees, other defense costs, and any other damages that his suit or action causes, as applicable.  Nothing in this Release prevents Employee from reporting possible violations of applicable law to any governmental agency or from providing truthful information to a court of competent jurisdiction, to an administrative agency, or to an investigatory body.  

   

  5.Representations.  As part of this Release, Employee represents and agrees that: (a) he has not assigned or transferred any claims described in this Release to any third parties; (b) he has not suffered any job-related wrongs or injuries for which he might still be entitled to compensation or relief in the future; (c) he is not aware of or has disclosed to the Company any alleged impropriety or wrongdoing on the part of the Released Parties; (d) he has fully complied with Employee’s obligations under the Company policies and any agreement between Employee and the Company  regarding confidentiality and/or intellectual property; (e) he has properly reported all hours that he worked, if applicable; and (f) he has been paid all wages, overtime, commissions, compensation, benefits, and other amounts that the Company should have paid him before the date that Employee signed this Release.

   

  6.No Admission of Liability.  Employee acknowledges and agrees that nothing contained in this Release shall be construed as an admission by the Company of any: (a) liability; (b) violation of any federal, state, or local law, regulation or order; (c) breach of contract, actual or implied, (d) commission of any tort; or (e) other wrongdoing.  

   

  7.Severability.  A determination by a court that any provision of this Release is invalid, illegal or unenforceable shall not affect the validity, legality or enforceability of any other provision of this Release.  In addition, if any provision contained in this Release is found to be invalid, illegal or unenforceable, the Parties agree that such invalid, illegal or unenforceable provision shall be modified and replaced with a new provision that, to the extent permissible, achieves substantially the same practical or economic effect and which is valid and enforceable.   

   

  8.No Waiver.  The failure of either Party to insist, in any one or more instances, on compliance with or performance of any of the terms, promises or conditions of this Release, or to exercise any 

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  of its rights, shall not be construed as a waiver or relinquishment of such term, promise, condition or right with respect to further compliance with or performance.

   

  9.Choice of Law.  This Release will be interpreted in accordance with the laws of the State of Arizona, without giving effect to its conflict of law principles.

   

  10.Entire Agreement.  This Release and the Agreement contain all the agreements between Employee and the Company relating to the Kingston Receivable incentive compensation and supersede any prior agreements or representations between the Parties as to the subjects covered.  This Release may be modified, supplemented or superseded only in a written document signed by Employee and an authorized representative of the Company.  

   

  11.Section 409A.  This Release and the payments and benefits provided hereunder are intended to comply with or otherwise be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”) and shall be construed, interpreted, and administered in a manner consistent with such intent.  Any payment made under this Release will be treated as a separate payment and the right to a series of installment payments under this Release will be treated as a right to a series of separate payments.  If Employee is a “specified employee” (within the meaning of Section 409A), any payments or benefits that are treated as nonqualified deferred compensation for purposes of Section 409A and that are payable or provided as a result of Employee’s “separation from service” (within the meaning of Section 409A) that would otherwise be paid or provided prior to the earliest of the dates set forth in this sentence shall instead be deferred, accumulated, and paid in a lump sum or provided on the earliest of (i) the first day of the seventh month following Employee’s separation from service or (ii) the date of Employee’s death.

   

  12.Consideration and Revocation Periods; Effective Date. By signing below, in addition to releasing all claims described herein, Employee acknowledges and agrees as follows:

   

  a.Consultation with an Attorney.  Employee has been specifically advised to consult with an attorney, at his own expense, prior to signing this Release, and has consulted with such counsel to the extent Employee has deemed necessary before signing this Release.

   

  b.Consideration Period.  Employee understands that he can take up to 21 calendar days from the date he was provided this Release to decide whether to sign it (the “Consideration Period”), and he has been given at least 21 calendar days to consider the actual terms of this Release and consult with an attorney of Employee's choice. Employee further understands that changes to this Release, whether material or immaterial, do not restart the running of the 21-day period. Employee understands that to receive the Kingston Receivable incentive compensation, he must deliver this signed Release to the Company to the person and address listed below so that it is received by the Company on or before the expiration of the Consideration Period.  Employee agrees to waive the balance of the Consideration Period if he voluntarily executes the Release before the expiration of that period.  Employee understands that if he does not sign the Release before the expiration of the Consideration Period, then this Release shall be automatically withdrawn, revoked and 

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  canceled as well as any offers of the Kingston Receivable incentive compensation associated with it.  

   

  c.Revocation Period.  Employee understands that he may revoke this Release within seven (7) calendar days from the date that he signed it (the “Revocation Period”).  If Employee does revoke, this Release shall be null and void and of no force and effect on the Company or the Employee.  Employee further understands and acknowledges that to be effective, the revocation must be in writing and must be received by the person at the address listed below no later than end of the seventh calendar day after Employee signs this Release.

   

  d.Effective Date.  This Release shall not become effective or enforceable, i.e., the “Effective Date,” until all of the following contingencies occur:  (i) the Company receives the Release fully executed by Employee in form and substance acceptable to the Company; (ii) the Revocation Period expires; and (iii) the Release is signed by the Company.  

   

  e.Address for Sending Signed Release and Revocation.

   

  J.S. Whang

  Amtech Systems, Inc.

  131 South Clark Drive

  Tempe, Arizona 85281

  AND

   

  Lisa D. Gibbs

  Chief Financial Officer

  131 South Clark Drive

  Tempe, Arizona 85281

   

  f.Knowing and Voluntary Execution.  Employee states that he has read this Release and that he understands all of its terms.  Employee specifically acknowledges and agrees that he has not relied on any statements, promises or agreements of any kind made to him in connection with his decision to sign the Release, except for those terms set forth in this Release.  Employee represents that he is entering into and signing this Release knowingly and voluntarily, free of any duress or coercion, with full knowledge of what the Release means.  

