Document:

Guaranty

 Exhibit 10.34 
  
 Execution Copy 
  
 GUARANTY 
  
 This GUARANTY (“Guaranty”), dated as of February 26, 2004, is made by Coast Hotels and Casinos Indiana, LLC, an Indiana limited liability company (“Guarantor”) in favor of Bank of America, N.A., as Administrative Agent
(in such capacity, “Administrative Agent”) for the benefit of the Lenders, as defined below (collectively with the Lenders, “Lender”), and in favor of each of the Lenders, with reference to the following facts: 
  
 RECITALS 
  
 A. Coast Hotels and Casinos, Inc., a Nevada corporation (“Borrower”), the lenders from time to time party thereto
(collectively, the “Lenders” and individually, a “Lender”), and the Administrative Agent have heretofore entered into an Amended and Restated Credit Agreement dated as of September 26, 2003 (as such agreement may from time to
time be amended, extended, renewed, supplemented or otherwise modified, the “Credit Agreement”). Pursuant to the Credit Agreement, the Lenders have agreed to extend certain credit facilities to Borrower. 
  
 B. Guarantor is a wholly-owned subsidiary of the Borrower. 
  
 C. As a condition to the continuing availability of such credit facilities,
Guarantor is required to enter into this Guaranty and to guaranty the Guarantied Obligations as hereinafter provided. 
  
 D. Guarantor expects to realize direct and indirect benefits as the result of the availability of the aforementioned credit facilities to Borrower.

  
 AGREEMENT 
  
 NOW, THEREFORE, in order to induce Lender to continue to extend the
aforementioned credit facilities, and for other good and valuable consideration, the receipt and adequacy of which hereby are acknowledged, Guarantor hereby represents, warrants, covenants, agrees and guaranties as follows: 
  
 1. Definitions. This Guaranty is one of the Subsidiary Guaranties
referred to in the Credit Agreement and is one of the Loan Documents. Terms defined in the Credit Agreement and not otherwise defined in this Guaranty shall have the meanings given those terms in the Credit Agreement when used herein and such
definitions are incorporated herein as though set forth in full. In addition, as used herein, the following terms shall have the meanings respectively set forth after each: 
  
 “Guarantied Obligations” means all Obligations of Borrower or any other Obligor at any time and from time
to time owed to Lender under one or more of the Loan Documents (but not including Obligations owed to Lender under this Guaranty), whether due or to become due, matured or unmatured, liquidated or unliquidated, or contingent or noncontingent,
including obligations of performance as well as obligations of payment, and including interest that accrues 

 after the commencement of any bankruptcy or insolvency proceeding by or against Guarantor, any other Obligor or any other
Person. 
  
 “Guarantor” means Coast Hotels and
Casinos Indiana, LLC, an Indiana limited liability company. 
  
 “Guaranty” means this Guaranty, and any extensions, modifications, renewals, restatements, reaffirmations, supplements or amendments hereof. 
  
 “Lender” means the Administrative Agent (acting as the Administrative Agent and/or on behalf of the
Lenders), and the Lenders, and each of them, and any one or more of them. Subject to the terms of the Credit Agreement, any right, remedy, privilege or power of Lender may be exercised by the Administrative Agent, or by the Required Lenders, or by
any Lender acting with the consent of the Required Lenders. 
  
 2.
Guaranty of Guarantied Obligations; Insolvency. 
  
 (a) Guarantor hereby irrevocably, unconditionally guaranties and promises to pay and perform on demand the Guarantied Obligations and each and every one of them, including all amendments, modifications, supplements, renewals or extensions
of any of them, whether such amendments, modifications, supplements, renewals or extensions are evidenced by new or additional instruments, documents or agreements or change the rate of interest on any Guarantied Obligation or the security therefor,
or otherwise. 
  
