Document:

EX-10.3

 Exhibit 10.3 

FIRST AMENDMENT 
 This FIRST
AMENDMENT (this “Amendment”) dated as of July 15, 2016 to the Credit Agreement referenced below is by and among AIR T, INC., a Delaware corporation (“Air T”), MOUNTAIN AIR CARGO, INC., a North Carolina
corporation (“Mountain Air”), GLOBAL GROUND SUPPORT, LLC, a North Carolina limited liability company (“Global Ground”), CSA AIR, INC., a North Carolina corporation (“CSA”), GLOBAL AVIATION SERVICES,
LLC, a North Carolina limited liability company (“Global Aviation”), AIR T GLOBAL LEASING, LLC, a North Carolina limited liability company (“Air T Leasing” and together with Air T, Mountain Air, Global Ground, CSA
and Global Aviation, each a “Borrower” and collectively, the “Borrowers”), and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (the “Bank”). Capitalized terms used herein but
not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement (as defined below). 
 W I T N E S S E T
H 
 WHEREAS, a $20,000,000 revolving credit facility has been established in favor of the Borrowers pursuant to the terms of that certain
Credit Agreement (as amended, modified, supplemented, increased and extended from time to time, the “Credit Agreement”) dated April 1, 2015 between the Borrowers and the Bank; 

WHEREAS, Air T has informed the Bank that it intends to make Investments in the form of (a) the formation of Contrail Aviation Support,
LLC, a North Carolina limited liability company (“Contrail”), and the acquisition by Air T of 79% of the outstanding Equity Interests of Contrail in exchange for cash in the amount of approximately $4,937,500 (the “Contrail
Capital Contribution”), and (b) the acquisition (the “Contrail Acquisition”) by Contrail of substantially all of the assets of Contrail Aviation Support, Inc. (“Old Contrail”). 

WHEREAS, Air T has delivered to the Bank on or prior to the date hereof a Pro Forma Compliance Certificate certifying that (a) after
giving effect to the Contrail Capital Contribution and the Contrail Acquisition on a Pro Forma Basis, the Borrowers are in compliance with the financial covenants set forth in Section 7.11 recomputed as of March 31, 2016 and
(b) no Default or Event of Default has occurred or would result from the Contrail Capital Contribution and the Contrail Acquisition. 

WHEREAS, following the delivery of the Pro Forma Compliance Certificate referenced above, the Contrail Acquisition qualifies as a Permitted
Acquisition and the Contrail Capital Contribution qualifies as a Permitted Investment. 
 WHEREAS, following the Contrail Contribution,
Contrail will constitute a Subsidiary of Air T. 
 WHEREAS, pursuant to Section 6.14 of the Credit Agreement, Air T is required
to cause any new Subsidiary to join as a Borrower under the Credit Agreement and a debtor under the Security Agreement and to deliver certain deliverables as more particularly described in Section 6.14. 

WHEREAS, Air T has informed the Bank that contemporaneously with the Contrail Acquisition, Contrail will be entering into a Credit Agreement
dated on or about July 18, 2016 (as amended, modified, or extended, the “BMO Credit Agreement”) between Contrail and BMO Harris Bank N.A. (“BMO”) pursuant to which BMO will make a $12,000,000 revolving credit
facility available to Contrail. 

 WHEREAS, Air T has informed the Bank that it has agreed to guaranty $1,600,000 of the obligations
of Contrail to BMO under the BMO Credit Agreement pursuant to a Limited Guaranty dated on or about July 18, 2016 (the “BMO Guaranty”). 

