Document:

EX-10.4

 Exhibit 10.4 

AGS HOLDINGS, LLC 

PHANTOM UNITS PLAN 
 1. Purpose 

This Phantom Units Plan (the “Plan”) is intended to reinforce and encourage the continued attention and dedication of certain
Covered Executives (as defined below) to their assigned duties to AGS LLC or its Subsidiaries (collectively, “AGS”) until a Change in Control (defined below) of AGS Holdings, LLC, a Delaware limited liability company (the
“Company”) and the ultimate parent of AGS. The Plan is for the benefit of Covered Executives. 
 2. Definitions 

For purposes of this Plan: 
 (a)
“AGS Units” shall mean the units of the Company in the Company’s Second Amended and Restated Limited Liability Agreement, as the same may be further amended or restated from time to time. 

(b) “Alpine Investors” shall mean Alpine Investors II, LP, and each of its affiliates, successors and assigns. 

(c) “Board” shall mean the Board of Managers of the Company or the sole member of the Company if no Board of Managers then
exists. 
 (d) “Cause” means either (i) the definition of “Cause” in any employment agreement or offer
letter with such Covered Executive or (ii) if no such definition exists with a Covered Executive, then “Cause” shall mean the termination of such Covered Executive for any of the following reasons: (a) the Covered
Executive’s failure to correct underperformance after written notification from the AGS’ Chief Executive Officer or the Board, (ii) the Covered Executive’s illegal fraudulent conduct, (iii) the Covered Executive’s
conviction of a felony, (iv) a determination by the Board that the Covered Executive’s involvement with AGS or the Company would have a negative impact on AGS’ ability to receive or retain any licenses, (v) the Covered
Executive’s willful or material misrepresentation to AGS, AGS’ Chief Executive Officer or the Board relating to the business, assets, prospects, or operations of AGS, or (vi) the Covered Executive’s refusal to take any action as
reasonably directed by the Board or any individual acting on behalf or at the direction of the Board. 
 (e) a “Change in
Control” shall be deemed to have occurred upon the occurrence of any one of the following events: 
 (i) any “person,” as
such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Act”) (other than Alpine Investors or its affiliates (including its limited partners and their affiliates), any of its
subsidiaries, or any trustee, fiduciary or other person or entity holding securities under any employee benefit plan or trust of the Company or any of its subsidiaries), together 

  
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with all “affiliates” and “associates” (as such terms are defined in Rule 12b-2 under the Act) of such person, shall become the “beneficial owner” (as such term is
defined in Rule 13d-3 under the Act), directly or indirectly, of membership interests of the Company representing 50 percent or more of the combined voting power of the Company’s then outstanding membership interests having the right to vote in
an election of the Board (“Voting Securities”) (in such case other than as a result of an acquisition of membership interests directly from the Company); or 

(ii) the consummation of (A) any consolidation or merger of the Company where the members of the Company, immediately prior to the
consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Act), directly or indirectly, membership interests or shares representing in the aggregate more than
50 percent of the voting membership interests or shares of the Company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any), or (B) any sale or other transfer (in one transaction or a series
of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company. 
 (f)
“Holdback Proceeds” shall mean any portion of the Transaction Proceeds payable to holders of Outstanding AGS Units generally after the Closing Date that is not paid in cash or marketable securities, including (i) consideration
held in an escrow fund or otherwise held back for indemnification or other claims (such Holdback Proceeds to be calculated by reference to the value of the units of the Company); (ii) promissory notes; or (iii) rollover or retained equity
not publicly tradeable. 
 (g) “Net Individual Transaction Proceeds” shall mean for each individual holder of Phantom
Units, an amount equal to the difference between (i) the Transaction Proceeds and (ii) such holder’s applicable Strike Price Value. 

