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Exhibit 10.39  

 
  LAND CONCESSION AGREEMENT    
    

Considering
that:(1) 

	(1)
	This
is a summary of the recitals of the lease agreement, as published in the Macau Government Gazette, supplement to issue no. 50, 2nd series, dated 10 December 2003.
The clauses of the agreement are translated in full.

	1.
	In
June, 2002, the government has granted to Galaxy Casinos S.A. a gambling franchise, with the obligation of it transferring its the management to Venetian Macau—Sociedade
Gestora, S.A.;

	2.
	In
October 2002, Venetian Macau—Sociedade Gestora, S.A. requested for the lease of a plot of land located at Avenida Dr. Sun lat Sen, for the purposes of
building an entertainment centre, including casino, restaurants, commercial areas, entertainment and parking;

	3.
	The
request was reviewed by the competent government departments;

	4.
	The
Secretary for Lands, Public Works and Transportation has exceptionally authorized the starting of construction works in order to allow the beginning of operations at the site as
soon as possible;

	5.
	In
July 2003, the requesting party presented a new usage plan, incorporating substantial changes to the internal layout of the building and usage areas, asking for an urgent
decision as regards the premium price;

	6.
	The
Public Works Dept. prepared a draft lease agreement, proposing that the premium price be determined in accordance with the purpose "5 star hotel" being the percentage of estimated
profit 30% given the nature of the usage of the land as well as existing precedent for the same circumstances;

	7.
	The
criteria was approved by the Chief Executive and the requesting party was notified, being also given a draft contract;

	8.
	The
requesting party, under its new name Venetian Macau S.A., proposed some changes to the draft, namely that the lease be given to it directly, not as representative of another
company, in accordance with the subconcession contract executed between Galaxy Casinos, S.A. and Venetian Macau, S.A. in December 2002;

	9.
	These,
and other changes were duly evaluated by the Government;

	10.
	A
new draft contract was issued and approved by all parties;

	11.
	The
Land Commission, on December 3, 2003, gave its opinion, approving the lease terms;

	12.
	The
Land Commission's opinion was accepted by the Chief Executive on December 8, 2003;

	13.
	The
plot of land, with an area of 26082 m2, not registered in the Macau Land and Buildings Registry, is marked with letters "A", "B1" and "B2", in the chart n.° 6086/2003,
issued by the Surveying and Cartography Department on 27 August, 2003;

	14.
	The
terms of the lease were expressly accepted by the requesting party, as per a statement signed by Joaquim Jorge Perestrelo Neto Valente, as director of Venetian Macau S.A.;

	15.
	The
premium pursuant to clause 9.2 of the lease contract was paid on December 9, 2003; 

CLAUSE
FIRST—OBJECT 

In
performance and execution of clause 3 of its Investment Plan, by this contract, the first party, grants to the second party, by way of lease and without a public tender, a plot of land, not
registered in the Macau Land and Buildings Registry with an area of 26 082m2 (twenty six thousand and eighty-two square meters), located in the Macau peninsula at  Avenida Dr. Sun Yat Sen, next to
the "Mandarin Hotel Resort". The leased land, valued at $160.137.280,00 (one hundred and sixty million, one
hundred 

 

and
thirty-seven thousand, two hundred and eighty patacas), which is marked with letters "A", "B1" and "B2", in the chart n.° 6086/2003, issued by the Surveying and Cartography Department
on 27 August, 2003, which is a part of this contract, and is hereinafter named as the land. 

CLAUSE
SECOND—LEASE TERM 

        1.     The
lease is valid for a period of 25 (twenty five) years, starting from the date in which the Chief Executive's dispatch titling this contract is published in the
Government Gazette. 

        2.     The
lease term, as per above, may, in accordance with applicable legislation, be successively renewed. 

CLAUSE
THIRD—LAND USE AND PURPOSE 

	1.
	The
land is to be used for the construction of a building with the following gross construction areas and purposes: 

	1.    Entertainment centre, commercial areas, restaurants and other support areas	 	58.606m2
	2.    Gambling areas	 	  5.776m2
	3.    Parking	 	27.124m2
	4.    Free area	 	6.203m2

        2.     The
usage of the land must conform to the conditions contained in the Official Alignment Plan no. 2003A036 issued on 11 August, 2003, by the Transportation and
Public Works Department (DSSOPT) as well as the project to be drafted and presented by the second party and to be approved by the first party. 

CLAUSE
FOURTH—TERM FOR USE 

        1.     The
use of the land must take place within 30 (thirty) months, starting from the date in which the Chief Executive's dispatch titling this contract is published in the
Government Gazette. 

        2.     The
term set out above includes the terms needed for the presentation of the projects by the second party and their review by the first party. 

