Document:

Wells Fargo Fifth Amendment

    
      

      

    

     

     

    
 

    FIFTH
      AMENDMENT TO

    AMENDED
      AND RESTATED CREDIT AGREEMENT

    

    

    THIS
      FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT ("Fifth Amendment")
      is
      made and entered into as of the 6th day of December,
      2005,
      by and among WMCK VENTURE CORP., a Delaware corporation, CENTURY CASINOS CRIPPLE
      CREEK, INC., a Colorado corporation and WMCK ACQUISITION CORP., a Delaware
      corporation (collectively the "Borrowers"), CENTURY CASINOS, INC., a Delaware
      corporation (the "Guarantor") and WELLS FARGO BANK, National Association, as
      Lender and L/C Issuer and as the administrative and collateral agent for the
      Lenders and L/C Issuer (herein in such capacity called the "Agent Bank" and,
      together with the Lenders and L/C Issuer, collectively referred to as the
      "Banks").

    

    R_E_C_I_T_A_L_S:

    

    WHEREAS:

     

    A.  Borrowers,
      Guarantor and Banks entered into an Amended and Restated Credit Agreement dated
      as of April 21, 2000, as amended by First Amendment to Amended and Restated
      Credit Agreement dated as of August 22, 2001, by Second Amendment to
      Amended and Restated Credit Agreement dated as of August 28, 2002, by Third
      Amendment to Amended and Restated Credit Agreement dated as of October 27,
      2004
      and by Fourth Amendment to Amended and Restated Credit Agreement dated as of
      September 23, 2005 (collectively, the "Existing Credit
      Agreement").

     

     

    B.  For
      the
      purpose of this Fifth Amendment, all capitalized words and terms not otherwise
      defined herein shall have the respective meanings and be construed herein as
      provided in Section 1.01 of the Existing Credit Agreement and any reference
      to a provision of the Existing Credit Agreement shall be deemed to incorporate
      that provision as a part hereof, in the same manner and with the same effect
      as
      if the same were fully set forth herein.

     

     

    C.  Guarantor
      desires to make an additional capital contribution to the Borrower Consolidation
      to enable the Borrower Consolidation to reduce the Funded Outstanding under
      the
      Credit Facility. Borrowers and Guarantor have requested that in the event such
      additional capital contribution is made, that the Borrower Consolidation be
      permitted to make a Distribution or Distributions up to the aggregate amount
      of
      such capital contribution without the requirement of deducting such
      Distributions from EBITDA in the numerator of each of the Interest Coverage
      Ratio and TFCC Ratio.

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    D. Lender
      is
      willing to amend the Existing Credit Agreement for the purposes described
      hereinabove, subject to the terms and conditions which are hereinafter set
      forth.

    

    NOW,
      THEREFORE, in consideration of the foregoing and other good and valuable
      considerations, the receipt and sufficiency of which are hereby acknowledged,
      the parties hereto do agree to the amendments and modifications to the Existing
      Credit Agreement in each instance effective as of the Fifth Amendment Effective
      Date, as specifically hereinafter provided as follows:

     

    1.  Definitions.
      Section 1.01 of the Existing Credit Agreement entitled "Definitions" shall
      be and is hereby amended to include the following definitions. Those terms
      which
      are currently defined by Section 1.01 of the Existing Credit Agreement and
      which are also defined below shall be superseded and restated by the applicable
      definition set forth below:

     

    "Compliance
      Certificate" shall mean a compliance certificate as described in
      Section 5.08, the form of which is more particularly described on
      "Exhibit F", affixed to the Fifth Amendment and by this reference
      incorporated herein and made a part hereof, which revised Exhibit F shall
      fully supersede and restate Exhibit F attached to the Existing Credit
      Agreement.

    

    "Credit
      Agreement" shall mean the Existing Credit Agreement as amended by the Fifth
      Amendment, together with all Schedules, Exhibits and other attachments thereto,
      as it may be further amended, modified, extended, renewed or restated from
      time
      to time.

    

    "Designated
      CCI Capital Contribution" shall mean reference to the capital contribution
      actually made by CCI to the Borrower Consolidation in cash within thirty (30)
      days of the Fifth Amendment Effective Date, up to the amount of the Funded
      Outstandings under the Credit Facility as of the date of such capital
      contribution.

    

    "Designated
      CCI Distribution Carve-Outs" shall mean reference to Distributions made by
      the
      Borrower Consolidation to CCI which have been specifically identified by written
      notice from Borrowers to Lender as "Designated CCI Distribution Carve-Outs",
      which may be made and designated by Borrowers from time to time so long
      as:

    

    a. the
      cumulative aggregate amount of all Designated CCI Distribution Carve-Outs does
      not exceed the amount of the Designated CCI Capital Contribution;
      and

    

    
      
        
        

      

      
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    b. each
      written notice identifying a Designated CCI Distribution Carve-Out shall set
      forth (i) the amount of such Distribution and (ii) the date upon which such
      Distribution is to be distributed or otherwise disbursed to CCI.

    

    "Existing
      Credit Agreement" shall have the meaning set forth in Recital Paragraph A
      of the Fifth Amendment.

    

    "Fifth
      Amendment" shall mean the Fifth Amendment to Amended and Restated Credit
      Agreement.

    

    "Fifth
      Amendment Effective Date" shall mean December 8, 2005, subject to the occurrence
      of each of the conditions precedent set forth in Paragraph 3 of the Fifth
      Amendment.

    

    "Interest
      Expense Coverage Ratio" shall be defined as follows:

    

    EBITDA,
      minus Distributions (exclusive of the Designated Distribution Carve-Outs and
      the
      Designated CCI Distribution Carve-Outs), minus Non-Financed Capital Expenditures
      incurred during the period under review 

    

    Divided
      by ( ̧)

    

    
      	 	
              Interest
                Expense paid with respect to the Fiscal Quarter under review and
                the most
                recently ended three immediately preceding Fiscal Quarters on a four
                fiscal quarter basis on all Indebtedness (accrued and
                capitalized).

            

    

    

    "TFCC
      Ratio" shall be defined as follows:

    

    
      	 	
              EBITDA,
                minus Distributions (exclusive of Designated Distribution Carve-Outs
                and
                the Designated CCI Distribution Carve-Outs), minus Non-Financed Capital
                Expenditures incurred during the period under review
                

            

    

    

    Divided
      by ( ̧)

     

    Interest
      Expense actually paid (excluding Subordinated Debt), plus current portion of
      Scheduled Reductions actually paid where required during the preceding four
      quarters to bring the Aggregate Outstandings down to the required Maximum
      Scheduled Balance and Capitalized Lease Liabilities required during the
      preceding four quarters, plus actual Interest Expense and principal paid
      (without duplication) on Subordinated Debt.

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

    2.  Restatement
      of Covenant Restricting Distributions.
      As of
      the Fifth Amendment Effective Date, Section 6.10 of the Existing Credit
      Agreement entitled "Restriction on Distributions" shall be restated in its
      entirety as follows:

     

    "Section
      6.10. Restriction
      on Distributions.

     

    a. The
      Borrower Consolidation shall not make any Distributions during any period in
      which a Default or Event of Default has occurred and remains continuing;
      and

    

    b. In
      no
      event shall the aggregate amount of Distributions (exclusive of the Designated
      CCI Distribution Carve-Outs) for the Fiscal Quarters ending September 30, 2005;
      December 31, 2005; March 31, 2006; and June 30, 2006 exceed the cumulative
      maximum amount of One Million Nine Hundred Thousand Dollars ($1,900,000.00);
      and

    

    c. Except
      as
      provided in (b) above, in no event shall the aggregate amount of Distributions
      (exclusive of the Designated CCI Distribution Carve-Outs) during any Fiscal
      Year
      exceed the cumulative maximum amount of One Million Six Hundred Thousand Dollars
      ($1,600,000.00).