WHEREAS, Air T is prohibited from making the BMO Guaranty pursuant to Section 7.7 of the Credit Agreement without the Bank’s
prior written consent. 
 WHEREAS, Air T previously made Investments in the form of the acquisition by Air T of 43,000 shares of Series B
Preferred Stock of Delphax Technologies Inc. (“Delphax”) and stock warrants for 95,600 shares of Series B Preferred Stock of Delphax for an aggregate purchase price of $1,050,000 (collectively, the “Delphax Equity
Investment”). 
 WHEREAS, Air T previously delivered a Pro Forma Compliance Certificate demonstrating that the Delphax Equity
Investment constitutes a Permitted Investment. 
 WHEREAS, Air T has informed the Bank that on or about June 1, 2016, certain events
took place that caused Delphax to become a Subsidiary of Air T. 
 WHEREAS, pursuant to Section 6.14 of the Credit Agreement,
Air T is required to cause any new Subsidiary to join as a Borrower under the Credit Agreement and a debtor under the Security Agreement and to deliver certain deliverables as more particularly described in Section 6.14. 

WHEREAS, Air T has requested that the Bank (i) waive the requirement for Air T to cause Contrail to join as a Borrower under the Credit
Agreement and a debtor under the Security Agreement and to deliver certain deliverables as more particularly described in Section 6.14 (collectively, the “Contrail Joinder Waiver”), (ii) waive the requirement for
Air T to cause Delphax to join as a Borrower under the Credit Agreement and a debtor under the Security Agreement and to deliver certain deliverables as more particularly described in Section 6.14 and waive any Default that has occurred
due to the Borrowers failure to comply with the requirements of Section 6.14 within 30 days of Delphax becoming a Subsidiary of Air T (collectively, the “Delphax Joinder Waiver”), (iii) consent to the BMO Guaranty
(the “BMO Guaranty Consent”) and (iv) make certain other changes to the terms of the Credit Agreement as more particularly described herein. 

NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows: 
 1. Amendments to the Credit Agreement. 

(a) The following definition is hereby added to Section 1.01 in the appropriate alphabetical order: 

“Cash Equivalents” means, as at any date, (a) securities issued or directly and fully guaranteed or
insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from the date of acquisition,
(b) Dollar denominated time deposits and certificates of deposit of (i) the Bank, (ii) any domestic commercial bank of recognized standing having capital and surplus in excess of $500,000,000 or (iii) any bank whose short term
commercial paper rating from S&P is at 

  
 2 

 
least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (any such bank being an “Approved Bank”), in each case with maturities of not
more than 270 days from the date of acquisition, (c) commercial paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued by, or guaranteed by, any domestic
corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by Moody’s and maturing within six months of the date of acquisition, (d) repurchase agreements entered into by any Person
with a bank or trust company (including the Bank) or recognized securities dealer having capital and surplus in excess of $500,000,000 for direct obligations issued by or fully guaranteed by the United States in which such Person shall have a
perfected first priority security interest (subject to no other liens) and having, on the date of purchase thereof, a fair market value of at least 100% of the amount of the repurchase obligations and (e) investments, classified in accordance
with GAAP as current assets, in money market investment programs registered under the Investment Company Act of 1940 which are administered by reputable financial institutions having capital of at least $500,000,000 and the portfolios of which are
limited to Investments of the character described in the foregoing subdivisions (a) through (d). 
 (b) The following
definitions set forth in Section 1.01 are hereby amended and restated to read as follows: 

“Consolidated EBITDA” means, for any period, for the Borrowers and their Subsidiaries on a consolidated basis,
an amount equal to Consolidated Net Income for such period plus the following to the extent deducted in calculating such Consolidated Net Income: (a) Consolidated Interest Charges for such period, (b) the provision for federal,
state, local and foreign income taxes payable by the Borrowers for such period, and (c) depreciation and amortization expense for such period, all as determined in accordance with GAAP. 

