Document:

Exhibit
10.6

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is made and entered into as of the 20th day of May, 2003, by and between STATION
CASINOS, INC., a Nevada corporation, with its principal offices
located at 2411 West Sahara Avenue, Las Vegas, Nevada 89102 (the “Company”),
and SCOTT
M NIELSON (the “Executive”).

 

WHEREAS, the Company and the Executive are
parties to an Amended and Restated Employment Agreement dated as of December 1,
1999, as amended by that First Amendment dated October 1, 2001 (collectively,
the “Former
Agreement”); and

 

WHEREAS, the Executive has agreed to
continue his employment with the Company on the terms and conditions set forth
herein; and

 

WHEREAS, the parties to this Agreement
desire to replace the Former Agreement in its entirety with this Agreement, and
the Former Agreement shall no longer be of any force or effect;

 

NOW, THEREFORE, in consideration of the
premises and mutual covenants contained herein and for other good and valuable
consideration, the Company and the Executive (each individually a “Party”
and together the “Parties”) agree as follows.

 

1.                                       DEFINITIONS.  In addition to certain terms defined
elsewhere in this Agreement, the following terms shall have the following
respective meanings:

 

1.1                                 “Affiliate”
shall mean any Person controlling, controlled by or under common control with,
the Company.

 

1.2                                 
“Base
Salary” shall mean the salary provided for in Subsection 3.1
of this Agreement, as the same may be increased from time to time thereunder.

 

1.3                                 “Board”
shall mean the Board of Directors of the Company.

 

1.4                                 “Cause”
shall mean that the Executive:

 

(a)                                  has
been convicted of any felony;

 

(b)                                 has
been found unsuitable to hold a gaming license by a final non-appealable
decision of the Nevada Gaming Commission; or

 

(c)                                  in
carrying out his duties under this Agreement, has engaged in acts or omissions
constituting gross negligence or willful misconduct resulting, in either case,
in material economic harm to the Company.

 

1.5                                 “Change in
Control” shall be deemed to have occurred if:

 

	
   

  	
  Executive’s Initials

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Company’s Initials

  	
   

  	
   

  	
   

  

 

 

(a)                                  (1)  any Person, corporation, entity or group
(other than the Existing Equity Holders) is or becomes the beneficial owner,
directly or indirectly, of securities representing 50% or more of the combined
voting power of the Company’s Voting Stock (an “Acquisition Event”), or

 

(2)  the Company consolidates with or merges into
another corporation or entity, or any corporation or entity consolidates with
or merges into the Company, with the effect that the beneficial owners of the
Company’s Voting Stock held immediately prior to the consummation of such
consolidation or merger cease to beneficially own, directly or indirectly,
securities representing 50% or more of the combined voting power of the
Company’s Voting Stock (or if the Company is not the surviving entity, the
surviving company’s voting securities) upon the consummation of such
consolidation or merger (a “Merger Event”), or

 

(3)  the Company sells, conveys, transfers or
leases to any person, corporation, entity or group, directly or indirectly, in
one transaction or series of related transactions, properties and/or assets
that accounted for 75% or more of the earnings (before interest, taxes, depreciation
and amortization) of the Company, on a consolidated basis for the four-fiscal
quarter period immediately preceding the date of consummation of such
transaction (a “Sale Event”); and

 

(b)                                 within
thirty-six (36) months following an Acquisition Event, Merger Event or Sale
Event, individuals who immediately prior to such Acquisition Event, Merger
Event or Sale Event constituted the Company’s Board, together with any new or
replacement directors whose election by the Company’s Board, or whose
nomination for election by the Company’s stockholders was approved by a vote of
at least a majority of the directors then in office who were either directors
on the Company’s Board immediately prior to such Acquisition Event, Merger
Event or Sale Event (or whose election or nomination for election was
previously so approved), cease for any reason to constitute a majority of the
directors of the Company’s Board then in office.

 

Notwithstanding the foregoing, a reincorporation, spin-off, split-off
or other reorganization transaction (a “Reorganization Event”), or series of
related transactions, in which either the “beneficial owners” of the Company’s
Voting Stock or the Existing Equity Holders beneficially own securities
representing 50% or more of the combined voting power of the Company’s Voting
Stock upon the consummation of such transaction shall not constitute an
Acquisition Event, Merger Event or Sale Event for purposes of this
definition.  For purposes of this
definition, “beneficial ownership” shall have the same meaning as defined in
Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended,
except that a Person shall be deemed to have “beneficial ownership” of all
shares that any such Person has the right to acquire, whether such right is
exercisable immediately or only after the passage of time.  For the purposes of this definition, upon
consummation of an Acquisition Event, Merger Event, Sale Event or
Reorganization Event, the “Company’s Board” and the “Company’s Shareholders”

 

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shall refer to (i) in the case of an Acquisition Event, the Company,
(ii) in the case of a Merger Event, the company surviving the merger or
consolidation, (iii) in the case of a Sale Event, the transferee of the properties,
and/or assets, and (iv) in the case of a Reorganization Event, the entity or
entities surviving such Reorganization Event on a consolidated basis.

 

1.6                                 “Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

1.7                                 “Company
Property” shall mean all items and materials provided by the Company
to the Executive, or to which the Executive has access, in the course of his
employment, including, without limitation, all files, records, documents,
drawings, specifications, memoranda, notes, reports, manuals, equipment,
computer disks, videotapes, drawings, blueprints and other documents and
similar items relating to the Company, its Affiliates or their respective
customers, whether prepared by the Executive or others, and any and all copies,
abstracts and summaries thereof.

 

1.8                                 “CompetingBusiness” shall mean any Person engaged in the gaming industry
that directly or through an affiliate or subsidiary conducts its business
within the Restricted Area.

 

1.9                                 “Confidential
Information” shall mean all nonpublic and/or proprietary information
respecting the business of the Company or any Affiliate, including, without
limitation, its products, programs, projects, promotions, marketing plans and
strategies, business plans or practices, business operations, employees,
research and development, intellectual property, software, databases,
trademarks, pricing information and accounting and financing data.  Confidential Information also includes
information concerning the Company’s or any Affiliate’s customers, such as
their identity, address, preferences, playing patterns and ratings or any other
information kept by the Company or any Affiliate concerning its customers
whether or not such information has been reduced to documentary form.  Confidential Information does not include
information that is, or becomes, available to the public unless such
availability occurs through an unauthorized act on the part of the Executive.

 

1.10                           “Deferred
Compensation Plan for Executives” shall mean the Company’s Deferred
Compensation Plan for  Executives, effective as of November 30,
1994, as the same may be amended from time to time.

 

1.11                           “Disability”
shall mean a physical or mental incapacity that prevents the Executive from
performing the essential functions of his position with the Company for a
period of ninety (90) days as determined (a) in accordance with any long-term
disability plan provided by the Company of which the Executive is a
participant, or (b) by the following procedure:  The Executive agrees to submit to medical examinations by a
licensed healthcare professional selected by the Company, in its sole
discretion, to determine whether a Disability exists.  In addition, the Executive may submit to the Company
documentation of a Disability, or lack thereof, from a licensed healthcare
professional of his choice.  Following a
determination of a Disability or lack of Disability by the Company’s or the
Executive’s licensed healthcare professional, the other Party may submit
subsequent documentation relating to the existence of a Disability from a
licensed healthcare professional selected by such other Party.  In the event that the medical opinions of
such licensed healthcare professionals conflict, such licensed healthcare

 

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professionals shall appoint a third licensed
healthcare professional to examine the Executive, and the opinion of such third
licensed healthcare professional shall be dispositive.

 

1.12                           “ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended.

 

1.13                           “Existing
Equity Holders” shall mean Frank J. Fertitta III, Blake L. Sartini,
Delise F. Sartini, Lorenzo J. Fertitta, Glenn C. Christenson and Scott M
Nielson and their executors, administrators or the legal representatives of
their estates, their heirs, distributees and beneficiaries, and any trust as to
which any of the foregoing is a settlor or co-settlor and any corporation,
partnership or other entity which is an affiliate of any of the foregoing, and
any lineal descendants of such persons (but only to the extent that the
beneficial ownership of the Voting Stock held by such lineal descendants was
directly received by gift, trust or sale from any such person).

