Common use of Release of Shares Clause in Contracts

Release of Shares. Each of SAW and Aruze agree that commencing on January 6, 2010, and continuing on each January 6 for a total of ten events, a number of Shares owned by EW equal to $10,000,000 divided by the closing price of Wynn shares on January 5, 2010 (or if January 5 is not a trading day, the trading day immediately preceding January 5) shall be released from the restrictions set forth in this Agreement (once released, the “EW Released Shares”). If EW desires to sell any EW Released Shares, she shall provide written notice of such desire to SAW and, for a period of 48 hours from SAW’s receipt of such notice, SAW shall have the right to purchase any or all of such Shares for a price equal to the closing price of the Shares on the trading day immediately preceding the date of notice. SAW shall notify EW of his election to purchase or not within 48 hours from the date of receipt of the original notice. If SAW elects to purchase hereunder, the purchase price shall be payable in cash no later than 3 business days after the date of election. Notices to SAW under this Section 11 shall be transmitted by fax and email to SAW at his last known business address and residence address (currently c/o cxxxx.xxxxxxx@xxxxxxxxxxx.xxx and 700.000.0000), with copies to the General Counsel of Wynn (currently Kxx Xxxxxxx (kxx.xxxxxxx@xxxxxxxxxxx.xxx and 702.770.1349)) and to Jxxxx X. Xxxxxxxxx, Esq., Jxxxxxxxx Xxxxxx, P.C., 400 X. Xxxxx Xxxxxx, Xxxxx 000, Xxx Xxxxx, XX 00000 (jxx@xxxxxxxxxxxxxxx.xxx and 702.387.1167) and notices to EW under this Section 11 shall be transmitted by fax and email to EW at her last known business address and residence address (currently c/o Exxxxx.Xxxx@xxxxxxxxxxx.xxx, and 700.000.0000), with copies to Dxxxxx Xxxxxxxx, Esq., Schiller, DuCanto & Fxxxx, LLP, 200 Xxxxx XxXxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxx, XX 00000 (dxxxxxxxx@xxxxxx.xxx, and 312.641.6361) and Gxxx X. Xxxxxxxxx, Esq., Sxxxxxxxx, DxXxxxx & Kxxxxxxxx, Chtd., 100 Xxxxxx Xxxxxx, Xxxxx 000, Xxxx, XX 00000 (sxxxxxxxx@xxxxxxxxx-xxxxxxx.xxx and 775.322.3649). If SAW does not elect to purchase hereunder, the EW Released Shares will thereafter be held by EW free and clear of any further restrictions on sale under this Agreement.

Release of Shares. Each of SAW and Aruze agree that commencing on January 6, 2010, and continuing on each January 6 for a total of ten events, a number of Shares owned by EW equal to $10,000,000 divided by the closing price of Wynn shares on January 5, 2010 (or if January 5 is not a trading day, the trading day immediately preceding January 5) shall be released from the restrictions set forth in this Agreement (once released, the “EW Released Shares”). If EW desires to sell any EW Released Shares, she shall provide written notice of such desire to SAW and, for a period of 48 hours from SAW’s receipt of such notice, SAW shall have the right to purchase any or all of such Shares for a price equal to the closing price of the Shares on the trading day immediately preceding the date of notice. SAW shall notify EW of his election to purchase or not within 48 hours from the date of receipt of the original notice. If SAW elects to purchase hereunder, the purchase price shall be payable in cash no later than 3 business days after the date of election. Notices to SAW under this Section 11 shall be transmitted by fax and email to SAW at his last known business address and residence address (currently c/o cxxxx.xxxxxxx@xxxxxxxxxxx.xxx xxxxx.xxxxxxx@xxxxxxxxxxx.xxx and 700.000.0000000.000.0000), with copies to the General Counsel of Wynn (currently Kxx Xxx Xxxxxxx (kxx.xxxxxxx@xxxxxxxxxxx.xxx xxx.xxxxxxx@xxxxxxxxxxx.xxx and 702.770.1349)) and to Jxxxx Xxxxx X. Xxxxxxxxx, Esq., Jxxxxxxxx Xxxxxxxxx Xxxxxx, P.C., 400 000 X. Xxxxx Xxxxxx, Xxxxx 000, Xxx Xxxxx, XX 00000 (jxx@xxxxxxxxxxxxxxx.xxx xxx@xxxxxxxxxxxxxxx.xxx and 702.387.1167) and notices to EW under this Section 11 shall be transmitted by fax and email to EW at her last known business address and residence address (currently c/o Exxxxx.Xxxx@xxxxxxxxxxx.xxxXxxxxx.Xxxx@xxxxxxxxxxx.xxx, and 700.000.0000000.000.0000), with copies to Dxxxxx Xxxxxx Xxxxxxxx, Esq., Schiller, DuCanto & FxxxxXxxxx, LLP, 200 000 Xxxxx XxXxxxx Xxxxxx, 00xx Xxxxx, Xxxxxxx, XX 00000 (dxxxxxxxx@xxxxxx.xxxxxxxxxxxx@xxxxxx.xxx, and 312.641.6361) and Gxxx Xxxx X. Xxxxxxxxx, Esq., SxxxxxxxxXxxxxxxxx, DxXxxxx XxXxxxx & KxxxxxxxxXxxxxxxxx, Chtd., 100 000 Xxxxxx Xxxxxx, Xxxxx 000, Xxxx, XX 00000 (sxxxxxxxx@xxxxxxxxx-xxxxxxx.xxx xxxxxxxxx@xxxxxxxxx-xxxxxxx.xxx and 775.322.3649). If SAW does not elect to purchase hereunder, the EW Released Shares will thereafter be held by EW free and clear of any further restrictions on sale under this Agreement.