  [signature page follows]

   

   

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  AGREED:

  EMPLOYEE: J.S. WHANG

    

   

    

  _________________________________  	          		Dated:					
(Signature)

   

   

  AMTECH SYSTEMS, INC. 

   

   

  By:								Dated:					
	(Signature)

   

  						 

  	(Print Name)

   

  Title:						

   

   

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Exhibit 10.1

Certain identified information has been excluded from the exhibit because such information both (i) is not material and (ii) is the type that the registrant treats as private or confidential.

From:    SANDS CHINA LTD., an exempted company incorporated in the Cayman Islands with limited liability with registration number 228336 and its registered address at Intertrust Corporate Services (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands, as borrower (the "Company")
To:     BANK OF CHINA LIMITED, MACAU BRANCH, acting as agent under the Facility Agreement (as defined below) on behalf of the Finance Parties (as defined in the Facility Agreement) (the "Agent") 
10 November 2022
Dear Sirs,
Waiver Extension and Amendment Request Letter 
We refer to the facility agreement dated 20 November 2018 between, amongst others, the Company and the Agent, as amended by (i) the request letter dated 9 March 2020 and countersigned by the Agent on 27 March 2020 (the "First Letter", a copy of which is attached hereto as Exhibit I), (ii) the waiver extension and amendment request letter dated 24 August 2020 and countersigned by the Agent on 11 September 2020 (the "Second Letter", a copy of which is attached hereto as Exhibit II (but without its original schedule and exhibit)) and (iii) the extension request letter dated 17 June 2021 and countersigned by the Agent on 7 July 2021 (the "Third Letter", a copy of which is attached hereto as Exhibit III (but without its original exhibits)) (the facility agreement as so amended, the "Original Facility Agreement"), and as further supplemented, amended, novated and / or restated from time to time (the "Facility Agreement").
Capitalised terms used but not defined in this waiver extension and amendment request letter (this "Letter") shall have those meanings given to them in the Facility Agreement. References herein to Clauses and Schedules are to clauses of, and schedules to, the Facility Agreement.
The provisions of Clause 1.2 (Construction), 1.3 (Currency symbols and definitions), 1.4 (Third party rights), Clause 17.2 (Amendment costs), Clause 29 (Notices), Clause 34 (Confidential Information) and Clause 38 (Enforcement) of the Facility Agreement shall apply to this Letter as though they were set out in full in this Letter except that references therein to any "Finance Document" or to "this Agreement" shall be construed as references to this Letter.
SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

1.BACKGROUND
(a)Pursuant to the First Letter, the Lenders have agreed to, among other things:
(i)waive the requirement for the Company to comply with Clause 20.2 (Financial condition) during the period beginning on 1 January 2020 and ending on 1 July 2021 (both dates inclusive) (the "Relevant Period") (other than with respect to the financial year ended on 31 December 2019); and
(ii)waive any Default that may arise as a result of any breach of Clause 20.2 (Financial condition) during the Relevant Period (other than with respect to the financial year ended on 31 December 2019).
(b)Pursuant to the Second Letter, the Lenders have agreed to, among other things:
(i)extend the Relevant Period such that it ends on (and includes) 1 January 2022 instead of 1 July 2021; and
(ii)amend and restate the then current version of the Facility Agreement in order to, among other things:
(1)provide the Company with the option to increase the Total Commitments by an aggregate amount of up to the Base Currency Amount of US$1,000,000,000; and
(2)restrict the ability of the Company to declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Company at any time during the period from (and including) 1 July 2020 to (and including) 1 January 2022 (the "Dividend Restriction Period") if certain conditions as specified in the Facility Agreement are triggered.  
(c)As at the date hereof, the Total HKD Commitments have been increased by HK$3,826,250,000 to an aggregate amount of HK$17,632,655,600 pursuant to the increase mechanism inserted in the Facility Agreement as described in paragraph (b)(ii)(1) above.  The Total USD Commitments remain at the amount of US$237,000,000.  
(d)Pursuant to the Third Letter, the Lenders have agreed to, among other things:
(i)further extend the Relevant Period such that it ends on (and includes) 1 January 2023 instead of 1 January 2022; and
(ii)for the purposes of Clause 19.1(a) (Financial statements), extend the deadline by which the Company shall supply the Agent with its audited financial statements 
SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

for the financial year ended on 31 December 2021 from 90 days after 31 December 2021 to 30 April 2022,
in consideration of which, among other things, the Company has agreed that the Dividend Restriction Period is extended such that it ends on (and includes) 1 January 2023 instead of 1 January 2022.
(e)The purpose of this Letter is to request the Majority Lenders to:
(i)further extend the Relevant Period such that it ends on (and includes) the Termination Date instead of 1 January 2023; and
(ii)consent to the amendment and restatement of the Original Facility Agreement in the form attached as the Schedule to the enclosed acknowledgement to this Letter, which provides for the replacement of the provisions relating to the application of LIBOR in the Original Facility Agreement with provisions relating to the application of a term SOFR reference rate, 
in consideration of which the Company will: 
(1)pay to the Agent, for the account of the relevant consenting Lenders, a consent fee as set out in paragraph 4 below; and
(2)for the purposes of Clause 21.15 (Restriction on dividends), agree to the extension of the Dividend Restriction Period such that it ends on (and includes) the Termination Date instead of 1 January 2023.
2.REQUEST
Pursuant to Clause 33 (Amendments and waivers), we request that the Majority Lenders: 
(a)further extend the Relevant Period such that it ends on (and includes) the Termination Date instead of 1 January 2023; and
(b)consent to the amendment and restatement of the Original Facility Agreement in the form attached as the Schedule to the enclosed acknowledgement to this Letter,
subject to each of the following:
(1)payment by the Company of the consent fee as set out in paragraph 4 below; and
(2)the Dividend Restriction Period being extended, for the purposes of Clause 21.15 (Restriction on dividends), such that it ends on (and includes) the Termination Date instead of 1 January 2023.
SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