CLAUSE
FIFTH—FINES 

        1.     As
penalty for the non compliance of the term contained in the previous clause, relating to the use of the land, the second party shall pay a fine of up to $5.000,00
(five thousand patacas) for each day of delay, up to 60 (sixty) days; beyond this period, and up to the total maximum of 120 (one hundred and twenty days), it is subject to a fine of up to twice the
above amount, except in duly justified circumstances, accepted by the first party. 

        2.     The
second party is not liable in accordance with the above upon the occurrence of an event of force majeure or other relevant events which are, justifiably, outside of
its control. 

        3.     An
event shall be considered an event of force majeure if it results exclusively from unpredictable and irresistible events. 

        4.     For
the purposes of no 2, above, the second party shall notify, in writing the first party, as soon as possible, the occurrence of such events. 

CLAUSE
SIXTH—RENT 

        1.     During
the term of the land use, the second party shall pay an annual rent in the amount of $30,00 (thirty patacas) per square meter of leased land, totaling $782.460,00
(seven hundred and eighty-two thousand, four hundred and sixty patacas). 

2

 

        2.     After
the use of the land is concluded, the second party shall pay an annual rent in the amount of $1.299.000,00 (one million, two hundred and ninety nine thousand
patacas) calculated in accordance with the following usage and gross construction area: 

	1.    Entertainment centre, commercial areas, restaurants and other support

        areas: 58.606m2 X $15,00/m2	 	$	879.090,00
	2.    Gambling areas: 5.776m2 X 15,00/m2	 	$	86.640,00
	3.    Parking: 27.124m2 X $10,00/m2	 	$	271.240,00
	4.    Free area: 6.203m2 X 10,00/m2	 	$	62.030,00

        3.     The
rents shall be reviewed every five years, starting from the date in which the Chief Executive's dispatch titling this contract is published in the Government Gazette,
without prejudice as to the immediate applicability of new amounts in accordance with legislation which may be enacted during the term of this contract. 

CLAUSE
SEVENTH—SURETY 

        1.     In
accordance with article 126 of Law no. 6/80/M, enacted on July 5, 1980, the second party shall give surety in the amount of $782.460,00 (seven
hundred and eighty-two thousand, four hundred and sixty patacas) by way of a deposit or bank guarantee accepted by the first party. 

        2.     The
amount of surety, mentioned above, shall always follow the amount of annual rent. 

CLAUSE
EIGHT—SPECIAL OBLIGATIONS 

        1.     The
following are special obligations to be exclusively borne by the second party: 

        1.1   The
formation of the leased land, marked with letters "A", "B1" and "B2" in the plan no. 6086/2003, issued by the Surveying and Cartography Department on 27
August, 2003. 

        1.2   The
rerouting and/or removal of all existing infrastructures in the leased land and adjacent zones, namely sewage network, water supply, electrical grid and
telecommunications. 

        1.3   Paving
of sidewalks and streets in the zone surrounding the leased land. 

        1.4   Landscaping
works around the leased land. 

        2.     For
the purposes of executing the above works, the second party shall draft all construction projects, which must be approved by the first party. 

        3.     The
second party warrants the due performance and the quality of the materials and equipment to be used in the works referred to in points 1.2 and 1.3 of this clause for
a period of two years, starting from the provisional delivery of such works, being under the obligation to repair and correct all deficiencies found during that period, and, in the works referred to
in no. 1.4, for the duration of the lease. 

CLAUSE
NINTH—PREMIUM 

The
second party shall pay to the first party, as premium for this contract, the total amount of MOP$160.137.280,00 (one hundred and sixty million, one hundred and thirty seven thousand, two hundred
and eighty patacas), as follows: 

        1.     $39.968.243,00
(thirty nine million, nine hundred and sixty eight thousand, two hundred and forty three patacas) in kind for the execution of the works as per
no. 1.1 and 1.2 of clause eighth; 

        2.     $15.000.000,00
(fifteen million patacas) which the first party has already received and hereby gives acquittal; 

3

 

        3.     The
remaining, in the amount of $105.169.037,00 (one hundred and five million, one hundred and sixty nine thousand and thirty seven patacas), which shall accrue interest
at the annual rate of 5%, shall be paid in 5 (three) half-yearly installments of equal amount in capital and interest, in the amount of $22.637.320,00 (twenty two million, six hundred and
thirty seven thousand, three hundred and twenty patacas), each, the first being due 6 (six) months after the date in which the Chief Executive's dispatch titling this contract is published in the
Government Gazette. 

CLAUSE
TENTH—EXCESS LAND MATERIALS 

        1.     The
second party is expressly prohibited from withdrawing from the leased land, without the prior written consent of the first party, any materials, such as earth, stones
and sands, produced by excavations for the purpose of building the foundations or ground leveling. 

        2.     The
first party shall only grant permits for the removal of such materials which cannot be used on the leased land nor are suitable for any other use. 

        3.     The
materials removed with the first party's authorization shall be always deposited in a location to be indicated by the first party. 