 

1.14                           “Good Reason,”
as used in Subsection 7.2, shall mean and exist if there has been a
Change in Control and, thereafter, without the Executive’s prior written
consent, one or more of the following events occurs:

 

(a)                                  the
Executive is assigned duties or responsibilities that are inconsistent, in any
significant respect, with the position of a senior manager;

 

(b)                                 the
Executive is required to relocate from, or maintain his principal office
outside of, Clark County, Nevada;

 

(c)                                  the
Executive’s Base Salary is decreased by the Company;

 

(d)                                 the
Executive is excluded from participation in any employee benefit or short-term
incentive plan or program offered to other similarly situated executives of the
Company or his benefits under such plans or programs are materially reduced;

 

(e)                                  the
Company fails to pay the Executive any deferred payments that have become
payable under the Deferred Compensation Plan for Executives;

 

(f)                                    theCompany fails to reimburse the Executive for business expenses in
accordance with the Company’s policies, procedures or practices;

 

(g)                                 the
Company fails to agree to or to actually indemnify the Executive for his
actions and/or inactions, as either a director or an officer of the Company, in
accordance with Section 10, and/or the Company fails to maintain
reasonably sufficient levels of directors’ and officers’ liability insurance
coverage for the Executive when such insurance is available; or

 

(h)                                 the
Company fails to obtain a written agreement from any successor or assign of the
Company to assume the obligations under this Agreement upon a Change in
Control.

 

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For purposes of this Agreement, a determination by the Executive that
the Executive has “Good Reason” shall be final and binding on the Company and
the Executive absent a showing of bad faith on the part of the Executive.

 

1.15                           “Long-Term
Stay-On Performance Incentive Plan” shall mean the Company’s
Long-Term Stay-On Performance Incentive Plan, effective as of September 27,
1994, as the same may be amended from time to time.

 

1.16                           “Person”
shall mean any individual, firm, partnership, association, trust, company,
corporation or other entity.

 

1.17                           “Pro Rata
Bonus” shall mean an amount equal to sixty percent (60%) of the
Executive’s current Base Salary, multiplied by a fraction, the numerator of
which is the number of days in such year during which the Executive was
actually employed by the Company and the denominator of which is 365.

 

1.18                           “Restricted
Area” shall mean the City of Las Vegas, Nevada, and the area within
a twenty-five (25) mile radius of that city; provided, however,
that in the event the Executive voluntarily terminates this Agreement pursuant
to Subsection 6.3, the Restricted Area shall exclude the Las Vegas Strip
(which is defined as that area bounded by Paradise Road and straight extensions
thereof on the East, Charleston Boulevard on the North, I-15 on the West, and
Sunset Road on the South) and Downtown Las Vegas (which is defined as that area
bounded by Eastern Avenue and straight extensions thereof on the East, I-515
(U.S. Highway 93/95) on the North, I-15 on the West, and Charleston Boulevard
on the South).

 

1.19                           “Restriction
Period” shall mean the period ending twenty-four (24) months after
the termination or expiration of the Term of Employment, regardless of the
reason for such termination or expiration.

 

1.20                           “Special
Long-Term Disability Plan” shall mean the Company’s Special
Long-Term Disability Plan, effective as of November 30, 1994, as the same may
be amended from time to time.

 

1.21                           “Supplemental
Management Retirement Plan” shall mean the Company’s Supplemental
Management Retirement Plan, effective as of November 30, 1994, as the same may
be amended from time to time.

 

1.22                           “Term of
Employment” shall mean the period specified in Subsection 2.2.

 

1.23                           “Voting Stock”
shall mean capital stock of any class or classes having general voting power
under ordinary circumstances, in the absence of contingencies, to elect the
directors of a corporation.

 

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2.                                       TERM
OF EMPLOYMENT, POSITION AND RESPONSIBILITIES.

 

2.1                                 Employment
Accepted.  The Company
hereby employs the Executive, and the Executive hereby accepts employment with
the Company, for the Term of Employment, in the position and with the
responsibilities set forth in Subsection 2.3 and upon such other terms
and conditions as are stated in this Agreement.

 

2.2                                 Term of Employment.  The initial Term of Employment shall
commence upon the date of this Agreement and, unless earlier terminated
pursuant to the provisions of this Agreement, shall terminate upon the close of
business on the day immediately preceding the fifth anniversary of the date of
this Agreement; provided, however, that the initial Term of
Employment shall automatically be extended for successive five-year periods if
neither Party has advised the other in writing in accordance with Section 14
at least twelve (12) months prior to the end of the then current Term of
Employment that such Term of Employment will not be extended for an additional
five year period.  In the event that
such notice is given, the Executive’s employment shall terminate upon the close
of business on the day immediately preceding the fifth anniversary of the then
current Term of Employment.

 

2.3                                 Responsibilities.  During the Term of Employment, the Executive
shall be employed as Executive Vice President, Chief Legal Officer and
Secretary, or in such other capacity as the Company may direct, and shall have
such responsibilities as the Company may direct from time to time.  During the Term of Employment, the Executive
shall devote his full time and attention to the business and affairs of the
Company and shall use his best efforts, skills and abilities to promote the
Company’s interests.  Anything herein to
the contrary notwithstanding, the Executive shall not be precluded from
engaging in charitable and community affairs and managing his personal
investments (including, without limitation, passive ownership interests in the
the Decatur Express located in Las Vegas, Nevada and theVirgin River Hotel
& Casino located in Mesquite, Nevada). 
It is expressly understood and agreed that, to the extent any such
activities have been conducted by the Executive prior to the date of this
Agreement and disclosed to the Board, the continued conduct of such activities
(or activities similar in nature and scope thereto) after the date of this
Agreement shall be deemed not to interfere with the Executive’s duties and
obligations to the Company under this Agreement.  The Executive also may serve as a member of the board of
directors of other corporations, subject to the approval of a majority of the
Board, which approval shall not be unreasonably withheld or delayed.

 

3.                                       COMPENSATION.

 

3.1                                 Base
Salary.  During the Term
of Employment, the Executive shall be entitled to receive a base salary (the
“Base Salary”) payable no less frequently than in equal bi-weekly installments
at an annualized rate of no less than $595,000.  The Base Salary shall be reviewed annually for increase (but not
decrease) in the discretion of the Human Resources Committee of the Board.  In conducting any such annual review, the
Human Resources Committee shall take into account any change in the Executive’s
responsibilities, increases in the compensation of other executives of the
Company or any Affiliate (or any competitor(s) of either

 

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or both), the performance of the Executive and/or
other pertinent factors.  Such increased
Base Salary shall then constitute the Executive’s “Base Salary” for purposes of
this Agreement.

 

3.2                                 Annual
Bonus.  The Company may
pay the Executive an annual discretionary bonus for each fiscal year ending
during the Term of Employment in an amount that will be determined by the Human
Resources Committee based on the Executive’s performance.  Any annual bonus that may be awarded to the
Executive shall be paid at the same time as annual bonuses are paid to other
senior officers of the Company, unless the Executive has elected to defer
receipt of all or part of the bonus amounts to which he is entitled in respect
of any such calendar year in accordance with the terms and provisions of any
deferred compensation program maintained by the Company.

 

3.3                                 Stay-On
Incentives.  The
Executive shall be eligible to participate in the Company’s Long-Term Stay-On Performance
Incentive Plan pursuant to the terms of the Plan.

 

3.4                                 Deferred
Compensation.  The
Executive shall be eligible to participate in the Company’s Deferred
Compensation Plan for Executives, and any other deferred compensation plans
that the Company may adopt for executives, pursuant to the terms of the plans.

 

4.                                       EMPLOYEE
BENEFIT PLANS AND PROGRAMS.

 

4.1                                 Pension and Welfare Benefit Plans.  During the Term of Employment, the Executive
shall be entitled to participate in all employee benefit programs made
available to the Company’s executives or salaried employees generally, as such
programs may be in effect from time to time, including, without limitation,
pension and other retirement plans, profit sharing plans, group life insurance,
group health insurance, accidental death and dismemberment insurance, long-term
disability, sick leave (including salary continuation arrangements), vacations,
holidays and other employee benefit programs sponsored by the Company.

 

4.2                                 Additional
Pension and Welfare Benefits. 
In addition to the foregoing, the Company shall provide the Executive
with the following benefits:

 

(a)                                  group
health insurance coverage through the Company’s Exec-U-Care Medical Plan,
effective as of July 1, 1994, or pursuant to such other plan or plans as the
Company may select from time to time, and which shall be fully paid for by the
Company;

 

(b)                                 full
salary continuation during the first ninety (90) days of any physical or mental
incapacity that prevents the Executive from performing his duties and, for any
Disability that continues thereafter, benefits pursuant to the Company’s
Special Long-Term Disability Plan and any other long-term disability benefits
pursuant to any other disability plan of which the Executive is a participant;

 

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(c)                                  an
annual supplemental retirement benefit as set forth in the Supplemental
Management Retirement Plan, in addition to any other benefit pursuant to any
other retirement plan under which the Executive is covered; and

 

(d)                                 supplemental
life insurance coverage, through an individual policy, a group policy or a
combination thereof, in an aggregate amount of not less than $7.5 million.