3.EFFECTIVENESS AND AMENDMENT
3.1    Extension; Amendment and restatement
The Company and the Agent (acting on behalf of the Majority Lenders) agree that, with effect on and from the date of countersignature of this Letter by the Agent (acting on behalf of the Majority Lenders) (the "Effective Date"):
(a)the respective extensions of the Relevant Period and of the Dividend Restriction Period as set out in paragraph 2 above shall become effective; and
(b)save as provided in paragraph 3.2 (Continued effect of LIBOR provisions) below, the Original Facility Agreement will be amended and restated in the form attached as the Schedule to the enclosed acknowledgement of this Letter.
3.2    Continued effect of LIBOR provisions
Notwithstanding the occurrence of the Effective Date, the provisions relating to the application of LIBOR in the Original Facility Agreement shall continue to apply to: 
(a)any Interest Period for LIBOR Loans that: 
(i)has commenced prior to the Effective Date and will end on a date after the Effective Date; and
(ii)will commence less than (but excluding) [5] Business Days after the Effective Date,
(each such Interest Period, a "Legacy LIBOR Interest Period"); and
(b)the amount of interest payable on the relevant LIBOR Loans for the relevant Legacy LIBOR Interest Period,
and shall remain effective until each interest payment with respect to the relevant LIBOR Loans for the relevant Legacy LIBOR Interest Period is made.
3.3    Continuing obligations
(a)Subject to the waiver extension and the amendment and restatement of the Original Facility Agreement as set out in paragraph 2 above and this paragraph 3, the Original Facility Agreement and the other Finance Documents shall remain in full force and effect in accordance with its terms.
SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

(b)On and from the Effective Date, any reference to the Facility Agreement in any other Finance Document shall be read as a reference to the Original Facility Agreement as amended by this Letter.
4.CONSENT FEE
(a)As consideration for the Lenders granting the waiver extension and consenting to the amendment and restatement of the Original Facility Agreement as requested in paragraph 2 above, the Company shall pay (or shall cause to be paid) to the Agent for the account of the Lenders (the "Consenting Lenders") that have agreed to the waiver extension and amendment and restatement requested in this Letter by 4:00 p.m. (Macao time) on 25 November 2022 (the "Consent Approval Date"):
(i) a fee payable in USD in an aggregate amount equal to [***]% of the aggregate USD Commitments of the Consenting Lenders as at the Consent Approval Date (the "USD Consent Fee"); and
(ii)a fee payable in HKD in an aggregate amount equal to [***]% of the aggregate HKD Commitments of the Consenting Lenders as at the Consent Approval Date (the "HKD Consent Fee"),
in each case, within 10 Business Days following the Effective Date (or such later date as agreed between the Company and the Agent) (the "Payment Date").
(b)Promptly following (and in any event within 3 Business Days of) the Effective Date, the Agent shall supply the Company with such information the Company reasonably requires in order to calculate the amount of the USD Consent Fee and the HKD Consent Fee payable pursuant to paragraph (a) above.
(c)The USD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate USD Commitments of all the Consenting Lenders (calculated as at the Consent Approval Date).
(d)The HKD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate HKD Commitments of all Consenting Lenders (calculated as at the Consent Approval Date).
(e)The Company hereby instructs and authorises the Agent to, on the Payment Date:
(i)deduct the amount of the USD Consent Fee from the Company's USD-denominated account no. [***] held with the Agent and apply such amount towards payment of the USD Consent Fee on behalf of the Company; and
SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

(ii)deduct the amount of the HKD Consent Fee from the Company's HKD-denominated account no. [***] held with the Agent and apply such amount towards payment of the HKD Consent Fee on behalf of the Company. 
(f)The Consent Fee shall only be payable if the Effective Date occurs.
5.REPRESENTATIONS
The Company confirms to the Agent and each other Finance Party that on the date of this Letter and on the Effective Date:
(a)the Repeating Representations (which are not qualified by a Material Adverse Effect or any other materiality threshold) are true in all material respects; and
(b)the Repeating Representations (which are qualified by a Material Adverse Effect or any other materiality threshold) are true in all respects; and
(c)the Repeating Representations would also be true (as qualified above) if references to the Facility Agreement were construed as references to the Facility Agreement as amended by this Letter.
6.MISCELLANEOUS
(a)Save as expressly set out in this Letter, nothing in this Letter shall constitute or be deemed to be a waiver or consent by any Finance Party to any breach or potential breach of any provision of a Finance Document or a waiver of any Event of Default or an amendment to, consent under or waiver or variation of any provision of any Finance Document.
(b)This Letter is a Finance Document for the purposes of the Facility Agreement.
(c)This Letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.
7.GOVERNING LAW
This Letter is governed by and construed in accordance with Hong Kong law.
Please acknowledge your agreement to, and acceptance of, the terms of this Letter by signing, dating and returning the enclosed acknowledgement of this Letter as soon as possible.

SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

[Signature page follows]

SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

Yours faithfully,

SANDS CHINA LTD.
Acting by:

			
	/s/ Sun Minqi (Dave Sun)
	Title: Senior Vice President and Chief Financial Officer
	Name: Sun Minqi (Dave Sun)

SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

Acknowledgement of Waiver Extension and 
Amendment and Restatement of Facility Agreement 
Re: Sands China Ltd. – US$2,000,000,000 Facility Agreement dated 20 November 2018 
(as amended and restated from time to time) (the “Facility Agreement”)
The Agent (acting on the instructions of the Majority Lenders) hereby acknowledges the waiver extension and the amendment and restatement of the Facility Agreement requested in the letter dated 10 November 2022 (the "Letter") and agrees to the terms of the Letter and that with effect on and from the Effective Date (as defined in the Letter):
(a)    the extension of the Dividend Restriction Period (as defined in the Letter) as specified in the Letter shall be effective;
(b)    the further extension of the Relevant Period (as defined in the Letter) requested in the Letter shall be effective; and
(c)    the Facility Agreement shall be amended and restated in the form as attached as the Schedule hereto.
THE AGENT

			
	/s/ Cai Chun Yan
	Title: Deputy General Manager, Bank of China Limited, Macau Branch
	Name: Cai Chun Yan

For and on behalf of
BANK OF CHINA LIMITED, MACAU BRANCH
as Agent and on behalf of each other Finance Party under and as defined in the Facility Agreement
Dated:  November 30, 2022

SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

SCHEDULE TO ACKNOWLEDGEMENT
Amended and Restated Facility Agreement

SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

EXHIBIT I
COPY OF THE FIRST LETTER

SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

From:    SANDS CHINA LTD., an exempted company incorporated in the Cayman Islands with limited liability with registration number 228336 and its registered address at Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005 as borrower (the "Company")
To:     BANK OF CHINA LIMITED, MACAU BRANCH, acting as agent under the Facility Agreement (as defined below) on behalf of the Finance Parties (as defined in the Facility Agreement) (the "Agent") 
 9 March 2020
Dear Sirs,
Request Letter 
We refer to the facility agreement dated 20 November 2018 between, amongst others, the Company and the Agent, as supplemented, amended, novated and / or restated from time to time (the “Facility Agreement”).
Capitalised terms used but not defined in this waiver and amendment request letter (this "Letter") shall have those meanings given to them in the Facility Agreement. References herein to Clauses and Schedules are to clauses of, and schedules to, the Facility Agreement.
The provisions of Clause 1.2 (Construction), 1.3 (Currency symbols and definitions), 1.4 (Third party rights), Clause 17.2 (Amendment costs), Clause 29 (Notices), Clause 34 (Confidential Information) and Clause 38 (Enforcement) of the Facility Agreement shall apply to this Letter as though they were set out in full in this Letter except that references therein to any "Finance Document" or to "this Agreement" shall be construed as references to this Letter.
1BACKGROUND
(a)The purpose of this letter is to request the Majority Lenders:
(i)waive the requirement for the Company to comply with Clause 20.2 (Financial condition) during the period beginning on 1 January 2020 and ending on 1 July 2021 (both dates inclusive) (the "Relevant Period") (other than with respect to the financial year ended on 31 December 2019);
(ii)waive any Default that may arise as a result of any breach of Clause 20.2 (Financial condition) during the Relevant Period (other than with respect to the financial year ended on 31 December 2019); and
(iii)for the purposes of Clause 19.1(a) (Financial statements), extend the period of time during which the Company may supply the Agent with (1) its audited consolidated 
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

financial statements for the financial year ended on 31 December 2019, to 30 April 2020 and (2) its audited consolidated financial statements for the financial year ended on 31 December 2020, to 30 April 2021.
(b)Clause 19.1 (Financial statements) requires the Company to supply the Agent with:
(i)as soon as the same become available, but in any event within 90 days after the end of each of its financial years, its audited consolidated financial statements for that financial year; and
(ii)as soon as the same become available, but in any event within 50 days after the end of each Financial Quarter, its unaudited financial statements (in substantially the form set out in Schedule 10, or such other form as agreed between the Agent and the Company) for that Financial Quarter.
(c)Clause 19.2 (Compliance Certificate) requires the Company to supply the Agent with each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) a Compliance Certificate, signed by at least one director, the chief financial officer, the chief executive officer, or a senior vice president – finance or similar authorised officer, in each case, of the Company, setting out certain computations as at the date on which those financial statements were drawn up.
(d)Clause 20.2 (Financial condition) requires the Company to ensure that:
(i)the Consolidated Leverage Ratio as at the last day of any Financial Quarter shall not exceed 4.00 to 1.00; and
(ii)the Consolidated Interest Coverage Ratio as at the last day of any Financial Quarter is greater than 2.50 to 1.00. 
2REQUEST
Pursuant to Clause 33 (Amendments and waivers), we request that the Majority Lenders: 
(a)waive the requirement for the Company to comply with Clause 20.2 (Financial condition) during the Relevant Period (other than with respect to the financial year ended on 31 December 2019); 
(b)waive any Default that may arise as result of  any breach of Clause 20.2 (Financial condition)  during the Relevant Period (other than with respect to the financial year ended on 31 December 2019); and
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

(c)for the purposes of Clause 19.1(a) (Financial statements), extend the period of time during which the Company may supply the Agent with:
(i)its audited consolidated financial statements for the financial year ended on 31 December 2019, to 30 April 2020; and 
(ii)its audited consolidated financial statements for the financial year ended on 31 December 2020, to 30 April 2021. 
3EFFECTIVENESS
(a)The Company and the Agent (acting on behalf of the Majority Lenders) agree that the waivers and extension set out in paragraph 2 above shall become effective on and from the date of countersignature of this Letter by the Agent (the "Effective Date").
(b)On and from the Effective Date, any reference to the Facility Agreement in any other Finance Document shall be read as a reference to the Facility Agreement as amended by this Letter. 
4CONSENT FEE
(a)As consideration for the Lenders granting the waivers and extension set out in paragraph 2 above, the Company shall pay (or shall cause to be paid) to the Agent for the account of the Lenders (the "Consenting Lenders") that have agreed to the waivers and extension requested in this Letter by close of business on 27 March 2020 (the "Consent Approval Date"):
(i)a fee payable in USD in an aggregate amount equal to [***]% of the aggregate USD Commitments of the Consenting Lenders as at the Consent Approval Date (the "USD Consent Fee"); and
(ii)a fee payable in HKD in an aggregate amount equal to [***]% of the aggregate HKD Commitments of the Consenting Lenders as at the Consent Approval Date (the "HKD Consent Fee"),
in each case, within 10 Business Days following the Effective Date (or such later date as agreed between the Company and the Agent) (the "Payment Date").
(b)Promptly following (and in any event within 3 Business Days of) the Effective Date, the Agent shall supply the Company with such information the Company reasonably requires in order to calculate the amount of the USD Consent Fee and the HKD Consent Fee payable pursuant to paragraph (a) above.
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