        4.     The
second party shall be liable for the non performance of this clause, without prejudice to the payment of an indemnity to be determined by experts from DSSOPT
according to the materials effectively removed, as follows: 

        4.1   Upon
the first violation: a fine of between $20.000,00 and $50.000,00; 

        4.2   Upon
the second infraction: a fine of between $51.000,00 and $100.000,00; 

        4.3   Upon
the third infraction: a fine of between $101.000,00 and $200.000,00; 

        4.4   Starting
from the fourth infraction, the first party shall have the right to terminate this agreement. 

CLAUSE
ELEVENTH—USAGE LICENSE 

The
usage license shall only be issued after presentation of evidence of full payment of the premium as defined in clause nine and the full performance of the obligations contained in clause eight. 

CLAUSE
TWELFTH—ASSIGNMENT 

        1.     The
assignment of any rights resulting from this lease, given its nature, is dependent upon prior authorization by the first party and the assignee shall be subject to a
revision of this contract. 

        2.     As
security for financing the necessary construction works, the second party may mortgage the land lease right over the leased land in favor of credit institutions, in
accordance with article 2 of Decree-Law 51/83/M, enacted on December 26, 1983. 

CLAUSE
THIRTEENTH—OVERSIGHT 

During
the construction period, the second party must grant full access to the land and to the construction works to any government representatives overseeing the works, giving them all assistance and
means necessary to ensure the proper discharge of their duties. 

CLAUSE
FOURTEENTH—FORFEITURE 

        1.     This
contract shall be forfeit in the following situations: 

        1.1   After
the term of the aggravated fine as per no 1 of clause five; 

        1.2   Change,
without consent, of the purpose of the lease, while the construction is not concluded; 

4

 

        1.3   Stoppage
of construction for a period of over 90 (ninety) days, except under special conditions duly justified and accepted as such by the first party; 

        2.     The
forfeiture of this contract is declared by a decision from the Chief Executive, published in the Government Gazette. 

        3.     The
forfeiture of this contract shall result in the possession of the land returning to the first party, with all construction works already made, without compensation to
the second party. 

CLAUSE
FIFTEENTH—RESCISSION 

        1.     This
contract may be rescinded upon the occurrence of any of the following events: 

        1.1   Non
payment of rent when due and payable; 

        1.2   Change
without consent in the usage of the land and/or the purpose of the lease, if the construction works are concluded, 

        1.3   Assignment
in violation of clause twelve, 

        1.4   Non
performance of the obligations contained in clauses eight and nine; 

        1.5   Repeated
non performance, after the forth infraction, of the obligations contained in clause tenth; 

        2.     The
rescission shall be declared by decision of the Chief Executive to be published in the Government Gazette. 

CLAUSE
SIXTEENTH—COMPETENT JURISDICTION 

Any
conflict resulting from this contract shall be brought before the Court of First Instance of the Macau SAR. 

CLAUSE
SEVENTEENTH—APPLICABLE LAW 

Matters
not provided for in this contract shall be governed by Law 6/80/M, enacted on July 5, 1980 and all other applibable legislation 

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Exhibit 10.48  

 
  AIRCRAFT TIME SHARING AGREEMENT    
    

        This AIRCRAFT TIME SHARING AGREEMENT (the "Agreement") is made and entered into as of this 18th day of June, 2004, by and between Interface Operations LLC, a
Delaware limited liability company ("Provider"), and Las Vegas Sands, Inc., a Nevada corporation ("Recipient"). 

        In
consideration of the mutual promises, agreements, covenants, warranties, representations and provisions contained herein, the parties agree as follows: 

        1.    Time Sharing of the Aircraft.    Subject to the terms and conditions of this Agreement, Provider shall provide
Recipient with transportation services on a non-exclusive basis using Provider's aircraft identified as a Boeing 737-7BC, serial number 33102, U.S. registration number N108MS
(the "Aircraft"). This Agreement is intended to be a time sharing agreement within the meaning of 14 C.F.R. Section 91.501(c)(1). 

        2.    Term.    The term of this Agreement (the "Term") shall commence on the date of this Agreement and end on
December 31, 2005 (the "Expiration Date"). The Expiration Date (as it may be extended) shall be automatically extended by one year if neither party has given notice of non-renewal
to the other at least thirty (30) days before the then Expiration Date. Notwithstanding anything to the contrary in this section 2, either party may terminate this Agreement on thirty
(30) days' notice, provided that such party is not then in default, and this Agreement shall terminate automatically upon the termination of the Lease (as defined in Section 6(f)). 

        3.    Delivery to Recipient.    Upon the request of Recipient, subject to the availability of the Aircraft as
determined by Provider, Provider shall make the Aircraft available to Recipient at such location as Recipient may reasonably request. Recipient acknowledges that Provider currently bases the Aircraft
at Portland International Airport, Portland, Oregon (the "Base"). 

