Document:

exv10w21

Exhibit 10.21

AMENDMENT TO SECOND AMENDED AND RESTATED

EXCURSION BOAT SPONSORSHIP AND OPERATIONS AGREEMENT

     THIS AMENDMENT TO SECOND AMENDED AND RESTATED EXCURSION BOAT SPONSORSHIP AND OPERATIONS
AGREEMENT (“Amendment”) is made and entered into this 16th day of February, 2010, by and
between Iowa West Racing Association, an Iowa nonprofit corporation (hereinafter referred to as
“Iowa West”), and Ameristar Casino Council Bluffs, Inc., an Iowa corporation (hereinafter referred
to as “Ameristar”).

     WHEREAS, on October 7, 2002, Iowa West and Ameristar entered into that certain Amended and
Restated Excursion Boat Sponsorship and Operations Agreement (the “Original Agreement”), which
became effective on January 1, 2003; and

     WHEREAS, on November 18, 2004, Iowa West and Ameristar amended the Original Agreement by the
execution of a Second Amended and Restated Excursion Boat Sponsorship and Operations Agreement (the
“Amended Agreement”): and

     WHEREAS, the term of the Original Agreement, as amended by the Amended Agreement, expires on
March 31, 2010; and

     WHEREAS, the parties hereto wish to amend the Amended Agreement to extend the term thereof and
to amend certain other terms and conditions of the Amended Agreement, as hereinafter set forth.

     NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

1. Effective as of April 1, 2010, Paragraph 4(a) of the Amended Agreement shall be of no
further force and effect, other than as to operation fees due under its provisions and not
yet paid, and the following new Paragraph 4(a) shall be inserted in place thereof:

“(a) Commencing with the period beginning on April 1, 2010 and continuing during the
remaining term of this Agreement and any extensions of the term, Ameristar shall pay
to Iowa West an operation fee equal to three percent (3%) of all of the Adjusted
Gross Receipts generated by the Ameristar excursion gambling boat each calendar
year. The operation fee shall be paid monthly on or before the 10th day of the
month following the month in which the Adjusted Gross Receipts were generated upon
which such operation fee is based. As used herein, the term “Adjusted Gross
Receipts” shall have the same meaning as set forth in Section 99F.1(1) of the Iowa
Code. For purposes of this Paragraph 4(a), all operation fees for periods prior to
April 1, 2010, shall be determined and paid as provided in Paragraph 4(a) of the original

 

 

Amended Agreement. The operation fees received by Iowa West will be
distributed in accordance with the requirements of Iowa law, including the
requirements of §99F.5 of the Iowa Code. Notwithstanding anything in this Agreement
that may be to the contrary, to the extent the cumulative operation fees paid by
Ameristar for the period January 1, 2010 through March 31, 2010, exceed three
percent (3%) of the cumulative Adjusted Gross Receipts generated by the Ameristar
excursion gambling boat for the same period (such excess, the “Excess Operation
Fees”), monthly payments of operation fees payable by Ameristar for the period
beginning April 1, 2010 shall be reduced dollar for dollar until the Excess
Operation Fees have been fully recovered by Ameristar through such reductions.

     2. Paragraph 6(b)(i) of the Amended Agreement shall be amended by deleting that paragraph from
the Amended Agreement and inserting the following new paragraph in place thereof:

“(i) Grant Committee. Iowa West Foundation, an Iowa nonprofit corporation (the
“Foundation”), shall permit each operator of an excursion gambling boat or land-based gaming
facility for which Iowa West or an affiliate serves as the qualified sponsoring organization
(each, a “Sponsored Gaming Entity”) to appoint one (1) representative to the Foundation’s
Grant Committee (being an advisory committee to the board of directors of the Foundation);
provided, however, that each person so appointed must, at the time of appointment, have
obtained the age of majority and must be knowledgeable in matters concerning the City of
Council Bluffs, Iowa (the “City”) and Pottawattamie County, Iowa (the “County”) and the tax
exempt purposes of the Foundation. Any such appointee shall execute and comply with the
then current Code of Conduct and Conflict of Interest Policy for the Foundation as a
condition of being appointed to and serving on the Foundation’s Grant Committee. The
Foundation may refuse to seat any such appointee who, based upon the reasonable and good
faith determination of the Foundation Board, does not meet such requirements, and any such
appointee who is seated may be removed from the Foundation’s Grant Committee if such
appointee does not comply with the provisions of this paragraph. If such appointee is not
seated or is removed, the Sponsored Gaming Entity that appointed such unqualified or removed
appointee shall have the right to designate a qualified replacement. The Foundation’s Grant
Committee shall consist of the number of representatives named by the Sponsored Gaming
Entities, plus those persons then serving as Council Members.”