(c)The USD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate USD Commitments of all the Consenting Lenders (calculated as at the Consent Approval Date).
(d)The HKD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate HKD Commitments of all Consenting Lenders (calculated as at the Consent Approval Date).
(e)The USD Consent Fee shall be paid into the following bank account (or such other bank account you notify to us in writing at least 3 Business Days prior to the Payment Date):
						
	Account Bank:	
	Name of Account:	
	Account Number:	
	Ref:	

The HKD Consent Fee shall be paid into the following bank account (or such other bank account you notify to us in writing at least 3 Business Days prior to the Payment Date):
						
	Account Bank:	
	Name of Account:	
	Account Number:	
	Ref:	

(f)The Consent Fee shall only be payable if the Effective Date occurs. 
5MISCELLANEOUS
(a)Save as expressly set out in this Letter, nothing in this Letter shall constitute or be deemed to be a waiver or consent by any Finance Party to any breach or potential breach of any provision of a Finance Document or a waiver of any Event of Default or an amendment to, consent under or waiver or variation of any provision of any Finance Document.
(b)Subject to the waivers and extension set out in paragraph 2 above, the Facility Agreement and the other Finance Documents shall remain in full force and effect in accordance with its terms.
(c)This Letter is a Finance Document for the purposes of the Facility Agreement.
(d)This Letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

6GOVERNING LAW
This Letter, and any non-contractual obligations arising out of or in connection with it are governed by and construed in accordance with Hong Kong law.
Please acknowledge your agreement to, and acceptance of, the terms of this Letter by signing, dating and returning the enclosed acknowledgement of this Letter as soon as possible.

Yours faithfully,
SANDS CHINA LTD.
Acting by:
			
	/s/ Sun Minqi (Dave Sun)
	Title: Senior Vice President and Chief Financial Officer
	Name: Sun Minqi (Dave Sun)

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

Acknowledgement of Waivers and Extension
The Agent hereby acknowledges the waivers, extension and amendments requested in the letter dated March 9, 2020 (the "Letter") and agrees to the terms of the Letter and that such waivers, extension and amendments shall be effective on and from the Effective Date (as defined in the Letter).

			
	/s/ Wong Iao Kun
	Title: Deputy Director
	Name: Wong Iao Kun

For and on behalf of
BANK OF CHINA LIMITED, MACAU BRANCH
as Agent and on behalf of each other Finance Party under and as defined in the Facility Agreement
Dated: March 27, 2020

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

EXHIBIT II
COPY OF THE SECOND LETTER
(without original schedule and exhibit)

SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

From:    SANDS CHINA LTD., an exempted company incorporated in the Cayman Islands with limited liability with registration number 228336 and its registered address at Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman KY1-9005 as borrower (the "Company")
To:     BANK OF CHINA LIMITED, MACAU BRANCH, acting as agent under the Facility Agreement (as defined below) on behalf of the Finance Parties (as defined in the Facility Agreement) (the "Agent") 
 24 August 2020
Dear Sirs,
Waiver Extension and Amendment Request Letter 
We refer to the facility agreement dated 20 November 2018 between, amongst others, the Company and the Agent, as amended by the request letter dated 9 March 2020 and countersigned by the Agent on 27 March 2020 (the "First Letter", a copy of which is attached hereto as Exhibit I) and as further supplemented, amended, novated and / or restated from time to time (the "Facility Agreement").
Capitalised terms used but not defined in this waiver extension and amendment request letter (this "Letter") shall have those meanings given to them in the Facility Agreement. References herein to Clauses and Schedules are to clauses of, and schedules to, the Facility Agreement.
The provisions of Clause 1.2 (Construction), 1.3 (Currency symbols and definitions), 1.4 (Third party rights), Clause 17.2 (Amendment costs), Clause 29 (Notices), Clause 34 (Confidential Information) and Clause 38 (Enforcement) of the Facility Agreement shall apply to this Letter as though they were set out in full in this Letter except that references therein to any "Finance Document" or to "this Agreement" shall be construed as references to this Letter.
1BACKGROUND
(a)Pursuant to the First Letter, the Lenders have agreed to, among other things:
(i)waive the requirement for the Company to comply with Clause 20.2 (Financial condition) during the period beginning on 1 January 2020 and ending on 1 July 2021 (both dates inclusive) (the "Relevant Period") (other than with respect to the financial year ended on 31 December 2019); and
(i)waive any Default that may arise as a result of any breach of Clause 20.2 (Financial condition) during the Relevant Period (other than with respect to the financial year ended on 31 December 2019).
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