        4.    Fee.    

        (a)   Recipient
shall pay to Provider, for Recipient's use of the Aircraft during the Term the following amounts (referred to collectively as the "Fee") within 30 days
of receipt of an invoice from Provider or its representative with respect to such use: 

        (i)    twice
the cost of the fuel, oil and other additives consumed; 

        (ii)   all
fees, including fees for landing, parking, hangar, tie-down, handling, customs, use of airways and permission for overflight; 

        (iii)  all
expenses for catering and in-flight entertainment materials; 

        (iv)  all
expenses for flight planning and weather contract services; 

        (v)   all
travel expenses for pilots, flight attendants and other flight support personnel, including food, lodging and ground transportation; and 

        (vi)  all
communications charges, including in-flight telephone. 

        (b)   Recipient
shall be responsible for arranging and paying for all passenger ground transportation and accommodation in connection with Recipient's use of the Aircraft. 

        (c)   For
the sake of clarification, flights to ferry the Aircraft to the delivery location specified by Recipient pursuant to section 3, and flights to return the
Aircraft to the Base or such other location as the parties agree pursuant to section 5, shall be deemed to be use of the Aircraft by Recipient. 

        5.    Return to Base.    On the earlier of the Expiration Date or the termination of this Agreement pursuant to
section 16(a)(i) and, unless Provider agrees to the contrary, upon the conclusion of each flight of the Aircraft by Recipient under this Agreement, the Aircraft shall be returned to the
Base or such other location as Provider and Recipient may agree. 

 

        6.    Use of Aircraft.    

        (a)   Recipient
shall use the Aircraft only for the transportation of its directors, officers, employees and guests and shall not obtain compensation for such transportation
from any person. 

        (b)   Recipient
shall not violate, and shall not permit any of its employees, agents or guests to violate, any applicable law, regulation or rule of the United States, or any
state, territory or local authority thereof, or any foreign government or subdivision thereof, and shall not bring or cause to be brought or carried on board the Aircraft, or permit any employee,
agent or guest to bring or cause to be brought or carried on board the Aircraft, any contraband or unlawful articles or substances, or anything that is contraband or is an unlawful article of
substance in any jurisdiction into or over which the Aircraft is to operate on behalf of Recipient. 

        (c)   Recipient
shall, and shall cause its employees, agents and guests to, comply with all lawful instructions and procedures of Provider and its agents and employees
regarding the Aircraft, its operation or flight safety. 

        (d)   Recipient
acknowledges that its discretion in determining the origin and destination of flights under this Agreement shall be subject to the following: (i) such
origin and destination, and the routes to reach such origin and destination, are not within or over (A) an area of hostilities, (B) an area excluded from coverage under the insurance
policies maintained by Provider with respect to the Aircraft or (C) a country or jurisdiction for which exports or transactions are subject to specific restrictions under any United States
export or other law or United Nations Security Council Directive, including without limitation, the Trading With the Enemy Act, 50 U.S.C. Section 1 et seq., the International Emergency Economic
Powers Act, 50 U.S.C. Sections 1700 et seq. and the Export Administration Act, 50 U.S.C. Sections 2401 et seq.; (ii) the flights proposed by Recipient shall not cause (A) the
Aircraft or any part thereof (1) to be used predominately outside of the United States within the meaning of the Section 168(g)(1)(A) of the Internal Revenue Code of 1986, as amended
(the "Code"), and (2) to fail to be operated to and from the United States within the meaning of Section 168(g)(4)(A) of the Code; and (B) any item of income, gain, deduction,
loss or credit with respect to the transactions contemplated by this Agreement to be treated as derived from, or allocable to, sources without the United States within the meaning of
Section 862 of the Code; (iii) the proposed flights do not require the flight crew to exceed any flight or duty time limitations that Provider imposes upon its flight crews; and
(iv) in the judgment of Provider, the safety of flight is not jeopardized. 

        (e)   Recipient
acknowledges that, if, in the view of Provider (including, its pilot-in-command), flight safety may be jeopardized, Provider may
terminate a flight or refuse to commence it without liability for loss, injury or damage occasioned by such termination or refusal. Recipient further acknowledges that, in accordance with applicable
Federal Aviation Regulations ("FAR"), the qualified flight crew provided by Provider will exercise all of its duties and responsibilities in regard to the safety of each flight conducted hereunder and
Recipient specifically agrees that the flight crew, in its sole discretion, may terminate any flight, refuse to commence any flight, or take other action which in the considered judgement of the
pilot-in-command is necessitated by considerations of safety. No such action of the pilot-in-command shall create or support any liability for loss,
injury, damage or delay to Recipient or any other person. Recipient acknowledges and agrees that Provider shall not be liable under any circumstances for delay or failure to furnish the Aircraft and
crew pursuant to this Agreement or for any loss, damage, cost or expense arising from or related to, directly or indirectly, any delay, cancellation or failure to furnish any transportation pursuant
to this Agreement, including, but not limited to, when caused by government regulation, law or authority, mechanical difficulty or breakdown, war, civil commotion, strikes or other labor disputes,
weather conditions, acts of God, public enemies or any other cause beyond Provider's control. 