 

5.                                       BUSINESS
EXPENSE REIMBURSEMENT AND PERQUISITES.

 

5.1                                 Expense
Reimbursement.  During
the Term of Employment, the Executive shall be entitled to receive
reimbursement by the Company for all reasonable out-of-pocket expenses incurred
by him in performing services under this Agreement, subject to providing the
proper documentation of said expenses.

 

5.2                                 Perquisites.  During the Term of Employment, the Executive
shall also be entitled to any of the Company’s executive perquisites in
accordance with the terms and provisions of the applicable policies, including,
without limitation:

 

(a)                                  vacation
of four weeks per year;

 

(b)                                 payment
or reimbursement of the cost of an annual physical examination;

 

(c)                                  payment
or reimbursement of initiation fees and annual membership fees and assessments
for a country club, a luncheon club and a physical fitness program of the
Executive’s choice; and

 

(d)                                 payment
or reimbursement of fees and expenses, up to a maximum amount of $2500.00,
incurred in connection with having this Agreement reviewed by legal counsel of
his own choosing prior to execution.

 

6.                                       TERMINATION OF EMPLOYMENT.

 

6.1                                 Termination
Due to Death or Disability. 
The Executive’s employment shall be terminated immediately in the event
of his death or Disability.  In the
event of a termination due to the Executive’s death or Disability, the
Executive or his estate, as the case may be, shall be entitled, in lieu of any
other compensation whatsoever, to:

 

(a)                                  Base
Salary at the rate in effect at the time of his termination until the date of
death or Disability;

 

(b)                                 any
annual bonus awarded but not yet paid;

 

(c)                                  a
Pro Rata Bonus for the fiscal year in which death or Disability occurs;

 

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(d)                                 immediate
vesting of any deferred compensation or bonuses, including interest or other
credits on the deferred amounts to the extent provided in the plans or programs
providing for deferral;

 

(e)                                  reimbursement of expenses incurred but not paid
prior to such termination of employment; and

 

(f)                                    such
rights to other benefits as may be provided in applicable plans and programs of
the Company, including, without limitation, applicable employee benefit plans
and programs, according to the terms and provisions of such plans and programs.

 

6.2                                 Termination
by the Company for Cause. 
The Company may terminate the Executive’s employment for Cause at any
time during the Term of Employment by giving written notice to the
Executive.  In the event of a
termination for Cause, the Executive shall be entitled, in lieu of any other
compensation and benefits whatsoever, to:

 

(a)                                  Base
Salary at the rate in effect at the time of his termination through the date of
termination of employment;

 

(b)                                 any
annual bonus awarded but not yet paid;

 

(c)                                  immediate
vesting of any deferred compensation or bonuses, including interest or other
credits on the deferred amounts to the extent provided in the plans or programs
providing for deferral;

 

(d)                                 reimbursement
for expenses incurred but not paid prior to such termination of employment; and

 

(e)                                  such
rights to other benefits as may be provided in applicable plans and programs of
the Company, including, without limitation, applicable employee benefit plans
and programs, according to the terms and conditions of such plans and programs.

 

Notwithstanding anything to the contrary in this Subsection
6.2, if the Executive’s employment is terminated for Cause (i) due to his
having been formally charged pursuant to Subsection 1.4(a) but
thereafter said charges are dismissed or the Executive is acquitted, or
(ii) due to his having been convicted pursuant to Subsection 1.4(a)
but said conviction is subsequently overturned on appeal and he is not required
to submit to re-trial within six (6) months thereafter, the Company shall have
the option of reinstating the Executive with payment of all base salary
payments that would have been paid to him had his employment not been
terminated and restoration of all benefits provided for pursuant to Section 4,
or making a payment to him of an amount equal to three times one hundred sixty
percent (160%) of the Executive’s Base Salary at the rate in effect at the time
of his termination.

 

6.3                                 Termination
by the Executive.  The
Executive may terminate his employment on his own initiative for any reason
prior to a Change in Control upon thirty (30)

 

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days prior written notice to the Company.  Such termination shall have the same
consequences as a termination for Cause under Subsection 6.2, except
that the Executive shall not be entitled to immediate vesting of any deferred
compensation or bonuses as provided or permitted in Subsection 6.2(c).

 

6.4                                 Termination
by the Company Without Cause. 
Notwithstanding any other provision of this Agreement, the Company may
terminate the Executive’s employment without Cause, other than due to death or
Disability, at any time during the Term of Employment by giving written notice
to the Executive.  In the event that the
Company terminates the Executive’s employment without Cause prior to a Change
in Control, the Executive shall be entitled, in lieu of any other compensation
and benefits whatsoever, to:

 

(a)                                  an
amount equal to three times one hundred sixty percent (160%) of the Executive’s
Base Salary at the rate in effect at the time of his termination, one-third of
which shall be paid in a lump sum upon satisfaction of the conditions set forth
in Subsection 8.3, and the other two-thirds of which shall be paid out
in equal bi-weekly installments for the duration of the Restriction Period;

 

(b)                                 any
annual bonus awarded but not yet paid and a Pro Rata Bonus for the fiscal year
in which such termination of employment occurs;

 

(c)                                  immediate
vesting of any deferred compensation or bonuses, including interest or other
credits on the deferred amounts, to the extent provided in the plans or
programs providing for deferral;

 

(d)                                 exercise,
within one hundred eighty (180) days, all stock options that have vested prior
to termination, and shall forfeit all stock options that have not vested;

 

(e)                                  reimbursement
for expenses incurred but not paid prior to such termination of employment; and

 

(f)                                    continuation
of the Executive’s medical insurance, at the Company’s expense, for thirty-six
(36) months or, at the Company’s option, payment to the Executive of the
economic equivalent thereof.

 

6.5                                 Termination
Due to Expiration of the Term of Employment.  If either Party elects not to extend the
initial Term of Employment or any successive Term of Employment, the Executive
shall not be entitled to any additional compensation after the expiration
thereof, but such termination of employment shall not otherwise affect accrued
but unpaid compensation or benefits provided under this Agreement or pursuant
to any Company plan or program.

 

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7.                                       CHANGE IN
CONTROL.

 

7.1                                 Change in
Control.  Immediately
upon a Change in Control, in addition to any other compensation or benefits
payable pursuant to this Agreement or otherwise, the Executive shall be
entitled to (a) immediate vesting of all restricted stock, stock options,
phantom stock units, stock appreciation rights and similar stock-based or
performance-based interests, and (b) immediate vesting of any deferred
compensation or bonuses, including interest or other credits on the deferred
amounts to the extent provided for in the plans or programs providing for
deferral.

 

7.2                                 Termination
by the Company Without Cause or by the Executive for Good Reason After a Change
in Control.  If within
five years following a Change in Control, the Executive’s employment is
terminated by the Company without Cause or by the Executive for Good Reason,
the Executive shall be entitled, in addition to any compensation and benefits
provided pursuant to Subsection 7.1, but in lieu of any other
compensation and benefits whatsoever, to:

 

(a)                                  a
lump sum payment equal to the greater of (i) three times one hundred sixty
percent (160%) of the Executive’s Base Salary at the time of the Change in
Control or (ii) three times one hundred sixty percent (160%) of the
Executive’s Base Salary at the time of the termination of his employment;

 

(b)                                 a
Pro Rata Bonus for the fiscal year in which such termination of employment
occurs;

 

(c)                                  any
deferred bonus, including interest or other credits on the deferred amounts to
the extent provided in the plans or programs providing for deferral;

 

(d)                                 exercise,
within one hundred eighty (180) days, all vested stock options, stock
appreciation rights and other exercisable stock-based or performance-based
interests;

 

(e)                                  immediate
vesting and pay out of any shares awarded to the Executive pursuant to the Company’s
Long-Term Stay-On Performance Incentive Plan;

 

(f)                                    immediate
vesting of the Executive’s supplemental retirement benefit as set forth in the
Supplemental Management Retirement Plan;

 

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(g)                                 (i)
continued funding of the Executive’s split dollar life insurance policy as if
the Executive were employed by the Company through the maturity date of such
policy or payment in full of all premium obligations under such policy, or (ii)
at the Executive’s option, a lump-sum payment to the Executive of the economic
equivalent thereof, as if the Executive were employed by the Company through
the maturity date of such policy; and

 

(h)                                 (i)
continuation of the Executive’s medical insurance, at the Company’s expense,
for thirty-six (36) months, or (ii) at the Executive’s option, a lump-sum
payment to the Executive of the economic equivalent thereof.