“Consolidated Fixed Charges” means, for any period, for the Borrowers and their Subsidiaries on a consolidated
basis, an amount equal to the sum of (a) the cash portion of Consolidated Interest Charges for such period plus (b) Consolidated Scheduled Funded Debt Payments for such period plus (c) rent and lease expense for such
period. 
 “Consolidated Interest Charges” means, for any period, for the Borrowers and their Subsidiaries
on a consolidated basis, the sum of the following (without duplication) interest expense (including, without limitation, interest expense attributable to Capital Leases and all net payment obligations pursuant to Rate Hedging Obligations) for such
period. 
 “Consolidated Leverage Ratio” means, as of any date of determination, the ratio of
(a) Funded Indebtedness of for the Borrowers and their Subsidiaries on a consolidated basis as of such date to (b) Consolidated EBITDA for the period of the four fiscal quarters most recently ended. 

“Consolidated Net Income” means, for any period, the net income of the Borrowers and their Subsidiaries on a
consolidated basis (excluding extraordinary gains) for that period, as determined in accordance with GAAP. 

“Consolidated Scheduled Funded Debt Payments” means for any period for the Borrowers and their Subsidiaries on
a consolidated basis, the sum of all scheduled payments of principal on Funded Indebtedness, as determined in accordance with GAAP. 

  
 3 

 
For purposes of this definition, “scheduled payments of principal” shall be determined without giving effect to any reduction of such scheduled payments resulting from the application
of any voluntary or mandatory prepayments made during the applicable period. 
 “Consolidated Total
Liabilities” means the aggregate amount of all liabilities (i.e., claims of creditors of any of the Borrowers that are to be satisfied by the disbursement or utilization of corporate resources) of the Borrowers and their Subsidiaries on a
consolidated basis, including without limitation all Indebtedness of the Borrowers and their Subsidiaries, all determined in accordance with Generally Accepted Accounting Principles applied on a Consistent Basis. 

“Funded Indebtedness” means, for any Person, the sum of (a) all indebtedness of such Person in respect of
money borrowed, including, without limitation, the deferred purchase price of any property or asset or indebtedness evidenced by a promissory note, bond or similar written obligation for the payment of money (including, but not limited to,
conditional sales or similar title retention agreements) and the capitalized amount of all Capital Leases that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP and (b) 100% of the amount of the
guaranty provided by Air T to BMO Harris Bank N.A. (which was $1,600,000 on the date of the First Amendment dated as of July 15, 2016 among the Borrowers and the Bank (the “First Amendment”)) pursuant to a Limited Guaranty
dated on or about July 18, 2016 given by Air T in favor of BMO Harris Bank N.A. Notwithstanding the foregoing, any “earnout” obligation of any of the Borrowers or their respective Subsidiaries in connection with the Contrail
Acquisition (as defined in the First Amendment) shall not constitute Funded Indebtedness. 
 (c) For the avoidance of doubt,
(i) the balance sheet and financial performance of Contrail Aviation Support, LLC and Delphax Technologies Inc. will be taken into account in computing the financial covenants set forth in Section 7.11(a), (b) and
(c), (ii) the balance sheet and financial performance of Contrail Aviation Support, LLC and Delphax Technologies Inc. will not be taken into account in computing the financial covenant set forth in Section 7.11(d) and
(iii) any Revolving Loans used to finance the Acquisition of, and subsequent Investments in, Old Contrail and Delphax will be taken into account in computing clause (b) of the definition of “Consolidated Asset Coverage
Ratio”. 
 (d) Section 7.7 is hereby amended by (i) deleting the “and” at the end of
Section 7.4(b), (ii) deleting the “.” at the end of Section 7.7(c) and substituting the following in lieu thereof “; and” and (ii) added a new Section 7.7(d) to read as follows: 

“(d) the guaranty by Air T of Funded Indebtedness owed by Contrail Aviation Support, LLC to BMO Harris Bank N.A. with
respect to a $12 million revolving line of credit extended pursuant to a Credit Agreement dated on or about July 18, 2016 between Contrail Aviation Support, LLC and BMO Harris Bank N.A.” 

