Document:

amend2005incentiveawardplan.htm

    Exhibit
10.6

     

    
 

    AMENDMENT
TWO

    COMPASS
MINERALS INTERNATIONAL, INC. 2005 INCENTIVE AWARD PLAN

    

    WHEREAS,
Compass Minerals International, Inc. (the “Corporation”) maintains the Compass
Minerals International, Inc. 2005 Incentive Award Plan (the “Plan”) for the
purpose of promoting and enhancing the value of the Corporation by linking the
personal interest of its key personnel to those of the stockholders;
and

     

    WHEREAS,
the Corporation now desires to amend the definition of “Change of Control” to
conform with Department of Treasury regulations issued under Section 409A of the
Internal Revenue Code of 1986, as amended;

     

    NOW,
THEREFORE, the definition of “Change of Control” under Section 2.4 is amended
by:

     

    (i)           deleting
subparagraph (b) in its entirety and inserting the following in lieu
thereof:

     

    “(b)           The
date a majority of the members of the Board is replaced during any 12-month
period by directors whose appointment or election is not endorsed by a majority
of the members of the Board before the date of the appointment or election;
or”

     

    and by

     

    (ii)           deleting
subparagraph (d) in its entirety and inserting a period at the end of the
immediately preceding subparagraph (c).

     

    IN WITNESS WHEREOF, this Amendment is
executed this 23rd day
December 2008.

    

    

    Compass
Minerals International, Inc.

    

    

    By:     /s/
Victoria
Heider                                                           

    Title:  VP
of Human Resourcesexeccashcompandtargets.htm

     

    Exhibit
10.7

    Summary of
Executive Cash Compensation

     and
Award Targets Under the Annual Incentive Plan

    

    The following table sets forth the
current base salaries provided for the Company’s CEO, CFO and four most highly
compensated executive officers.  Salary increases are determined
annually in March.

    

    
      	
              Executive
      Officers

            	
              Current
      Salary

            
	 
      	 
      
	
              Angelo
      Brisimitzakis

            	
              $700,000

            
	
              Rodney
      Underdown

            	
              $321,402

            
	
              Ronald
      Bryan

            	
              $263,200

            
	
              Gerald
      Bucan

            	
              $267,750

            
	
              Keith
      Clark

            	
              $312,000

            
	
              David
      Goadby

            	
               

               £191,073*

            

    

     

    

      * Salary
is denominated in pounds, so U.S. dollar equivalent may
vary.

    Executive officers are also eligible to
receive a bonus each year under the Company’s Annual Incentive
Plan.  The target percentages (based on percentage of salary ) under
this plan for the Company’s CEO, CFO and four most highly compensated executive
officers are as shown in the following table.

    

    
      	
              Executive
      Officers

            	
              Target
      Percentage

            
	 
      	 
      
	
              Angelo
      Brisimitzakis

            	
              90%

            
	
              Rodney
      Underdown

            	
              50%

            
	
              Ronald
      Bryan

            	
              50%

            
	
              Gerald
      Bucan

            	
              50%

            
	
              Keith
      Clark

            	
              50%

            
	
              David
      Goadby

            	
              45%ex10_1.htm

    CONVERTIBLE PROMISSORY
NOTE

    AND SECURITY
AGREEMENT

    

    

    
      	
              US
      $125,000

            	
              Las Vegas

              Nevada

            
	 
      	
              April
      8, 2009

            

    

    

    

    For good
and valuable consideration, Secured Diversified Investment,
Ltd., a Nevada Corporation, and Galaxy Gaming, Inc., a Nevada
corporation, (collectively, “Maker”), hereby
jointly and severally makes and delivers this Promissory Note and Security
Agreement (this “Note”) in favor of
Cane Clark Productions, LLC
a Nevada Limited Liability Company, or its assigns (“Holder”), and hereby
agree as follows:

    

    1.           Principal
Obligation and Interest.  For value
received, Maker promises
to pay to Holder at 3273 E.
Warm Springs Road, Las Vegas, NV 89120, or at such other place as Holder
may designate in writing, in currently available funds of the United States, the
principal sum of One Hundred
Twenty Five Thousand United States Dollars.  Maker’s obligation
under this Note shall accrue interest at the rate of Twelve Percent (12.0%) per
annum from the date hereof until paid in full.  Interest shall
be computed on the basis of a 365-day year or 366-day year, as applicable, and
actual days lapsed.