 (b) As used in this Section:
(a) the term “Applicable Insolvency Laws” means the laws of the United States of America or of any State, province, nation or other governmental unit relating to bankruptcy, reorganization, arrangement, adjustment of debts, relief of
debtors, dissolution, insolvency, fraudulent transfers or conveyances or other similar laws (including, without limitation, 11 U.S.C. §547, §548, §550 and other “avoidance” provisions of Title 11 of the United Stated Code)
as applicable in any proceeding in which the validity and/or enforceability of this Guaranty or any Specified Lien is in issue; and (b) “Specified Lien” means any security interest, mortgage, lien or encumbrance securing this Guaranty, in
whole or in part. Notwithstanding any other provision of this Guaranty, if, in any proceeding, a court of competent jurisdiction determines that this Guaranty or any Specified Lien would, but for the operation of this Section, be subject to
avoidance and/or recovery or be unenforceable by reason of Applicable Insolvency Laws, this Guaranty and each such Specified Lien shall be valid and enforceable only to the maximum extent that would not cause this Guaranty or such Specified Lien to
be subject to avoidance, recovery or unenforceability. To the extent that any payment to, or realization by, Lender on the Guarantied Obligations exceeds the limitations of this Section and is otherwise subject to avoidance and recovery in any such
proceeding, the amount subject to avoidance shall in all events be limited to the amount by which such actual payment or realization exceeds such limitation, and this Guaranty as limited shall in all events remain in full force and effect and be
fully enforceable against Guarantor. This Section is intended solely to reserve the rights of Lender hereunder against Guarantor in such proceeding to the maximum extent permitted by Applicable Insolvency Laws and neither Guarantor, Borrower, any
other guarantor of the Guarantied 
  

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 Obligations nor any Person shall have any right, claim or defense under this Section that would not
otherwise be available under Applicable Insolvency Laws in such proceeding. 
  
 3. Nature of Guaranty. This Guaranty is irrevocable and continuing in nature and relates to any Guarantied Obligations now existing or hereafter arising. This Guaranty is a guaranty of prompt and punctual
payment and performance and is not merely a guaranty of collection. 
  
 4. Relationship to Other Agreements. Nothing herein shall in any way modify or limit the effect of terms or conditions set forth in any other document, instrument or agreement executed by Guarantor or in connection with the
Guarantied Obligations, but each and every term and condition hereof shall be in addition thereto. All provisions contained in the Credit Agreement or any other Loan Document that apply to Loan Documents generally are fully applicable to this
Guaranty and are incorporated herein by this reference. 
  
 5.
Subordination of Indebtedness of Borrower to Guarantor to the Guarantied Obligations. Guarantor agrees that: 
  
 (a) Any indebtedness of Borrower now or hereafter owed to Guarantor hereby is subordinated to the Guarantied Obligations. 
  
 (b) If Lender so requests, upon the occurrence and during
the continuance of any Event of Default, any such indebtedness of Borrower now or hereafter owed to Guarantor shall be collected, enforced and received by Guarantor as trustee for Lender and shall be paid over to Lender in kind on account of the
Guarantied Obligations, but without reducing or affecting in any manner the obligations of Guarantor under the other provisions of this Guaranty. 
  
 (c) Should Guarantor fail to collect or enforce any such indebtedness of Borrower now or hereafter owed to Guarantor and pay the proceeds
thereof to Lender in accordance with Section 5(b) hereof, Lender as Guarantor’s attorney-in-fact may do such acts and sign such documents in Guarantor’s name as Lender considers necessary or desirable to effect such collection,
enforcement and/or payment. 
  
 6. Statutes of Limitations and
Other Laws. Until the Guarantied Obligations shall have been paid and performed in full, all the rights, privileges, powers and remedies granted to Lender hereunder shall continue to exist and may be exercised by Lender at any time and from time
to time irrespective of the fact that any of the Guarantied Obligations may have become barred by any statute of limitations. Guarantor expressly waives the benefit of any and all statutes of limitation, and any and all Laws providing for exemption
of property from execution or for evaluation and appraisal upon foreclosure, to the maximum extent permitted by applicable Laws. 
  
 7. Waivers and Consents. Guarantor acknowledges that the obligations undertaken herein involve the guaranty of obligations of Persons other than
Guarantor and, in full recognition of that fact, consents and agrees that Lender may, at any time and from time to time, without notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) supplement, modify,
amend, extend, renew, accelerate or otherwise change the time 
  

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 for payment or the terms of the Guarantied Obligations or any part thereof, including any increase or decrease of
the rate(s) of interest thereon; (b) supplement, modify, amend or waive, or enter into or give any agreement, approval or consent with respect to, the Guarantied Obligations or any part thereof, or any of the Loan Documents to which Guarantor is not
a party or any additional security or guaranties, or any condition, covenant, default, remedy, right, representation or term thereof or thereunder; (c) accept new or additional instruments, documents or agreements in exchange for or relative to any
of the Loan Documents or the Guarantied Obligations or any part thereof; (d) accept partial payments on the Guarantied Obligations; (e) receive and hold additional security or guaranties for the Guarantied Obligations or any part thereof; (f)
release, reconvey, terminate, waive, abandon, fail to perfect, subordinate, exchange, substitute, transfer and/or enforce any security or guaranties, and apply any security and direct the order or manner of sale thereof as Lender in its sole and
absolute discretion may determine; (g) release any Person from any personal liability with respect to the Guarantied Obligations or any part thereof; (h) settle, release on terms satisfactory to Lender or by operation of applicable Laws or otherwise
liquidate or enforce any Guarantied Obligations and any security or guaranty therefor in any manner, consent to the transfer of any security and bid and purchase at any sale; and/or (i) consent to the merger, change or any other restructuring or
termination of the corporate existence of Borrower, Guarantor or any other Person, and correspondingly restructure the Guarantied Obligations, and any such merger, change, restructuring or termination shall not affect the liability of Guarantor or
the continuing effectiveness hereof, or the enforceability hereof with respect to all or any part of the Guarantied Obligations. 
  