(e) Section 7.8 is hereby amended and restated to read as follows: 

“Section 7.8 Investments. Make any Investments except (a) Permitted Investments, (b) Permitted
Acquisitions, (c) Investments held by a Borrower in the form of cash or Cash Equivalents and (d) the formation of and Investments in a Subsidiary that becomes a Borrower in compliance with Section 6.14.” 

  
 4 

 2. Waivers and Consents. Air T hereby requests, and the Bank hereby agrees to (a) the
Contrail Joinder Waiver, (b) the Delphax Joinder Waiver and (c) the BMO Guaranty Consent. These waivers are limited solely to the matter described in the preceding sentence, and nothing contained in this Amendment shall be deemed to
constitute a waiver of Section 6.14 of the Credit Agreement in the future or any other rights or remedies the Bank may have under any of the Loan Documents or under applicable law, including, without limitation, any rights and remedies
the Bank may have in the future related to any financial covenant default triggered in part by the Contrail Capital Contribution, the Contrail Acquisition or the Delphax Equity Investment. 

3. Conditions Precedent. This Amendment shall become effective as of the date hereof upon receipt by the Bank of: 

(a) duly executed counterparts of this Amendment from the Borrowers; 

(b) a Pro Forma Compliance Certificate demonstrating that after giving effect to the Contrail Acquisition and the Contrail
Capital Contribution on a Pro Forma Basis, the Borrowers would be in compliance with the Financial Covenant Test and the Leverage Test; 

(c) an amendment fee equal to $3,500; and 

(d) such other documents, instruments and approvals as the Bank may reasonably request. 

4. Amendment is a “Loan Document”. This Amendment is a Loan Document and all references to a “Loan Document” in the
Credit Agreement and the other Loan Documents (including, without limitation, all such references in the representations and warranties in the Credit Agreement and the other Loan Documents) shall be deemed to include this Amendment. 

5. Reaffirmation of Representations and Warranties. Each Borrower represents and warrants that (a) each of the representations and
warranties set forth in the Loan Documents is true and correct in all material respects as of the date hereof (except those that expressly relate to an earlier period) and (b) no Default has occurred and is continuing. Air T further represents
that the BMO Guaranty is unsecured. 
 6. Reaffirmation of Obligations. Each Borrower (a) acknowledges and consents to all of
the terms and conditions of this Amendment, (b) affirms all of its obligations under the Loan Documents and (c) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such
Borrower’s obligations under the Loan Documents. 
 7. No Other Changes. Except as modified hereby, all of the terms and
provisions of the Loan Documents shall remain in full force and effect. 
 8. Counterparts; Delivery. This Amendment may be executed
in any number of counterparts, each of which when so executed and delivered shall be deemed an original and it shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart. Delivery of an executed
counterpart of this Amendment by facsimile or other electronic imaging means shall be effective as an original. 
 9. Costs and
Expenses. The Borrowers agree that they shall pay, upon demand by the Bank, the costs and expenses of the Bank in connection with the execution and delivery of this Amendment, including without limitation the reasonable fees and expenses of
counsel to the Bank. 

  
 5 

 10. Governing Law. This Amendment shall be deemed to be a contract made under, and for all
purposes shall be construed in accordance with, the laws of the State of North Carolina. 
 [Signature Pages Follow] 

  
 6 

 IN WITNESS WHEREOF, the Borrowers have caused a counterpart of this First Amendment to be duly
executed and delivered as of the date first above written. 
  

									
		 		 	AIR T, INC.
					
		 		 	By:	 	 /s/ Candice Otey
	 	(SEAL)
		 		 	Name:	 	Candice Otey	 	
		 		 	Title:	 	Chief Financial Officer	 	
			
		 		 	MOUNTAIN AIR CARGO, INC.
					
