Document:

EX-10.9

 Exhibit 10.9 

AGS HOLDINGS, LLC 
 August 16, 2012

 ROBERT MIODUNSKI 
 American Gaming Systems 

6680 Amelia Earhart Court 
 Las Vegas, Nevada 89119 

Dear BOB: 
 The Board of Managers of AGS
Holdings, LLC (the “Company”) has selected you to participate as a Covered Executive in the Company’s Phantom Units Plan, as amended (the “Plan”). Capitalized terms used but not defined herein shall have the
meanings given to such terms in the Plan and this Phantom Units Certificate shall be subject to and governed by all the terms and conditions of the Plan. A copy of the Plan is attached as Exhibit A to this Phantom Units Certificate. 

1. Phantom Units Grant 
 Your
“Strike Price Value” is $56,000,000. The Strike Price Value shall be adjusted from time to time as follows: (i) the Strike Price Value shall be increased by any additional capital contributions made on the Outstanding AGS Units
by the holders thereof after April 30, 2010 and (ii) the Strike Price Value shall be reduced by any distributions or redemption payments made on the Outstanding AGS Units (other than tax distributions as determined by the Board) prior to a
Change in Control. 
 Your number of “Phantom Units” is 400, which represents 4% of all Transaction Proceeds on the
Outstanding AGS Units, after deducting your Strike Price Value. 
 2. Vesting of Phantom Units 

(a) Time Vested Phantom Units. Your Phantom Units shall vest over time. The number of Phantom Units which are then vested
(“Vested Phantom Units”) shall equal the product of (i) 100 and (ii) the following percentage based on your number of years of service to the Company and/or AGS from the date you became an employee of AGS (the
“Start Date”), provided that all additional vesting shall cease on the date on which you Separate from Service from AGS (the “Termination Date”): 

 

					
	 200 (or 2%) of the Phantom Units vest From the Start Date until the first quarter anniversary thereof
	  	 	0	% 
	 At the first quarter anniversary of the Start Date
	  	 	6.25	% 
	 Each full quarter thereafter
	  	 	an additional 6.25	% 
	 Fourth anniversary of the Start Date
	  	 	100	% 

  
 PHANTOM UNITS
CERTIFICATE 
 Page 1 of 4 

					
	 200 (or 2%) of the Phantom Units vest From the November 28, 2011 until the first quarter anniversary thereof
	  	 	0	% 
	 At the first quarter anniversary of November 28, 2011
	  	 	9.68	% 
	 Each full quarter thereafter
	  	 	9.68	% 
	 Fourth anniversary of the Start Date
	  	 	100	% 

 In the event that you have been terminated by the Company for “Cause” prior to the date of a Change
in Control, then the number of Vested Phantom Units shall be 0%. All Phantom Units which are not Vested Phantom Units on your Termination Date shall be forfeited. 

Notwithstanding the foregoing, in the event you are still an employee of the Company upon the date of a Change in Control, then the number of
Vested Phantom Units shall be equal to the sum of (i) the number of Vested Phantom Units as of the date of the Change in Control and (ii) 100% of the unvested Phantom Units as of the date of the Change in Control.” 

3. Purchase of Vested Phantom Units Upon the Termination Date 

(a) Payment for Vested Phantom Units. If a Termination Date occurs prior to the occurrence of a Change in Control, then all of your
Vested Phantom Units shall be paid out at the price determined in accordance with the provisions of Section 4 hereof (the “Repurchase”). 

4. Purchase Price for Vested Phantom Units 

(a) Net Individual Transaction Proceeds or Repurchase Price. 

(i) In the event you are still an employee of the Company upon the date of a Change of Control, the Net Individual Transaction Proceeds to be
calculated for your Vested Phantom Units shall be equal to the positive difference between the sale price at the time of a Change of Control minus (i) all outstanding funded indebtedness of AGS as of the Change of Control, plus (ii) all
cash and cash equivalents of AGS as of the Change of Control, and minus (iii) the Strike Price. Then the Purchase Price for your Phantom Units is the product of the percentage value of your Phantom Units and the Net Individual Transaction
Proceeds. For example, if the Company is sold for $200 million and it has $102 million in debt and $2 million in cash, then the purchase price will be $200 million minus $100 million ($102 million - $2 million)). With a Strike Price Value of $56
million, your Net Individual Transaction Proceeds are $44 million ($100 million less $56 million). Assuming your 100 Phantom Units or 1% of the Net Individual Transaction Proceeds are fully vested, that leaves you with a payment of $440,000 (1% of
$44 million); or 
 (ii) The Repurchase amount to be paid for your Vested Phantom Units pursuant to Section 3 shall be equal to the
positive difference between (A) the product of (1) AGS’ earnings before interest, income taxes, depreciation and amortization (EBITDA) for the prior 12 months for which financial statements are available as of the Termination Date,
and (2) five and one half (5.5) and (B) all outstanding funded indebtedness of AGS as of the Termination Date plus all cash and cash equivalents of 