 

7.3                                 Termination
by Executive without Good Reason After a Change in Control.  If the Executive terminates his
employment without Good Reason within ninety (90) days following the first
anniversary of a Change in Control, the Executive shall be entitled, in
addition to any compensation and benefits provided pursuant to Subsection
7.1, but in lieu of any other compensation and benefits whatsoever, to:

 

(a)                                  an
amount equal to the greater of (i) three times one hundred sixty percent (160%)
of the Executive’s Base Salary at the time of the Change in Control or
(ii) three times one hundred sixty percent (160%) of the Executive’s Base Salary
at the time of the termination of his employment;

 

(b)                                 a
Pro Rata Bonus for the fiscal year in which such termination of employment
occurs;

 

(c)                                  any
deferred bonus, including interest or other credits on the deferred amounts to
the extent provided in the plans or programs providing for deferral;

 

(d)                                 exercise,
within one hundred eighty (180) days, all vested stock options, stock
appreciation rights and other exercisable stock-based or performance-based
interests;

 

(e)                                  immediate
vesting of the Executive’s supplemental retirement benefit as set forth in the
Supplemental Management Retirement Plan;

 

(f)                                    (i)
continued funding of the Executive’s split dollar life insurance policy as if
the Executive were employed by the Company through the maturity date of such
policy or payment in full of all premium obligations under such policy, or (ii)
at the Executive’s option, a lump-sum payment to the Executive of the economic
equivalent thereof, as if the Executive were employed by the Company through
the maturity date of such policy; and

 

(g)                                 (i)
continuation of the Executive’s medical insurance, at the Company’s expense,
for thirty-six (36) months, or (ii) at the Executive’s option, a lump-sum
payment to the Executive of the economic equivalent thereof.

 

12

 

7.4                                 Termination
for Other Reasons After a Change in Control.  If the Executive’s employment is terminated
after a Change in Control for any reason not otherwise provided for in this Section
7, his rights shall be determined in accordance with the applicable
subsection of Section 6.

 

8.                                       CONDITIONS
TO PAYMENTS UPON TERMINATION.

 

8.1                                 Timing of
Payments.  Unless
otherwise provided herein, any payments to which the Executive shall be
entitled pursuant to Sections 6 and 7 shall be payable upon the
satisfaction of the conditions set forth in Subsection 8.3.

 

8.2                                 No
Mitigation; No Offset. 
In the event of any termination of the Executive’s employment under Sections
6 or 7, the Executive shall be under no obligation to seek other employment
and there shall be no offset against amounts due to the Executive on account of
any remuneration attributable to any subsequent employment that the Executive
may obtain.  Notwithstanding any contrary
provision contained herein, in the event of any termination of employment of
the Executive, the exclusive remedies available to the Executive shall be the
amounts due under Sections 6 or 7, which are in the nature of severance
payments, or liquidated damages, or both, and are not in the nature of a
penalty.  In the event of a termination
of this Agreement, neither Party shall publish in any way or make any negative
comment or statement about the other Party or concerning the reasons for such
termination.  The provisions of this Subsection
8.2 shall survive the expiration or earlier termination of this Agreement.

 

8.3                                 General
Release.  No payments or
benefits payable to the Executive upon the termination of his employment
pursuant to Sections 6 or 7 shall be made to the Executive unless and
until he executes a general release substantially in the form annexed to this
Agreement as Exhibit A and such general release becomes effective pursuant to
its terms.

 

8.4                                 Compliance
with the Agreement.  No
payments or benefits payable to the Executive upon the termination of his
employment pursuant to Sections 6 or 7 shall be made to the Executive if
he fails to comply with all of the terms and conditions of this Agreement,
including, without limitation, Sections 11 and 12.

 

8.5                                 Continuing
Obligations of Executive. 
No act or omission by the Executive in breach of this Agreement,
including, without limitation his failure to execute the general release and
the resulting forfeiture of termination payments, shall be deemed to permit the
Executive to forego or waive such payments in order to avoid his obligations
under Section 11.

 

13

 

9.                                       SPECIAL REIMBURSEMENT.  

 

9.1                                 If
any payment or benefit paid or payable, or received or to be received, by or on
behalf of the Executive , whether any such payments or benefits are pursuant to
the terms of this Agreement or any other plan, program, arrangement or
agreement of or with the Company, any Affiliate, any Person, or otherwise (the
“Total
Payments”), will or would be subject to the excise tax imposed under
Section 4999 of the Code (the “Excise Tax”), the Company shall pay to the
Executive an additional amount (the “Gross-Up Payment”) such that, after payment
by the Executive of all taxes (including any interest or penalties imposed with
respect to such taxes) imposed upon or in respect of the Total Payments and the
Gross-Up Payments, including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto) and any Excise Tax imposed
thereon, the Executive retains an amount of the Gross-Up Payment equal to the
Excise Tax imposed upon the Total Payments.

 

9.2                                 For
purposes of determining whether any of the Total Payments will be subject to
the Excise Tax and the amount of such Excise Tax,

 

(a)                                  the
Total Payments shall be treated as “parachute payments” within the meaning of
Section 280G(b)(2) of the Code, and all “excess parachute payments” within the
meaning of Section 280G(b)(1) of the Code shall be treated as subject to
the Excise Tax, unless in the opinion of tax counsel selected by the Company
and reasonably acceptable to the Executive (which opinion shall be provided to
the Executive) such Total Payments (in whole or in part) (i) do not constitute
parachute payments, including (without limitation) by reason of
Section 280G(b)(4)(A) of the Code, (ii) such excess parachute
payments (in whole or in part) represent reasonable compensation for services
actually rendered, within the meaning of Section 280G(b)(4)(B) of the
Code, or (iii) are not, in the opinion of legal counsel, otherwise subject
to the Excise Tax, and

 

(b)                                 the
value of any non-cash benefits or any deferred payment or benefit shall be
determined by the Company’s independent auditors in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code.

 

9.3                                 In
the event that the Excise Tax is subsequently determined to be less than the
amount taken into account hereunder, the Executive shall repay to the Company,
at the time that the amount of such reduction in Excise Tax is finally
determined, the portion of the Gross-Up Payment attributable to such reduction
plus interest on the amount of such repayment at the rate provided in Section
1274(b)(2)(B) of the Code.  In the event
that the Excise Tax is determined to exceed the amount taken into account
hereunder at the time of the termination of the Executive’s employment
(including by reason of any payment the existence or amount of which cannot be
determined at the time of the initial Gross-Up Payment), the Company shall make
an additional Gross-Up Payment in accordance with Subsection 9.1 in
respect of such excess Excise Tax (plus any interest, penalties or additions
payable by the Executive with respect to such excess Excise Tax) at the time
that the amount of such excess Excise Tax is finally determined.  The Executive and the Company shall each
reasonably cooperate with each other in

 

14

 

connection with any administrative or judicial
proceedings concerning the existence or amount of any such subsequent liability
for Excise Tax with respect to the Total Payments.

 

10.                                 INDEMNIFICATION.

 

10.1                           General.  The Company agrees that if the Executive is
made a party or is threatened to be made a party to any action, suit or
proceeding, whether civil, criminal, administrative or investigative (an “Indemnifiable
Action”), by reason of the fact that he is or was a director or
officer of the Company or is or was serving at the request of the Company as a
director, officer, member, employee or agent of another corporation or of a
partnership, joint venture, trust or other enterprise, including service with
respect to employee benefit plans, whether or not the basis of such
Indemnifiable Action is alleged action in an official capacity as a director, officer,
member, employee or agent, he shall be indemnified and held harmless by the
Company to the fullest extent permitted by Nevada law and the Company’s bylaws,
as the same exist or may hereafter be amended (but, in the case of any such
amendment to the Company’s bylaws, only to the extent such amendment permits
the Company to provide broader indemnification rights than the Company’s bylaws
permitted the Company to provide before such amendment), against all expense,
liability and loss (including, without limitation, attorneys’ fees, judgments,
fines, ERISA excise taxes or penalties and amounts paid or to be paid in
settlement) reasonably incurred or suffered by the Executive in connection
therewith.

 

10.2                           Procedure.  The indemnification provided pursuant to
this Section 10 shall be subject to the following conditions:

 

(a)                                  The
Executive must promptly give the Company written notice of any actual or
threatened Indemnifiable Action and, upon providing such notice, the Executive
shall be presumed to be entitled to indemnification under this Agreement and
the Company shall have the burden of proof to overcome that presumption in
reaching any contrary determination; provided, however, that the
Executive’s failure to give such notice shall not affect the Company’s
obligations hereunder;

 

(b)                                 The
Company will be permitted, at its option, to participate in, or to assume, the
defense of any Indemnifiable Action, with counsel reasonably approved by the
Executive; provided, however, that (i) the Executive shall have the
right to employ his own counsel in such Indemnifiable Action at the Executive’s
expense, and (ii) if (A) the retention of counsel by the Executive has been
previously authorized in writing by the Company, (B) the Executive shall have
concluded, based on the advice of his legal counsel, that there may be a
conflict of interest between the Company and the Executive in the conduct of
any such defense, or (C) the Company shall not, in fact, have retained counsel
to assume the defense of such Indemnifiable Action, the fees and expenses of
the Executive’s counsel shall be at the expense of the Company; and provided,
further, that the Company shall not settle any action or claim that
would impose any

 

15

 

limitation or
penalty on the Executive without obtaining the Executive’s prior written
consent, which consent shall not be unreasonably withheld;

 

(c)                                  The
Executive must provide reasonable cooperation to the Company in the defense of
any Indemnifiable Action; and

 

(d)                                 The
Executive must refrain from settling any Indemnifiable Action without obtaining
the Company’s prior written consent, which consent shall not be unreasonably
withheld.