 Upon the occurrence and during the continuance of any Event of Default, Lender may enforce this Guaranty independently as to Guarantor and independently
of any other remedy or security Lender at any time may have or hold in connection with the Guarantied Obligations. Guarantor expressly waives any right to require Lender to marshal assets in favor of Guarantor, and agrees that Lender may proceed
against Borrower, or upon or against any security or remedy, before proceeding to enforce this Guaranty, in such order as it shall determine in its sole and absolute discretion. Lender may file a separate action or actions against Borrower and/or
Guarantor without respect to whether action is brought or prosecuted with respect to any security or against any other Person, or whether any other Person is joined in any such action or actions. Guarantor agrees that Lender, Borrower and any
Affiliates of Borrower or Borrower may deal with each other in connection with the Guarantied Obligations or otherwise, or alter any contracts or agreements now or hereafter existing between any of them, in any manner whatsoever, all without in any
way altering or affecting the security of this Guaranty. Lender’s rights hereunder shall be reinstated and revived, and the enforceability of this Guaranty shall continue, with respect to any amount at any time paid on account of the Guarantied
Obligations which thereafter shall be required to be restored or returned by Lender upon the bankruptcy, insolvency or reorganization of Borrower or any other Person, or otherwise, all as though such amount had not been paid. The rights of Lender
created or granted herein and the enforceability of this Guaranty with respect to Guarantor at all times shall remain effective to guaranty the full amount of all the Guarantied Obligations even though the Guarantied Obligations, or any part
thereof, or any security or guaranty therefor, may be or hereafter may become invalid or otherwise unenforceable as against Borrower or any other guarantor or surety and whether or not Borrower shall have any personal liability with respect thereto.
To the maximum extent permitted by law, Guarantor expressly waives any and all defenses now or hereafter arising or asserted by reason of (a) any disability or other defense of Borrower with respect to the 
  

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 Guarantied Obligations, (b) the unenforceability or invalidity of any security or guaranty for the Guarantied Obligations
or the lack of perfection or continuing perfection or failure of priority of any security for the Guarantied Obligations, (c) the cessation for any cause whatsoever of the liability of Borrower (other than by reason of the full payment and
performance of all Guarantied Obligations), (d) any failure of Lender to marshal assets in favor of Borrower or any other Person, (e) except as otherwise provided in this Guaranty, any failure of Lender to give notice of sale or other disposition of
Collateral to Guarantor or any other Person or any defect in any notice that may be given in connection with any sale or disposition of Collateral, (f) any failure of Lender to comply with applicable Laws in connection with the sale or other
disposition of any Collateral or other security for any Guarantied Obligation, including without limitation, any failure of Lender to conduct a commercially reasonable sale or other disposition of any Collateral or other security for any Guarantied
Obligation, (g) any act or omission of Lender or others that directly or indirectly results in or aids the discharge or release of Borrower or the Guarantied Obligations or any security or guaranty therefor by operation of law or otherwise, (h) any
Law which provides that the obligation of a surety or guarantor must neither be larger in amount nor in other respects more burdensome than that of the principal or which reduces a surety’s or guarantor’s obligation in proportion to the
principal obligation, (i) any failure of Lender to file or enforce a claim in any bankruptcy or other proceeding with respect to any Person, (j) the election by Lender, in any bankruptcy proceeding of any Person, of the application or
non-application of Section 1111(b)(2) of the United States Bankruptcy Code, (k) any extension of credit or the grant of any Lien under Section 364 of the United States Bankruptcy Code, (l) any use of cash collateral under Section 363 of the United
States Bankruptcy Code, (m) any agreement or stipulation with respect to the provision of adequate protection in any bankruptcy proceeding of any Person, (n) the avoidance of any Lien in favor of Lender for any reason, (o) any bankruptcy,
insolvency, reorganization, arrangement, readjustment of debt, liquidation or dissolution proceeding commenced by or against any Person, including any discharge of, or bar or stay against collecting, all or any of the Guarantied Obligations
(or any interest thereon) in or as a result of any such proceeding, (p) to the extent permitted, the benefits of any form of one-action rule, or (q) any action taken by Lender that is authorized by this Section or any other provision of any Loan
Document. Guarantor expressly waives all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands
of any kind or nature whatsoever with respect to the Guarantied Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Guarantied Obligations. 
  