(h) “Outstanding AGS Units” shall mean the 3,901,824 AGS Units issued and outstanding on April 30, 2010,
as adjusted for any splits, units dividends, combinations, recapitalizations, reorganizations or other similar events following the date hereof. Outstanding AGS Units shall not include any additional AGS Units issued and sold by the Company after
April 30, 2010. As a result, in the event that the Outstanding AGS Units represent only 75% of the total AGS Units then outstanding, then the percentage payable to the Phantom Units (net of the applicable Strike Price Values) shall be applied
against the 75% (not 100%) of the actual transaction proceeds from the Change in Control that are applicable to the Outstanding AGS Units. 

(i) “Phantom Unit Certificate” has the meaning set forth in Section 5(b) hereof. 

(j) “Phantom Units” shall mean the number of Phantom Units held by a Covered Executive under the Plan as set forth for such
Covered Executive in such Covered Executive’s individual Phantom Unit Certificate. The maximum number of Phantom Units is set forth on Exhibit A which Exhibit A also provides the maximum percentage of Transaction Proceeds
available to the Phantom Units; as updated from time to time. 

  
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 (k) “Phantom Unit Proceeds” shall mean, for each individual holder of Phantom
Units, the product of (i) such holder’s Net Individual Transaction Proceeds and (ii) the vested percentage amount applicable to such holder’s Phantom Units as set forth in such holder’s Phantom Unit Certificate. 

(1) “Separation from Service” or “Separates from Service” occurs when the Company and the Covered Executive
reasonably anticipate that no further services would be performed by the Covered Executive for the Company or any affiliates of the Company after a certain date, that the level of bona fide services the Covered Executive would perform for the
Company after such date (whether as an employee or as an independent contractor) would permanently decrease to no more than 20 percent of the average level of bona fide services performed by the Covered Executive for the Company over the immediately
preceding 36-month period (or period of employment, if less than 36 months). For purposes hereof, the term “Company” includes any other entity that is part of a controlled group that includes AGS as defined in Section 414(b) or
(c) of the Internal Revenue Code of 1986, as amended (the “Code”), except that in applying Section 1563(a)(1), (2) and (3) of the Code, the language “at least 50 percent” is used instead of “at
least 80 percent.” A transfer from one AGS affiliate to another is not considered a Separation from Service. 
 (m) “Strike
Price Value” shall mean the amount set forth for each individual Covered Executive set forth in his individual Phantom Unit Certificate, as adjusted therein. 

(n) “Transaction Proceeds” shall mean an amount equal to the aggregate value of cash and/or property (e.g., securities,
notes, etc.) actually paid or payable on the Outstanding AGS Units in cash or marketable securities in connection with Change in Control (all as determined by the Board in good faith). Transaction Proceeds shall include any Holdback Proceeds;
provided that Holdback Proceeds shall only be paid to a Covered Executive when and if such Holdback Proceeds are otherwise payable in cash or marketable securities to or on behalf of the holders of the Outstanding AGS Units Notwithstanding any
provision of this Plan or any Phantom Unit Certificate issued hereunder, no payments from the Holdback Proceeds shall be paid later than five years after the Change in Control. 

3. Covered Executives 
 The Board may
select certain key members of management (the “Covered Executives”) to be eligible to receive grants of Phantom Units hereunder. 
 4.
Administration 
 The Board shall have the sole discretion and authority to administer and interpret the Plan. 

  
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 5. Determination of Payments on Phantom Units 

(a) In connection with the consummation of a Change in Control of the Company that is effective on or prior to February 27, 2015, the
Company shall establish the amount of payments, if any, to the Phantom Units from Transaction Proceeds. The amount of Phantom Unit Proceeds on each set of vested Phantom Units shall be determined based on the product of (i) the vested
percentage represented by a holder’s then vested Phantom Units (as set forth in such holder’s Phantom Unit Certificate) and (ii) such holder’s applicable Net Individual Transaction Proceeds. 

(b) In connection with each Covered Executive’s participation in the Plan, the Covered Executive shall receive a certificate in the form
provided to him (the “Phantom Unit Certificate”). The Phantom Unit Certificate shall specify such Covered Executive’s Phantom Units. A Covered Executive’s Phantom Unit Certificate may include other terms and conditions
applicable to such Covered Executive, as determined in the discretion of the Board, that are not inconsistent with the provisions of this Plan. 