  
 PHANTOM UNITS
CERTIFICATE 
 Page 2 of 4 

 
AGS as of the Termination Date multiplied by your Phantom Unit interest expressed as a percentage. For example, if the Company’s prior 12 months EBITDA is $40 million and it has $102 million
in debt and $2 million in cash, then the Repurchase Price will be $220 million (5.5 x $40 million) - $100 million ($102 million - $2 million) or $120 million less the Strike Price times your Phantom Unit percentage. With a Strike Price of $56
million, and assuming you had 100 Phantom Units or 1% vested, the Repurchase Price for your Phantom Units would be $640,000 (1% of $64 million ($120 million - $56 million)). However, if a Change of Control occurs within 18 months of your Termination
Date, then the Repurchase amount will be equal to the amount calculated in Section 4(a)(i). 
 (b) Timing of Payment. The
Repurchase amount for the Vested Phantom Units shall be paid at the option of the Company on the earlier to occur of (A) within five years of your Termination Date or (B) within 30 days after a Change of Control in a lump sum. If your
Phantom Units were Repurchased within 18 months of a Change of Control and the amount you were paid is less than the amount that would have been calculated in Section 4(a)(i) then a “catch up” payment will be paid to you to bring you
up to the amount that would have been paid in Section 4(a)(i) when such funds become available through any escrow or transaction contingency. In the event you are still an employee upon the date of a Change of Control, you will be paid the
Purchase Price within 30 days of said Change of Control. Such amount shall be fixed and shall not be affected by any change in future value of the Company. All amounts payable to you shall be net of all required tax withholding. 

5. General 
 (a) This Phantom Units
Certificate together with the Plan (the terms of which are hereby incorporated by reference) are intended to be a final expression of the agreement between you and the Company and are intended to be a complete and exclusive statement of the
agreement and understanding between you and the Company with respect to the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings relating to such subject matter other than those
referred to herein and in the Plan. 
 (b) This Phantom Units Certificate shall not be construed as creating any contract for continued
services between you and the Company or any of its subsidiaries and nothing herein contained shall give you the right to be retained as an employee of the Company or any of its subsidiaries. 

(c) Any Phantom Unit Proceeds you may be eligible to receive under the Plan on account of a Change in Control shall be paid to you pursuant to
Section 5 of the Plan. 
 THIS AGREEMENT SUPERSEDES ALL PREVIOUS AGREEMENTS, WRITTEN OR 

ORAL, RELATING TO THE ABOVE SUBJECT MATTER, AND SHALL NOT BE 

CHANGED ORALLY. 

  
 PHANTOM UNITS
CERTIFICATE 
 Page 3 of 4 

 If this Phantom Units Certificate correctly states your understanding of the agreement between
you and the Company, please countersign in the space provided below. If you have any questions regarding the Plan or this Phantom Units Certificate, please contact the Legal Department. 

 

			
	AGS HOLDINGS, LLC
		
	By:	 	/s/ ROBERT MIODUNSKI
		 	 ROBERT MIODUNSKI
 PRESIDENT

  

	
	AGREED TO AND ACCEPTED
	
	/s/ ROBERT MIODUNSKI
	Name: ROBERT MIODUNSKI

  

			
	ALPINE AGS, LLC
		
	By:	 	/s/ Graham Weaver
		 	 Graham Weaver
 An Authorized
Signatory

  
 PHANTOM UNITS
CERTIFICATE 
 Page 4 of 4EX-10.10

 Exhibit 10.10 

FIRST AMENDMENT TO PHANTOM UNITS GRANT 

FIRST AMENDMENT TO PHANTOM UNITS GRANT (this “First Amendment”), dated as of April 1, 2013, by and between
EMPLOYEE and AGS Holdings, LLC, Delaware limited liability company with a place of business located at 6680 Amelia Earhart Court, Las Vegas, NV 89119 (“AGS”). 

RECIIALS: 
 WHEREAS, AGS
previously granted certain Phantom Units to EMPLOYEE; and 
 WHEREAS, AGS and EMPLOYEE wish to amend the Phantom Units Grant on the terms
and subject to the conditions set forth herein. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows: 
 1. Phantom Units Grant – Strike Price Amendment 

(a) Your “Strike Price Value” is $90,000,000 until January 1, 2014, at which time it shall increase to
$115,000,000. The Strike Price Value shall be adjusted from time to time as follows: (i) the Strike Price Value shall be increased by any additional capital contributions made on the Outstanding AGS Units by the holders thereof after
January 1, 2014 and (ii) the Strike Price Value shall be reduced by any distributions or redemption payments made on the Outstanding AGS Units (other than tax distributions as determined by the Board) prior to a Change in Control. 

(b) This First Amendment is limited as specified and shall not constitute a modification or waiver of any other provision of
the Phantom Units Grant or the Plan. 
 2. Counterparts: Facsimile. This First Amendment may be executed in any number of
counterparts and by the different parties hereto on separate counterparts each of which when so executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. This First Amendment may be executed
via facsimile or other electronic transmissions. 
 IN WITNESS WHEREOF, each of the undersigned parties hereto has caused a counterpart of
this First Amendment to be duly executed and delivered as of the date first above written. 
  

									
	AGS, LLC	 		 	EMPLOYEE
	SIGNED:	 	 /s/ ROBERT MIODUNSKI
	 		 	SIGNED:	 	 /s/ ROBERT MIODUNSKI

	ROBERT MIODUNSKI	 		 	PRINTED NAME: ROBERT MIODUNSKI
	 CEO
	 		 	

  

			
	 ALPINE AGS, LLC
 FOR AGS
HOLDINGS, LLC

		
	By:	 	/s/ Graham Weaver
		 	 Graham Weaver
 An Authorized
Signatory

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