     

    3.  Conditions
      Precedent to Fifth Amendment Effective Date.
      The
      occurrence of the Fifth Amendment Effective Date is subject to Agent Bank having
      received the following documents and payments, in each case in a form and
      substance reasonably satisfactory to Agent Bank, and the occurrence of each
      other condition precedent set forth below on or before December 8,
      2005:

     

    a.  Due
      execution by Borrowers, Guarantor and Banks of four (4) duplicate originals
      of
      this Fifth Amendment;

     

    b.  Corporate
      resolutions or other evidence of requisite authority of Borrowers and Guarantor,
      as applicable, to execute the Fifth Amendment;

     

    c.  Reimbursement
      to Agent Bank by Borrowers for all reasonable fees and out-of-pocket expenses
      incurred by Agent Bank in connection with the Fifth Amendment, including, but
      not limited to, reasonable attorneys' fees of Henderson & Morgan, LLC and
      all other like expenses remaining unpaid as of the Fifth Amendment Effective
      Date; and

    d.  Such
      other documents, instruments or conditions as may be reasonably required by
      Lenders.

     

     

    
      
        
        

      

      
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    4.  Representations
      of Borrowers.
      Borrowers hereby represent to the Banks that:

     

    a.  The
      representations and warranties contained in Article IV of the Existing Credit
      Agreement and contained in each of the other Loan Documents (other than
      representations and warranties which expressly speak only as of a different
      date, which shall be true and correct in all material respects as of such date)
      are true and correct on and as of the Fifth Amendment Effective Date in all
      material respects as though such representations and warranties had been made
      on
      and as of the Fifth Amendment Effective Date, except to the extent that such
      representations and warranties are not true and correct as a result of a change
      which is permitted by the Credit Agreement or by any other Loan Document or
      which has been otherwise consented to by Agent Bank;

     

    b.  Since
      the
      date of the most recent financial statements referred to in Section 5.08 of
      the
      Existing Credit Agreement, no Material Adverse Change has occurred and no event
      or circumstance which could reasonably be expected to result in a Material
      Adverse Change or Material Adverse Effect has occurred;

     

    c.  No
      event
      has occurred and is continuing which constitutes a Default or Event of Default
      under the terms of the Credit Agreement; and

     

    d.  The
      execution, delivery and performance of this Fifth Amendment has been duly
      authorized by all necessary action of Borrowers and Guarantor and this Fifth
      Amendment constitutes a valid, binding and enforceable obligation of Borrowers
      and Guarantor.

     

    5.  Consent
      to Fifth Amendment and Affirmation and Ratification of Guaranty.
      Guarantor joins in the execution of this Fifth Amendment for the purpose of
      evidencing its consent to the terms, covenants, provisions and conditions herein
      contained and contained in the Existing Credit Agreement. Guarantor further
      joins in the execution of this Fifth Amendment for the purpose of ratifying
      and
      affirming its obligations under the Continuing Guaranty for the guaranty of
      the
      full and prompt payment and performance of all Indebtedness and Obligations
      under the Credit Facility, as modified and amended under this Fifth
      Amendment.

     

    6.  Incorporation
      by Reference.
      This
      Fifth Amendment shall be and is hereby incorporated in and forms a part of
      the
      Existing Credit Agreement.

     

    7.  Governing
      Law.
      This
      Fifth Amendment to Credit Agreement shall be governed by the internal laws
      of
      the State of Nevada without reference to conflicts of laws
      principles.

     

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    8.  Counterparts.
      This
      Fifth Amendment may be executed in any number of separate counterparts with
      the
      same effect as if the signatures hereto and hereby were upon the same
      instrument. All such counterparts shall together constitute one and the same
      document.

     

    9.  Continuance
      of Terms and Provisions.
      All of
      the terms and provisions of the Existing Credit Agreement shall remain unchanged
      except as specifically modified herein.

     

    10.  Replacement/Additional
      Exhibits Attached.
      The
      following replacement Exhibit is attached hereto and incorporated herein and
      made a part of the Credit Agreement as follows:

     

    Exhibit
      F
      - Compliance
      Certificate

    

    IN
      WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment as of
      the
      day and year first above written.

    

    
      
        	 	
                BORROWERS:

                 

                WMCK
                  VENTURE CORP.,

                a
                  Delaware corporation

                 

                 

                By
                  /s/ Larry Hannappel     

                Larry
                  Hannappel,

                President

              
	 	
                CENTURY
                  CASINOS CRIPPLE

                CREEK,
                  INC.,

                a
                  Colorado corporation

                 

                 

                By
                  /s/ Larry Hannappel     

                Larry
                  Hannappel,

                President

              

      

       

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      
        	 	
                WMCK
                  ACQUISITION

                CORP.,
                  a Delaware

                corporation

                 

                 

                By
                  /s/ Larry Hannappel     

                Larry
                  Hannappel,

                President

              
	 	
                 

                GUARANTOR:

                 

                CENTURY
                  CASINOS, INC.,

                a
                  Delaware corporation

                 

                 

                By
                  /s/ Larry Hannappel     

                Larry
                  Hannappel,

                Senior
                  Vice President

              
	 	
                 

                BANKS:

                 

                WELLS
                  FARGO BANK,

                National
                  Association,

                Agent
                  Bank, Lender and

                L/C
                  Issuer

                 

                 

                By
                  /s/ Ryan Edde     

                Ryan
                  Edde,

                Vice
                  President

              

      

    

    

    

    -7-

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    COMPLIANCE
      CERTIFICATE

    (Revised
      -Fifth Amendment - Form)

    

    

    TO:  WELLS
      FARGO BANK, National Association,

    as
      Agent
      Bank

    

    Reference
      is made to that certain Amended and Restated Credit Agreement, dated as of
      April
      21, 2000, as amended by First Amendment to Amended and Restated Credit Agreement
      dated as of August 22, 2001, by Second Amendment to Amended and Restated
      Credit Agreement dated as of August 28, 2002, by Third Amendment to Amended
      and
      Restated Credit Agreement dated as of October 27, 2004, by Fourth Amendment
      to
      Amended and Restated Credit Agreement dated as of September 23, 2005 and by
      Fifth Amendment to Amended and Restated Credit Agreement dated as of December
      6,
      2005 (as may be further amended, supplemented or otherwise modified from time
      to
      time, collectively the "Credit Agreement"), by and among WMCK VENTURE CORP.,
      a
      Delaware corporation, CENTURY CASINOS CRIPPLE CREEK, INC., a Colorado
      corporation and WMCK ACQUISITION CORP., a Delaware corporation (collectively
      the
      "Borrowers"), CENTURY CASINOS, INC., a Delaware corporation (the "Guarantor"),
      the Lenders therein named (each, together with their respective successors
      and
      assigns, individually being referred to as a "Lender" and collectively as the
      "Lenders"), the L/C Issuer therein named and WELLS FARGO BANK, National
      Association, as administrative and collateral agent for the Lenders and L/C
      Issuer (herein, in such capacity, called the "Agent Bank" and, together with
      the
      Lenders, collectively referred to as the "Banks"). Terms defined in the Credit
      Agreement and not otherwise defined in this Compliance Certificate
      ("Certificate") shall have the meanings defined and described in the Credit
      Agreement. This Certificate is delivered in accordance with Section 5.08(f)
      of the Credit Agreement.

    

    The
      period under review is the Fiscal Quarter ended [Insert
      Date] together
      with, unless otherwise indicated, the three (3) immediately preceding Fiscal
      Quarters on a rolling four (4) Fiscal Quarter basis.

     

     

     

     

     

    EXHIBIT
      F

    TO

    FIFTH
      AMENDMENT

     

     

    
      
        
        

      

      
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    I.

    

    COMPLIANCE
      WITH AFFIRMATIVE COVENANTS

    
      
        	
                 

                A. FF&E
                  (Section 5.01): Amount of Capital Proceeds from FF&E sold or disposed
                  which exceeds One Hundred Fifty Thousand Dollars ($150,000.00)
                  in the
                  aggregate during the term of the Credit Facility, in each instance
                  which
                  are not replaced by FF&E of equivalent value and
                  utility.

              	
                 

                 

                 

                 

                 

                 

                $______________

                 

              
	
                 

                B. Compliance
                  with Payment Subordination Agreement
                  (Section 5.03): Report the amount of any payments made on the Subordinated
                  Debt:

                 

              	 
	
                 

                Interest

                 

              	
                 

                $______________

                 

              
	
                 

                Principal

                 

              	
                 

                $______________

                 

              
	
                 

                C. Liens
                  Filed
                  (Section 5.04): Report any liens filed against the Real Property
                  and the
                  amount claimed in such liens. Describe actions being taken with
                  respect
                  thereto.

