Document:

Exhibit 10.32

 

AMENDMENT TO THE

STEMLINE THERAPEUTICS, INC.

AMENDED AND RESTATED 2004 EMPLOYEE, DIRECTOR

AND CONSULTANT STOCK PLAN

 

This Amendment to the Stemline Therapeutics, Inc. Amended and Restated 2004 Employee, Director and Consultant Stock Plan (the “Plan”), is hereby adopted this 13th day of March, 2015, by the Board of Directors (the “Board”) of Stemline Therapeutics, Inc. (the “Company”).

 

W I T N E S S E T H:

 

WHEREAS, the Company adopted the Plan for the purposes set forth therein; and

 

WHEREAS, pursuant to Section 30 of the Plan, the Board has the authority to amend the Plan; and

 

WHEREAS, the Board has approved and authorized this Amendment to the Plan and has determined that this Amendment does not require approval of the stockholders of the Company and does not adversely affect the rights of participants under the Plan;

 

NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended, effective as of the date hereof, in the following particulars:

 

1.

 

The Plan is hereby amended by adding the following as a new Section 33:

 

“33.                         CHANGE IN CONTROL.

 

(1)         Definition.  A “Change in Control” shall mean and include the occurrence of any one of the following events but shall specifically exclude a public offering of any class or series of the Company’s equity securities pursuant to a registration statement filed by the Company under the Securities Act of 1933, as amended:

 

(i)                                     during any consecutive 12-month period, individuals who, at the beginning of such period, constitute the Board of Directors of the Company (the “Incumbent Directors”) cease for any reason to constitute at least a majority of such Board of Directors, provided that any person becoming a director after the beginning of such 12-month period and whose election or nomination for election was approved by a vote of at least a majority of the Incumbent Directors then on the Board of Directors shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest with respect to the election or removal of directors (“Election Contest”) or other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board of Directors (“Proxy Contest”), including by reason of any agreement intended to avoid or settle any Election Contest or Proxy Contest, shall be deemed an Incumbent Director; or

 

(ii)                                  any person becomes a “Beneficial Owner” (using the meaning given such term in Rule 13d-3 of the General Rules and Regulations under the Securities

 

 

Exchange Act of 1934, as amended), directly or indirectly, of either (A) 51% or more of the then-outstanding shares of Stock (“Company Common Stock”) or (B) securities of the Company representing 51% or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of directors (the “Company Voting Securities”); provided, however, that for purposes of this subsection (ii), the following acquisitions of Company Common Stock or Company Voting Securities shall not constitute a Change in Control: (w) an acquisition directly from the Company, (x) an acquisition by the Company or any corporation, limited liability company, partnership or other entity of which a majority of the outstanding voting stock or voting power is beneficially owned directly or indirectly by the Company (a “Subsidiary”), (y) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (z) an acquisition pursuant to a Non-Qualifying Event (as defined in subsection (iii) below); or

 

(iii)                               the consummation of a reorganization, merger, consolidation, statutory share exchange or similar form of corporate transaction involving the Company or a Subsidiary (a “Transaction”), or the sale or other disposition of all or substantially all of the Company’s assets (a “Sale”) or the acquisition of assets or stock of another corporation or other entity (an “Acquisition”), unless immediately following such Transaction, Sale or Acquisition: (A) all or substantially all of the individuals and entities who were the Beneficial Owners, respectively, of the outstanding Company Common Stock and outstanding Company Voting Securities immediately prior to such Transaction, Sale or Acquisition beneficially own, directly or indirectly, more than 51% of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the entity resulting from such Transaction, Sale or Acquisition (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets or stock either directly or through one or more subsidiaries, the “Surviving Entity”) in substantially the same proportions as their ownership, immediately prior to such Transaction, Sale or Acquisition, of the outstanding Company Common Stock and the outstanding Company Voting Securities, as the case may be, and (B) no person (other than (x) the Company or any Subsidiary, (y) the Surviving Entity or its ultimate parent entity, or (z) any employee benefit plan (or related trust) sponsored or maintained by any of the foregoing) is the Beneficial Owner, directly or indirectly, of 51% or more of the total common stock or 51% or more of the total voting power of the outstanding voting securities eligible to elect directors of the Surviving Entity, and (C) at least a majority of the members of the board of directors of the Surviving Entity were Incumbent Directors at the time of the Board of Directors’ approval of the execution of the initial agreement providing for such Transaction, Sale or Acquisition (any Transaction, Sale or Acquisition which satisfies all of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Event”).

 

(2)         Consequences of a Change in Control.  The provisions of this Section 32 shall apply in the case of a Change in Control, unless otherwise provided in the Option Agreement or Stock Grant Agreement or any special Plan document or separate agreement with a Participant governing an Option or Stock Grant.