2

 

        (f)    Recipient
acknowledges that (i) the Aircraft is owned by Yona Aviation II LLC, a Oregon limited liability company ("Owner") and is leased to Provider pursuant to
that certain Aircraft Lease Agreement by and between Owner and Provider dated as of June 16, 2004 (the "Lease") and (ii) the rights of Recipient in and to the Aircraft are subject and
subordinate to all terms of the Lease and all rights of Owner in and to the Aircraft under the Lease, including without limitation the right of Owner to inspect and take possession of the Aircraft
from time to time in accordance with the Lease and applicable law. 

        Accordingly,
Recipient (i) waives any right that it might have to any notice of Owner's intention to inspect, take possession or exercise any other right or remedy in respect of
the Aircraft or under the Lease, (ii) waives, as against Owner, all rights to any set-off, defense, counterclaim or cross-claim that it may hold against Provider and
(iii) acknowledges that, upon a default of Provider under the Lease, Recipient shall have no further rights in and to the Aircraft. 

        Recipient
acknowledges that Owner has not made any warranty or representation, either express or implied, as to the condition of, or as to the quality of the material, aircraft or
workmanship in, the Aircraft or any component thereof delivered to Provider, and Owner does not make any warranty of merchantability or fitness of the Aircraft or any component thereof for any
particular purpose or as to title to the Aircraft or components thereof, or any other representation or warranty, express or implied, with respect to the Aircraft or components thereof. 

        7.    Pilots.    For all flights of the Aircraft by Recipient pursuant to this Agreement, Provider shall cause the
Aircraft to be operated by pilots who are duly qualified under the Federal Aviation Regulations,
including without limitation, with respect to currency and type-rating, and who meet all other requirements established and specified by the insurance policies required hereunder. 

        8.    Operation and Maintenance Responsibilities of Provider.    Provider shall be in operational control of the
Aircraft at all times during the Term and shall operate the Aircraft under FAR Part 91. Provider shall be solely responsible for the operation and maintenance of the Aircraft. 

        9.    Liens.    Recipient shall not directly or indirectly create or incur any liens on or with respect to
(i) the Aircraft or any part thereof, (ii) Owner's title thereto, (iii) any interest of Provider or Owner therein, (and Recipient will promptly, at its own expense, take such
action as may be necessary to discharge any such lien), except (a) the respective rights of Provider and Recipient as herein provided and (b) liens created by or caused to be created by
Owner of Provider. 

        10.    Taxes.    

        (a)   Except
for any taxes on, or measured by, the net income of Provider imposed by the United States government or any state or local government or taxing authority in the
United States, which shall be the sole responsibility of Provider, Recipient shall pay to and indemnify Provider and its employees and agents (collectively, the "Indemnitees") for, and hold each
Indemnitee harmless from and against, on an after-tax basis, all other income, personal property, ad valorem, franchise, gross receipts, rental, sales, use, excise, value-added, leasing,
leasing use, stamp, landing, airport use, or other taxes, levies, imposts, duties, charges, fees or withholdings or any nature, together with any penalties, fines, or interest thereon ("Taxes")
arising out of the transactions between Provider and Recipient contemplated by this Agreement or Recipient's use of the Aircraft and imposed against any Indemnitee, Recipient, or the Aircraft, or any
part thereof, by any federal or foreign government, any state, municipal or local subdivision, any agency or instrumentality thereof, or other taxing authority upon or with respect to the Aircraft, or
any part thereof, or upon the ownership, delivery, leasing, possession, use, operation, return, transfer or release thereof, or upon the rentals, receipts or earnings arising therefrom. Recipient
shall have the right to contest any Taxes attributable to Recipient; provided that (a) Recipient shall have given to Provider written notice of any such Taxes, which notice shall state that
such Taxes are 

3

 

being
contested by Recipient in good faith with due diligence and by appropriate proceedings and that Recipient has agreed to indemnify each Indemnitee against any cost, expense, liability or loss
(including, without limitation, reasonable attorneys' fees) arising from or in connection with such contest; (b) in Provider's sole judgment, Provider has received adequate assurances of
payment of such contested Taxes; and (c) counsel for Provider shall have determined that the nonpayment of any such Taxes or the contest of any such payment in such proceedings does not, in the
sole opinion of such counsel, adversely affect the title, property or rights of Provider. In case any report or return is required to be made with respect to any Taxes attributable to Recipient's use
of the Aircraft, Recipient will either (after notice to Provider) make such report or return in such manner as will show the ownership of the Aircraft in Owner and sent a copy of such report or return
to Provider, or will notify Provider of such requirement and make such report or return in such manner as shall be satisfactory to Provider. Provider agrees to cooperate fully with Recipient in the
preparation of any such report or return. 