    

    2.           Payment
Terms.

    

    a. All
accrued interest then outstanding shall be due and payable by the Maker on a
monthly basis, on or before fifteen (15) days from the end of each calendar
month.

    

    b. All
payments shall be applied first to late charges, then to interest, then to
principal and shall be credited to the Maker's account on the date that such
payment is physically received by the Holder.

    

    c. All
principal and accrued interest then outstanding shall be due and payable by the
Maker to the Holder on or before October 5, 2009, unless
extended at the option of Holder for an additional term of one hundred and
eighty (180) days upon written notice to Maker delivered not less than ten (10)
days prior to October 5, 2009.

    

    d. Maker
shall not have the right to prepay all or any part of the principal under this
Note prior to October 5, 2009.  If this Note is extended by Holder in
accordance with subsection (c), above, thereafter Maker shall have the right to
prepay all or any part of the principal under this Note without penalty upon not
less than ten (10) days prior written notice to Holder.

    

    e. Holder
may, upon not less than five (5) days written notice to Maker, convert all or
part of the then unpaid principal and accrued interest balance due of this Note
into common stock of Secured Diversified Investment, Ltd. as per the terms of
that certain Conversion and Registration Rights Agreement of even date and
executed contemporaneously herewith (the “Agreement”).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    3.           Grant of
Security Interest.  As collateral
security for the prompt, complete, and timely satisfaction of all present and
future indebtedness, liabilities, duties, and obligations of Maker to Holder
evidenced by or arising under this Note, and including, without limitation, all
principal and interest payable under this Note and all attorneys’ fees, costs
and expenses incurred by Maker in the collection or enforcement of the same
(collectively, the “Obligations”), Maker
hereby pledges, assigns and grants to Holder a continuing security interest and
lien in all of Maker’s right, title and interest in and to the property, whether
now owned or hereafter acquired by Maker and whether now existing or hereafter
coming into existence or acquired, including the proceeds of any disposition
thereof, described on Exhibit “A” attached hereto and incorporated herein by
this reference (collectively, the “Collateral”).  As
applicable, the terms of this Note with respect to Maker’s granting of a
security interest in the Collateral to Holder shall be deemed to be a security
agreement under applicable provisions of the Uniform Commercial Code (“UCC”), with Maker as
the debtor and Holder as the secured party.

    

    4.           Perfection.  Upon the
execution and delivery of this Note, Maker authorizes Holder to file such
financing statements and other documents in such offices as shall be necessary
or as Holder may reasonably deem necessary to perfect and establish the priority
of the liens granted by this Note, including any amendments, modifications,
extensions or renewals thereof. Maker agrees, upon Holder’s request, to take all
such actions as shall be necessary or as Holder may reasonably request to
perfect and establish the priority of the liens granted by this Note, including
any amendments, modifications, extensions or renewals thereof. Maker shall
cooperate fully with Holder in establishing and maintaining Holder’s perfection
of Holder’s security interest in the Collateral, including notifying and keeping
Holder apprised of the current location of all of the Collateral, providing
Holder with current information including any identifying serial numbers with
respect to that portion of the Collateral consisting of the tables and related
software, electronic equipment and intellectual property that comprise Maker’s
primary product (each a “Gaming Unit” and,
collectively, the “Gaming
Units”).

    

    5.           Representations
and Warranties of Maker.  Maker hereby
represents and warrants the following to Holder:

    

    a. Maker and
those executing this Note on its behalf have the full right, power, and
authority to execute, deliver and perform the Obligations under this Note, which
are not prohibited or restricted under the articles of incorporation or bylaws
of Maker.  This Note has been duly executed and delivered by an
authorized officer of Maker and constitutes a valid and legally binding
obligation of Maker enforceable in accordance with its terms.

    

    b. The
execution of this Note and Maker’s compliance with the terms, conditions and
provisions hereof does not conflict with or violate any provision of any
agreement, contract, lease, deed of trust, indenture, or instrument to which
Maker is a party or by which Maker is bound, or constitute a default thereunder
or result in the imposition of any lien, charge, encumbrance, claim or security
interest of any nature whatsoever upon any of the Collateral.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    c. The
security interest granted hereby in and to the Collateral constitutes a present,
valid, binding and enforceable security interest as collateral security for the
Obligations, and, except as to leased equipment or purchase-money encumbrances
existing as of the date of this Note as expressly disclosed to Holder in
writing, such interests, upon perfection, will be senior and prior to any liens,
encumbrances, charges, title defects, interests and rights of any others with
respect to such Collateral.