          3. Paragraph 6(b)(iv) of the Amended Agreement shall be amended by deleting that paragraph
from the Amended Agreement and inserting the following new paragraph in place thereof:

     “(iv) Public Relations Committee. Iowa West shall create a Public Relations
Committee whose membership shall consist of:

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(A) One (1) member appointed by each Sponsored Gaming Entity;

(B) One (1) member appointed by Iowa West; and

(C) Two (2) “at-large” members selected and approved by the President of Iowa West
from nominees representative of the public to be named by each of the Sponsored
Gaming Entities.

The purpose of the Public Relations Committee shall be to advise the board of directors of
Iowa West with respect to public relations activities and affairs; provided, that the
ultimate authority for making decisions with respect to such matters shall reside in the
board of directors. The Public Relations Committee shall meet at least twice in each
calendar year at the call of the chair of the Public Relations Committee and may submit
written reports and recommendations to the Iowa West board. The member appointed by Iowa
West shall serve as a liaison to the Iowa West board, and shall make oral reports to the
Iowa West board from time to time as requested by the Public Relations Committee. The
Public Relations Committee shall have the opportunity to meet with the Iowa West board not
less frequently than once per calendar year.”

          4. The term of the Amended Agreement, as set forth in Paragraph 7(a) of the Amended Agreement,
shall be extended for an additional five (5) years, to expire on March 31, 2015.

          5. Provided that Ameristar is not in default under the Amended Agreement, as further amended
hereby, either at the time of exercise or at the time the Option Term (as hereinafter defined) is
to commence, Ameristar shall have the option to extend the term of the Amended Agreement for one
(1) additional term of three (3) years, to expire on March 31, 2018 (the “Option Term”). Notice of
the exercise of such option shall be given to Iowa West on or before October 1, 2014. If notice is
not given to Iowa West on or before such date, this option shall lapse and be of no further force
or effect. If exercised, all terms and conditions of the Amended Agreement, as further amended
hereby, shall be applicable to the Option Term. Any duty or obligation set forth in the Amended
Agreement, or in this Amendment, that is to be performed during the term of the Amended Agreement,
shall also be performed during the Option Term if the option to extend the term is exercised.

          6. This Amendment shall only become effective upon approval of the Iowa Racing and Gaming
Commission (the “Commission”). The parties shall coordinate their efforts and cooperate with one
another to seek this approval as expeditiously as possible. Until such time as this Amendment is
approved by the Commission, the parties shall continue to perform the Amended Agreement as if this
Amendment had not been entered into by the parties. This Amendment will become immediately
effective upon approval by the Commission.

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          7. Except as specifically amended hereby, the Amended Agreement shall remain in full force and
effect as originally executed and approved by the Commission. This Amendment shall be binding on
the successors and assigns of the parties hereto. Capitalized terms in this Amendment that are not
otherwise defined herein shall have the respective meanings set forth in the Amended Agreement.

[The remainder of this page is intentionally left blank]

          IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written at Council Bluffs, Iowa.

	 	 	 	 	 	 	 	 	 
	IOWA WEST RACING ASSOCIATION	 	 	 	AMERISTAR CASINO COUNCIL BLUFFS, INC.
	 	 	 