 

10.3                           Advancement
of Costs and Expenses. 
The Company agrees to advance all costs and expenses referred to in Subsections
10.1 and 10.6; provided, however, that the Executive
agrees to repay to the Company all amounts so advanced only if, and to the
extent that, it shall ultimately be determined by a court of competent
jurisdiction that the Executive is not entitled to be indemnified by the
Company as authorized by this Agreement. 
The advances to be made hereunder shall be paid by the Company to or on
behalf of the Executive within twenty (20) days following delivery of a written
request therefore by the Executive to the Company.  The Executive’s entitlement to advancement of costs and expenses
hereunder shall include those incurred in connection with any action, suit or
proceeding by the Executive seeking a determination, adjudication or
arbitration award with respect to his rights and/or obligations under this
Section 10.

 

10.4                           Non-Exclusivity
of Rights.  The right to
indemnification and the payment of expenses incurred in defending an
Indemnifiable Action in advance of its final disposition conferred in this Section 10
shall not be exclusive of any other right which the Executive may have or
hereafter may acquire under any statute, provision of the certificate of
incorporation or by-laws of the Company, agreement, vote of stockholders or
disinterested directors or otherwise.

 

10.5                           D&O
Insurance.  The Company
will maintain a directors’ and officers’ liability insurance policy covering
the Executive that provides coverage that is reasonable in relation to the
Executive’s position during the Term of Employment.

 

10.6                           Witness
Expenses. 
Notwithstanding any other provision of this Agreement, the Company shall
indemnify the Executive if and whenever he is a witness or threatened to be
made a witness to any action, suit or proceeding to which the Executive is not
a party, by reason of the fact that the Executive is or was a director or
officer of the Company or its Affiliates or by reason of anything done or not
done by him in such capacity, against all expense, liability and loss incurred
or suffered by the Executive in connection therewith; provided, however,
that if the Executive is no longer employed by the Company, the Company will
compensate him, on an hourly basis, for all time spent, at either his then
current compensation rate or his Base Salary at the rate in effect as of the
termination of his employment, whichever is higher.

 

10.7                           Survival.  The
provisions of this Section 10 shall survive the expiration or earlier
termination of this Agreement, regardless of the reason for such termination.

 

16

 

11.                                 COVENANT
NOT ENGAGE IN CERTAIN ACTS.

 

11.1                           General.  The Parties understand and agree that the
purpose of the restrictions contained in this Section 11 is to protect
the goodwill and other legitimate business interests of the Company, and that
the Company would not have entered into this Agreement in the absence of such
restrictions.  The Executive
acknowledges and agrees that the restrictions are reasonable and do not, and
will not, unduly impair his ability to make a living after the termination of
his employment with the Company.  The
provisions of this Section 11 shall survive the expiration or sooner
termination of this Agreement.

 

11.2                           Non-assistance;
Non-diversion.  In
consideration for this Agreement to employ the Executive and the other valuable
consideration provided hereunder, the Executive agrees and covenants that
during the Term of Employment and during the Restriction Period, and except
when acting on behalf of the Company or on behalf of any Affiliate, the
Executive shall not, directly or indirectly, for himself or any third party, or
alone or as a member of a partnership, or as an officer, director, shareholder
or otherwise, engage in the following acts:

 

(a)                                  divert
or attempt to divert any existing business of the Company or any Affiliate;

 

(b)                                 accept
any position or affiliation with, or render any services on behalf of, any
Competing Business; or

 

(c)                                  hire
or retain any employee of the Company or any Affiliate to provide services for
any other Person or induce, solicit, attempt to solicit, encourage, divert,
cause or attempt to cause any employee or prospective employee of the Company
or any Affiliate to (i) terminate and/or leave such employment, or (ii)
accept employment with anyone other than the Company or an Affiliate.

 

Notwithstanding the foregoing, neither the Executive’s
private practice of law (in which he shall be permitted to represent any
Competing Business so long as (i) the Executive obtains the prior written
consent of the Company after full disclosure in each case in which such
representation could be adverse to or in conflict with the interests of the
Company and (ii) the Executive does not divulge or use any Confidential
Information in connection with such representation) during the Restriction
Period nor the Executive’s ownership of a passive minority interest in the
entities described in Subsection 2.3 shall be deemed to be a violation
of Subsection 11.2(a) or (b).

 

11.3                           Cessation/Reimbursement
of Payments.  If the
Executive violates any provision of this Section 11, the Company may,
upon giving written notice to the Executive, immediately cease all payments and
benefits that it may be providing to the Executive pursuant to Section 3,
Section 6 or Subsection 7.2, and the Executive may be required to
reimburse the Company for any payments received from, and the cash value of any
benefits provided by, the Company between the first day of the violation and
the date such notice is given; provided, however, that the foregoing
shall be in addition to such other remedies as may be available to the Company
and shall not be deemed to permit the Executive to forego or waive such
payments in order to avoid his obligations under this Section 11.

 

17

 

11.4                           Survival.  The Executive agrees that the provisions of
this Section 11 shall survive the termination of this Agreement and
the termination of the Executive’s employment.

 

12.                                 CONFIDENTIAL
INFORMATION AND COMPANY PROPERTY.

 

12.1                           Confidential
Information.  The
Executive understands and acknowledges that Confidential Information
constitutes a valuable asset of the Company and its Affiliates and may not be
converted to the Executive’s own or any third party’s use.  Accordingly, the Executive hereby agrees
that he shall not directly or indirectly, during the Term of Employment or any
time thereafter, disclose any Confidential Information to any Person not
expressly authorized by the Company to receive such Confidential Information.  The Executive further agrees that he shall
not directly or indirectly, during the Term of Employment or any time
thereafter, use or make use of any Confidential Information in connection with
any business activity other than that of the Company.  The Parties acknowledge and agree that this Agreement is not
intended to, and does not, alter either the Company’s rights or the Executive’s
obligations under any state or federal statutory or common law regarding trade
secrets and unfair trade practices.

 

12.2                           Company
Property.  All Company
Property is and shall remain exclusively the property of the Company.  Unless authorized in writing to the
contrary, the Executive shall promptly, and without charge, deliver to the
Company on the termination of employment hereunder, or at any other time the
Company may so request, all Company Property that the Executive may then
possess or have under his control.

 

12.3                           Required
Disclosure.  In the event
the Executive is required by law or court order to disclose any Confidential Information
or to produce any Company Property, the Executive shall promptly notify the
Company of such requirement and provide the Company with a copy of any court
order or of any law which requires such disclosure and, if the Company so
elects, to the extent permitted by applicable law, give the Company an adequate
opportunity, at its own expense, to contest such law or court order prior to
any such required disclosure or production by the Executive.

 

12.4                           Survival.  The Executive agrees that the provisions of
this Section 12 shall survive the termination of this Agreement and
the termination of the Executive’s employment.

 

13.                                 MUTUAL
ARBITRATION AGREEMENT.  

 

13.1                           Arbitrable
Claims.  All disputes
between the Executive (and his attorneys, successors, and assigns) and the
Company (and its trustees, beneficiaries, officers, directors, managers,
affiliates, employees, agents, successors, attorneys, and assigns) relating in
any manner whatsoever to the employment or termination of the Executive,
including, without limitation, all disputes arising under this Agreement (“Arbitrable
Claims”), shall be resolved by binding arbitration as set forth in
this Section 13 (the “Mutual Arbitration Agreement”).

 

18

 

Arbitrable Claims shall include, but are not limited
to, claims for compensation, claims for breach of any contract or covenant
(express or implied), and tort claims of all kinds, as well as all claims based
on any federal, state, or local law, statute or regulation, but shall not
include the Company’s right to seek injunctive relief as provided in Section
15.  Arbitration shall be final and
binding upon the Parties and shall be the exclusive remedy for all Arbitrable
Claims.  THE PARTIES HEREBY WAIVE ANY RIGHTS THEY
MAY HAVE TO TRIAL BY JUDGE OR JURY IN REGARD TO ARBITRABLE CLAIMS, EXCEPT AS
PROVIDED BY SECTION 13.4.