    

    d. The
security interest granted hereby shall be a first priority lien on the
Collateral and no prior or superior liens, security interests or encumbrances
exist with respect to any part of the Collateral.

    

    e. The
approximate cost per Gaming Unit is $1,200 USD.

    

    6.
           Covenants
of Maker.  For so long as any Obligations remain
outstanding:

    

    a. Maker
shall use the proceeds of this Note solely for the purpose of the manufacture,
delivery and installation of Gaming Units;

    

    b. Maker
shall not sell, assign or transfer any of the Collateral, or any part thereof or
interest therein;

    

    c. Maker
shall pay or cause to be paid promptly when due all taxes and assessments on the
Collateral; and

    

    d. Maker
shall keep Holder apprised, in writing, as to the current location of all of the
Collateral, providing Holder with current information including any identifying
serial numbers with respect to that portion of the Collateral consisting of the
Gaming Units so that Holder may perfect and maintain the priority of its
security interest therein.

    

    7.           Use of
Collateral.  For so long as no
event of default shall have occurred and be continuing under this Note, Maker
shall be entitled to use and possess the Collateral and to exercise its rights,
title and interest in all contracts, agreements, and licenses subject to the
rights, remedies, powers and privileges of Holder under this Note and to such
use, possession or exercise not otherwise constituting an event of
default.  Notwithstanding anything herein to the contrary, Maker shall
remain liable to perform its duties and obligations under the contracts and
agreements included in the Collateral in accordance with their respective terms
to the same extent as if this Note had not been executed and delivered; the
exercise by Holder of any right, remedy, power or privilege in respect of this
Note shall not release the Maker from any of its duties and obligations under
such contracts and agreements; and Holder shall have no duty, obligation or
liability under such contracts and agreements included in the Collateral by
reason of this Note, nor shall Holder be obligated to perform any of the duties
or obligations of Maker under any such contract or agreement or to take any
action to collect or enforce any claim (for payment) under any such contract or
agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    8.           Defaults.  The following
events shall be defaults under this Note:

    

    a.           Maker’s
failure to remit any payment under this Note on before the date due, if such
failure is not cured in full within five (5) days of written notice of
default;

    

    b.           Maker’s
failure to perform or breach of any non-monetary obligation or covenant set
forth in this Note or in the Agreement if such failure is not cured in full
within ten (10) days following delivery of written notice thereof from Holder to
Maker;

    

    c.           If
Maker is dissolved, whether pursuant to any applicable articles of incorporation
or bylaws, and/or any applicable laws, or otherwise;

    

    d.           Default
in the Maker’s obligation for borrowed money, other than this loan, which shall
continue for a period of twenty (20) days;

    

    e.           The
commencement of any action or proceeding which affects the Collateral or title
thereto or the interest of Holder therein, including, but not limited to eminent
domain, insolvency, code enforcement or arrangements or proceedings involving a
bankrupt or decedent;

    

    f.           The
entry of a decree or order by a court having jurisdiction in the premises
adjudging the Maker bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the Maker under the federal Bankruptcy code or any other applicable
federal or state law, or appointing a receiver, liquidator, assignee or trustee
of the Maker, or any substantial part if its property, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree or
order unstayed and in effect for a period of twenty (20) days; or

    

    g.           Maker’s
institution of proceedings to be adjudicated a bankrupt or insolvent, or the
consent by it to the institution of bankruptcy or insolvency proceedings against
it, or its filing of a petition or answer or consent seeking reorganization or
relief under the federal Bankruptcy Code or any other applicable federal or
state law, or its consent to the filing of any such petition or to the
appointment of a receiver, liquidator, assignee or trustee of the company, or of
any substantial part of its property, or its making of an assignment for the
benefit of creditors or the admission by it in writing of its inability to pay
its debts generally as they become due, or the taking of corporate action by the
Maker in furtherance of any such action.

    

    h.           The
failure by Secured Diversified Investment, Ltd. to timely file with the United
States Securities and Exchange Commission (“SEC”) all reports and other
documents required of the Maker under the Securities Act of 1933 (“Securities
Act”) and the Securities Exchange Act of 1934 (“Exchange Act”).

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    i.           Any
act or series of acts by Maker which has the effect of Secured Diversified
Investment, Ltd. no longer being registered as a publicly reporting company
pursuant to the Exchange Act or no longer having Secured Diversified Investment,
Ltd.’s common stock trade on the OTCBB, once that common stock begins to trade
following clearance from FINRA of the trading of such stock following the
bankruptcy of Secured Diversified Investment, Ltd. concluded in or about
February 2009.