                 

              	
                 

                 

                _______________

                 

              
	
                 

                D. Acquisition
                  of Additional Property

                (Section 5.06(b)):

                 

              	 
	
                 

                a. Other
                  than the Real Property presently encumbered by the Security Documentation,
                  attach a legal description and describe the use of any other real
                  property
                  or rights to the use of real property which is used in any material
                  manner
                  in connection with the Casino Facilities. Attach evidence that
                  such real
                  property or rights to the use of such real property has been added
                  as
                  Collateral under the Security Documentation.

              	
                 

                 

                 

                 

                ______________

              
	
                 

                b. Has
                  the T-Shirt Shop been acquired by any Borrower or the
                  Guarantor?

                 

              	
                 

                 

                 

                (yes/no)         

              

      

       

      
        
          
          

        

        
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                  E. Permitted
                    Encumbrances
                    (Section 5.11): Describe any mortgage, deed of trust, pledge,
                    lien,
                    security interest, encumbrance, attachment, levy, distraint or
                    other
                    judicial process or burden affecting the Collateral other than
                    the
                    Permitted Encumbrances. Describe any matters being contested
                    in the manner
                    described in Sections 5.04 and 5.10 of the Credit
                    Agreement.

                	
                   

                   

                  ______________

                   

                
	
                   

                  F. Suits
                    or Actions
                    (Section 5.16): Describe on a separate sheet any matters requiring
                    advice
                    to Agent Bank under Section 5.16.

                   

                	
                   

                   

                  ______________

                   

                
	
                   

                  G. Tradenames,
                    Trademarks and Servicemarks
                    (Section 5.19): Describe on a separate sheet any matters requiring
                    advice
                    to Agent Bank under Section 5.19.

                   

                	
                   

                   

                  ______________

                
	
                   

                  H. Notice
                    of Hazardous Materials
                    (Section 5.20): State whether or not to your knowledge there
                    are any
                    matters of which Banks should be advised under Section 5.20. If so,
                    attach a detailed summary of such matter(s).

                   

                	
                   

                   

                  ______________

                   

                
	
                   

                  I. Golden
                    Horseshoe Lease
                    (Section 5.23):

                   

                	 
	
                   

                  a. Describe
                    all defaults, if any, which occurred during the period under
                    review under
                    the Golden Horseshoe Lease. Describe any modifications or amendments
                    to
                    the Golden Horseshoe Lease. State whether or not such modifications
                    or
                    amendments have been consented to by Agent Bank as required under
                    Section 5.23 of the Credit Agreement.

                   

                	
                   

                   

                   

                  _____________

                   

                
	
                   

                  b. Have
                    the Borrowers given Teller Realty Inc. written notice of intent
                    to
                    exercise the purchase option?

                   

                	
                   

                   
                    yes/no        

                   

                

        

         

        
          
            
            

          

          
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                  If
                    so, attach a copy of such written notice.

                   

                	
                   

                
	
                   

                  Required:
                    On or before June 30, 2003.

                   

                	
                
	
                   

                  c. Have
                    Borrowers purchased the Golden Horseshoe Property?

                   

                	
                   

                   
                    yes/no        

                   

                
	
                   

                  d. Have
                    Borrowers extended the term of the Golden Horseshoe Lease to
                    at least
                    June 30, 2010?

                   

                	
                   

                   yes/no        

                   

                
	
                  Requirement:
                    b, c or d must occur on or before June 30, 2003.

                   

                	 
	
                  J. Compliance
                    with Management Agreement

                  (Section
                    5.27):

                	 
	
                  a. Has
                    a Management Agreement been executed in compliance with the requirements
                    of Section 5.27? 

                	
                   
                    yes/no        
                    

                
	
                  If
                    so:

                	 
	
                  b. Describe
                    all defaults, if any, which occurred during the period under
                    review under
                    the Management Agreement.

                	
                   

                   

                     

                
	
                  c. Describe
                    any modifications or amendments to the Management
                    Agreement.

                	
                   

                   

                     

                
	
                  d. State
                    whether or not such modifications or amendments have been consented
                    to by
                    Agent Bank as required under Section 5.27 of the Credit
                    Agreement.

                	
                   

                   

                   

                     

                
	
                  e. Have
                    any Management Fees been paid?

                   

                	
                              yes/no 

                
	
                  f. Has
                    the Borrower Consolidation realized a Leverage Ratio less than
                    2.00 to
                    1.00 as of the end of a Fiscal Quarter occurring prior to such
                    payment?

                	
                            yes/no 

                

        

      

    

    

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    II.

    

    FINANCIAL
      COVENANTS

    

    
      
        	
                 

                A. Leverage
                  Ratio
                  (Section 6.01):

                 

              	 
	
                Funded
                  Debt.
                  To be calculated with reference to the Borrower Consolidation as
                  of the
                  last day of the Fiscal Quarter set forth above:

              	 
	
                a. Daily
                  average of the Aggregate Funded Outstanding on the Credit Facility
                  during
                  the last month of the Fiscal Quarter under review

              	
                 

                $_____________

                 

              
	
                 

                b. Plus
                  the daily average during the last month of the Fiscal Quarter under
                  review, of both the long-term and the current portions (without
                  duplication) of all other interest bearing Indebtedness 

                 

              	
                 

                 

                +
                  $_____________

                 

              
	
                 

                c. Plus
                  the daily average during the last month of the Fiscal Quarter under
                  review, of both the long-term and current portion (without duplication)
                  of
                  all Capitalized Lease Liabilities

                 

              	
                 

                 

                +
                  $_____________

                 

              
	
                d. Plus
                  the amount of all other Contingent Liabilities as of the last day
                  of such
                  period

              	
                 

                +
                  $_____________

              
	
                 

                e. Less
                  the amount of all Subordinated Debt as of the last day of such
                  period to
                  the extent included in (b) above

              	
                 

                -
                  $_____________

                 

              
	
                 

                f. TOTAL
                  FUNDED DEBT

                (a
                  + b + c + d + e)

                 

              	
                 

                $_____________

                 

              
	
                 

                Divided
                  ( ̧)
                  by:

              	
                 

                 ̧

                 

              

      

       

      
        
          
          

        

        
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                  EBITDA 

                   

                	 
	
                  To
                    be calculated with reference to the Borrower Consolidation on
                    a cumulative
                    basis with respect to the Fiscal Quarter under review and the
                    most
                    recently ended three (3) immediately preceding Fiscal Quarters
                    on a four
                    (4) Fiscal Quarter basis 

                   

                	 
	
                   

                  g. Net
                    income

                   

                	
                   

                  $_____________

                   

                
	
                   

                  h. Plus
                    Interest Expense (expensed and capitalized) to the extent deducted
                    in the
                    determination of Net Income

                   

                	
                   

                   

                  +
                    $_____________

                   

                
	
                   

                  i. Plus
                    the aggregate amount of Federal and state taxes on or measured
                    by income
                    (whether or not payable during the period under review) to the
                    extent
                    deducted in the determination of Net Income

                   

                	
                   

                   

                  +
                    $_____________

                   

                

        

         

        
          
            	
                     

                    j. Plus
                      depreciation, amortization and all other non-cash expenses
                      to the extent
                      deducted in the determination of Net Income

                     

                  	
                     

                     

                    +
                      $_____________

                     

                  
	
                     

                    k. Less
                      all cash and non-cash income (including, but not limited to,
                      interest
                      income), transfers, loans and advances from CCI or any of its
                      Subsidiaries
                      that are not members of the Borrower Consolidation to the extent
                      included
                      in the determination of Net Income.

                  	
                     

                     

                    -
                      $_____________

                  
	
                     

                    l. Less
                      all other non-cash income from any source not specified in
                      (k) above to
                      the extent included in the determination of Net Income.