(b)The purpose of this Letter is to request the Majority Lenders to:
(i)extend the Relevant Period such that it ends on (and includes) 1 January 2022 instead of 1 July 2021; and
(ii)consent to the amendment and restatement of the Facility Agreement in the form attached as the Schedule to the enclosed acknowledgement to this Letter, which provides for the following amendments to the Facility Agreement:
(1)providing the Company with the option to increase the Total Commitments (such increase in Commitments to be assumed by one or more Lenders or other Qualified Financial Institutions selected by the Company) by an aggregate amount of up to the Base Currency Amount of US$1,000,000,000; and
(2)inserting a restriction on the ability of the Company to declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Company at any time during the period from (and including) 1 July 2020 to (and including) 1 January 2022 if at such time:
(A)the Total Commitments exceed US$2,000,000,000 by operation of the increase referred to in sub-paragraph (1) above; and
(B)the Consolidated Leverage Ratio specified in the most recent Compliance Certificate received by the Agent is greater than 4.0x, 
unless, after giving effect to such payment, the sum of (i) the aggregate amount of Cash and Cash Equivalents of the Company on such date and (ii) the aggregate amount of the Available Facility and unused commitments under other credit facilities of the Company is greater than US$2,000,000,000.
2.REQUEST
Pursuant to Clause 33 (Amendments and waivers), we request that the Majority Lenders: 
(a)extend the Relevant Period such that it ends on (and includes) 1 January 2022 instead of 1 July 2021; and
(b)consent to the amendment and restatement of the Facility Agreement in the form attached as the Schedule to the enclosed acknowledgement to this Letter. 
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

3.EFFECTIVENESS AND AMENDMENTS
The Company and the Agent (acting on behalf of the Majority Lenders) agree that, with effect on and from the date of countersignature of this Letter by the Agent (acting on behalf of the Majority Lenders) (the "Effective Date"): 
(a)the extension of the Relevant Period as set out in paragraph 2(a) above shall become effective; and
(b)the Facility Agreement will be amended and restated in the form attached as the Schedule to the enclosed acknowledgement of this Letter.
On and from the Effective Date, any reference to the Facility Agreement in any other Finance Document shall be read as a reference to the Facility Agreement as amended by this Letter. 
4.CONSENT FEE
(a)As consideration for the Lenders granting the waiver extension and consenting to the amendment and restatement of the Facility Agreement as set out in paragraph 2 above, the Company shall pay (or shall cause to be paid) to the Agent for the account of the Lenders (the "Consenting Lenders") that have agreed to the waiver extension and amendment and restatement requested in this Letter by close of business on 11 September 2020 (the "Consent Approval Date"):
(i)a fee payable in USD in an aggregate amount equal to [***]% of the aggregate USD Commitments of the Consenting Lenders as at the Consent Approval Date (the "USD Consent Fee"); and
(ii)a fee payable in HKD in an aggregate amount equal to [***]% of the aggregate HKD Commitments of the Consenting Lenders as at the Consent Approval Date (the "HKD Consent Fee"),
in each case, within 10 Business Days following the Effective Date (or such later date as agreed between the Company and the Agent) (the "Payment Date").
(b)Promptly following (and in any event within 3 Business Days of) the Effective Date, the Agent shall supply the Company with such information the Company reasonably requires in order to calculate the amount of the USD Consent Fee and the HKD Consent Fee payable pursuant to paragraph (a) above.
(c)The USD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate USD Commitments of all the Consenting Lenders (calculated as at the Consent Approval Date).
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

(d)The HKD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate HKD Commitments of all Consenting Lenders (calculated as at the Consent Approval Date).
(e)The USD Consent Fee shall be paid into the following bank account (or such other bank account you notify to us in writing at least 3 Business Days prior to the Payment Date):
						
	Account Bank:	
	Name of Account:	
	Account Number:	
	Ref:	

The HKD Consent Fee shall be paid into the following bank account (or such other bank account you notify to us in writing at least 3 Business Days prior to the Payment Date):
						
	Account Bank:	
	Name of Account:	
	Account Number:	
	Ref:	

(f)The Consent Fee shall only be payable if the Effective Date occurs.
5.REPRESENTATIONS
The Company confirms to the Agent and each other Finance Party that on the date of this Letter and on the Effective Date:
(a)the Repeating Representations (which are not qualified by a Material Adverse Effect or any other materiality threshold) are true in all material respects; and
(b)the Repeating Representations (which are qualified by a Material Adverse Effect or any other materiality threshold) are true in all respects; and
(c)the Repeating Representations would also be true (as qualified above) if references to the Facility Agreement were construed as references to the Facility Agreement as amended by this Letter.
6.MISCELLANEOUS
(a)Save as expressly set out in this Letter, nothing in this Letter shall constitute or be deemed to be a waiver or consent by any Finance Party to any breach or potential breach of any provision of a Finance Document or a waiver of any Event of Default or an 
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

amendment to, consent under or waiver or variation of any provision of any Finance Document.
(b)Subject to the waiver extension and amendment and restatement of the Facility Agreement as set out in paragraphs 2 and 3 above, the Facility Agreement and the other Finance Documents shall remain in full force and effect in accordance with its terms.
(c)This Letter is a Finance Document for the purposes of the Facility Agreement.
(d)This Letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.
7.GOVERNING LAW
This Letter is governed by and construed in accordance with Hong Kong law.
Please acknowledge your agreement to, and acceptance of, the terms of this Letter by signing, dating and returning the enclosed acknowledgement of this Letter as soon as possible.
Yours faithfully,

SANDS CHINA LTD.
Acting by:

			
	/s/ Sun Minqi (Dave Sun)
	Title: Senior Vice President and Chief Financial Officer
	Name: Sun Minqi (Dave Sun)

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

Acknowledgement of Waiver Extension and 
Amendment and Restatement of Facility Agreement 
Re: Sands China Ltd. – US$2,000,000,000 Facility Agreement dated 20 November 2018 
(the "Facility Agreement")
The Agent (acting on the instructions of the Majority Lenders) hereby acknowledges the waiver extension and amendment and restatement of the Facility Agreement requested in the letter dated 24 August 2020 (the "Letter") and agrees to the terms of the Letter and that with effect on and from the Effective Date (as defined in the Letter):
(a)    the waiver extension and amendments requested in the Letter shall be effective; and
(b)    the Facility Agreement shall be amended and restated in the form as attached as the Schedule hereto. 
THE AGENT
			