(c) The Company shall pay each Covered Executive, subject to terms of such Covered Executive’s Phantom Unit Certificate, an amount equal
to such Covered Executive’s Phantom Unit Proceeds (other than Holdback Proceeds) upon a Change in Control. Each Covered Executive’s Phantom Units Proceeds and all Holdback Proceeds, if any, shall be paid to each Covered Executive on the
same schedule and under the same terms and conditions as apply to payments to the Outstanding AGS Units. Alpine AGS LLC, as the current owner of all of the Outstanding AGS Units, hereby authorizes the Company to pay such proceeds otherwise due to it
or its successors and assigns in connection with this Plan Notwithstanding any provision of this Plan or any Phantom Unit Certificate issued hereunder, no payments from the Holdback Proceeds shall be paid later than five years after the Change in
Control. 
 (d) To the extent set forth in a Covered Executive’s Phantom Unit Certificate, a Covered Executive shall be entitled to
receive payments for his Phantom Units upon his Separation from Service at such time as provided in his Phantom Unit Certificate. 
 6. Confidentiality
of Plan and Phantom Units 
 A Covered Executive may not disclose any information regarding the Plan, including the Covered
Executive’s selection to participate in the Plan and the Covered Executive’s Phantom Unit, to any other person, other than to immediate family members, or to the Participant’s accountants, financial advisers, or attorneys, or as may
be required by law. 
 7. Section 409A 

(a) The Company intend that this Agreement will be administered in accordance with Section 409A (“Section 409A”) of the
Code. To the extent that any provision of this Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A. The Company may amend this
Plan and any Phantom Unit Certificate granted hereunder as may be necessary to fully comply with Section 409A and all related rules and regulations in order to preserve the payments and benefits provided hereunder. Subject to
Section 7(b) below, any amendments made under this Section 7(a) or for any other reason under this Plan and any Phantom Unit Certificate shall be made so that payments hereunder are not subject to the 20% tax under
Section 409A. 

  
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 (b) The Company makes no representation or warranty and shall have no liability to any Covered
Executive or any other person if any payments under any provisions of this Plan or any Phantom Unit Certificate are determined to constitute deferred compensation under Section 409A that are subject to the 20% tax under Section 409A. 

8. Miscellaneous 
 (a) Amendment and
Termination. The Company reserves the right to amend or terminate the Plan at any time in its sole discretion but only with the prior written consent of a majority of the holders of Phantom Units under the Plan. This Plan, and all rights granted
hereunder, shall terminate on the earlier of (x) the date all amounts to be paid to Covered Executives hereunder are paid following a Change in Control and (y) February 28, 2015. Notwithstanding the foregoing, if the effective date of
a Change in Control occurs prior to February 28, 2015, this Plan and all rights granted hereunder shall terminate on the date all amounts to be paid to Covered Executives hereunder are paid following such Change in Control. 

(b) No Contract for Continuing Services. This Plan and any Phantom Unit Certificate granted hereunder shall not be construed as
creating any contract for continued services between the Company or any of its subsidiaries and any Covered Executive and nothing herein contained shall give any Covered Executive the right to be retained as an employee of the Company or any of its
subsidiaries. 
 (c) No Transfers. A Covered Executive’s rights in an interest under the Plan or the Phantom Units issued
thereunder may not be assigned or transferred; except it may be transferred upon his or her death to his or her estate. 
 (d) Unfunded
Plan. The Plan shall be unfunded and shall not create (or be construed to create) a trust or separate fund. Likewise, the Plan shall not establish any fiduciary relationship between the Company or any of subsidiaries or affiliates and any
Covered Executive. To the extent that any Covered Executive holds any rights by virtue of an award of Phantom Units under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company or any of its
subsidiaries. 
 (e) Governing Law. The Plan and each Phantom Unit Certificate awarded under the Plan shall be construed in
accordance with and governed the laws of the State of Delaware, without regard to principles of conflict of laws of such state. 
 (f)
Tax Withholding. The Company shall have the right to deduct from all payments hereunder any taxes required by law to be withheld with respect to such cash payments. 