 8. Condition of Borrower and Borrower’s Subsidiaries. Guarantor
represents and warrants to Lender that Guarantor has established adequate means of obtaining from Borrower and Borrower’s Subsidiaries, on a continuing basis, financial and other information pertaining to the businesses, operations and
condition (financial and otherwise) of Borrower and Borrower’s Subsidiaries and their Properties, and Guarantor now is and hereafter will be completely familiar with the businesses, operations and condition (financial and otherwise) of Borrower
and Borrower’s Subsidiaries and their Properties. Guarantor hereby expressly waives and relinquishes any duty on the part of Lender (should any such duty exist) to disclose to Guarantor any matter, fact or thing related to the businesses,
operations or condition (financial or otherwise) of Borrower or Borrower’s Subsidiaries or their Properties, whether now known or hereafter known by Lender during the life of this Guaranty. With respect to any of the Guarantied 
  

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 Obligations, Lender need not inquire into the powers of Borrower or any Subsidiaries thereof or the officers or employees
acting or purporting to act on their behalf, and all Guarantied Obligations made or created in good faith reliance upon the professed exercise of such powers shall be secured hereby. 
  
 9. Liens on Real Property. In the event that all or any part of the Guarantied Obligations at any time are secured by
any one or more deeds of trust or mortgages or other instruments creating or granting Liens on any interests in Real Property, Guarantor authorizes Lender, upon the occurrence of and during the continuance of any Event of Default, at its sole
option, without notice or demand and without affecting any Guarantied Obligations of Guarantor, the enforceability of this Guaranty, or the validity or enforceability of any Liens of Lender on any Collateral, to foreclose any or all of such deeds of
trust or mortgages or other instruments by judicial or nonjudicial sale. Guarantor expressly waives any defenses to the enforcement of this Guaranty or any rights of Lender created or granted hereby or to the recovery by Lender against Borrower or
any other Person liable therefor of any deficiency after a judicial or nonjudicial foreclosure or sale because all or any part of the Guarantied Obligations is secured by Real Property. This means, among other things: (1) Lender may collect from any
Guarantor without first foreclosing on any real or personal Property collateral pledged by Borrower. (2) If the Lender forecloses on any Real Property collateral pledged by Borrower: (A) The amount of the Guarantied Obligations may be reduced only
by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price. (B) The Lender may collect from any Guarantor even if the Lender, by foreclosing on the Real Property collateral, has
destroyed any right any Guarantor may have to collect from Borrower. This is an unconditional and irrevocable waiver of any rights and defenses any Guarantor may have because all or any part of the Guarantied Obligations is secured by Real Property.
Guarantor expressly waives any defenses or benefits that may be derived from California Code of Civil Procedure §§ 580a, 580b, 580d or 726, or comparable provisions of the Laws of any other jurisdiction, including, without limitation, NRS
Section 40.430 and judicial decisions relating thereto, and NRS Sections 40.451, 40.455, 40.457 and 40.459 and all other suretyship defenses it otherwise might or would have under California Law or other applicable Law. Guarantor expressly waives
any right to receive notice of any judicial or nonjudicial foreclosure or sale of any Real Property or interest therein subject to any such deeds of trust or mortgages or other instruments and any Guarantor’s or any other Person’s failure
to receive any such notice shall not impair or affect Guarantor’s Obligations or the enforceability of this Guaranty or any rights of Lender created or granted. 
  
 10. Waiver of Rights of Subrogation. Notwithstanding anything to the contrary elsewhere contained herein or in any
other Loan Document to which Guarantor is a party, unless and until all Obligations have been paid and performed in full, Guarantor hereby expressly waives with respect to Borrower and its successors and assigns (including any surety) and any
other Person which is directly or indirectly a creditor of Borrower or any surety for Borrower, any and all rights at Law or in equity to subrogation, to reimbursement, to exoneration, to contribution, to setoff or to any other rights that could
accrue to a surety against a principal, to a guarantor against a maker or obligor, to an accommodation party against the party accommodated, or to a holder or transferee against a maker, and which Guarantor may have or hereafter acquire against
Borrower or any other such Person in connection with or as a result of Guarantor’s execution, delivery and/or performance of this Guaranty or any other Loan Document to which Guarantor is a party. Guarantor agrees that it shall not have or
assert any 
  