        (b)   Without
limiting the generality of the foregoing, Recipient shall pay to Provider any federal excise taxes applicable to Recipient's use, or Recipient's payment for
Recipient's use, of the Aircraft. 

        11.    Insurance.    Provider shall maintain in effect at its own expense throughout the Term, insurance policies
containing such provisions and providing such coverages as Provider deems appropriate. All insurance policies shall (a) name Recipient as an additional insured, (b) not be subject to any
offset by any other insurance carried by Provider or Recipient, (c) contain a waiver by the insurer of any subrogation rights against any of Recipient, (d) insure the interest of
Recipient, regardless of any breach or violation by the Provider or of any other person (other than is solely attributable to the gross negligence or willful misconduct of Recipient) of any warranty,
declaration or condition contained in such policies, and (e) include a severability of interests endorsement providing that such policy shall operate in the same manner (except for the limits
of coverage) as if there were a separate policy covering each insured. 

        12.    Loss or Damage    

        (a)   Recipient
shall indemnify, defend and hold harmless Provider and its officers, directors, agents and employees from and against any and all liabilities, claims
(including, without limitation, claims involving or alleging Provider's negligence and claims involving strict or absolute liability in tort), demands, suits, causes of action, losses, penalties,
fines, expenses (including, without limitation, attorneys' fees) or damages (collectively, "Claims"), whether or not Provider may also be indemnified as to any such Claim by any other person, to the
extent relating to or arising out of Recipient's breach of this Agreement or any damage (other than ordinary wear and tear) to the Aircraft caused by Recipient, its employees or guests. 

        (b)   In
the event of loss, theft, confiscation, damage to or destruction of the Aircraft, or any engine or part thereof, from any cause whatsoever (a "Casualty Occurrence")
occurring at any time when Recipient is using the Aircraft under this Agreement, Recipient shall furnish such information and execute such documents as may be necessary or required by Provider or
applicable law. Recipient shall cooperate fully in any investigation of any claim or loss processed by Provider under the Aircraft insurance policy/policies and in seeking to compel the relevant
insurance company or companies to pay any such claims. 

        (c)   In
the event of total loss or destruction of all or substantially all of the Aircraft, or damage to the Aircraft that causes it to be irreparable in the opinion of
Provider or any insurance carrier providing hull coverage with respect to the Aircraft, or in the event of confiscation or seizure of the Aircraft, this Agreement shall automatically terminate;
provided, however, that such termination of this Agreement shall not terminate the obligation of Recipient to cooperate with Provider in seeking to compel the relevant insurance company or companies
to pay claims arising 

4

 

from
such loss, destruction, damage, confiscation or seizure; provided, further, that the termination of this Agreement shall not affect the obligation of Recipient to pay Provider all accrued and
unpaid Fee and all other accrued and unpaid amounts due hereunder. 

        (d)   For
the sake of clarification, the Aircraft shall be deemed not available to Recipient after any Casualty Occurrence until such time thereafter as Provider has returned
the Aircraft to service. Provider shall have no obligation to return the Aircraft to service after any Casualty Occurrence. 

        13.    Representations, Warranties and Agreements of Recipient.    Recipient represents, warrants and agrees as
follows: 

        (a)   Authorization.    Recipient has all necessary powers to enter into the transactions contemplated in this
Agreement and has taken all actions required to authorize and approve this Agreement. 

        (b)   Identification.    Recipient shall keep a legible copy of this Agreement in the Aircraft at all times when
Recipient is using the Aircraft. 

        (c)   Compliance with Laws.    During the Term of this Agreement, Recipient shall abide by and conform to all, such
laws, governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the use of the Aircraft by Recipient under this Agreement. 

        (d)   As-Is Condition.    Recipient acknowledges that Provider has not made any warranty or
representation, either express or implied, as to the design, compliance with specifications, operation, or condition of, or as to the quality of the material, aircraft, or workmanship in, the Aircraft
or any component thereof, and Provider makes no warranty of merchantability or fitness of the Aircraft or any component thereof for any particular purpose or as to title to the Aircraft or component
thereof, or any other representation or warranty, express or implied, with respect to the Aircraft or component thereof. 

        14.    Representations, Warranties and Agreements of Provider.    Provider represents, warrants and agrees as follows: 

        (a)   Authorization.    Provider has all necessary powers to enter into the transaction contemplated in this
Agreement and has taken all action necessary to authorize and approve this Agreement. 

        (b)   FAA Registration.    The Aircraft's registration with the FAA names Owner as the owner of the Aircraft. 