(g) Effect on Other Plans. Nothing in this Plan shall be construed to limit the rights of Covered Executives under the Company’s
benefit plans, programs or policies. 

  
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 (h) No Rights as a Member. No Covered Executive shall be deemed for any purpose to be a
stockholder, partner, member or other equityholder of the Company or any subsidiary and the existence of the Plan shall not affect the right or power of the Company or any subsidiary to accomplish any act. 

(i) Effective Date. The Plan shall be effective on the date hereof. 

  
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 EXHIBIT A 

CALCULATION OF TOTAL PHANTOM UNITS 
 The
Plan may grant up to 1250 Phantom Units, representing 12.5% of Transaction Proceeds, less the applicable individual Strike Price Values, for all outstanding Phantom Units. 

  
 Page 7 of 7EX-10.5

 Exhibit 10.5 
  

 
 June 2nd, 2010 
 Bob Miodunski

 Dear Bob: 
 We are thrilled to make you the following offer
to join AGS LLC (“AGS” or the “Company”). I speak for everyone at Alpine and AGS when I say that we think very highly of you, and we are confident that you will be successful at AGS. On a personal note, I am very excited to work
together. 
 Position. You will be the Chairman of the Advisory Board and Interim President / Chief Executive Officer of AGS (until you find the
right permanent CEO to replace yourself) and will report directly to me (or my designee). The expectation is that you will work in a full-time capacity for eighteen (18) to twenty-four (24) months after which time you would remain an
active Advisory Board member until your four (4) year anniversary with AGS and thereafter as mutually agreed upon. As Interim President / Chief Executive Officer your primary responsibilities will include building an outstanding management
team, creating a performance oriented culture, developing and deploying market-leading content, delivering would-class customer service and support and developing and executing strategic plans in conjunction with the other members of the Advisory
Board all while ensuring strict adherence to all legal and regulatory requirements. In addition, you will oversee all of the Company’s functions including Sales, Marketing, Business Development, Operations, Accounting, Finance, Content
Development, Licensing and Compliance. You will assume full accountability for the financial performance of the business against the Advisory Board approved budget and have full hiring, firing and capital allocation responsibility. You shall serve
as the interface between the other members of the Advisory Board and Company personnel. Your geographic focus will initially be North America with the expectation that AGS will persue international opportunities over time. 

As Chairman of the Advisory Board your responsibilities will include identifying, hiring (with input from the other members of the Advisory Board) and
mentoring the permanent CEO, helping to set the strategic direction of the Company, ensuring the right management team is in place to maximize the success of the Company, clarifying Board and management responsibilities, planning and managing Board
and Board committee meetings and working to develop the effectiveness of the Board which may include the addition of new Board members. 
 This offer is
contingent no your starting on later than 30 days after the execution of this offer letter (“Start Date”) and earlier if possible. 
 Position
Location: You will be based out of Las Vegas, NV (travelling as necessary) with the understanding that you will spend up to one (1) week per month working out of your home in [REDACTED] 

Salary & Bonus Plan. You will be paid a base compensation at the annual rate of $450,000, payable in 26 installments in accordance with the
Company’s standard payroll practices for salaried employees. This salary will not be subject to adjustment through 2011 so long as you are still working on a full-time basis. Your 2010 salary will be prorated based on your Start Date. Once you
move from full-time to part-time the salary then in effect shall be adjusted in pro-proportion to the level of your ongoing time commitment. For example, If you moved from a full-time commitment to a half-time commitment your base compensation would
be adjusted to an annual rate of $225,000. 
 You shall also receive a bonus paid in cash upon completion of the Company’s annual audit based on the
bonus plan as outlined in Exhibit I. Your 2010 bonus will be prorated based on your Start Date. This bonus program shall be in place through 2011 (assuming you are still employed with AGS) after which you and I (or my designee) shall determine an
appropriate bonus plan based on objectives and your time commitment at that time. Similar to your base salary, upon making the move from full-time to part-time your bonus plan potential will be proportional to your time commitment to AGS. The bonus
plan through 2011 is based on a full-time commitment to AGS. 
  