                     

                  	
                     

                     

                     

                    -
                      $____________ 

                  

          

           

          
            
              
              

            

            
              -6-

              
                

              

            

            
              
              

            

          

          
            
              	
                       

                      m. TOTAL
                        EBITDA

                      (g
                        + h + i + j - k - l)

                       

                    	
                       

                      $_____________

                       

                    
	
                       

                      Leverage
                        Ratio (f  ̧ m)

                       

                    	
                       

                       
                        :1             
                        

                       

                    
	
                       

                      Maximum
                        Permitted Leverage Ratio:

                       

                    	 
	
                       

                       

                      Fiscal
                        Quarter End

                    	
                      Maximum
                        Permitted Leverage Ratio

                    	 
	
                      As
                        of the Fiscal Quarter ending September 30, 2005

                    	
                      3.00
                        to 1.00

                       

                    	 
	
                      As
                        of the Fiscal Quarters ending December 31, 2005 and March
                        31,
                        2006

                    	
                      2.75
                        to 1.00

                       

                    	 
	
                      As
                        of the Fiscal Quarters ending June 30, 2006 and September
                        30,
                        2006

                    	
                      2.50
                        to 1.00

                       

                    	 
	
                      As
                        of the Fiscal Quarters ending December 31, 2006 and March
                        31,
                        2007

                    	
                      2.25
                        to 1.00

                       

                    	 
	
                      As
                        of the Fiscal Quarter ending June 30, 2007 and as of each
                        Fiscal Quarter
                        end thereafter occurring until Credit Facility Termination

                    	
                      2.00
                        to 1.00

                    	 
	
                       

                      B. Interest
                        Expense Coverage Ratio
                        (Section 6.02): The following line items and Interest Expense
                        Coverage
                        Ratio to be calculated with respect to the Borrower Consolidation
                        with
                        respect to the Fiscal Quarter under review and the most recently
                        ended
                        three (3) preceding Fiscal Quarters on a four (4) Fiscal
                        Quarter basis
                        unless otherwise noted:

                       

                    	 

            

             

            
              
                
                

              

              
                -7-

                
                  

                

              

              
                
                

              

            

            
              
                	
                         

                        ADJUSTED
                          EBITDA

                         

                      	 
	
                         

                        a. EBITDA
                          (enter IIA (m) above)

                         

                      	
                         

                        $_____________

                         

                      
	
                         

                            b. Less
                          the aggregate amount of Distributions (exclusive of the
                          Designated
                          Distribution Carve-Outs made and funded prior to April 1, 2005, and
                          the Designated CCI Distribution Carve-Outs, in each case
                          which occurred
                          during the four Fiscal Quarter period under review)

                         

                      	
                         

                         

                         

                        -
                          $_____________

                         

                      
	
                         

                        c. Less
                          the aggregate amount of Non- Financed
                          Capital Expenditures

                         

                      	
                         

                        -
                          $_____________

                         

                      
	
                         

                        d. Adjusted
                          EBITDA

                        (a
                          - b - c)

                         

                      	
                         

                        $_____________

                         

                      
	
                         

                        Divided
                          by  ̧

                         

                      	 
	
                         

                        e. Interest
                          Expense paid on all  Indebtedness
                          (accrued and capitalized)

                         

                      	
                         

                        $_____________

                         

                      
	
                         

                        INTEREST
                          EXPENSE COVERAGE RATIO

                        (d
                           ̧
                          e)

                         

                      	
                         

                                 

                        :1

                      
	
                         

                        Minimum
                          required no less than 2.00 to 1.00

                         

                      	 
	
                         

                            C. TFCC
                          Ratio
                          (Section 6.03): To be calculated with respect to the Borrower
                          Consolidation on a cumulative basis with respect to each
                          Fiscal Quarter
                          and the most recently ended three (3) preceding Fiscal
                          Quarters on a
                          rolling four (4) Fiscal Quarter basis, unless otherwise
                          noted:

                         

                      	 
	
                         

                        ADJUSTED
                          EBITDA

                         

                      	 
	
                         

                        a. EBITDA
                          (enter IIA (m) above) 

                         

                      	
                         

                        $____________

                         

                      

              

               

              
                
                  
                  

                

                
                  -8-

                  
                    

                  

                

                
                  
                  

                

              

              
                
                  	
                           

                          b. Less
                            the aggregate amount of Distributions (exclusive of the
                            Designated
                            Distribution Carve-Outs made and funded prior to April 1, 2005 and
                            the Designated CCI Distribution Carve-Outs, in each case
                            which occurred
                            during the four Fiscal Quarter period under review)

                           

                        	
                           

                           

                          -
                            $____________

                           

                        
	
                           

                          c. Less
                            the aggregate amount of Non- Financed
                            Capital Expenditures

                           

                        	
                           

                          -
                            $____________

                           

                        
	
                           

                          d. Adjusted
                            EBITDA

                          (a
                            - b - c)

                           

                        	
                           

                          $____________

                           

                        
	
                           

                          Divided
                            by  ̧

                           

                        	
                           

                           ̧

                           

                        
	
                           

                          e. Interest
                            Expense actually paid (excluding Subordinated Debt)

                           

                        	
                           

                          $____________

                           

                        
	
                           

                          f. Plus
                            current portion of Scheduled Reductions actually paid
                            where required
                            during the period under review to bring the Aggregate
                            Outstandings down to
                            the required Maximum Scheduled Balance

                           

                        	
                           

                           

                          +
                            $____________

                           

                        
	
                           

                          g. Plus
                            Capitalized Lease Liabilities required to be paid during
                            the period under
                            review

                           

                        	
                           

                           

                          +
                            $____________

                        
	
                           

                          h. Plus
                            actual Interest Expense and principal paid (without duplication)
                            on
                            Subordinated Debt

                           

                        	
                           

                           

                          +
                            $____________

                           

                        
	
                          i. TOTAL
                            DENOMINATOR

                          (e
                            + f + g + h + i)

                           

                        	
                           

                          $____________

                           

                        
	
                           

                          TFCC
                            Ratio (d  ̧
                            i)

                           

                        	
                           

                            :1              

                        
	
                          Minimum
                            TFCC Ratio shall be no less than

                        	
                          1.10
                            to 1.00

                        

                

                 

                
                  
                    
                    

                  

                  
                    -9-

                    
                      

                    

                  

                  
                    
                    

                  

                

                
                  
                    	
                             

                            Set
                              forth aggregate amount of Financed Capital Expenditures
                              made during the
                              four (4) Fiscal Quarter period under review

                             

                          	
                             

                            $____________

                             

                          
	
                             

                            D. No
                              Transfer of Ownership
                              (Section 6.04): On a separate sheet describe in detail
                              any transfers or
                              hypothecations of Guarantor ownership interest in WMCKVC
                              or WMCKVC
                              ownership interests in CCCC or WMCKAC not permitted
                              under Section
                              6.04

                             

                          	
                             

                             

                            ____________

                             

                          
	
                             

                            E. Total
                              Indebtedness
                              (Section 6.05) With respect to the Borrower
                              Consolidation:

                             

                          	 
	
                             

                            a. Set
                              forth the aggregate amount of outstanding Secured Interest
                              Rate
                              Hedges

                             

                          	
                             

                            $_____________

                             

                          
	
                             

                            Maximum
                              Permitted

                             

                          	
                             

                            $18,000,000.00

                             

                          
	
                             

                            b. Set
                              forth the aggregate amount of secured purchase money
                              Indebtedness and
                              Capital Lease Liabilities

                             

                          	
                             

                            $_____________

                             

                          
	
                             

                            Maximum
                              Permitted

                             

                          	
                             

                            $
                              250,000.00

                             

                          
	
                             

                            c. Set
                              forth aggregate amount of Indebtedness to Guarantor
                              or any Subsidiary or
                              Affiliate of Guarantor which is not a

                            member
                              of the Borrower Consolidation

                             

                          	
                             

                             

                            $_____________

                             

                          
	
                             

                            Maximum
                              Permitted

                             

                          	
                             

                            $
                              500,000.00

                             

                          
	
                             

                            d. Set
                              forth the cumulative aggregate of all Subordinated
                              Debt

                             

                          	
                             

                            $_____________

                             

                          
	
                             

                            Did
                              Agent Bank give prior written consent to the incurrence
                              of all
                              Subordinated Debt set forth above

                             

                          	
                             

                             
                              yes/no           

                             

                          

                  

                   

                  
                    
                      
                      

                    

                    
                      -10-

                      
                        

                      

                    

                    
                      
                      

                    

                  

                  
                    
                      	
                               

                              Does
                                the interest rate accrued under the terms of any
                                Subordinated Debt exceed
                                six percent (6%) per annum?