        (c)   Compliance with Laws.    During the Term of this Agreement, Lessor shall abide by and conform to all such laws,
governmental and airport orders, rules and regulations, as shall from time to time be in effect relating in any way to the use of the Aircraft by Recipient under this Agreement. 

        15.    Event of Default.    The following shall constitute an Event of Default: 

        (a)   Recipient
shall not have made payment of any amount due under section 4 within ten (10) days after the same shall become due; or 

        (b)   Recipient
shall have failed to perform or observe (or cause to be performed or observed) any other covenant or agreement required to be performed under this Agreement
and such failure shall continue for twenty (20) days after written notice thereof from Provider to Recipient; or 

        (c)   Recipient
(i) becomes insolvent, (ii) fails to pay its debts when due, (iii) makes any assignment for the benefit of creditors, (iv) seeks
relief under any bankruptcy law or similar law for the protection of debtors, (v) suffers a petition of bankruptcy filed against it that is not 

5

 

dismissed
within thirty (30) days, or (vi) suffers a receiver or trustee to be appointed for itself or any of its assets, and such is not removed within thirty (30) days. 

        16.    Provider's Remedies    

        (a)   Upon
the occurrence of any Event of Default, Provider may, at its option, exercise any or all remedies available at law or in equity, including, without limitation, any
or all of the following remedies, as Provider in its sole discretion shall elect: 

        (i)    By
notice in writing, terminate this Agreement, whereupon all rights of Recipient to the use of the Aircraft or any part thereof shall absolutely cease and terminate,
but Recipient shall remain liable as provided in this Agreement and Provider, at its option, may enter upon the premises where the Aircraft is located and take immediate possession of and remove the
same by summary proceedings or otherwise. Recipient specifically authorizes Provider's entry upon any premises where the Aircraft may be located for the purpose of, and waives any cause of action it
may have arising from, a peaceful retaking of the Aircraft. Recipient shall forthwith pay to Provider an amount equal to the total accrued and unpaid Fee and all other accrued and unpaid amounts due
hereunder, plus any and all losses and damages incurred or sustained by Provider by reason of any default by Recipient under this Agreement. 

        (b)   Recipient
shall be liable for all costs, charges and expenses, including reasonable attorneys' fees and disbursements, incurred by Provider by reason of the occurrence
of any Event of Default or the exercise of Provider's remedies with respect thereto. 

        17.    General Provisions    

        (a)   Headings.    The headings contained in this Agreement are for reference purposes only and shall not affect in
any way the construction or interpretation of this Agreement. 

6

   
        (b)    Partial Invalidity.    If any provision of this Agreement, or the application thereof to any person, place
or
circumstance, shall be held by a court of competent jurisdiction to be illegal, invalid, unenforceable or void, then such provision shall be enforced to the extent that it is not illegal, invalid,
unenforceable or void, and the remainder of this Agreement, as well as such provision as applied to other persons, shall remain in full force and effect. 

        (c)    Waiver.    With regard to any power, remedy or right provided in this Agreement or otherwise available to any
party, (i) no waiver or extension of time shall be effective unless expressly contained in a writing signed by the waiving party, (ii) no alteration, modification or impairment shall be
implied by reason of any previous waiver, extension of time, delay or omission in exercise or other indulgence, and (iii) waiver by any party of the time for performance of any act or condition
hereunder does not constitute waiver of the act or condition itself. 

        (d)    Notices.    Any notice or other communication required or permitted under this Agreement shall be in writing
and shall be deemed duly given upon actual receipt, if delivered personally or by telecopy; or three (3) days following deposit in the United States mail, if deposited with postage pre-paid,
return receipt requested, and addressed to such address as may be specified in writing by the relevant party from time to time, and which shall initially be as follows: 

	To Recipient at:	 	Las Vegas Sands, Inc.

3355 Las Vegas Blvd. South

Las Vegas, Nevada 89109

Attn: Robert G. Goldstein

Fax: (702) 414-1100

Tel.: (702) 414-1000
	

To Provider at:	
 	

Interface Operations LLC

300 First Avenue

Needham, Massachusetts 02494

Attn: Stephen J. O'Connor

Fax: (781) 449-6616

Tel. (781) 449-6500

No
objection may be made to the manner of delivery of any notice or other communication in writing actually received by a party. 

        (e)    Massachusetts Law.    This Agreement shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts, regardless of the choice of law provisions of Massachusetts or any other jurisdiction. 

        (f)    Entire Agreement.    This Agreement constitutes the entire agreement between the parties pertaining to the
subject matter contained in this Agreement and supersedes any prior or contemporaneous agreements, representations and understandings, whether written or oral, of or between the parties with respect
to the subject matter of this agreement. There are no representations, warranties, covenants, promises or undertakings, other than those expressly set forth or referred to herein. 

        (g)    Amendment.    This Agreement may be amended only by a written agreement signed by all of the parties. 

