Exhibit 10.1


 





 


 


EMPLOYMENT AGREEMENT


 


 


THIS EMPLOYMENT AGREEMENT (“Agreement”)
shall be effective as of the 1st day of February, 2017 by and between VICTOR H. MENA (“Employee”) and NEVADA
GOLD & CASINOS, INC., a Nevada corporation (“Employer” or “the Company”).


 


WHEREAS, Employer is in the business of
developing, owning, and operating gaming facilities and entertainment facilities in the United States; and


 


WHEREAS, the Employee and the Company are
parties to that certain Employment Agreement dated May 1, 2013, as amended on January 20, 2015 (the “Original Employment
Agreement”);


 


WHEREAS, the Original Employment Agreement,
as amended, expires on May 1, 2017 and Employee and the Company have agreed to enter into a new employment agreement replacing
and superceding the Original Employment Agreement in its entirety as follows:


 


1.   
EMPLOYMENT. Employee agrees to continue his employment as the Vice President of Washington Operations of Nevada
Gold and Casinos, Inc., commencing on February 1, 2017, under the terms and conditions of this Agreement.


 


2.   
TERM. The term of this Agreement is for a three year period commencing on the date hereof.


 


3.   
DUTIES AND TITLE. Employee’s title shall be that of Vice President of Washington Operations. Employee
shall have management responsibility for all of the day to day operations of Employer in the State of Washington including acting
as the Chief Operating Officer of the Employer’s mini-casinos. Employee shall report to the Chief Executive Officer of the
Company. Employee shall perform his duties to the best of his abilities and shall devote substantially all of his working time
to such duties.


 


4.   
COMPENSATION. Employer hereby agrees to provide Employee with the following compensation package which shall
be reviewed annually by Employer’s Compensation Committee:


 


(a). Salary. Employer shall
pay Employee an annual salary in the amount of Two Hundred Fifteen Thousand ($215,000) payable in the same manner as Employer pays
its other executive employees, less required state and federal withholdings (the “Annual Salary”).


 



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(b). Vacation and Fringe Benefits.
Employee shall be entitled to one (1) month paid vacation each year. In addition, and subject to the terms of any plans or policies
governing such matters, Employee shall be entitled to receive (i) contributions to Employer’s savings and other retirement
plans at a rate at least as great as Employer contributes for its other senior executive employees; (ii) major medical and health
insurance; and (iii) customary reimbursement for travel and entertainment.


 


(c). Performance Bonuses.
Employee shall be eligible for yearly bonuses equal to 50% of his annual salary for achieving reasonable goals related to profitability
established in the first 30 days of the fiscal year by the Board of Directors and/or the Compensation Committee.


 


(d). Stock Options. All Stock
Options previously granted to Employee shall continue to be in effect and be subject to the same terms and conditions under the
Employer’s stock option plan.


 


5.   
TERMINATION AND COMPENSATION UPON TERMINATION.


 


(a)   
Termination without Cause by Employer. Employer may terminate Employee’s employment at any time without Cause
(as defined in Section 5(c) below) by giving prior, written notice to Employee. In such case, Employer shall pay the Annual Salary
to Employee for a twelve month period following termination of employment plus a pro rata performance bonus, accrued vacation and
fringe benefits. Employer shall pay Employee on the same pay dates on which and in the manner by which its pays its current employees.
All stock options granted but not vested shall become fully vested in Employee. For purposes of calculating the performance bonus,
if same is due to Employee in the event of such termination, Employer shall apply the same percentage of performance bonus paid
in the fiscal year proceeding the fiscal year during which the termination became effective, prorated for the portion of the fiscal
year that transpired prior to the termination.


 


(b)  
Change of Control. Employee may terminate Employee’s employment in the event of a “Change of Control”
defined as the sale of substantially all of the Employer’s assets, acquisition by a third party of more than 50% of Employer’s
stock, merger, or other business combination with an unaffiliated entity or person. In the event of such a termination, Employer
shall pay to Employee in a lump sum an amount equal to twelve months Annual Salary plus pro rata performance bonus, accrued vacation,
and fringe benefits. In addition, all stock options granted but not yet vested shall immediately become fully vested in Employee.
Employee must give notice of any termination under this subsection within thirty (30) days of the occurrence of the event he believes
gives rise to a Change of Control. For purposes of calculating the performance bonus, if same is due to Employee in the event of
such termination, Employer shall apply the same percentage of performance bonus paid in the fiscal year preceding the fiscal year
during which the termination becomes effective, prorated for the portion of the fiscal year that transpired prior to the termination.


 



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(c)   
Termination for Cause. Employer may terminate Employee’s employment for “Cause” at any time. Such
a termination shall be effective as specified by Employer. In the even of a termination by Employer for “Cause,” Employee
shall be entitled only to his salary, accrued vacation, and fringe benefits through the effective date of termination. Any unvested
stock options shall be forfeited. All stock options granted which have vested will be treated as prescribed under Employer’s
Stock Option Plan and the Stock Option Agreement. “Cause” means: (i) the Employee’s conviction of, or entry of
a plea agreement or consent degree or similar arrangement with respect to, a felony, other serious criminal offense or offense
involving moral turpitude, or any violation of federal or state securities law; (ii) Employee’s material violation of Employer’s
written policies; (iii) Employee’s material breach of this Agreement, (iv) the final revocation, suspension, or impairment
(after all applicable appeals) of Employee’s gaming license in any jurisdiction in which Employer is required to have a gaming
license, or a finding (after all applicable appeals) by any authority in any such jurisdiction that Employee is unsuitable to hold
a gaming license; or (v) Employee’s gross misconduct in the performance of Employee’s duties hereunder. Any termination
of the Employee’s employment by Employer pursuant to this Section 5 (c) shall be communicated by a notice of termination
which shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s
employment under the provision invoked.