                               

                            	
                               

                               
                                yes/no           

                            
	
                               

                              F. Capital
                                Expenditures
                                (Section 6.06): Set forth for the Fiscal Year period
                                in which the Fiscal
                                Quarter under review occurs, the cumulative aggregate
                                amount of Capital
                                Expenditures made to the Casino Facilities as of
                                the end of the Fiscal
                                Quarter under review, as follows:

                               

                            	 
	
                               

                              a. Aggregate
                                amount of Non-Financed Capital Expenditures

                               

                            	
                               

                              $_____________

                            
	
                               

                              b. Aggregate
                                amount of Financed Capital Expenditures

                               

                            	
                               

                              $_____________

                            
	
                              c. Total
                                Capital Expenditures (a + b)

                            	
                              $_____________

                            
	
                               

                              Minimum
                                Total Capital Expenditures Required: $250,000.00

                               

                            	 
	
                               

                              Maximum
                                Non-Financed Capital Expenditures Permitted: $500,000.00

                               

                            	 
	
                               

                              G. Other
                                Liens
                                (Section 6.07): On a separate sheet describe in detail
                                any and all liens,
                                encumbrances and/or negative pledges not
                                permitted under Section 6.07

                               

                            	
                               

                               

                              ______________

                               

                            
	
                               

                              H. No
                                Merger
                                (Section 6.08): On a separate sheet describe any
                                and all mergers,
                                consolidations and/or asset sales not permitted under
                                Section
                                6.08

                               

                            	
                               

                               

                              ______________

                               

                            
	
                               

                              I. Restriction
                                on Investments
                                (Section 6.09): Describe any Investments made which
                                are not permitted
                                under Section 6.09

                               

                            	
                               

                              ______________

                               

                            
	
                               

                              J. Restrictions
                                on Distributions
                                (Section 6.10):

                               

                            	 

                    

                     

                    
                      
                        
                        

                      

                      
                        -11-

                        
                          

                        

                      

                      
                        
                        

                      

                    

                    
                      
                        	
                                 

                                a. Set
                                  forth the amount and date of receipt of the Designated
                                  CCI Capital
                                  Contribution.

                                 

                              	
                                 

                                $_____________   

                              
	
                                 

                                b. Set
                                  forth the amount(s) of and describe on a separate
                                  sheet, all Distributions
                                  (other than the Designated CCI Distribution Carve-Outs)
                                  made during the
                                  fiscal period under review.

                                 

                              	
                                 

                                $_____________   

                              
	
                                 

                                c. Set
                                  forth the dates paid and amount of each Designated
                                  CCI Distribution
                                  Carve-Out made through the end of the Fiscal Quarter
                                  under
                                  review.

                                 

                              	
                                 

                                 

                                $______________   

                              
	
                                 

                                Requirements:

                                 

                              	 
	
                                 

                                (i) for
                                  the four consecutive Fiscal Quarter period ending
                                  June 30, 2006, aggregate
                                  Distributions (other than the Designated CCI Distribution
                                  Carve-Out) may
                                  not exceed $1,900,000.00.

                                 

                              	 
	
                                 

                                (ii) except
                                  as provided in (i) above, may not exceed $1,600,000.00
                                  in the aggregate
                                  during any Fiscal Year (other than the Designated
                                  CCI Distribution
                                  Carve-Out).

                                 

                              	 
	
                                 

                                (iii) the
                                  aggregate of the Designated CCI Distribution Carve-Outs
                                  may not exceed the
                                  Designated CCI Capital Contribution. 

                                 

                              	 
	
                                 

                                K. Contingent
                                  Liabilities
                                  (Section 6.11): Describe any Contingent Liabilities
                                  incurred by Borrowers
                                  which are not permitted by Section 6.11

                                 

                              	
                                 

                                 

                                _____________

                              
	
                                 

                                L. ERISA
                                  (Section 6.12): Describe on a separate sheet any
                                  matters requiring advice
                                  to Banks under Section 6.12.

                                 

                              	
                                 

                                _____________

                                 

                              

                      

                       

                      
                        
                          
                          

                        

                        
                          -12-

                          
                            

                          

                        

                        
                          
                          

                        

                      

                      
                        	
                                 

                                M. Margin
                                  Regulations
                                  (Section 6.13): Set forth the amount(s) of and
                                  describe on a separate
                                  sheet of paper any proceeds of a Borrowing used
                                  by any Borrower to
                                  purchase or carry any Margin Stock or to extend
                                  credit to others for the
                                  purpose of purchasing or carrying any Margin Stock.

                                 

                              	
                                 

                                 

                                $_____________

                                 

                              
	
                                 

                                N. No
                                  Subsidiaries
                                  (Section 6.14): On a separate sheet, describe any
                                  Subsidiaries created by
                                  any Borrower subsequent to the Closing Date. State
                                  whether or not the
                                  creation of such Subsidiaries has been consented
                                  to by the Agent Bank as
                                  required under Section 6.14 of the Credit Agreement.

                                 

                              	
                                 

                                 

                                 
                                  yes/no         

                                 

                              
	
                                 

                                O. Transactions
                                  with Affiliates
                                  (Section 6.15): Describe on a separate sheet any
                                  matters requiring advice
                                  to Banks under Section 6.15.

                                 

                              	
                                 

                                 

                                _____________

                                 

                              

                      

                    

                  

                

              

            

          

        

      

    

    

     

     

    III.

    

    NONUSAGE
      FEE CALCULATION

    

    
      
        	
                 

                (Section
                  2.09b): to be calculated with respect to each Fiscal Quarter under
                  review
                  following the first annual anniversary of the Closing Date:

                 

              	 
	
                 

                a. As
                  of the end of such Fiscal Quarter, the daily average during such
                  Fiscal
                  Quarter of the Maximum Permitted Balance (without regard to any
                  Availability Limit)

                 

              	
                 

                 

                $_____________

                 

              
	
                 

                b. Less
                  daily average during such Fiscal Quarter of the Funded
                  Outstandings

                 

              	
                 

                -
                  $____________

                 

              
	
                 

                c. Amount
                  of Nonusage

                (a minus b)

                 

              	
                 

                $_____________

                 

              
	
                 

                d. Nonusage
                  Percentage based on Leverage Ratio

                 

                See
                  Table Two in definition of Applicable Margin.

                 

              	
                 

                _____________

                 

              

      

       

      
        
          
          

        

        
          -13-

          
            

          

        

        
          
          

        

      

      
        	
                 

                e. Gross
                  Nonusage Fee

                (c
                  times d)

                 

              	
                 

                $_____________

                 

              
	
                 

                f. Number
                  of days in Fiscal Quarter under review

                 

              	
                 

                _____________

                 

              
	
                 

                g. Nonusage
                  Fee for Fiscal Quarter under review

                (e
                   ̧
                  360 x f)

                 

              	
                 

                $_____________

                 

              

      

    

    

    

    IV.

    

    AVAILABILITY
      LIMIT

    

    
      	
              Availability
                Limit:
                For the Fiscal Quarter under review, set forth:

            	 
	
              a. EBITDA
                (enter IIA(m) above)

            	
               
                $ ____________

            
	
              b. Multiplied
                by the Maximum Permitted Leverage Ratio as of such Fiscal Quarter
                end

            	
               

              x  
                ____________

            
	
              Total

            	
              $  
                ____________

            
	
              c. Less
                Total Funded Debt (exclusive of the Aggregate Outstandings) See:
                A(f) less
                A(a).

            	
              - $
                ____________ 

            
	
              d. Availability
                Limit

            	
               
                $ ____________ 

            

    

    

    V.