    

    9.           Rights
and Remedies of Holder.  Upon the occurrence of an event of
default by Maker under this Note or at any time before default when the Holder
reasonably feels insecure, then, in addition to all other rights and remedies at
law or in equity, Holder may exercise any one or more of the following rights
and remedies:

    

    a.           Accelerate
the time for payment of all amounts payable under this Note by written notice
thereof to Maker, whereupon all such amounts shall be immediately due and
payable.

    

    b.           Pursue
and enforce all of the rights and remedies provided to a secured party with
respect to the Collateral under the Uniform Commercial Code.

    

    c.           Make
such appearance, disburse such sums, and take such action as Holder deems
necessary, in its sole discretion, to protect Holder’s interest, including but
not limited to (i) disbursement of attorneys’ fees, (ii) entry upon the Maker’s
property to make repairs to the Collateral, and (iii) procurement of
satisfactory insurance.  Any amounts disbursed by Holder pursuant to
this Section, with interest thereon, shall become additional indebtedness of the
Maker secured by this Note and shall be immediately due and payable and shall
bear interest from the date of disbursement at the default rate stated in this
Note.  Nothing contained in this Section shall require Holder to incur
any expense or take any action.

    

    d.           Require
Maker to assemble the Collateral and make it available to the Maker at the place
to be designated by the Holder which is reasonably convenient to both parties.
The Holder may sell all or any part of the Collateral as a whole or in part
either by public auction, private sale, or other method of
disposition.  The Holder may bid at any public sale on all or any
portion of the Collateral.  Unless the Collateral threatens to decline
speedily in value, Holder shall give Maker reasonable notice of the time and
place of any public sale or of the time after which any private sale or other
disposition of the Collateral is to be made, and notice given at least 10 days
before the time of the sale or other disposition shall be conclusively presumed
to be reasonable.

    

    e.           Pursue
any other rights or remedies available to Holder at law or in
equity.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    10.           Interest
To Accrue Upon Default. Upon the occurrence of an
event of default by Maker under this Note, the balance then owing under the
terms of this Note shall accrue interest at the rate of Eighteen Percent percent (18.0%) per
annum from the date of default until Holder is satisfied in
full.

    

    11.           Full
Recourse.  The liability of Maker for the Obligations shall not
be limited to the Collateral, and Maker shall have full liability therefor
beyond the Collateral.

    

    12.           Representation
of Counsel.  Maker
acknowledges that they have consulted with or have had the opportunity to
consult with their legal counsel prior to executing this Note.  This
Note has been freely negotiated by Maker and Holder and any rule of construction
to the effect that any ambiguities are to be resolved against the drafting party
shall not be employed in the interpretation of this Note.

    

    13.           Choice of
Laws; Actions.  This Note shall
be constructed and construed in accordance with the internal substantive laws of
the State of Nevada, without regard to the choice of law principles of said
State.  Maker acknowledges that this Note has been negotiated in Clark
County, Nevada.  Accordingly, the exclusive venue of any action, suit,
counterclaim or cross claim arising under, out of, or in connection with this
Note shall be the state or federal courts in Clark County,
Nevada.  Maker hereby consents to the personal jurisdiction of any
court of competent subject matter jurisdiction sitting in Clark County,
Nevada.

    

    14.           Usury
Savings Clause.  Maker expressly agrees and acknowledges that
Maker and Holder intend and agree that this Note shall not be subject to the
usury laws of any state other than the State of
Nevada.  Notwithstanding anything contained in this Note to the
contrary, if collection from Maker of interest at the rate set forth herein
would be contrary to applicable laws, then the applicable interest rate upon
default shall be the highest interest rate that may be collected from Maker
under applicable laws at such time.

    

    15.           Costs of
Collection.  Should the
indebtedness represented by this Note, or any part hereof, be collected at law,
in equity, or in any bankruptcy, receivership or other court proceeding, or this
Note be placed in the hands of any attorney for collection after default, Maker
agrees to pay, in addition to the principal and interest due hereon, all
reasonable attorneys’ fees, plus all other costs and expenses of collection and
enforcement, including any fees incurred in connection with such proceedings or
collection of the Note and/or enforcement of Holder’s rights with respect to the
administration, supervision, preservation or protection of, or realization upon,
any Collateral securing payment hereof.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    

    16.           Miscellaneous.

    

    a.           This
Note shall be binding upon Maker and shall inure to the benefit of Holder and
its successors, assigns, heirs, and legal representatives.