		 		 	By:	 	 /s/ Candice Otey
	 	(SEAL)
		 		 	Name:	 	Candice Otey	 	
		 		 	Title:	 	Chief Financial Officer	 	
			
		 		 	GLOBAL GROUND SUPPORT, LLC
					
		 		 	By:	 	 /s/ Candice Otey
	 	(SEAL)
		 		 	Name:	 	Candice Otey	 	
		 		 	Title:	 	Chief Financial Officer	 	
			
		 		 	CSA AIR, INC.
					
		 		 	By:	 	 /s/ Candice Otey
	 	(SEAL)
		 		 	Name:	 	Candice Otey	 	
		 		 	Title:	 	Chief Financial Officer	 	
			
		 		 	GLOBAL AVIATION SERVICES, LLC
					
		 		 	By:	 	 /s/ Candice Otey
	 	(SEAL)
		 		 	Name:	 	Candice Otey	 	
		 		 	Title:	 	Chief Financial Officer	 	
			
		 		 	AIR T GLOBAL LEASING, LLC
					
		 		 	By:	 	 /s/ Candice Otey
	 	(SEAL)
		 		 	Name:	 	Candice Otey	 	
		 		 	Title:	 	Chief Financial Officer	 	

 IN WITNESS WHEREOF, the Bank caused a counterpart of this First Amendment to be duly executed and
delivered as of the date first above written. 
  

			
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	 /s/ G. Christopher Hill

		 	G. Christopher Hill
		 	Senior Vice PresidentExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

 

THIS EMPLOYMENT AGREEMENT (“Agreement”)
shall be effective as of the 19th day of July, 2016 by and between MICHAEL P. SHAUNNESSY (“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 November 12, 2012, as amended on August 1, 2014 (the “Original Employment
Agreement”);

 

WHEREAS, the Original Employment Agreement,
as amended, expires on December 1, 2016 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 President and Chief Executive Officer of Nevada Gold and Casinos, Inc., commencing
on July 19, 2016, 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 President and Chief Executive Officer. Employee shall have such powers and perform such
duties as are customarily performed by a Chief Executive Officer, including management responsibility for all of the day to day
operations of Employer. Employee shall report to the Board of Directors 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 Three Hundred Thousand Dollars ($300,000) payable in the same manner as Employer
pays its other executive employees, less required state and federal withholdings (the “Annual Salary”).

 

    	 	- 1 -	 

     

    

 

(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.

 

    	 	- 2 -	 

     

    

 

(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.

 

    	 	- 3 -	 

     

    

 

(c)           Non-competition.
If Employee’s employment hereunder is terminated as a result of the application of paragraph 5(c), 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 75-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. Notwithstanding the foregoing, this provision will not apply to the metropolitan
area of Las Vegas, Nevada.

 

(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:	Michael P. Shaunnessy
	 	 	2212 Plaza Del Prado
	 	 	Las Vegas, NV 89102
	 	With a copy to:	 
	 	 	 
	 	If to Employer:	William J. Sherlock
	 	 	Chairman of the Board
	 	 	133 E. Warm Springs Road
	 	 	Suite 102
	 	 	Las Vegas, Nevada 89119
	 	 	 
	 	With a copy to:	Ernest E. East
	 	 	Chief Compliance Officer
	 	 	Nevada Gold & Casinos, Inc
	 	 	133 E. Warm Springs Road
	 	 	Suite 102
	 	 	Las Vegas, Nevada 89119

 

8.           GOVERNING LAW AND
VENUE. This Agreement herein shall be construed, regulated and administered under the laws of the State of Nevada 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 Clark County, Nevada, Except that
this provision does not preclude Employer from removing to federal court any action filed by Employee and, to the extent permissible,
Employee hereby consents to such removal.

 

    	 	- 4 -	 

     

    

 

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(d), 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 19th day of July, 2016.

 

 

	EMPLOYER	 	EMPLOYEE
	 	 	 	 
	By: 	 	 	 
	 	William J. Sherlock	 	Michael P. Shaunnessy
	 	Chairman, Nevada Gold & Casinos, Inc	 

 

        

 

 

    	 	- 5 -

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