    

    PERFORMANCE
      OF OBLIGATIONS

    

    A
      review
      of the activities of the Borrower Consolidation and Guarantor during the fiscal
      period covered by the attached financial statements has been made under my
      supervision with a view to determining whether during such fiscal period the
      Borrower Consolidation and Guarantor performed and observed all of their
      obligations under the Loan Documents. The undersigned is not aware of any facts
      or circumstances which would make any of the calculations set forth above or
      attached hereto materially incorrect. On the basis of the foregoing, the
      undersigned certifies that the calculations made and the information contained
      

     

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    herein
      are derived from the books and records of the Borrower Consolidation and the
      Guarantor and that each and every matter contained herein correctly reflects
      those books and records. Except as described in an attached document or in
      an
      earlier Certificate, to the best of my knowledge, as of the date of this
      Certificate there is no Default or Event of Default has occurred or remains
      continuing.

    

    VI.

    

    NO
      MATERIAL ADVERSE CHANGE

    

    To
      the
      best of my knowledge, except as described in an attached document or in an
      earlier Certificate, no Material Adverse Change has occurred since the date
      of
      the most recent Certificate delivered to the Banks.

    

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    DATED
      this ____ day of _____________, 200___.

    

    
      	 	
              BORROWERS:

               

              WMCK
                VENTURE CORP.,
                a Delaware corporation, CENTURY
                CASINOS CRIPPLE

              CREEK,
                INC.,
                a Colorado corporation and WMCK
                ACQUISITION CORP.,
                a

              Delaware
                corporation 

               

               

              By________________________

               

              Title:
                Authorized Officer

               

              Print

              Name______________________

            
	 	
              GUARANTOR:

               

              CENTURY
                CASINOS, INC.,

              a
                Delaware corporation

               

               

              By_________________________

               

              Name______________________

               

              Title________________________

            

    

     

     

    -16-Deferred Compensation Plan for Non-employee Directors

    Exhibit
      10.1

     

    ACCO
      BRANDS CORPORATION

     

    DEFERRED
      COMPENSATION PLAN

     

    FOR
      NON-EMPLOYEE DIRECTORS

     

    EFFECTIVE
      JANUARY 1, 2006

     

    1.  Purpose.
      This
      Deferred Compensation Plan for Non-Employee Directors (the “Plan”)
      has
      been established by ACCO Brands Corporation (the “Company”)
      to
      enable the non-employee members of the Board of Directors of the Company
      (sometimes referred to as “Directors”)
      to have
      flexibility with respect to the receipt of income earned for acting as
      Directors. The Plan allows non-employee Directors to receive incentive
      compensation based on the appreciation of the common stock of the Company and
      on
      the dividends declared on such stock or based on a fixed income account. The
      Phantom Stock portion of the Plan will also promote a closer identity of
      interests between such Directors and the shareholders of the Company. The Plan
      also allows non-employee Directors to elect to defer receipt of payment of
      restricted stock unit awards granted under the Company’s 2005 Long-Term
      Incentive Plan (and any successor or replacement plan thereto).

     

    2.  Definitions.
      The
      following definitions are applicable to the Plan:

     

    (a)  “Account”
      or
“Accounts”
      means
      one or both of the Phantom Fixed Income Account and the Phantom Stock Unit
      Account, as the context provides.

     

    (b)  “Annual
      Retainer”
      means
      the cash portion of the annual fee and any committee fees payable to a
      Participant as compensation for serving on the Board.

     

    (c)  “Board”
      means
      the Board of Directors of the Company.

     

    (d)  “Change
      of Control”
      means,
      with respect to the Company, a change in the ownership of the Company, a change
      in the effective control of the Company or a change in the ownership of a
      substantial portion of the assets of the Company, within the meaning of Section
      409A of the Internal Revenue Code (“Code”)
      and as
      more particularly described in Internal Revenue Service Notice 2005-1, Proposed
      Regulation Section 1.409A-3(g)(5), as more specifically provided on Attachment
      A
      hereto, and any final regulations or other authoritative guidance promulgated
      under Section 409A of the Code hereafter.

     

    (e)  “Company”
      means
      ACCO Brands Corporation and any successor corporation or corporations with
      or
      into which ACCO Brands Corporation may be consolidated or merged. 

     

    (f)  “Dividend
      Equivalent”
      means,
      with respect to Phantom Stock Units credited to a particular Participant, a
      dollar amount equal to the cash dividend which the Participant would have been
      entitled to receive if the Participant had been the owner, on the record date
      for a dividend paid on the Stock, of a number of shares of 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Stock
      equal to the number of Phantom Stock Units then properly credited to the Phantom
      Stock Unit Account of the Participant. “Dividend Equivalents” shall also mean
      those Dividend Equivalents credited to any RSU hereunder to the extent so
      provided under the applicable RSU award.

     

    (g)  “Effective
      Date”
      has the
      meaning set forth in Section 28.

     

    (h)  “LTIP”
      means
      the ACCO Brands Corporation 2005 Long-Term Incentive Plan and any successor
      or
      replacement equity incentive plan thereto.

     

    (i)  “Participant”
      means
      any current member of the Board who is not an employee of the Company or any
      subsidiary of the Company, or any such former member of the Board who has not
      received a complete distribution of his/her Accounts and of all of his RSU
      awards deferred under the Plan and who, while on the Board, elected to
      participate in the Plan.

     

    (j)  “Phantom
      Fixed Income Account”
      means
      the hypothetical account established and maintained by the Company for each
      Participant who elects to defer receipt of his/her Annual Retainer and treat
      it
      as if invested in a stable value fixed income fund (money market-type
      fund).

     

    (k)  “Phantom
      Stock Unit”
      means a
      unit corresponding to the value of, and the dividend rights associated with,
      a
      single share of Stock, credited to a Participant’s Phantom Stock Unit Account in
      connection with a deferral election of an amount of the Participant’s Annual
      Retainer pursuant to Section 4 or a reallocation of previous deferrals under
      Section 6 of the Plan to his/her Phantom Stock Unit Account.

     

    (l)  “Phantom
      Stock Unit Account”
      means,
      with respect to each Participant, an account established and maintained by
      the
      Company for the purpose of recording the number of Phantom Stock Units with
      respect to which that Participant has rights under the Plan.

     

    (m)  “RSU”
      means a
      restricted stock unit award granted to a member of the Board pursuant to the
      LTIP.

     

    (n)  “Stock”
      means
      the common stock of the Company.

     

    (o)  “Value
      per Phantom Stock Unit”
      as of a
      given date means the closing price per share at which the Stock trades on the
      New York Stock Exchange on that date or, if there is no trading in the Stock
      on
      that date, on the most recent preceding date on which such trading
      occurred.

     

    3.  Administration.
      The
      authority to manage and control the operation and administration of the Plan
      shall be vested in the Nominating and Corporate Governance Committee of the
      Board (“Committee”).
      Subject to the limitations of the Plan, the Committee shall have the sole and
      complete authority: (a) to interpret the Plan and to adopt, amend and rescind
      administrative guidelines and other rules and regulations relating to the Plan;
      (b) to correct any defect or omission or to reconcile any 

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    inconsistency
      in the Plan or in any payment made hereunder; and (c) to make all other
      determinations and to take all other actions necessary or advisable for the
      implementation and administration of the Plan. The Committee’s determinations on
      matters within its authority shall be conclusive and binding upon the Company
      and all other persons. All expenses associated with the Plan shall be borne
      by
      the Company.

     

    4.  Annual
      Election to Defer Compensation.
      Effective for deferrals hereunder for service as a non-employee Director
      commencing January 1, 2006 and all periods thereafter:

     

    (a)  Any
      Participant may, by written notice to the Company, elect, in lieu of receipt
      of
      an amount of the Annual Retainer that otherwise would be payable to the
      Participant, to defer the receipt of all or a portion of such amount and to
      receive any one or both of credits of Phantom Stock Units and credits to his/her
      Phantom Fixed Income Account on the aggregate amount of such deferral.

     

    (b)  Any
      Participant may, by written notice to the Company (including pursuant to the
      Participant’s restricted stock unit award agreement with the Company), elect to
      defer receipt of payment of all or a portion of an award of RSUs, that otherwise
      would become vested and payable in accordance with the terms of such award
      under
      the LTIP.