 

13.2                           Procedure.  Arbitration of Arbitrable Claims shall be in
accordance with the National Rules for the Resolution of Employment Disputes of
the American Arbitration Association, as amended, and as augmented in this
Agreement.  Either Party may bring an
action in court to compel arbitration under this Agreement and to enforce an
arbitration award.  Otherwise, neither
Party shall initiate or prosecute any lawsuit, appeal or administrative action
in any way related to an Arbitrable Claim. 
The initiating Party must file and serve an arbitration claim within
sixty (60) days of learning the facts giving rise to the alleged claim.  All arbitration hearings under this
Agreement shall be conducted in Las Vegas, Nevada.  The Federal Arbitration Act shall govern the interpretation and
enforcement of this Agreement.  The fees
of the arbitrator shall be divided equally between both Parties.

 

13.3                           Confidentiality.  All proceedings and all documents prepared
in connection with any Arbitrable Claim shall be confidential and, unless
otherwise required by law, the subject matter and content thereof shall not be
disclosed to any Person other than the parties to the proceedings, their
counsel, witnesses and experts, the arbitrator and, if involved, the court and
court staff.

 

13.4                           Applicability.  This Section 13 shall apply to all
disputes under this Agreement other than disputes relating to the enforcement
of the Company’s rights under Sections 11 and 12 of this Agreement.

 

13.5                           Acknowledgements.  The Executive acknowledges that he:

 

(a)                                  has
carefully read this Section 13;

 

(b)                                 understands
its terms and conditions; and

 

(c)                                  has
entered into this Mutual Arbitration Agreement voluntarily and not in reliance
on any promises or representations made by the Company other than those
contained in this Mutual Arbitration Agreement.

 

19

 

14.                                 NOTICES.  All notices, demands and requests required
or permitted to be given to either Party under this Agreement shall be in
writing and shall be deemed to have been given when delivered personally or
sent by certified or registered mail, postage prepaid, return receipt
requested, duly addressed to the Party concerned at the address indicated below
or to such changed address as such Party may subsequently give notice of:

 

	
  If to the Company:

  	
   

  	
  Station Casinos, Inc.

  
	
   

  	
   

  	
  2411 West Sahara Avenue

  
	
   

  	
   

  	
  Las Vegas, NV 
  89102

  
	
   

  	
   

  	
  Attn:  Glenn
  C. Christenson

  
	
   

  	
   

  	
   

  
	
  With a copy to:

  	
   

  	
  Milbank, Tweed, Hadley & McCloy

  
	
   

  	
   

  	
  601 South Figueroa Street, 30th Floor

  
	
   

  	
   

  	
  Los Angeles, CA 
  90017

  
	
   

  	
   

  	
  Attn: 
  Kenneth J. Baronsky

  
	
   

  	
   

  	
   

  
	
  If to the Executive:

  	
   

  	
  Scott M Nielson

  
	
   

  	
   

  	
  9037 Waterfield Court

  
	
   

  	
   

  	
  Las Vegas, NV 
  89134

  

 

15.                                 RIGHT TO
SEEK INJUNCTIVE RELIEF. 
The Executive acknowledges that a violation on his part of any of the
covenants contained in Sections 11 and 12 would cause immeasurable and
irreparable damage to the Company.  The
Executive accordingly agrees and hereby grants his consent that, without
limiting the remedies available to the Company, any actual or threatened
violation of such covenants may be enforced by injunctive relief or by other
equitable remedies issued or ordered by any court of competent jurisdiction.

 

16.                                 EMPLOYEE
BENEFIT PLAN DOCUMENTS. 
In the event that any terms and provisions of this Agreement conflict
with the terms and provisions of any employee benefit plan document, the terms
and provisions of this Agreement shall govern, and the Company shall take any
and all actions that may be necessary, including amendment of any plan
document, to effect the provision of benefits expressly provided upon
termination of the Executive’s employment pursuant to Sections 6 and 7.

 

17.                                 BENEFICIARIES/REFERENCES.  The Executive shall be entitled to select a
beneficiary or beneficiaries to receive any compensation or benefit payable
hereunder following the Executive’s death, and may change such election, by
giving the Company written notice thereof. 
In the event of the Executive’s death or a judicial determination of his
incompetence, reference in this Agreement to the Executive shall be deemed,
where appropriate, to refer to his beneficiaries, estate or other legal
representative.

 

20

 

18.                                 SURVIVORSHIP.  The respective rights and obligations of the
Parties hereunder shall survive the expiration or earlier termination of this
Agreement to the extent necessary to the intended preservation of such rights
and obligations.  The provisions of this
Section 18 are in addition to the survivorship provisions of any other
section of this Agreement.

 

19.                                 REPRESENTATIONS
AND WARRANTIES.  Each
Party represents and warrants that he or it is fully authorized and empowered
to enter into this Agreement and that the performance of his or its obligations
under this Agreement will not violate any Agreement between that Party and any
other Person.

 

20.                                 ENTIRE
AGREEMENT.  This
Agreement contains the entire agreement between the Parties concerning the
subject matter hereof and supersedes all prior agreements, understandings,
discussions, negotiations and undertakings, whether written or oral, express or
implied, between the Parties with respect hereto.  No representations, inducements, promises or agreements not
embodied herein shall be of any force or effect.

 

21.                                 ASSIGNABILITY;
BINDING NATURE.  This
Agreement shall be binding upon and inure to the benefit of the Parties and
their respective successors, heirs and assigns; provided, however,
that no rights or obligations of the Executive under this Agreement may be
assigned or transferred by the Executive, other than rights to compensation and
benefits hereunder, which may be transferred only by will or operation of law
and subject to the limitations of this Agreement; and provided, further,
that no rights or obligations of the Company under this Agreement may be
assigned or transferred by the Company, except that such rights or obligations
may be assigned or transferred pursuant to a merger or consolidation in which
the Company is not the continuing entity, or the sale or liquidation of all or
substantially all of the assets of the Company, provided that the assignee or
transferee is the successor to all or substantially all of the assets of the
Company and such assignee or transferee assumes the liabilities, obligations
and duties of the Company under this Agreement, either contractually or as a
matter of law.

 

22.                                 AMENDMENT
OR WAIVER.  No provision
in this Agreement may be amended or waived unless such amendment or waiver is
agreed to in writing, signed by both Parties. 
No waiver by one Party of any breach by the other Party of any condition
or provision of this Agreement to be performed by such other Party shall be deemed
a waiver of a similar or dissimilar condition or provision at the same or any
prior or subsequent time.  No failure of
the Company to exercise any power given it hereunder or to insist upon strict
compliance by the Executive with any obligation hereunder, and no custom or
practice at variance with the terms hereof, shall constitute a waiver of the
right of the Company to demand strict compliance with the terms hereof.

 

21

 

23.                                 SEVERABILITY.  In the event that any provision or portion
of this Agreement shall be determined to be invalid or unenforceable for any
reason, in whole or in part, the remaining provisions of this Agreement shall
be unaffected thereby and shall remain in full force and effect to the fullest
extent permitted by law.

 

24.                                 GOVERNING
LAW.  This Agreement
shall be governed by and construed and interpreted in accordance with the laws
of the State of Nevada without reference to the principles of conflict of laws
thereof.  In the event of any dispute or
controversy arising out of or relating to this Agreement that is not an
arbitrable claim, the Parties mutually and irrevocably consent to, and waive
any objection to, the exclusive jurisdiction of any court of competent
jurisdiction in Clark County, Nevada, to resolve such dispute or controversy.

 

25.                                 HEADINGS.  The headings of the sections and subsections
contained in this agreement are for convenience only and shall not be deemed to
control or affect the meaning or construction of any provision of this
Agreement.

 

26.                                 COUNTERPARTS.  This Agreement may be executed in
counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Agreement with the same effect as if all Parties
had signed the same signature page.  Any
signature page of this Agreement may be detached from any counterpart of this
Agreement and reattached to any other counterpart of this Agreement identical
in form hereto but having attached to it one or more additional signature
pages.

 

27.                                 ACKNOWLEDGEMENT.  The Executive represents and acknowledges
the following: 

 

(a)                                  he
has carefully read this Agreement in its entirety;

 

(b)                                 he
understands the terms and conditions contained herein;

 

(c)                                  he
has had the opportunity to review this Agreement with legal counsel of his own
choosing and has not relied on any statements made by the Company or its legal
counsel as to the meaning of any term or condition contained herein or in
deciding whether to enter into this Agreement; and

 

(d)                                 he
is entering into this Agreement knowingly and voluntarily.

