{"id":43269,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/asset-and-land-purchase-agreement-starwood-hotels-resorts7.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"asset-and-land-purchase-agreement-starwood-hotels-resorts7","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/planning\/asset-and-land-purchase-agreement-starwood-hotels-resorts7.html","title":{"rendered":"Asset and Land Purchase Agreement &#8211; Starwood Hotels &#038; Resorts Worldwide Inc., Sheraton Gaming Corp., Sheraton Desert Inn Corp., Valvino Lamore LLC, Stephen A. Wynn, Rambas Marketing Co., and Desert Inn Water Co."},"content":{"rendered":"<pre><p align=\"CENTER\">\n\n<br><b>FIRST AMENDMENT TO ASSET AND<br>  LAND PURCHASE AGREEMENT    <br>  <\/b><\/p>\n\n<p>        This FIRST AMENDMENT TO ASSET AND LAND PURCHASE AGREEMENT (\"<b>Amendment<\/b>\") is executed as of the 26th day of May, \n2000 by and among STARWOOD HOTELS &amp; RESORTS WORLDWIDE, INC., SHERATON GAMING CORPORATION and SHERATON DESERT INN CORPORATION (collectively, \n\"<b>Sellers<\/b>\") and VALVINO LAMORE, LLC and STEPHEN A. WYNN (collectively, \"<b>Purchaser<\/b>\"). <\/p>\n\n<p align=\"CENTER\"><b>RECITALS  <\/b><\/p>\n\n<p>        A.    Sellers \nand Purchaser executed that certain Asset and Land Purchase Agreement dated as of April 28, 2000 pursuant to which Sellers have agreed to sell and \nPurchaser has agreed to purchase The Desert Inn Hotel and Casino and other related assets (the \"<b>Original Purchase Agreement<\/b>\"). <\/p>\n\n\n<p>        B.    The \nSellers and Purchaser desire to amend the Original Purchase Agreement to clarify certain reimbursement obligations, to revise the \"Outside Date\" for closing and other \nmatters that are more fully set forth herein. <\/p>\n\n<p align=\"CENTER\"><b>AGREEMENT  <\/b><\/p>\n\n<p>        NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and promises contained herein, the parties do hereby agree as follows: <\/p>\n\n<\/pre>\n<ul>\n<p>        1.    Capitalized<br \/>\nterms not otherwise defined herein shall have the meanings assigned to them in them in the Original Purchase Agreement. <\/p>\n<p>        2.    Section 2.2(b)<br \/>\nof the Original Purchase Agreement is hereby amended to provide that the Closing shall occur as soon as is reasonably practicable after Purchaser&#8217;s<br \/>\nreceipt of all Gaming Permits, but in no event later than 10:00 a.m. on June 30, 2000 (&#8220;<b>Outside Date<\/b>&#8220;); provided, however, that<br \/>\nPurchaser&#8217;s receipt of such Gaming Permits shall in no event be a condition to its obligation to close on the Outside Date. <\/p>\n<p>        3.    Notwithstanding<br \/>\nthe restrictions set forth in Section 4.1(b)(vi)(B), the Purchaser consents to Sellers&#8217; execution and delivery of a severance agreement for Marc<br \/>\nRubinstein in the form attached hereto as Exhibit A and agrees to assume upon the Closing any obligations arising thereunder. <\/p>\n<p>        4.    Purchaser<br \/>\nacknowledges that Sellers have elected with Purchaser&#8217;s consent to terminate John Banner for convenience prior to the Closing and to pay to him a severance<br \/>\nbenefit in a single lump sum. Notwithstanding the terms of a prior letter dated May 12, 2000 from Mark Lefever to Marc Schorr regarding such payment, the parties agree that such severance<br \/>\npayment is not properly characterized as a receivable to be included in the calculation of Closing Net Working Capital and instead shall be reimbursed to Sellers at Closing. The parties shall advise<br \/>\nEscrowee that the amount of such payment shall be reflected on Escrowee&#8217;s closing statement as an additional payment due Sellers at Closing. <\/p>\n<p>        5.    The<br \/>\nOriginal Purchase Agreement as modified by this Amendment shall continue in full force and effect and this Amendment shall constitute a part of the Purchase<br \/>\nAgreement. All references in the Original Purchase Agreement to itself shall be deemed to be references to the Original Purchase Agreement as amended hereby and the Original Purchase Agreement as<br \/>\namended hereby shall be referred to as the &#8220;Purchase Agreement.&#8221; <\/p>\n<\/ul>\n<hr noshade>\n<ul>\n\n<\/ul>\n<p>        IN<br \/>\nWITNESS WHEREOF, the parties have hereunto caused this Agreement to be duly executed as of the date first above written. <\/p>\n<table width=\"79%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">STARWOOD HOTELS &amp; RESORTS WORLDWIDE, INC.<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\">\n\/s\/ Thomas M. Smith<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Thomas M. Smith<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Senior Vice President<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">SHERATON GAMING CORPORATION<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\" valign=\"BOTTOM\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">SHERATON DESERT INN CORPORATION<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\" valign=\"BOTTOM\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">VALVINO LAMORE, LLC<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\" valign=\"BOTTOM\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Stephen A. Wynn<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Sole Member<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">\n<hr noshade> Stephen A. Wynn, an individual<\/td>\n<\/tr>\n<\/table>\n<p align=\"CENTER\">2<\/p>\n<hr noshade>\n<ul>\n<p>        5.    The<br \/>\nOriginal Purchase Agreement as modified by this Amendment shall continue in full force and effect and this Amendment shall constitute a part of the Purchase<br \/>\nAgreement. All references in the Original Purchase Agreement to itself shall be deemed to be references to the Original Purchase Agreement as amended hereby and the Original Purchase Agreement as<br \/>\namended hereby shall be referred to as the &#8220;Purchase Agreement.&#8221; <\/p>\n<\/ul>\n<p>        IN<br \/>\nWITNESS WHEREOF, the parties have hereunto caused this Agreement to be duly executed as of the date first above written. <\/p>\n<table width=\"79%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">STARWOOD HOTELS &amp; RESORTS WORLDWIDE, INC.