     

    (c)  A
      notice
      of election under this Section 4 shall be valid only if such
      election:

     

    (i)  is
      in
      writing, signed by the Participant; 

     

    (ii)  designates
      the fiscal year of the Company to which it relates;

     

    (iii)  designates
      (A) the amount of deferral of the Annual Retainer that is payable during such
      fiscal year and the allocation of such deferral among his/her Accounts or (B)
      the number of RSUs to be deferred pursuant to an award that may be made during
      such fiscal year, or (3) both (A) and (B), as the case may be;

     

    (iv)  affirms
      that such amount shall be payable upon the earlier of the date of the
      Participant’s cessation as a member of the Board or a Change of Control,
      and

     

    (v)  is
      filed
      with the Company:

     

    (1)  on
      or
      before December 31 of the fiscal year preceding the fiscal year of the Company
      in which such Annual Retainer (or installment thereof) is payable or such RSU
      is
      awarded (other than as set forth in subparagraph (3), below) or, in either
      such
      case, if earlier, in which such Board service is rendered;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (2)  in
      the
      case of a new member of the Board, is filed with the Company by the new member
      within thirty (30) days after becoming a member of the Board, to be effective
      for the then current fiscal year of the Company, but only with respect to
      compensation earned, or RSUs awarded, through the performance of services after
      the filing of the notice of election; or

     

    (3)  for
      RSU
      awards which the Board requires, as a condition of receipt of such award, the
      mandatory deferral of payment of such award (as shall be set forth in such
      RSU
      award agreement), such election shall be deemed filed with the Company on the
      date of such RSU award agreement or in which the Participant otherwise obtains
      a
      legally binding right to receipt of amounts thereunder, which election shall
      immediately become irrevocable.

     

    Any
      such
      notice of election under this Section 4 shall become irrevocable, for the fiscal
      year for which it is given, on the last date on which it is required to be
      given
      under subparagraph (v), and the Participant may modify the election at any
      time
      prior to the date on which it becomes irrevocable.

     

    (d)  Any
      election made by a Participant with respect to his/her Annual Retainer or,
      with
      respect to his RSU awards, as the case may be, shall remain in effect until
      modified or revoked by the Participant in accordance with the foregoing
      provisions of this Section 4.

     

    5.  Crediting
      of Deferred Amounts.
      

     

    (a)  Deferrals
      of the installment of the Annual Retainer elected pursuant to Section 4, above,
      shall be credited to and between the Phantom Stock Unit Account and the Phantom
      Fixed Income Account, in the amounts allocated by the electing Participant,
      as
      of the first day of the calendar quarter in which such installment of the Annual
      Retainer otherwise would have been payable but for such election.

     

    (b)  The
      number of Phantom Stock Units so credited shall be determined by dividing (i)
      the allocable dollar amount of the deferral for which Phantom Stock Units are
      elected by (ii) the Value per Phantom Stock Unit on that date.

     

    (c)  Additions
      to the Phantom Fixed Income Account shall be credited in the dollar amount
      elected and so allocated.

     

    6.  Reallocation
      of Accounts.
      As of
      each January 1 and July 1, a Participant may elect to transfer all or any part
      of his/her Phantom Stock Unit Account or Phantom Fixed Income Account to and
      between the other such Account. Any such election shall be valid only if it
      is
      in writing, signed by the Participant and filed with the Company at least ten
      (10) days prior to the applicable January 1 or July 1. Each of the Participant’s
      Accounts shall be revalued as of the date preceding the effective date of such
      transfer, taking into account all Dividend Equivalents (under Section 7) and
      all
      deemed interest 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    credited
      to the Phantom Fixed Income Account (under Section 8) through such preceding
      valuation date. 

     

    7.  Phantom
      Stock/RSU Dividend Equivalents.
      If, as
      of the record date for a cash dividend on the Stock, Phantom Stock Units or
      RSUs
      have been (or should have been) properly credited to the Phantom Stock Unit
      Account or as RSUs of a Participant, the Company shall credit to the Phantom
      Fixed Income Account of that Participant, or the RSUs of that Participant to
      the
      extent so provided under the Participant’s RSU award, as of that record date, a
      Dividend Equivalent for such Phantom Stock Units or RSUs, as the case may be.
      Dividend Equivalents under an RSU award shall be deemed to be additional RSUs,
      or otherwise, in the manner provided under the applicable RSU
      award.

     

    8.  Phantom
      Fixed Income Account Interest Credits.
      As of
      the last day of each month, the balance of the Phantom Fixed Income Account
      of
      each Participant determined as of the last day of the prior month, shall be
      credited with interest equal to the last reported yield rate for such crediting
      month reported by the Vanguard Treasury Money Market Fund (reporting symbol
      VMPXX), or such successor or other fund designated by the Committee having
      substantially the same risk profile.

     

    9.  Phantom
      Stock Unit Adjustments.
      In the
      event of any change in the outstanding shares of Stock by reason of any stock
      dividend or split, recapitalization, merger, consolidation, combination or
      exchange of shares, or other similar corporate change, the Committee shall
      make
      such adjustments in each Participant’s Phantom Stock Unit Account, including the
      number of Phantom Stock Units, as it deems to be equitable under the Plan in
      order fairly to give effect to such change and to the purpose and intent of
      the
      Plan.

     

    10.  Redemption
      and Payment of Phantom Stock Units and Dividend Equivalents.
      A
      Participant’s Phantom Stock Unit Account shall be redeemed, within thirty (30)
      days after the Participant ceases to be a member of the Board (but shall be
      deemed available to the Participant on such cessation date, for income tax
      purposes), or immediately upon a Change of Control, through a lump-sum cash
      payment or a lump sum distribution of shares of Stock of the Company, as the
      Participant elects prior to such distribution, in an amount equal to the sum
      of:

     

    (a)  In
      the
      case of a distribution in cash, the product of (i) the number of Phantom Stock
      Units properly credited to the Participant’s Phantom Stock Unit Account on the
      last day the Participant was a member of the Board, multiplied by (ii) the
      Value
      per Phantom Stock Unit on the date of such cessation or Change of Control;
      or

     

    (b)  In
      the
      case of a distribution in Stock, a number of whole shares of Stock equal to
      the
      number of whole Phantom Stock Units, and any fractional Phantom Stock Unit
      shall
      be paid in cash in the manner set forth in Section 10(a). Any distribution
      in
      Stock under this Section 10(b) shall be deemed to be a payment of an award
      of
      RSUs out of authorized shares of Stock under the LTIP. Anything to the contrary
      herein notwithstanding, the Participant shall not receive a distribution under
      this Section 10(b), and shall instead receive a distribution under Section
      10(a)
      to the extent that there shall 

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    not
      be
      sufficient shares of Stock available for distribution under the LTIP or such
      distribution in Stock otherwise is prohibited under the LTIP.

     

    11.  Payment
      of Phantom Fixed Income Account.
      A
      Participant’s Phantom Fixed Income Account shall be paid to the Participant
      within thirty (30) days after the Participant ceases to be a member of the
      Board
      (but shall be deemed available to the Participant on such cessation date, for
      income tax purposes), or immediately upon a Change of Control, in a lump sum
      cash payment equal to the value of that Account on the date of such cessation
      or
      Change of Control, together with an amount of Phantom Fixed Income Account
      interest credits in the manner provided under Section 8 but for the period
      since
      the immediately preceding valuation date through the date of such cessation
      or
      Change of Control.

     

    12.  Payment
      of RSUs and Dividend Equivalents.
      

     

    (a)  A
      Participant’s RSU awards (including Dividend Equivalents credited as additional
      RSUs under such awards) shall be paid to the Participant, in the manner set
      forth in the applicable RSU award agreement, within thirty (30) days after
      the
      Participant ceases to be a member of the Board (but shall be deemed available
      to
      the Participant on such cessation date, for income tax purposes), or immediately
      upon a Change of Control.

     

    (b)  Except
      as
      provided in this Plan, the terms and conditions of the LTIP and the award
      agreement under which such RSUs were granted shall govern. Subject to Section
      27
      hereof, in the event of any inconsistency between (i) the LTIP and such RSU
      award agreement and (ii) this Plan, the LTIP and RSU award agreement shall
      govern.