					
	Confidential	  	AGS LLC	  	1

 

 
  

 Signing Bonus. You shall receive a $100,000 signing bonus contingent upon execution of this offer
letter, the successful completion of your background check and a positive reference check with Dick Haddrill. The signing bonus will be credited against bonuses earned (if any) either in 2010 or 2011 per Exhibit 1. 

Phantom Equity. In conjunction with this employment offer, you will be entitled to a percentage of the gains in equity value of AGS in a sale (Phantom
Equity). Phantum Equity and pertinent financial information are documented in Exhibit 2. 
 Performance Reviews / Quarterly goals. Each quarter, you
and I (or my designee) will outline/update your portions of the annual plan and your quarterly goals. You will receive an annual performance-based review, or more frequently at the discretion of the other members of the Advisory Board. 

Benefits & Vacation. The Company will pay the premiums on your existing medical plan up to the amount of what your premiums would have been under
the AGS sponsored medical plan. While working for AGS on a full-time basis you will receive four (4) weeks paid vacation annually. Vacation will accrue on a monthly basis commencing on your Start Date while you are working in a full-time capacity.
Availability of and/or participation in any of the referenced plans is subject to adjustment pursuant to the Company’s policies and plans in effect and which may change from time to time. 

Reimbursement of Expenses. In accordance with established policies and procedures of the Company in effect from time to time, the Company shall pay to
or reimburse you for all reasonable and actual out-of-pocket expenses including but not limited to travel, hotel, and similar expenses, incurred by you from time to time in performing your job responsibilities for the Company. Such expenses shall
not exceed $25,000 annually without my approval. 
 Other Benefits. While serving as Chairman of the Advisory Board & Interim President / Chief
Executive Officer you will be provided a cell phone (at you discretion), disability insurance and life insurance which shall be paid for by the Company. 

Non-competition, Non-Disclosure and Non-Solicit Agreement. You will be required to sign the Company’s Non-competition, Non-Disclosure and
Non-Solicit Agreement, a copy of which must be signed and returned prior to your Start Date, as a condition precedent to your employment with the Company. The Non-Competition portion of this Agreement shall remain in effect for twelve (12) months
and the Non-Solicit portion of this Agreement shall remain in effect for twenty-four (24) months following your departure from the Company. If you are terminated without cause the Non-Competition portion of this Agreement shall terminate after six
(6) months unless the Company continues to pay your base salary (per the normal Company payroll cycle) for six (6) months past the date of termination in exchange for an additional six (6) month extension of the Non-compete. 

Trade Secrets/Intellectual Property. The trade secrets and intellectual property developed by you or the Company while you are at AGS shall remain
property of AGS. 
 Period of Employment. Your employment with the Company will be “at will,” meaning that either you or the Company will
be entitled to terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this offer. Although your job duties, title, compensation and benefits, as
well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and I (or my designee). 

Outside Activities. While you render services to the Company, you will not engage in any other gainful employment, business or activity without the
written consent of the Company. 

  

					
	Confidential	  	AGS LLC	  	2

 

 
  

 Withholding Taxes. All forms of compensation referred to in this letter are subject to reduction to
reflect applicable withholding and payroll taxes. 
 Entire Agreement. This letter and the Non-competition, Non-Disclosure and Non-Solicit Agreement
contain all of the terms of your employment with the Company and supersede any prior understandings or agreements, whether oral or written, between you and the Company. 