	 	 	 	 	 	 
	By:
	 	/s/ Emma M. Chance

	 	 	 	By:
	 	/s/ Peter C. Walsh
	 	 	 

	 	 	 	 	 	 
	 	 	IWRA President

	 	 	 	 	 	Peter C. Walsh 

Vice President
	 	 	 
	 	 	 	 	 	 
	By:
	 	/s/ Deborah L. Bass
	 	 	 	 	 	 
	 	 	 
	 	 	 	 	 	 
	 	 	IWRA Secretary
	 	 	 	 	 	 

4exv10w22

Exhibit 10.22

AMERISTAR CASINOS, INC.

RESTRICTED STOCK UNIT AGREEMENT

	 	 	 
	Name and Address of Award Holder:
	 	Gordon R. Kanofsky
	 
	 	4273 Aleman Drive
	 
	 	Tarzana, California  91356
	 
	 	 
	Date of Grant:
	 	January 29, 2010
	 
	 	 
	No. of RSUs:
	 	60,500
	 
	 	 
	Vesting Schedule:
	 	100% on January 29, 2010

[Remainder of page intentionally left blank.]

 

 

Dear Gordy:

          This letter agreement (the “Agreement”) sets forth the terms and conditions applicable to the
Restricted Stock Units (“RSUs”) which have been granted to you by Ameristar Casinos, Inc., a Nevada
corporation (the “Company”), pursuant to its 2009 Stock Incentive Plan (the “Plan”). Your award is
subject to the terms and conditions set forth in the Plan and this Agreement. Capitalized terms
used in this Agreement and not defined shall have the respective meanings set forth in the Plan.

1. Grant of RSUs

          You have been granted 60,500 RSUs. Each RSU represents the right to receive one share of the
Company’s common stock, par value $0.01 per share (the “Common Stock”) on the applicable settlement
date for the RSU. You do not need to pay any purchase price to receive the RSUs granted to you by
this Agreement.

2. Vesting of RSUs

          All of your RSUs are 100% vested as of the Date of Grant.

          Notwithstanding the vesting date, your RSUs will be forfeited upon the termination of your
employment for “Cause” at any time prior to the earlier of (i) the settlement date of your RSUs or
(ii) the occurrence of a Change in Control. For purposes of this paragraph, the terms “Cause” and
“Change in Control” shall have the same meanings as such terms have in your Amended and Restated
Executive Employment Agreement dated as of March 11, 2002 as amended from time to time (“Employment
Agreement”).

3. Settlement of RSUs; Delivery of Shares

          Your RSUs will be settled on their settlement date as set forth in this Section 3. On the
settlement date of your RSUs, the Company will deliver to you one share of Common Stock or, in the
discretion of the Company, cash in an amount equal to the Fair Market Value (as defined in the
Plan) of one share of Common Stock on the settlement date for each of your RSUs being so settled.
The Common Stock delivered upon the settlement of your RSUs will be fully transferable (subject to
any applicable securities law restrictions) and not subject to forfeiture.

          The settlement date shall be the earliest to occur of the following (in each case within the
meaning of Section 409A of the Code and published guidance thereunder (“Section 409A”) applied in
the manner required to avoid the imposition of additional taxes under Section 409A):

     (i) a change in the ownership or effective control of the Company, or in the
ownership of a substantial portion of the assets of the Company;

     (ii) your separation from service with the Company;

     (iii) the date you become disabled;

     (iv) the date of your death; or

 

 

     (v) the fifth anniversary of the Date of Grant.

Notwithstanding the foregoing, if settlement is made by reason of your separation from service with
the Company and you are a specified employee (within the meaning of Section 409A) of the Company on
the date of your separation from service, then solely to the extent necessary to avoid the
imposition of tax or penalty under Section 409A, the settlement shall be delayed until the earlier
of your death or six months after your separation from service.