 


(d)  
Termination due to Inability to Perform Essential Functions. Employer may terminate Employee’s employment if
Employee becomes unable to perform the essential functions of his position due to disability for a period greater than six months
despite any reasonable accommodation required by law. In the event of a termination under this subsection, Employee shall be entitled
only to his salary, accrued vacation, and fringe benefits for a period of one (1) year following the effective date of termination
and thereafter to any benefits to which Employee is entitled under the Company’s disability policy. In the case of granted
but unvested stock options, those unvested stock options which would become vested within such one (1) year period shall become
vested and the remaining granted but unvested stock options shall be forfeited. Otherwise, the stock options will be treated as
prescribed under Employer’s Stock Option Plan and the Stock Option Agreement.


 


6.   
CONFIDENTIALITY, PROPERTY, COMPETITION, SOLICITATION.


 


(a)   
Ownership. Employee agrees that all inventions, copyrightable material, business and/or technical information,
marketing plans, customer lists and trade secrets which arise out of the performance of this Agreement are the property of Employer.


 


(b)  
Confidentiality. Except as is consistent with Employee’s duties and responsibilities within the scope
of his employment with Employer, Employee agrees to keep confidential indefinitely, and not to use or disclose to any unauthorized
person, information which is not generally known and which is proprietary to Employer, including all information that Employer
treats as confidential, (“Confidential Information”). Upon termination of Employee’s Employment, Employee will
promptly turn over to Employer all software, records, manuals, books, forms, documents, notes, letters, memoranda, reports, data,
tables, compositions, articles, devise, apparatus, marketing plans, customer lists and other items that disclose, describe or embody
Confidential Information including all copies of the Confidential Information in his possession, regardless of who prepared them.


 



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(c)   
Non-competition. If Employee’s employment hereunder is terminated as a result of the application of
paragraph 5(c), or if Employee voluntarily terminates his employment during the term of this Agreement, then for a period of one
(1) year after the effective date of termination. Employee agrees not to compete, directly or indirectly (including as an officer,
director, partner, employee, consultant, independent contractor, or more than 5% equity holder of any equity) with Employer in
any way concerning the ownership, development or management of any gaming operations or facility within a 25-mile radius of any
gaming operations or facility with respect to which Employer (or any of its affiliates) owns or renders substantial, paid, consulting
or management services at the time of termination.


 


(d)  
Non-solicitation. Employee agrees not to solicit or recruit, directly or indirectly, any management employee
of Employer for employment during the one (1) year period after termination of his employment relationship with Employer.


 


7.   
NOTICES. All notices and communications shall be sent by certified mail, return receipt requested, or by
hand delivery, to the following parties: 


 





	If to Employee:	Victor H. Mena
	 	3964 262nd Ave SE
	 	Issaquah, WA 980292
	 	 
	If to Employer:	Michael P. Shaunnessy
	 	Chief Executive Officer
	 	133 E. Warm Springs Road
	 	Suite 102
	 	Las Vegas, NV 89119
	 	 
	With a copy to:	Ernest E. East
	 	Chief Compliance Officer
	 	Nevada Gold & Casinos, Inc
	 	133 E. Warm Springs Road
	 	Suite 102
	 	Las Vegas, NV 89119







 


8.   
GOVERNING LAW AND VENUE. This Agreement herein shall be construed, regulated and administered under the laws
of the State of Washington and of the United States of America. Any lawsuit or other civil action brought arising from or related
to Employee’s employment with Employer or this Agreement shall be brought and maintained in a state or federal court in the
State of Washington.


 



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9.    
BINDING EFFECT AND ASSIGNMENT. This Agreement shall be binding on and inure to the benefit of the respective
parties hereto, their heirs, successors and assigns. Subject to the provisions of Section 5(b), Employer may assign this Agreement
in connection with a merger, consolidation, assignment, sale or other disposition of substantially all of its assets or business.
This Agreement may not be assigned by Employee.


 


10.   MODIFICATION. This Agreement may not be amended in any manner without the express, written consent of the
parties hereto.


 


11.   ENTIRE AGREEMENT. This Agreement supersedes all previous and contemporaneous oral negotiations, commitments,
writings and understandings between the parties concerning the matters herein or therein.


 


IN WITNESS WHEREOF, the parties hereto have executed and delivered
this Agreement on this 1st day of February, 2017.


 





	EMPLOYER	 	EMPLOYEE
	 	 	 	 
	By:	 	 	 
	 	Michael P. Shaunnessy	 	Victor H. Mena
	 	Chief Executive Officer	 	 
	 	Nevada Gold & Casinos, Inc	 	 




 


 






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