Severance. The Company will provide six (6) months severance in the event you are terminated without cause. No severance will be paid if you are
terminated for Cause which shall include failure to correct under performance after written notification from me (or my designee), illegal fraudulent conduct, conviction of felony, a determination that your involvement with the company would have a
negative impact on the Company’s ability to receive or retain any licenses, willful or material misrepresentation to the Company or other members of the Advisory Board relating to the business, assets, prospects, or operations of the Company,
EBITDA of the Company falling below $25,000,000 during any twelve month period, or refusal to take any action as reasonably directed by the Advisory Board or any individual acting on behalf or at the direction of the Advisory Board. You must sign a
standard release before the company will make any severance payment. 
 Contingent offer. This offer is contingent upon the successful completion of
a background check and speaking with Dick Haddrill. 
 Amendment and Governing Law. This agreement may not be amended or modified except by an
express written agreement signed by you and me (or my designee). The terms of this letter agreement and the resolution of any disputes will be governed by Nevada law 

You may indicate your agreement with these terms and accept this offer by signing and dating the original of this letter, as well as the Non-competition,
Non-Disclosure and Non-Solicit Agreement, and returning the in to me by fax or email. As required by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United
States. We would like to have this completed by June 15th, 2010. 
 Bob, we are very excited to have you join our team. We look forward to continuing
to build a great company together. 
 Very truly yours, 
  

									
	 Graham Weaver
 AGS, LLC
	 		 	I have read and accept this employment offer.
			
	/s/ Graham Weaver	 		 	/s/ Bob Miodunski
	By:	 	Graham Weaver, Chairman	 		 	By:	 	Bob Miodunski
	Dated:	 		 		 	Dated:	 	June 3, 2010

  

					
	Confidential	  	AGS LLC	  	3

 

 
  

 Exhibit 1 

EBITDA Targets ($000’s) 
  

													
	 Year
	  	Plan	 	  	110% of Plan	 	  	120% of plan	 
	 2010
	  	$	32,000	  	  	$	35,200	  	  	$	38,400	  
	 2011
	  	$	42,000	  	  	$	46,200	  	  	$	50,400	  

 Bonus Payouts ($000’s) (2) 

 

													
	 Year
	  	Plan	 	  	110% of Plan	 	  	120% of plan	 
	 2010(1)
	  	$	400	  	  	$	440	  	  	$	480	  
	 2011
	  	$	420	  	  	$	462	  	  	$	504	  

  

	(1)	Prorated based on start date 

	(2)	Based on full-time commitment to AGS 

 The EBITDA Targets shall be subject to upward modification as determined
by me (or my designee ) to the extent additional capital is invested into AGS at anytime after your Start Date. 

  

					
	Confidential	  	AGS LLC	  	4

 

 
  

 Exhibit 2 

In conjunction with this employment offer, you will be allocated 2.0% of the gains in equity value of AGS in a sale (Phantom Equity). The strike price of the
Phantom Equity is based on a $56,000,000 equity valuation equating to a 5.5x multiple of 2009 EBITDA (see calculation below). The Phantom Equity will vest 6.25% per quarter with full vesting at the end of four years; all of the Phantom Equity
shall be awarded based on tenure. You must be employed for the Phantom Equity to vest. If you are fired without cause you shall retain any vested and unvested Phantom Equity. If you are fired for cause you shall forfeit any vested and unvested
Phantom Equity is subject to dilution any additional units issued after your Start Date. If AGS is sold, 100% of the unvested Phantom Equity will automatically vest. The Phantom Equity will be documented in a separate agreement to be executed within
ninety days of your Start Date. 
 2009 Approximate P&L ($000s) 

 

					
	 Revenue
	  			
	 Recurring
	  	$	62,000	  
	 Game Sales
	  	$	18,000	  
		  	  
	  
	 
	 Total Revenue
	  	$	80,000	  
	 EBITDA
	  	$	33,800	  
		  	 	*	  
	 Multiple
	  	 	5.5x	  
		  	 	-	  
	 Net Debt
	  	$	129,900	  
		  	 	=	  
	 Strike Price
	  	$	56,000	  

 2009 Approximate Game Data

  

					
	 Number of Games
	  	 	7,700	  
	 Hold-Per Day
	  	$	115-$120	  

 In a sale of AGS, the following will determine the value of your Phantom Equity: 

(Enterprise Value – Net Debt – Strike Price) * 2.0% = Phantom Equity value. 

  

					
	Confidential	  	AGS LLC	  	5

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