4. Parachute Tax Gross-Up

          If any amount paid or payable in connection with your RSUs will or would be subject to the
excise tax imposed under Section 4999 of the Code (the “Excise Tax”), the Company will pay you a
Gross-Up Payment (as defined in your Employment Agreement) with respect to the Excise Tax imposed
with respect to your RSUs. The provisions of your Employment Agreement with respect to
determination of the Excise Tax and the correction of any overpayment or underpayment of the
Gross-Up Payment shall apply to the Gross-Up Payment provided for in this Agreement. To the extent
the provisions of the Change in Control Severance Plan would otherwise require a reduction in the
amount payable under this Agreement, such reduction shall not be applied, and any amounts payable
under this Agreement (including this Section 4) shall be disregarded in calculating amounts payable
to you under the Change in Control Severance Plan. For the avoidance of doubt, if your Employment
Agreement already provides for a Gross-Up Payment with respect to Excise Tax in connection with
your RSUs, this Agreement is not intended to provide for duplication of such benefit.

5. Income Tax Withholding

          You must make arrangements satisfactory to the Company to satisfy any applicable federal,
state or local tax withholding liability arising with respect to your RSUs at the time such
liability arises. You can either make a cash payment to the Company of the required amount or you
can elect to satisfy your withholding obligation by having the Company withhold from the shares of
Common Stock deliverable upon settlement of your RSUs a number of shares of Common Stock (rounded
to the nearest whole share) necessary to satisfy the minimum amount of your withholding obligation.
If you fail to satisfy your withholding obligation in cash on or before the settlement date of your
RSUs, the Company will withhold shares of Common Stock deliverable upon settlement of your RSUs
toward satisfaction of your withholding obligation. In addition, to the extent permitted by
applicable law, the Company shall have the right to withhold the required amount from your salary
or other amounts payable to you.

6. Other Provisions of RSUs

	 	(a)	 	Voting. You will have no voting
rights or other rights as a
stockholder with respect to your
RSUs prior to the time shares of
Common Stock are delivered to you
in settlement of the award.
	 
	 	(b)	 	Dividends. You will be entitled
to receive dividend equivalents
with respect to

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	 	 	 	your RSUs prior
to the time shares of Common
Stock (or the Fair Market Value
thereof in cash) are delivered to
you in settlement of the award.
Such dividend equivalents shall
be paid in the same form and at
the same time the corresponding
dividends are paid to holders of
Common Stock.

	 	(c)	 	Transfer Restrictions. You may
not sell, transfer, assign or
pledge your RSUs or any rights
under this award. Any attempt to
do so will be null and void.
	 
	 	(d)	 	Death. In the event of your death
after the vesting but prior to
settlement of your RSUs, any shares of Common Stock (or cash)
you are entitled to receive upon
settlement of
	 
	 	 	 	your RSUs will instead be
delivered to your designated
beneficiary or, if you have not
designated a beneficiary, to the
legal representative of your
estate. Any designation of a
beneficiary other than your
spouse shall require spousal
consent.

7. Adjustments to Your Award in Certain Events

          In the event of specified changes in the Company’s capital structure, the Committee is
required to make appropriate adjustment in the number and kind of shares authorized by the Plan and
the number and kind of shares covered by outstanding awards. This Agreement will continue to apply
to your RSUs as so adjusted.

8. Regulatory Compliance

          The Company is not required to deliver Common Stock upon the settlement of RSUs if such
delivery would violate any applicable law or regulation or stock exchange requirement. If required
by any federal or state securities law or regulation, the Company may impose restrictions on your
ability to transfer shares received upon settlement of your RSUs.

9. Plan Terms

          In the event of any conflict between the provisions of this Agreement and the Plan, the
Plan shall govern. All determinations and interpretations of the Plan and this Agreement made by
the Committee shall be conclusive and binding on the parties hereto and their successors and
assigns.

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10. Method of Acceptance

          By accepting the RSUs, you shall be deemed to have agreed to and accepted all the terms
and conditions of this Agreement and the Plan, without the necessity of your signing this
Agreement. You acknowledge and agree that the acceptance of the RSUs constitutes satisfaction in
full of any and all pre-existing understandings or commitments between the Company and you relating
to your right to acquire equity securities of the Company.

     EXECUTED as of the Date of Grant.

	 	 	 	 	 
	 	AMERISTAR CASINOS, INC.

 	 
	 	By:  	/s/ Peter C. Walsh
 	 
	 	 	Senior Vice President and General Counsel 	 
	 	 	 	 

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