        (h)    Binding Effect; Assignment.    This Agreement shall be binding on, and shall inure to the benefit of, the
parties to it and their respective successors and assigns; provided, however, that Recipient may not assign any of its rights under this Agreement, and any such purported assignment shall be null,
void and of no effect. 

7

 

        (i)    Attorneys' Fees.    Should any action (including any proceedings in a bankruptcy court) be commenced between
any of the parties to this Agreement or their representatives concerning any provision of this Agreement or the rights of any person or entity thereunder, solely as between the parties or their
successors, the party or parties prevailing in such action as determined by the court shall be entitled to recover from the other party all of its costs, and expenses incurred in connection with such
action (including, without limitation, fees, disbursements and expenses of attorneys and costs of investigation). 

        (j)    Remedies Not Exclusive.    No remedy conferred by any of the specific provisions of this Agreement is intended
to be exclusive of any other remedy, and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at law or in equity by
statute or otherwise. The election of any one or more remedies shall not constitute a waiver of the right to pursue other remedies. 

        (k)    No Third Party Rights.    Nothing in this Agreement, whether express or implied, is intended to confer any
rights or remedies under or by reason of this Agreement on any person other than the parties to this Agreement and their respective successors and assigns, nor is anything in this Agreement intended
to relieve or discharge the obligation or liability of any third persons to any party to the Agreement, nor shall any provision give any third person any right of subrogation or action over or against
any party to this Agreement. 

        (l)    Counterparts.    This Agreement may be executed in one or more counterparts, each of which independently shall
be deemed to be an original, and all of which together shall constitute one instrument. 

        (m)    Expenses.    Each party shall bear all of its own expenses in connection with the negotiation, execution and
delivery of this Agreement. 

        (n)    Broker/Finder Fees.    Each party represents that it has dealt with no broker or finder in connection with the
transaction contemplated by this Agreement and that no broker or other person is entitled to any commission or finder's fee in connection therewith. Provider and Recipient each agree to indemnify and
hold harmless one another against any loss, liability, damage, cost, claim or expense incurred by
reason of any brokerage commission or finder's fee alleged to be payable because of any act, omission or statement of the indemnifying party. 

        (o)    Relationship of the Parties.    Nothing contained in this Agreement shall in any way create any association,
partnership, joint venture, or principal-and-agent relationship between the parties hereto or be construed to evidence the intention of the parties to constitute such. 

        (p)    Limitation of Damages.    Recipient waives any and all claims, rights and remedies against Provider, whether
express or implied, or arising by operation of law or in equity, for any punitive, exemplary, indirect, incidental or consequential damages whatsoever. 

        (q)    Survival.    All representations, warranties, covenants and agreements, set forth in sections 4, 5, 6(a), 6(e),
6(f), 9, 10, 12, 13, 14, 16, and 17 of this Agreement shall survive the expiration or termination of this Agreement. 

        18.    Truth-In-Leasing    

        (a)    THE
PARTIES HAVE REVIEWED THE AIRCRAFT'S MAINTENANCE RECORDS AND OPERATING LOGS AND HAVE FOUND THAT, DURING THE PRECEDING TWELVE MONTHS, OR, IF SHORTER, THE PERIOD FROM
THE DATE OF DELIVERY OF THE AIRCRAFT FROM THE MANUFACTURER, THE AIRCRAFT HAS BEEN MAINTAINED AND INSPECTED UNDER FAR PART 91. RECIPIENT ACKNOWLEDGES THAT THE AIRCRAFT WILL BE MAINTAINED AND
INSPECTED UNDER FAR PART 91 FOR OPERATIONS TO BE CONDUCTED UNDER THIS AGREEMENT. 

8

 

        (b)    RECIPIENT
ACKNOWLEDGES THAT PROVIDER IS RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT FOR FLIGHTS UNDER THIS AGREEMENT. PROVIDER AND RECIPIENT EACH CERTIFIES THAT
IT UNDERSTANDS ITS RESPONSIBILITIES FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS. 

        (c)    RECIPIENT
UNDERSTANDS THAT AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND THE PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FAA
FLIGHT STANDARDS DISTRICT OFFICE. 

        19.    Condition Precedent.    This Agreement shall not become effective unless and until it has been approved and
adopted by a majority of the disinterested (non-employee) directors of Recipient, Las Vegas Sands, Inc. 

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

	

 	
 	

 	
 	

 	
 	

 
	PROVIDER	 	RECIPIENT
	

INTERFACE OPERATIONS LLC	
 	

LAS VEGAS SANDS, INC.
	

By:	
 	

/s/  STEPHEN J. O'CONNOR      
 Stephen J. O'Connor

Title: Chief Financial Officer	
 	

By:	
 	

/s/  BRADLEY H. STONE      
 Bradley H. Stone

Title: Executive Vice President

9

QuickLinks

AIRCRAFT TIME SHARING AGREEMENT

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