	/s/ Wong Iao Kun
	Title: Deputy Director, Credit Administration Department
	Name: Wong Iao Kun

For and on behalf of
BANK OF CHINA LIMITED, MACAU BRANCH
as Agent and on behalf of each other Finance Party under and as defined in the Facility Agreement
Dated: September 11, 2020

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

EXHIBIT III
COPY OF THE THIRD LETTER
(without original exhibits)
SANDS CHINA LTD. 金沙中國有限公司
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschina.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	
	HKEx Stock Code股份代碼 : 1928	

From:    SANDS CHINA LTD., an exempted company incorporated in the Cayman Islands with limited liability with registration number 228336 and its registered address at Intertrust Corporate Services (Cayman) Limited, One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands, as borrower (the "Company")
To:     BANK OF CHINA LIMITED, MACAU BRANCH, acting as agent under the Facility Agreement (as defined below) on behalf of the Finance Parties (as defined in the Facility Agreement) (the "Agent") 
 17 June 2021
Dear Sirs,
Extension Request Letter 
We refer to the facility agreement dated 20 November 2018 between, amongst others, the Company and the Agent, as amended by (i) the request letter dated 9 March 2020 and countersigned by the Agent on 27 March 2020 (the "First Letter", a copy of which is attached hereto as Exhibit I) and (ii) the waiver extension and amendment request letter dated 24 August 2020 and countersigned by the Agent on 11 September 2020 (the "Second Letter", a copy of which is attached hereto as Exhibit II (but without its original schedule and exhibit)), and as further supplemented, amended, novated and / or restated from time to time (the "Facility Agreement").
Capitalised terms used but not defined in this extension request letter (this "Letter") shall have those meanings given to them in the Facility Agreement. References herein to Clauses and Schedules are to clauses of, and schedules to, the Facility Agreement.
The provisions of Clause 1.2 (Construction), 1.3 (Currency symbols and definitions), 1.4 (Third party rights), Clause 17.2 (Amendment costs), Clause 29 (Notices), Clause 34 (Confidential Information) and Clause 38 (Enforcement) of the Facility Agreement shall apply to this Letter as though they were set out in full in this Letter except that references therein to any "Finance Document" or to "this Agreement" shall be construed as references to this Letter.
1BACKGROUND
(a)Pursuant to the First Letter, the Lenders have agreed to, among other things:
(i)waive the requirement for the Company to comply with Clause 20.2 (Financial condition) during the period beginning on 1 January 2020 and ending on 1 July 2021 (both dates inclusive) (the "Relevant Period") (other than with respect to the financial year ended on 31 December 2019); and
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

(ii)waive any Default that may arise as a result of any breach of Clause 20.2 (Financial condition) during the Relevant Period (other than with respect to the financial year ended on 31 December 2019).
(b)Pursuant to the Second Letter, the Lenders have agreed to, among other things:
(i)extend the Relevant Period such that it ends on (and includes) 1 January 2022 instead of 1 July 2021; and
(ii)amend and restate the Facility Agreement in order to, among other things:
(1)insert Clause 2.1A (Increase) into the Facility Agreement, which provides the Company with the option to increase the Total Commitments by an aggregate amount of up to the Base Currency Amount of US$1,000,000,000; and
(2)insert Clause 21.15 (Restriction on dividends) into the Facility Agreement, which restricts the ability of the Company to declare or make any dividend payment or other distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of the Company at any time during the period from (and including) 1 July 2020 to (and including) 1 January 2022 (the "Dividend Restriction Period") if at such time:
(A)the Total Commitments exceed US$2,000,000,000 by operation of the increase pursuant to Clause 2.1A (Increase) of the Facility Agreement; and
(B)the Consolidated Leverage Ratio specified in the most recent Compliance Certificate received by the Agent is greater than 4.0x, 
unless, after giving effect to such payment, the Liquidity is greater than US$2,000,000,000.
(c)As at the date hereof, the Total HKD Commitments have been increased by HK$3,826,250,000 to an aggregate amount of HK$17,632,655,600 pursuant to Clause Clause 2.1A (Increase).  The Total USD Commitments remain at the amount of US$237,000,000.  As at the date hereof, the Total Commitments therefore exceed US$2,000,000,000 by operation of the increase pursuant to Clause 2.1A (Increase).
(d)Clause 19.1(a) (Financial statements) requires the Company to supply the Agent with (among other things), as soon as the same becomes available, but in any event within 90 days after the end of each of its financial years, its audited consolidated financial statements for that financial year.
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

(e)The purpose of this Letter is to request the Majority Lenders to:
(i)further extend the Relevant Period such that it ends on (and includes) 1 January 2023 instead of 1 January 2022; and
(ii)for the purposes of Clause 19.1(a) (Financial statements), extend the deadline by which the Company shall supply the Agent with its audited financial statements for the financial year ended on 31 December 2021 (the "2021 Financials Delivery Deadline") from 90 days after 31 December 2021 to 30 April 2022,
in consideration of which the Company will:
(1)pay to the Agent, for the account of the relevant consenting Lenders, a consent fee as set out in paragraph 4 below; and
(2)for the purposes of Clause 21.15 (Restriction on dividends), agree to the extension of the Dividend Restriction Period such that it ends on (and includes) 1 January 2023 instead of 1 January 2022.
2.REQUEST
Pursuant to Clause 33 (Amendments and waivers), we request that the Majority Lenders: 
(a)further extend the Relevant Period such that it ends on (and includes) 1 January 2023 instead of 1 January 2022; and
(b)for the purposes of Clause 19.1(a) (Financial statements), extend the 2021 Financials Delivery Deadline from 90 days after 31 December 2021 to 30 April 2022,
subject to each of the following:
(1)payment by the Company of the consent fee as set out in paragraph 4 below; and
(2)the Dividend Restriction Period being extended, for the purposes of Clause 21.15 (Restriction on dividends), such that it ends on (and includes) 1 January 2023 instead of 1 January 2022.
(3)EFFECTIVENESS AND AMENDMENT
(a)The Company and the Agent (acting on behalf of the Majority Lenders) agree that, with effect on and from the date of countersignature of this Letter by the Agent (acting on behalf of the Majority Lenders) (the "Effective Date"), the respective extensions of the 
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