 

22

 

IN WITNESS WHEREOF, the undersigned have
executed this Agreement as of the date first written above.

 

 

	
   

  	
  STATION
  CASINOS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SCOTT M NIELSON

  
					

 

23

 

EXHIBIT
“A”

 

GENERAL
RELEASE AND COVENANT NOT TO SUE

 

This GENERAL
RELEASE AND COVENANT NOT TO SUE (this “Release”) is executed and
delivered by SCOTT M NIELSON (the “Executive”) to STATION CASINOS, INC., a
Nevada corporation (the “Company”).

 

In consideration of the
agreement by the Company to provide the separation payments and benefits in Section
6 and Section 7 of the Employment Agreement between the Executive
and the Company, dated as of May 20, 2003 (the “Employment Agreement”), and for
other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Executive hereby agrees as follows:

 

1.                                      RELEASE AND COVENANT.  THE EXECUTIVE,
OF HIS OWN FREE WILL, VOLUNTARILY RELEASES AND FOREVER DISCHARGES THE COMPANY
AND ITS SUBSIDIARIES AND AFFILIATES, AND EACH OF THEIR RESPECTIVE PAST AND
PRESENT AGENTS, EMPLOYEES, MANAGERS, REPRESENTATIVES, OFFICERS, DIRECTORS,
ATTORNEYS, ACCOUNTANTS, TRUSTEES, SHAREHOLDERS, PARTNERS, INSURERS, HEIRS,
PREDECESSORS-IN-INTEREST, ADVISORS, SUCCESSORS AND ASSIGNS (COLLECTIVELY, THE
“RELEASED PARTIES”) FROM, AND COVENANTS NOT TO SUE OR PROCEED AGAINST ANY OF
THE FOREGOING ON THE BASIS OF, ANY AND ALL PAST OR PRESENT CAUSES OF ACTION,
SUITS, AGREEMENTS OR OTHER RIGHTS OR CLAIMS WHICH THE EXECUTIVE, HIS
DEPENDENTS, RELATIVES, HEIRS, EXECUTORS, ADMINISTRATORS, SUCCESSORS AND ASSIGNS
HAS OR HAVE AGAINST ANY OF THE RELEASED PARTIES UPON OR BY REASON OF ANY MATTER
ARISING OUT OF HIS EMPLOYMENT BY THE COMPANY AND THE CESSATION OF SAID
EMPLOYMENT, AND INCLUDING, BUT NOT LIMITED TO, ANY ALLEGED VIOLATION OF THE
CIVIL RIGHTS ACTS OF 1964 AND 1991, THE EQUAL PAY ACT OF 1963, THE AGE
DISCRIMINATION IN EMPLOYMENT ACT OF 1967 (INCLUDING THE OLDER WORKERS BENEFIT
PROTECTION ACT OF 1990), THE REHABILITATION ACT OF 1973, THE FAMILY AND MEDICAL
LEAVE ACT OF 1993, THE AMERICANS WITH DISABILITIES ACT OF 1990, THE EMPLOYMENT
RETIREMENT INCOME SECURITY ACT OF 1974, THE NEVADA FAIR EMPLOYMENT PRACTICES
ACT, THE MISSOURI HUMAN RIGHTS ACT, THE LABOR LAWS OF THE UNITED STATES, NEVADA
AND MISSOURI, AND ANY OTHER FEDERAL, STATE OR LOCAL LAW, REGULATION OR
ORDINANCE, OR PUBLIC POLICY, CONTRACT OR TORT LAW, HAVING ANY BEARING
WHATSOEVER ON THE TERMS AND CONDITIONS OR CESSATION OF HIS EMPLOYMENT WITH THE
COMPANY.

 

24

 

2.                                       DUE CARE.  THE EXECUTIVE ACKNOWLEDGES THAT HE HAS
RECEIVED A COPY OF THIS RELEASE PRIOR TO ITS EXECUTION AND HAS BEEN ADVISED
HEREBY OF HIS OPPORTUNITY TO REVIEW AND CONSIDER THIS RELEASE FOR TWENTY-ONE
(21) DAYS PRIOR TO ITS EXECUTION.  THE
EXECUTIVE FURTHER ACKNOWLEDGES THAT HE HAS BEEN ADVISED HEREBY TO CONSULT WITH
AN ATTORNEY PRIOR TO EXECUTING THIS RELEASE. 
THE EXECUTIVE ENTERS INTO THIS RELEASE HAVING FREELY AND KNOWINGLY
ELECTED, AFTER DUE CONSIDERATION, TO EXECUTE THIS RELEASE AND TO FULFILL THE
PROMISES SET FORTH HEREIN.  THIS RELEASE
SHALL BE REVOCABLE BY THE EXECUTIVE DURING THE SEVEN (7) DAY PERIOD FOLLOWING
ITS EXECUTION, AND SHALL NOT BECOME EFFECTIVE OR ENFORCEABLE UNTIL THE
EXPIRATION OF SUCH SEVEN (7) DAY PERIOD. 
IN THE EVENT OF SUCH A REVOCATION, THE EXECUTIVE SHALL NOT BE ENTITLED
TO THE CONSIDERATION FOR THIS RELEASE SET FORTH ABOVE.

 

3.                                       RELIANCE BY THE
EXECUTIVE. 
THE EXECUTIVE ACKNOWLEDGES THAT, IN HIS DECISION TO ENTER INTO THIS
RELEASE, HE HAS NOT RELIED ON ANY REPRESENTATIONS, PROMISES OR ARRANGEMENT OF
ANY KIND, INCLUDING ORAL STATEMENTS BY REPRESENTATIVES OF THE COMPANY, EXCEPT
AS SET FORTH IN THIS RELEASE.

 

4.                                       MISCELLANEOUS.  THE EXECUTIVE SHALL NOT DISCLOSE THE
EXISTENCE OR CONTENTS OF THIS RELEASE TO ANYONE OTHER THAN HIS IMMEDIATE
FAMILY, ACCOUNTANTS OR ATTORNEYS, AND THE EXECUTIVE SHALL INSTRUCT SUCH THIRD
PARTIES NOT TO DISCLOSE THE SAME.  THIS
RELEASE SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEVADA WITHOUT REFERENCE TO THE PRINCIPLES OF CONFLICT
OF LAWS THEREOF.  IF ANY PROVISION OF
THIS RELEASE IS HELD INVALID OR UNENFORCEABLE FOR ANY REASON, THE REMAINING
PROVISIONS SHALL BE CONSTRUED AS IF THE INVALID OR UNENFORCEABLE PROVISION HAD
NOT BEEN INCLUDED.

 

25

 

This GENERAL RELEASE AND
COVENANT NOT TO SUE is executed by the Executive and delivered to the Company
on
                                     .

 

“Executive”

 

	
   

  	
   

  
	
  SCOTT M NIELSON

  

 

 

	
  STATE OF

  	
  )

  
	
   

  	
  ) ss:

  
	
  COUNTY OF

  	
  )

  

 

On this
           day of
                          ,
        , before me, a Notary Public of
the State of
                           ,
personally appeared
                        ,
to me known and known to me to be the person described and who executed the
foregoing release and did then and there acknowledge to me that he voluntarily
executed the same.

 

 

	
   

  	
   

  
	
  NOTARY PUBLIC

  	
   

  

 

[Not to be signed or notarized upon execution of Employment
Agreement]

 

26Exhibit 10.1

 

EXECUTION COPY

 

FOURTH AMENDMENT

 

FOURTH AMENDMENT, dated as of February 14,
2003 (this “Amendment”), to the CREDIT AND GUARANTEE AGREEMENT, dated as
of October 24, 2000, as amended by that First Amendment, dated as of May 1,
2001, that Second Amendment, dated as of October 23, 2001, and that Third
Amendment, dated as of September 9, 2002, (as further amended, supplemented or
otherwise modified, the “Credit and Guarantee Agreement”) among
NORTHWEST AIRLINES CORPORATION, a Delaware corporation (“Holdings”),
NORTHWEST AIRLINES HOLDINGS CORPORATION, a Delaware corporation (“NWAC”),
NWA INC., a Delaware corporation (“NWA”) (Holdings, NWAC and NWA
collectively referred to hereafter as the “Guarantors”), NORTHWEST
AIRLINES, INC., a Minnesota corporation (the “Borrower”), the several
banks and other financial institutions or entities from time to time parties to
the Credit and Guarantee Agreement (the “Lenders”), CREDIT LYONNAIS NEW
YORK BRANCH and ABN AMRO BANK N.V., as co-documentation agents (in such
capacities, the “Co-Documentation Agents”), CITICORP USA, INC. and U.S.
BANK NATIONAL ASSOCIATION, as co-arrangers (in such capacities, the ”Co-Arrangers”),
DEUTSCHE BANK TRUST COMPANY AMERICAS (f/k/a Bankers Trust Company),
as syndication agent (in such capacity, the “Syndication Agent”),
JPMORGAN CHASE BANK, as administrative agent (in such capacity, the “Administrative
Agent”), and J.P. MORGAN SECURITIES INC. and DEUTSCHE BANK SECURITIES INC.,
as joint lead arrangers and joint bookrunners (in such capacities, the “Joint
Lead Arrangers”).

