EX-10.3



 Exhibit 10.3 

AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT 

This Amendment No. 1 to the Employment Agreement (this “Amendment”), is entered into as of May 30, 2014, by and between Empire
Resorts, Inc., a Delaware corporation (the “Company”), and Nanette L. Horner (the “Executive” and, together with the Company, “the Parties”). 

WITNESSETH: 

WHEREAS, Empire and Executive entered into an Employment Agreement dated as of August 22, 2012 (hereinafter the “Employment
Agreement”); and 
 WHEREAS, the Parties desire to amend the Employment Agreement. 

NOW, THEREFORE, the Parties hereto agree to amend the Employment Agreement as follows, effective as of July 1, 2014: 

1. Section 1 shall be amended by deleting the date “December 31, 2014” and inserting the date “December 31, 2015” in place thereof.

 2. Section 2(a) shall be amended by deleting the phrase “Senior Vice President” and inserting the phrase “Executive Vice
President” in place thereof. 
 3. Section 3 shall be amended by deleting the amount “Two Hundred Fifteen Thousand Dollars ($215,000)”
and inserting the amount “Two Hundred Twenty Five Thousand Dollars ($225,000)” in place thereof. 
 4. Section 5(b) will be deleted in its
entirety and replaced with the following: 
 “For purposes of this Agreement, ‘Change in Control’ shall be deemed to have
occurred if: 
 i. a tender offer (or series of related offers) shall be made and consummated for the ownership of 50% or more of the
outstanding voting securities of the Company, unless as a result of such tender offer more than 50% of the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate by the shareholders of the Company (as
of the time immediately prior to the commencement of such offer), any employee benefit plan of the Company or its Subsidiaries, and their affiliates; 

ii. the Company shall be merged or consolidated with another corporation, unless as a result of such merger or consolidation more than 50% of
the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate by the shareholders of the Company (as of the time immediately prior to such transaction), any employee benefit plan of the Company or its
Subsidiaries, and their affiliates; 
 iii. the Company shall sell substantially all of its assets to another corporation that is not wholly
owned by the Company, unless as a result of such sale more than 50% of such assets shall be owned in the aggregate by the shareholders of the Company (as of the time immediately prior to such transaction), any employee benefit plan of the Company or
its Subsidiaries and their affiliates; 

  
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 iv. a Person (as defined below) shall acquire 50% or more of the outstanding voting securities of
the Company (whether directly, indirectly, beneficially or of record), unless as a result of such acquisition more than 50% of the outstanding voting securities of the surviving or resulting corporation shall be owned in the aggregate by the
shareholders of the Company (as of the time immediately prior to the first acquisition of such securities by such Person), any employee benefit plan of the Company or its Subsidiaries, and their affiliates; or 

v. The individuals who, as of the date hereof, constitute the members of the Board (the “Current Board Members”) cease, by reason of
a financing, merger, combination, acquisition, takeover or other non-ordinary course transaction affecting the Company, to constitute at least a majority of the members of the Board unless such change is approved by the Current Board Members. 

For purposes of this Section 5(b), ownership of voting securities shall take into account and shall include ownership as
determined by applying the provisions of Rule 13d-3(d)(I)(i) (as in effect on the date hereof) under the Exchange Act of 1934, as amended (the “Exchange Act”). In addition, for such purposes, “Person” shall have the meaning given
in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof; however, a Person shall not include (A) the Company or any of its Subsidiaries; (B) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any of its Subsidiaries; (C) an underwriter temporarily holding securities pursuant to an offering of such securities; or (D) a corporation owned, directly or indirectly, by the shareholders
of the Company in substantially the same proportion as their ownership of stock of the Company.” 
 The Parties hereby agree that,
except as specifically provided in and modified by this Amendment, the Employment Agreement is in all other respects hereby ratified and confirmed and references to the Employment Agreement shall be deemed to refer to the Employment Agreement as
modified by this Amendment. 
 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the day and year first written above.

  

					
	EMPIRE RESORTS, INC.
		
	By:	 	 /s/ Joseph A. D’Amato

		 	Name:	 	Joseph A. D’Amato
		 	Title:	 	Chief Executive Officer
	
	EXECUTIVE
	
	 /s/ Nanette L. Horner

	Nanette L. Horner



  
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