Exhibit 10.8
FIRST AMENDMENT TO
EMPLOYMENT
AGREEMENT
This FIRST AMENDMENT TO EMPLOYMENT
AGREEMENT (this “ Amendment ”) is entered into
as of the 31 day of December, 2008, by and between Wynn Resorts,
Limited (“ Employer ”) and Marc D. Schorr
(“ Employee ”). Capitalized terms that are not
defined herein shall have the meanings ascribed to them in the
Agreement (as defined below).
RECITALS
WHEREAS, Employer and Employee have
entered into that certain Employment Agreement, dated as of
March 4, 2008 (the “ Agreement ”);
and
WHEREAS, Employer is willing and
Employee desires to modify certain terms and conditions to the
Agreement as more fully set forth herein;
NOW, THEREFORE, in consideration of
the foregoing and the respective representations, warranties,
covenants and agreements set forth in this Amendment, the parties
hereto agree as follows:
1. Termination of Affiliate
Positions . Concurrent with Employee’s resignation from
Employer or upon expiration or termination of the Agreement,
Employee agrees to resign, and shall be deemed to have resigned,
all other positions and Board of Director memberships that Employee
may have held immediately prior to Employee’s resignation
from Employer or expiration or termination of the
Agreement.
2. Section 409A
Provision . Notwithstanding any provision of the Agreement to
the contrary, if, at the time of Employee’s termination of
employment with the Employer, he or she is a “specified
employee” as defined in Section 409A of the Internal
Revenue Code (the “Code”), and one or more of the
payments or benefits received or to be received by Employee
pursuant to the Agreement would constitute deferred
compensatio