 

W I T N E S S E T H:

 

WHEREAS, the Guarantors, the Borrower, the
Lenders, the Administrative Agent, the Co-Documentation Agents, the
Co-Arrangers, the Syndication Agent and the Joint Lead Arrangers are parties to
the Credit and Guarantee Agreement; and

 

WHEREAS, the Borrower and the Guarantors have
requested that the Credit and Guarantee Agreement be amended as set forth
herein;

 

NOW THEREFORE, in consideration of the
premises and the mutual covenants hereinafter set forth, the parties hereto
hereby agree as follows:

 

SECTION 1.           Defined
Terms.  Terms defined in the Credit
and Guarantee Agreement and used herein shall have the meanings given to them
in the Credit and Guarantee Agreement.

 

SECTION 2.           Amendment
to Section 7.7 (Restricted Payments). 
Section 7.7 of the Credit and Guarantee Agreement is hereby amended by
deleting the “and” at the end of paragraph (b), deleting the period at the end
of paragraph (c) and replacing it with “; and” and inserting a new paragraph (d)
thereafter as follows:

 

 

“(d)         any
Credit Party may repurchase shares of Capital Stock of Pinnacle Airlines Corp.,
a Delaware corporation, contributed from time to time by any Credit Party to
any Pension Plan in lieu of cash pursuant to an exemption granted by the
Department of Labor.”

 

SECTION 3.           Conditions
to Effectiveness of this Amendment. 
This Amendment shall become effective on the date (the “Amendment
Effective Date”) on which the Administrative Agent shall have received
counterparts of this Amendment duly executed and delivered by (i) the
Borrower, (ii) the Guarantors and (iii) the Required Lenders.

 

SECTION 4.           Payment
of Expenses.  The Borrower agrees to
pay or reimburse the Administrative Agent for all of its reasonable
out-of-pocket costs and expenses incurred in connection with this Amendment and
any other documents prepared in connection herewith, including, without
limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

 

SECTION 5.           Miscellaneous.

 

(a)           Effect.  Except as expressly amended hereby, all of
the representations, warranties, terms, covenants and conditions of the Loan
Documents shall remain unamended and not waived and shall continue to be in
full force and effect.

 

(b)           Counterparts.  This Amendment may be executed by one or
more of the parties to this Amendment on any number of separate counterparts,
and all of said counterparts taken together shall be deemed to constitute one
and the same instrument.  A set of the
copies of this Amendment signed by all the parties shall be lodged with the
Borrower and the Administrative Agent.

 

(c)           Severability.  Any provision of this Amendment which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

(d)           Integration.  This Amendment and the other Loan Documents
represent the agreement of the Loan Parties and the Lenders with respect to the
subject matter hereof, and there are no promises, undertakings, representations
or warranties by the Lenders relative to the subject matter hereof not
expressly set forth or referred to herein or in the other Loan Documents.

 

(e)           GOVERNING
LAW.  THIS AMENDMENT AND THE RIGHTS
AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

 

[Balance of Page Intentionally
Blank]

 

2

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be duly executed and delivered by their proper and
duly authorized officers as of the day and year first above written.

 

	
   

  	
  NORTHWEST
  AIRLINES CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel B. Matthews

  	
   

  
	
   

  	
  Name:

  	
  Daniel B.
  Matthews

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President & Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTHWEST
  AIRLINES HOLDINGS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel B. Matthews

  	
   

  
	
   

  	
  Name:

  	
  Daniel B.
  Matthews

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President & Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NWA INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel B. Matthews

  	
   

  
	
   

  	
  Name:

  	
  Daniel B.
  Matthews

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President & Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NORTHWEST
  AIRLINES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel B. Matthews

  	
   

  
	
   

  	
  Name:

  	
  Daniel B.
  Matthews

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President & Treasurer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN
  CHASE BANK, as Administrative

  Agent and as a Lender

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Matthew H. Massie

  	
   

  
	
   

  	
  Name:

  	
  Matthew H.
  Massie

  	
   

  
	
   

  	
  Title:

  	
  Managing
  Director

  	
   

  
							

 

Signature Page to Third Amendment

 

3

 

	
   

  	
  ABN AMRO Bank, N.V., Lender

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas K. Peterson 

  	
   

  
	
   

  	
  Name:

  	
  Thomas K.
  Peterson

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President

  Diversified Industries Central

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary L. Honda 

  	
   

  
	
   

  	
  Name:

  	
  Mary L.
  Honda

  	
   

  
	
   

  	
  Title:

  	
  Group Vide
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF
  TOKYO-MITSUBISHI, LTD.,

  CHICAGO BRANCH

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Shinichiro Munechika

  	
   

  
	
   

  	
  Name:

  	
  Shinichiro
  Munechika

  	
   

  
	
   

  	
  Title:

  	
  Deputy
  General Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BNP PARIBAS

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian F. Hewett

  	
   

  
	
   

  	
  Name:

  	
  Brian F.
  Hewett

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Timothy J. Devane

  	
   

  
	
   

  	
  Name:

  	
  Timothy J.
  Devane

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT
  LYONNAIS, NEW YORK BRANCH

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ James Gibson

  	
   

  
	
   

  	
  Name:

  	
  James Gibson

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  	
   

  
						

 

4

 

	
   

  	
  CREDIT SUISSE FIRST BOSTON

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Joseph J. Adipietro

  	
   

  
	
   

  	
  Name:

  	
  Joseph J.
  Adipietro

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Cassandra Droogan

  	
   

  
	
   

  	
  Name:

  	
  Cassandra
  Droogan

  	
   

  
	
   

  	
  Title:

  	
  Associate

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY

  AMERICAS (f/k/a Bankers Trust Company)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marguerite Sutton

  	
   

  
	
   

  	
  Name:

  	
  Marguerite
  Sutton

  	
   

  
	
   

  	
  Title:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KREDITANSTALT
  FUR WIEDERAUFBAU

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susanne Hockmann

  	
   

  
	
   

  	
  Name:

  	
  Susanne
  Hockmann

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Petra Schoberth

  	
   

  
	
   

  	
  Name:

  	
  Petra
  Schoberth

  	
   

  
	
   

  	
  Title:

  	
  Senior
  Project Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  THE ROYAL
  BANK OF SCOTLAND plc

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Apps

  	
   

  
	
   

  	
  Name:

  	
  David Apps

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  	
   

  
						

 

5

 

	
   

  	
  STATE STREET BANK AND TRUST COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mary H. Carey

  	
   

  
	
   

  	
  Name:

  	
  Mary H.
  Carey

  	
   

  
	
   

  	
  Title:

  	
  Assistant
  Vice President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  UNION
  PLANTERS BANK

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION, Lender

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark R. Olmon

  	
   

  
	
   

  	
  Name:

  	
  Mark R.
  Olmon

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice
  President

  	
   

  
						

 

6

 

	
   

  	
  DRESDNER
  BANK AG NEW YORK AND

  GRAND CAYMAN BRANCHES

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Lynda Grainger

  	
   

  
	
   

  	
  Name:

  	
  Lynda
  Grainger

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Brian Smith

  	
   

  
	
   

  	
  Name:

  	
  Brian Smith

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FIRST
  COMMERCIAL BANK, NEW YORK AGENCY

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Bruce M.J. Ju

  	
   

  
	
   

  	
  Name:

  	
  Bruce M.J.
  Ju

  	
   

  
	
   

  	
  Title:

  	
  VP & GM

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHANG HWA
  COMMERCIAL BANK LTD.,

  NEW YORK BRANCH

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITICORP
  USA, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Gaylord C. Holmes

  	
   

  
	
   

  	
  Name:

  	
  Gaylord C.
  Holmes

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
						

 

7

 

	
   

  	
  THE FUJI
  BANK, LIMITED

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MITSUBISHI
  TRUST & BANKING

  CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SUMITOMO-MITSUI
  BANKING CORP. (f/k/a

  THE SAKURA BANK, LTD.)

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  MORGAN
  STANLEY SENIOR FUNDING, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jaap L. Tonckens

  	
   

  
	
   

  	
  Name:

  	
  Jaap L.
  Tonckens

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  Morgan Stanley Senior Funding

  	
   

  
						

 

8

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