Relevant Period, the Dividend Restriction Period and the 2021 Financials Delivery Deadline as set out in paragraph 2 above shall become effective.
(b)On and from the Effective Date, any reference to the Facility Agreement in any other Finance Document shall be read as a reference to the Facility Agreement as amended by this Letter.
(4)CONSENT FEE
(a)As consideration for the Lenders granting the respective extensions as set out in paragraph 2 above, the Company shall pay (or shall cause to be paid) to the Agent for the account of the Lenders (the "Consenting Lenders") that have agreed to the extensions requested in this Letter by 4:00 p.m. (Macao time) on 6 July 2021 (the "Consent Approval Date"):
(i)a fee payable in USD in an aggregate amount equal to [***]% of the aggregate USD Commitments of the Consenting Lenders as at the Consent Approval Date (the "USD Consent Fee"); and
(ii)a fee payable in HKD in an aggregate amount equal to [***]% of the aggregate HKD Commitments of the Consenting Lenders as at the Consent Approval Date (the "HKD Consent Fee"),
in each case, within 10 Business Days following the Effective Date (or such later date as agreed between the Company and the Agent) (the "Payment Date").
(b)Promptly following (and in any event within 3 Business Days of) the Effective Date, the Agent shall supply the Company with such information the Company reasonably requires in order to calculate the amount of the USD Consent Fee and the HKD Consent Fee payable pursuant to paragraph (a) above.
(c)The USD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate USD Commitments of all the Consenting Lenders (calculated as at the Consent Approval Date).
(d)The HKD Consent Fee shall be allocated by the Agent to each Consenting Lender pro rata to that Consenting Lender’s share of the aggregate HKD Commitments of all Consenting Lenders (calculated as at the Consent Approval Date).
(e)The Company hereby instructs and authorises the Agent to, on the Payment Date:
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

(i)deduct the amount of the USD Consent Fee from the Company's USD-denominated account no. [***] held with the Agent and apply such amount towards payment of the USD Consent Fee on behalf of the Company; and
(ii)deduct the amount of the HKD Consent Fee from the Company's HKD-denominated account no. [***] held with the Agent and apply such amount towards payment of the HKD Consent Fee on behalf of the Company. 
(f)The Consent Fee shall only be payable if the Effective Date occurs.
(5)REPRESENTATIONS
The Company confirms to the Agent and each other Finance Party that on the date of this Letter and on the Effective Date:
(a)the Repeating Representations (which are not qualified by a Material Adverse Effect or any other materiality threshold) are true in all material respects; and
(b)the Repeating Representations (which are qualified by a Material Adverse Effect or any other materiality threshold) are true in all respects; and
(c)the Repeating Representations would also be true (as qualified above) if references to the Facility Agreement were construed as references to the Facility Agreement as amended by this Letter.
(6)MISCELLANEOUS
(a)Save as expressly set out in this Letter, nothing in this Letter shall constitute or be deemed to be a waiver or consent by any Finance Party to any breach or potential breach of any provision of a Finance Document or a waiver of any Event of Default or an amendment to, consent under or waiver or variation of any provision of any Finance Document.
(b)Subject to the extensions of the relevant dates as set out in paragraphs 2 and 3 above, the Facility Agreement and the other Finance Documents shall remain in full force and effect in accordance with its terms.
(c)This Letter is a Finance Document for the purposes of the Facility Agreement.
(d)This Letter may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Letter.
(7)GOVERNING LAW
SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

This Letter is governed by and construed in accordance with Hong Kong law.
Please acknowledge your agreement to, and acceptance of, the terms of this Letter by signing, dating and returning the enclosed acknowledgement of this Letter as soon as possible.
Yours faithfully,

SANDS CHINA LTD.
Acting by:

			
	/s/ Sun Minqi (Dave Sun)
	Title: Senior Vice President and Chief Financial Officer
	Name: Sun Minqi (Dave Sun)

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928	

Acknowledgement of Extensions 
Re: Sands China Ltd. – US$2,000,000,000 Facility Agreement dated 20 November 2018 
(as amended and restated from time to time)
The Agent (acting on the instructions of the Majority Lenders) hereby: 
(a)    acknowledges the following extensions as requested in the letter dated 17 June 2021 (the "Letter"):
(i)    the further extension of the Relevant Period (as defined in the Letter); and
(ii)    the extension of the 2021 Financials Delivery Deadline (as defined in the Letter),
in each case subject to (1) the payment of the consent fee as set out in the Letter and (2) the extension of the Dividend Restriction Period (as defined in the Letter); and
 (b)    agrees to the terms of the Letter and that the respective extensions of the Relevant Period, the 2021 Financials Delivery Deadline and the Dividend Restriction Period shall be effective on and from the Effective Date (as defined in the Letter). 

THE AGENT

			
	/s/ Wong Iao Kun
	Title: Deputy Director of Credit Admin. Dept.
	Name: Wong Iao Kun

For and on behalf of
BANK OF CHINA LIMITED, MACAU BRANCH
as Agent and on behalf of each other Finance Party under and as defined in the Facility Agreement
Dated: 7 July 2021

SANDS CHINA LTD. 金沙中國有限公司*
Estrada da Baía de N. Senhora da Esperança, Taipa, Macao SAR 澳門氹仔望德聖母灣大馬路
www.sandschinaltd.com

						
	(Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司)	*For identification purposes only僅供識別
	HKEx Stock Code股份代碼 : 1928

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