 

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(i)                                     Awards Assumed or Substituted by Surviving Entity.  With respect to any Options or Stock Grants assumed by the Surviving Entity or otherwise equitably converted or substituted in connection with a Change in Control: if within two years after the effective date of the Change in Control, a Participant’s employment is terminated without Cause or the Participant resigns for Good Reason, then (i) all time-based vesting requirements for his or her outstanding Options and Stock Grants shall be deemed to have been satisfied and vested in full, and (ii) unless otherwise provided in the Option Agreement or Stock Grant Agreement, all performance-based vesting requirements on his or her outstanding Options and Stock Grants shall be deemed to have been satisfied at the “target” level and vested pro rata based upon the length of time within the performance period that has elapsed prior to the date of termination of employment.  Any Stock Grants shall pay out within sixty (60) days following the Change in Control, and any Options shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Option Agreement.  To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Code Section 422(d), the excess Options shall be deemed to be Non-Qualified Stock Options.

 

(ii)                                  Awards not Assumed or Substituted by Surviving Entity.  Upon the occurrence of a Change in Control, and except with respect to any Options or Stock Grants assumed by the Surviving Entity or otherwise equitably converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Board of Directors: (i) all time-based vesting requirements for his or her outstanding Options and Stock Grants shall be deemed to have been satisfied and vested in full, and (ii) unless otherwise provided in the Option Agreement or Stock Grant Agreement, all performance-based vesting requirements on his or her outstanding Options and Stock Grants shall be deemed to have been satisfied at the “target” level and vested pro rata based upon the length of time within the performance period that has elapsed prior to the Change in Control.  Any Stock Grants shall pay out within sixty (60) days following the Change in Control, and any Options shall thereafter continue or lapse in accordance with the other provisions of the Plan and the Option Agreement.  To the extent that this provision causes Incentive Stock Options to exceed the dollar limitation set forth in Code Section 422(d), the excess Options shall be deemed to be Non-Qualified Stock Options.

 

(3)         Cause. If a Participant is party to an employment, consulting or severance agreement with the Company that contains a definition of “cause” for termination of employment or other relationship, “Cause” shall have the meaning ascribed to such term in such agreement. Otherwise, “Cause” shall mean willful misconduct by the Participant or willful failure by the Participant to perform his or her responsibilities to the Company (including, without limitation, breach by the Participant of any provision of any employment, consulting, advisory, nondisclosure, non-competition or other similar agreement between the Participant and the Company), as determined by the Company, which determination shall be conclusive. The Participant’s employment or other relationship shall be considered to have been terminated for “Cause” if the Company determines, within 30 days after the Participant’s resignation, that termination for Cause was warranted.

 

(4)         Good Reason.  “Good Reason” as a reason for a Participant’s termination of employment or service after a Change in Control shall have the meaning assigned such term in the written employment, severance or similar agreement, if any, between such

 

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Participant and the Company; provided, however, that if there is no such written employment, severance or similar agreement in which such term is defined, and unless otherwise defined in the applicable Option Agreement or Stock Grant Agreement, “Good Reason” shall mean, without the Participant’s prior written consent, (A) a material diminution in a Participant’s title or duties, or the assignment to a Participant of duties materially inconsistent with his or her authority, responsibilities and reporting requirements, as compared to those in effect immediately prior to the Change in Control, or (B) a material breach by the Company or the Surviving Entity of its obligations to a Participant under any written employment, severance or similar agreement, or (C) the relocation of the Participant’s primary work location to a location more than 50 miles from the Participant’s primary work location immediately prior to the Change in Control.   A Participant may not resign for Good Reason without providing the employer written notice of the grounds that the Participant believes constitute Good Reason and giving the employer at least 30 days after such notice to cure and remedy the claimed event of Good Reason.

 

2.

 

Except as specifically set forth herein, the terms of the Plan shall be and remain unchanged, and the Plan as amended shall remain in full force and effect.

 

The foregoing is hereby acknowledged as being the Amendment to the Stemline Therapeutics, Inc. Amended and Restated 2004 Employee, Director and Consultant Stock Plan as adopted by the Board of Directors on March 13, 2015.

 

	
 
    	
STEMLINE   THERAPEUTICS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kenneth Hoberman
    
	
 
    	
 
    	
 
    
	
 
    	
Its:
    	
Chief   Operating Officer
    

 

4Exhibit 10.2

 

FIRST SUPPLEMENTAL INDENTURE

 

THIS FIRST SUPPLEMENTAL INDENTURE (the “Supplemental Indenture”) is executed as of September 17, 2014, by and among MTR Gaming Group, Inc. (the “Issuer”), Mountaineer Park, Inc. (“Mountaineer”), Presque Isle Downs, Inc. (“Presque Isle”), and Scioto Downs, Inc. (“Scioto”, and collectively with Mountaineer and Presque Isle, the “Guarantors”) and Wilmington Trust, National Association, as Trustee and Collateral Agent (the “Trustee”).