<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">SHERATON GAMING CORPORATION<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\">\n\/s\/ Mark Lefever<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Mark Lefever<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Vice President &amp; Treasurer<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">SHERATON DESERT INN CORPORATION<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\">\n\/s\/ Mark Lefever<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Mark Lefever<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Vice President, COO\/CFO<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">VALVINO LAMORE, LLC<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\" valign=\"BOTTOM\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Stephen A. Wynn<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Sole Member<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">\n<hr noshade> Stephen A. Wynn, an individual<\/td>\n<\/tr>\n<\/table>\n<p align=\"CENTER\">3<\/p>\n<hr noshade>\n<ul>\n<p>        5.    The<br \/>\nOriginal Purchase Agreement as modified by this Amendment shall continue in full force and effect and this Amendment shall constitute a part of the Purchase<br \/>\nAgreement. All references in the Original Purchase Agreement to itself shall be deemed to be references to the Original Purchase Agreement as amended hereby and the Original Purchase Agreement as<br \/>\namended hereby shall be referred to as the &#8220;Purchase Agreement.&#8221; <\/p>\n<\/ul>\n<p>        IN<br \/>\nWITNESS WHEREOF, the parties have hereunto caused this Agreement to be duly executed as of the date first above written. <\/p>\n<table width=\"79%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">STARWOOD HOTELS &amp; RESORTS WORLDWIDE, INC.<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">SHERATON GAMING CORPORATION<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\" valign=\"BOTTOM\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">SHERATON DESERT INN CORPORATION<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\" valign=\"BOTTOM\"><\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">VALVINO LAMORE, LLC<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\nBy:<\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"3\">\n\/s\/ Stephen A. Wynn<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Name:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Stephen A. Wynn<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">Title:<\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">Sole Member<\/p>\n<hr noshade><\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"5%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"8%\">\n <\/td>\n<td width=\"3%\"> <\/td>\n<td width=\"39%\" valign=\"BOTTOM\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"41%\"> <\/td>\n<td width=\"3%\"> <\/td>\n<td colspan=\"5\">\/s\/ Stephen A. Wynn<\/p>\n<hr noshade> Stephen A. Wynn, an individual<\/td>\n<\/tr>\n<\/table>\n<p align=\"CENTER\">4<\/p>\n<hr noshade>\n<p align=\"CENTER\">\n<p><b><i>Exhibit A    <br \/>  <\/i><\/b><\/p>\n<\/p>\n<p>May    ,<br \/>\n2000 <\/p>\n<\/p>\n<p>Dear<br \/>\nMarc: <\/p>\n<p>        This<br \/>\nletter of understanding supersedes any other previous agreement or arrangement, express or implied, relating to the subjects addressed in this letter. In recognition of the intent<br \/>\nto sell The Desert Inn and to provide you with some measure of security, we are pleased to offer you a contingent change of control severance benefit. In the event The Desert Inn is sold and you are<br \/>\nterminated for reasons other than cause within six months of the closing date of the sale, you will receive as your sole and exclusive severance benefit a lump sum payment equal to 12 months of<br \/>\nyour then-current base salary; provided, however, that if you are rehired by the purchaser of The Desert Inn or any of its affiliates, you will be required to refund as an offset any<br \/>\namounts you earn from that entity within the 12-month period following your termination. <\/p>\n<p>        This<br \/>\nbenefit is conferred with the intent of providing management continuity for The Desert Inn leading up to any sale and immediately thereafter. This letter of understanding and the<br \/>\nbenefits conferred herein are in no way intended to alter the at-will nature of your employment with The Desert Inn. Further, we expect you to continue to perform your job duties at a high<br \/>\nlevel and to remain a positive influence on the hotel and the other employees. <\/p>\n<p>        If<br \/>\nyou have any questions, please do not hesitate to contact me. <\/p>\n<table width=\"100%\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tr valign=\"TOP\">\n<td width=\"42%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td colspan=\"2\">Sincerely,<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"42%\">\n<\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"6%\">\n <\/td>\n<td width=\"46%\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"42%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td colspan=\"2\">Mark Lefever<br \/>\nCOO\/CFO<\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"42%\">\n<\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"6%\">\n <\/td>\n<td width=\"46%\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"42%\">ACCEPTED AND AGREED TO:<\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"6%\"> <\/td>\n<td width=\"46%\"> <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"42%\">\n<\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"6%\">\n <\/td>\n<td width=\"46%\">\n <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"42%\"> <\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"6%\">Date:<\/td>\n<td width=\"46%\"> <\/td>\n<\/tr>\n<tr valign=\"TOP\">\n<td width=\"42%\">\n<hr noshade> Marc Rubinstein<\/td>\n<td width=\"5%\"> <\/td>\n<td width=\"6%\"> <\/td>\n<td width=\"46%\">\n<hr noshade><\/td>\n<\/tr>\n<\/table>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[8933],"corporate_contracts_industries":[9530],"corporate_contracts_types":[9623,9622],"class_list":["post-43269","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-starwood-hotels---resorts","corporate_contracts_industries-travel__lodging","corporate_contracts_types-planning__asset","corporate_contracts_types-planning"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/43269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=43269"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=43269"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=43269"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=43269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}