    

    b.           Any
failure or delay by Holder to insist upon the strict performance of any term,
condition, covenant or agreement of this Note, or to exercise any right, power
or remedy hereunder shall not constitute a waiver of any such term, condition,
covenant, agreement, right, power or remedy.

    

    c.           Any
provision of this Note that is unenforceable shall be severed from this Note to
the extent reasonably possible without invalidating or affecting the intent,
validity or enforceability of any other provision of this Note.

    

    d.           This
Note may not be modified or amended in any respect except in a writing executed
by the party to be charged.

    

    e.           Time
is of the essence.

    

    17.           Notices.   All notices
required to be given under this Note shall be given as follows or at such other
address as a party may designate by written notice to the other
parties:

    

    
      	
               

            	
              To
      Maker:

            

    

     

    
      
        
          	
                  Secured
      Diversified Investment, Ltd.

                  Galaxy
      Gaming, Inc.

                
	
                  Attn:  Robert
      Saucier, President

                
	
                  6980
      O’Bannon Drive

                
	
                  Las
      Vegas, NV 89117

                
	
                  (702)
      938-1735 (fax)

                

        

      

    

    

    
      	
               
      

            	
              To
      Holder:

            

    

    

    
      
        
          
            	
                    Cane
      Clark Productions, LLC

                  
	
                    Attn:  Bryan
      R. Clark

                  
	
                    3273
      E. Warm Springs Road

                  
	
                    Las
      Vegas, NV 89120

                  
	
                    (702)
      944-7100 (fax)

                  

          

           

          
            
              
              

            

            
              7

              
                

              

            

            
              
              

            

          

        

      

    

    

    Notices
may be transmitted by facsimile, certified mail, private delivery, or any other
commercially reasonable means, and shall be deemed given upon receipt by the
Party to whom they are addressed.

    

    18.           Waiver of
Certain Formalities. All parties to this Note
hereby waive presentment, dishonor, notice of dishonor and
protest.  All parties hereto consent to, and Holder is hereby
expressly authorized to make, without notice, any and all renewals, extensions,
modifications or waivers of the time for or the terms of payment of any sum or
sums due hereunder, or under any documents or instruments relating to or
securing this Note, or of the performance of any covenants, conditions or
agreements hereof or thereof or the taking or release of collateral securing
this Note.  Any such action taken by Holder shall not discharge the
liability of any party to this Note.

    

    IN WITNESS WHEREOF, this Note
has been executed effective the date and place first written above.

    

    
      	
              Secured
      Diversified Investment, Ltd. “Maker”:

               

               

              By:
      ________________________________

               

              Its:
      ________________________________

               

              Print Name:

               

              Date:______________________________

            	
              Galaxy
      Gaming, Inc. “Maker”:

               

               

              By:
      ________________________________

               

              Its:
      ________________________________

               

              Print Name:

               

              Date:______________________________

            
	
               

              Cane
      Clark Productions, LLC “Holder”:

               

               

              By:
      ________________________________

               

              Its:
      ________________________________

               

              Print Name:

               

              Date:______________________________

            	 
      

    

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    

    Exhibit
“A”

    

    Collateral

    

    Each and
all of the following in which Secured Diversified Investment,
Ltd., a Nevada Corporation, and/or Galaxy Gaming, Inc., a Nevada
corporation, has any right, title, or interest, regardless of the manner in
which such items are formally held or titled; all as defined in the Nevada
Uniform Commercial Code - Secured Transactions (Nevada Revised Statutes (“NRS”)
§§ 104.9101 et. seq.) as of the date of the Note, and as the same may be amended
hereafter:

    

    (1)
Equipment, as defined in NRS 104.9102(1)(gg), specifically consisting of the
electronic components, signage, software, and intellectual property that
comprise the Gaming Units.

    

    (2)  Accounts,
as defined in NRS 104.9102(1)(a)

    

    (3)  Cash
proceeds, as defined in NRS 104.9102(1)(I)

    

    (4)
Inventory, as defined in NRS 104.9102(1)(vv)

    

    (5)
Noncash proceeds, as defined in NRS 104.9102(1)(fff)

    

    (6)
Proceeds, as defined in NRS 104.9102(1)(lll)

    

    (7)
Software, as defined in NRS 104.9102(1)(www)

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