     

    13.  Designation
      of Beneficiary.
      Each
      Participant may designate a beneficiary or beneficiaries to receive any amounts
      payable under the Plan after his death, and may change such designation from
      time to time, by filing a written designation of beneficiary or beneficiaries
      with the Committee on a form to be prescribed by the Committee, provided that
      no
      such designation shall be effective unless so filed prior to the death of such
      Participant.

     

    14.  Discretion
      of Company and Committee.
      Any
      decision made or action taken by the Committee arising out of or in connection
      with the construction, administration, interpretation and effect of the Plan
      shall lie within the absolute discretion of the Committee and shall be
      conclusive and binding upon all persons.

     

    15.  Absence
      of Liability.
      No
      member of the Board, officer or any other employee of the Company or any
      subsidiary of the Company shall be liable for any act or action hereunder,
      whether of commission or omission, taken by any other Board member or by any
      other officer, agent or employee or, except in circumstances involving his
      bad
      faith, for anything done or omitted to be done by himself.

     

    16.  No
      Segregation of Cash or Shares.
      The
      Company shall not be required to segregate any cash, or any shares of Stock
      in
      connection with any Phantom Stock Units

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

     or
      RSUs, credited under the Plan or any other investments in connection with the
      Phantom Fixed Income Accounts. No interest shall be allowable or payable at
      any
      time with respect to any Phantom Stock Units or RSUs.

     

    17.  No
      Rights as a Shareholder.
      No
      Participant shall have voting or any other rights or privileges of a shareholder
      of Stock by reason of the crediting of Phantom Stock Units or RSUs under the
      Plan.

     

    18.  Company
      Not Trustee.
      The
      Company shall not, by virtue of any provisions of the Plan, be deemed to be
      a
      trustee of any Stock or any other property.

     

    19.  No
      Property Interest.
      The
      crediting of Phantom Stock Units or RSUs or of any amounts to the Phantom Fixed
      Income Account under the Plan shall not create any property interest for a
      Participant, and the liabilities of the Company to any Participant pursuant
      to
      the Plan shall be those of a debtor pursuant to such contractual redemption
      obligations as arise under the Plan and, as applicable, RSU award agreement,
      when a Participant ceases to be a member of the Board or there occurs a Change
      of Control. No such obligation of the Company shall be deemed to be secured
      by
      any pledge of or other encumbrance on any property of the Company.

     

    20.  No
      Security.
      Amounts
      payable under the Plan shall at all times be subject to the claims of the
      Company’s general creditors. There shall be no posting of a bond, promissory
      note or any other safeguard to assure that the Participant will be paid. The
      sole security for payment under the terms of the Plan is the Company’s promise
      to pay.

     

    21.  Assignments
      and Transfers.
      The
      rights and interests of a Participant under the Plan may not be assigned,
      encumbered, pledged or transferred except, in the event of the death of a
      Participant, to his designated beneficiary or, in the absence of such
      designation, by will or the laws of descent and distribution. Any such attempted
      action shall be void, and no such interest shall be in any manner liable for
      or
      subject to debts, contracts, liabilities, engagements or torts of any
      Participant. If any Participant shall become bankrupt or shall attempt to
      assign, encumber, pledge or transfer any interest in the Plan, then the Board
      in
      its discretion may hold or apply such interest or any part thereof to or for
      the
      benefit of such Participant or his designated beneficiary, his spouse, children,
      blood relatives, or other dependents, or any of them, in such manner and in
      such
      proportions as the Board may consider proper.

     

    22.  Director
      Status.
      The
      Plan does not, and will not, give any Participant the right to continue as
      a
      Director of the Company, nor will the Plan confer any right to any benefit
      under
      the Plan unless such right has specifically accrued under the terms of the
      Plan.

     

    23.  Gender
      and Number.
      In
      construing the Plan, where the context makes it appropriate, words in any gender
      shall be deemed to include any other gender, words in the singular shall be
      deemed to include the plural, and words in the plural shall be deemed to include
      the singular.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    24.  Illinois
      Law to Govern.
      All
      questions pertaining to the construction, regulation, validity and effect of
      the
      provisions of the Plan shall be determined in accordance with the laws of the
      State of Illinois.

     

    25.  Amendment,
      Suspension or Termination of the Plan.
      The
      Board may from time to time amend, suspend or terminate in whole or in part
      (and
      if suspended or terminated may reinstate) any or all of the provisions of the
      Plan, except that without the consent of the Participant no amendment,
      suspension or termination of the Plan shall impair the rights of any Participant
      as to any Phantom Stock Unit or other Account previously credited to the
      Participant pursuant to the Plan or any RSU previously awarded pursuant to
      the
      LTIP.

     

    26.  Withholding
      Tax.
      The
      Company shall have the right to deduct from any cash payment to be made to
      any
      Participant, his designated beneficiary or his estate any taxes required by
      law
      to be withheld with respect thereto.

     

    27.  Section
      409A.
      Anything in this Plan to the contrary notwithstanding, no amount shall be
      deferred by, and no amount deferred shall be distributed to, a Participant
      unless such deferral or distribution shall in all respects comply with Section
      409A of the Code.

     

    28.  Effective
      Date.
      The
      Plan shall take effect upon approval and adoption by the Board, provided that,
      upon such adoption, deferrals of compensation hereunder shall commence for
      amounts payable to Participants respecting services performed on and after
      January 1, 2006 (or such date of such approval and adoption, if
      later).

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    ATTACHMENT
      A

    

    Change
      in
      the Ownership or Effective Control of the Company

    Or
      Change in the Ownership of a Substantial Portion of the Assets of the
      Company

    

     

    (a) A
      “change
      in ownership”
      of the
      Company shall occur on the date that any one person, or more than one person
      acting as a group, hereafter acquires ownership of stock of the Company that,
      together with stock held by such person or group, constitutes more than 50
      percent of the total fair market value or total voting power of the stock of
      the
      Company. Any increase in the percentage of stock owned by any one person, or
      persons acting as a group, as a result of a transaction in which the Company
      acquires its stock in exchange for property will be treated as an acquisition
      of
      stock for such purposes. A “change in ownership” shall not have occurred if,
      following a transfer of stock of the Company (or issuance of stock of the
      Company), the stock in the Company does not remain outstanding after the
      transaction (subject to paragraph (c), below).

     

    (b) A
      “change
      in the effective control”
      of the
      Company shall occur, notwithstanding the absence of a “change in ownership”
under paragraph (a), on the date that:

     

    (1)
      any
      one person, or more than one person acting as a group, acquires (or has acquired
      during the 12-month period ending on the date of the most recent acquisition
      by
      such person or persons) ownership of stock of the Company possessing 35 percent
      or more of the total voting power of the stock of the Company; or 

     

    (2)
      a
      majority of members of the Company’s board of directors is replaced during any
      12-month period by directors whose appointment or election is not endorsed
      by a
      majority of the members of the Company’s board of directors prior to the date of
      the appointment or election. 

     

    (c) A
      “change
      in the ownership of a substantial portion of the Company’s
      assets”
      occurs
      on the date that any one person, or more than one person acting as a group,
      acquires (or has acquired during the 12-month period ending on the date of
      the
      most recent acquisition by such person or persons) assets from the Company
      having a total gross fair market value equal to or more than 40 percent of
      the
      total gross fair market value of all of the assets of the Company immediately
      prior to such acquisition or acquisitions. For this purpose, “gross fair market
      value” means the value of the assets of the Company, or the value of the assets
      being disposed of, determined without regard to any liabilities associated
      with
      such assets.

     

    (d) The
      foregoing determination of a change in the ownership or effective control of
      the
      Company or change in the ownership of a substantial portion of the assets of
      the
      Company shall be made with due regard for the rules governing attribution of
      stock ownership under Section 318(a) of the Code and, for the purposes of this
      Attachment A, 

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    the
      owner
      of all outstanding options shall be regarded as an owner of shares of Stock
      underlying such option.

     

    (e) In
      the
      event of any inconsistency between this Attachment A and applicable Treasury
      Regulations issued under Section 409A of the Code, the applicable Treasury
      Regulations shall control and such Treasury Regulations shall otherwise guide
      the interpretation of terms and conditions under this Attachment A.

     

    
      
        
        

      

      
        10

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