 

WHEREAS, the Issuer and the Guarantors have heretofore entered into an Indenture, dated as of August 1, 2011 (the “Original Indenture”), with the Trustee pursuant to which the Trustee acts as trustee for the Holders of the Issuer’s 11.50% Senior Secured Second Lien Notes due 2019 (the “Notes”);

 

WHEREAS, Section 9.02 of the Original Indenture provides that the Issuer, the Guarantors and the Trustee may amend or supplement the Original Indenture with the consent of the Holders of at least a majority in principal amount of the Notes outstanding (the “Requisite Holders”); and

 

WHEREAS, pursuant to a consent solicitation commenced by the Issuer on December 4, 2013 and expired on January 8, 2014, the Requisite Holders have executed and delivered written consents to the amendments to the Original Indenture provided for in this Supplemental Indenture;

 

NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 

Section 1.  Definitions.  All capitalized terms used in this Supplemental Indenture not defined herein shall have the meanings ascribed to them in the Original Indenture.

 

Section 2.  Change of Control.  The definition of “Change of Control” contained in Section 1.01 of the Original Indenture is amended and restated to read in its entirety as follows (the new language is provided in bold face and double underline):

 

“‘Change of Control’ means the occurrence of any of the following: (i) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole to any ‘person’ (as such term is used in Section 13(d) of the Exchange Act); (ii) the adoption of a plan relating to the liquidation or dissolution of the Issuer; or (iii) the consummation of any transaction (including, without limitation, any merger), the result of which is that any ‘person’ (as defined above) becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of the Issuer measured by voting power rather than number of shares; provided, however, that the occurrence of a “Change of Control” shall not include the consequences of the closing of the transactions contemplated by the Merger Agreement.  For the avoidance of any doubt, the Issuer shall not be obligated to comply with Section 4.14 in connection with the closing of the transactions contemplated by the Merger Agreement.”

 

Section 3.  Merger Agreement.  Section 1.01 of the Original Indenture is amended to add the following definition:

 

“‘Merger Agreement’ means the Agreement and Plan of Merger, dated as of September 9, 2013, between the Issuer, Eclair Holdings Company, a Nevada corporation, Ridgeline Acquisition Corp., a Delaware corporation, Eclair Acquisition Company, LLC, a Nevada limited liability company, Eldorado HoldCo, LLC, a Nevada limited liability company, and Thomas Reeg, Robert Jones, and

 

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Gary Carano, each an adult individual and as the Member Representative, as may be amended from time to time.”

 

Section 4.  Effective Date.  This First Supplemental Indenture shall become effective on the date on which the mergers contemplated by the Merger Agreement become effective.

 

Section 5.  Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, when taken together, shall constitute one and the same document.  Any party to this Supplemental Indenture may deliver an executed counterpart hereof by facsimile or portable document file (PDF) transmission to another party hereto, and any such delivery shall have the same force and effect as any other delivery of a manually signed counterpart of this Agreement.

 

Section 6.  Governing Law.  This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York, without regard to the principles of conflict of laws.

 

IN WITNESS WHEREOF, MTR Gaming Group, Inc. has caused this Supplemental Indenture to be duly executed all as of the date and year first above written.

 

	
 
    	
 
    	
MTR GAMING GROUP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    	
/s/ Joseph L. Billhimer, Jr.
    
	
 
    	
Name:
    	
 
    	
Joseph L. Billhimer, Jr.
    
	
 
    	
Title:
    	
 
    	
President and Chief Operating Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:  
    	
 
    	
/s/ Thomas Diehl
    
	
 
    	
Name:  
    	
 
    	
Thomas Diehl
    
	
 
    	
Title:  
    	
 
    	
Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
MOUNTAINEER PARK, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
 
    	
/s/ Joseph L. Billhimer, Jr.
    
	
 
    	
Name:  
    	
 
    	
Joseph L. Billhimer, Jr.
    
	
 
    	
Title:  
    	
 
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:  
    	
 
    	
/s/ Thomas Diehl
    
	
 
    	
Name:  
    	
 
    	
Thomas Diehl
    
	
 
    	
Title:  
    	
 
    	
Secretary
    

 

2

 

	
 
    	
 
    	
PRESQUE ISLE DOWNS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
 
    	
/s/ Joseph L. Billhimer, Jr.
    
	
 
    	
Name:  
    	
 
    	
Joseph L. Billhimer, Jr.
    
	
 
    	
Title:  
    	
 
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:  
    	
 
    	
/s/ Thomas Diehl
    
	
 
    	
Name:  
    	
 
    	
Thomas Diehl
    
	
 
    	
Title:  
    	
 
    	
Secretary
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
SCIOTO DOWNS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
By:  
    	
 
    	
/s/ Joseph L. Billhimer, Jr.
    
	
 
    	
Name:  
    	
 
    	
Joseph L. Billhimer, Jr.
    
	
 
    	
Title:  
    	
 
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:  
    	
 
    	
/s/ Thomas Diehl
    
	
 
    	
Name:  
    	
 
    	
Thomas Diehl
    
	
 
    	
Title:  
    	
 
    	
Secretary
    

 

 

This First Supplemental Indenture is hereby

acknowledged and accepted this  17th  day of

September, 2014 by Wilmington Trust, National Association,

as Trustee

 

	
 
    	
By:
    	
/s/ Jane Schweiger
    	
 
    
	
 
    	
 
    	
Name:
    	
Jane Schweiger
    	
 
    
	
 
    	
 
    	
Title:
    	
Vice President
    	
 
    

 

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