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 such rights against Borrower or its successors and assigns or any other Person (including any surety) which is
directly or indirectly a creditor of Borrower or any surety for Borrower, either directly or as an attempted setoff to any action commenced against Guarantor by Borrower (as borrower or in any other capacity), Lender or any other such Person unless
and until all Obligations have been paid and performed in full. Guarantor hereby acknowledges and agrees that this waiver is intended to benefit Borrower and Lender and shall not limit or otherwise affect Guarantor’s liability hereunder, under
any other Loan Document to which Guarantor is a party, or the enforceability hereof or thereof. 
  
 11. Understandings With Respect to Waivers and Consents. Guarantor warrants and agrees that each of the waivers and consents set forth herein are
made with full knowledge of their significance and consequences, with the understanding that events giving rise to any defense or right waived may diminish, destroy or otherwise adversely affect rights which Guarantor otherwise may have against
Borrower, Lender or others, or against any Collateral, and that, under the circumstances, the waivers and consents herein given are reasonable and not contrary to public policy or Law. Guarantor acknowledges that it has either consulted with legal
counsel regarding the effect of this Guaranty and the waivers and consents set forth herein, or has made an informed decision not to do so. If this Guaranty or any of the waivers or consents herein are determined to be unenforceable under or in
violation of applicable Law, this Guaranty and such waivers and consents shall be effective to the maximum extent permitted by Law. 
  
 12. Representations and Warranties. Guarantor represents and warrants that (i) it is duly organized and in good standing under the laws of the
jurisdiction of its organization and has full capacity and right to make and perform this Guaranty, and all necessary authority has been obtained; (ii) this Guaranty constitutes its legal, valid and binding obligation enforceable in accordance with
its terms except as enforcement may be limited by Debtor Relief Laws, Gaming Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion; (iii) the making and
performance of this Guaranty does not and will not violate the provisions of any applicable law, regulation or order, and does not and will not result in the breach of, or constitute a default or require any consent under, any material agreement,
instrument, or document to which it is a party or by which it or any of its property may be bound or affected; (iv) all material consents, approvals, licenses and authorizations of, and filings and registrations with, any governmental authority
required under applicable law and regulations for the making and performance of this Guaranty have been obtained or made and are in full force and effect; (v) by virtue of its relationship with Borrower, the execution, delivery and performance of
this Guaranty is for the direct benefit of Guarantor and it has received adequate consideration for this Guaranty; and (vi) the financial information, that has been delivered to Lender by or on behalf of Guarantor, is complete and correct in all
respects and accurately presents the financial condition and the operational results of Guarantor and since the date of the most recent financial statements delivered to Lender, there has been no material adverse change in the financial condition or
operational results of Guarantor. 
  
 13. Costs and
Expenses. Guarantor agrees to pay to Lender all costs and expenses (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Lender in the enforcement or attempted enforcement of this Guaranty, whether
or not an action is filed in connection therewith, and in connection with any waiver or amendment of any term or provision hereof. All advances, charges, costs and expenses, including reasonable attorneys’ 
  

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 fees and disbursements (including the reasonably allocated cost of legal counsel employed by Lender), incurred or paid by
Lender in exercising any right, privilege, power or remedy conferred by this Guaranty, or in the enforcement or attempted enforcement thereof, shall be subject hereto and shall become a part of the Guarantied Obligations and shall be paid to Lender
by Guarantor, immediately upon demand, together with interest thereon at the Base Rate or, if applicable, the Default Rate provided for under the Credit Agreement. 
  
 14. Liability. Notwithstanding anything to the contrary elsewhere contained herein or in any Loan Document to which
Guarantor is a party, the aggregate liability of Guarantor hereunder for payment and performance of the Guarantied Obligations shall not exceed an amount which, in the aggregate, is $1.00 less than that amount which if so paid or performed would
constitute or result in a “fraudulent transfer”, “fraudulent conveyance”, or terms of similar import, under applicable state or federal Law, including without limitation, Section 548 of the United States Bankruptcy Code. The
liability of Guarantor hereunder is independent of any other guaranties at any time in effect with respect to all or any part of the Guarantied Obligations, and Guarantor’s liability hereunder may be enforced regardless of the existence of any
such guaranties. Any termination by or release of any guarantor in whole or in part shall not affect the continuing liability of Guarantor hereunder, and no notice of any such termination or release shall be required. The execution hereof by
Guarantor is not founded upon an expectation or understanding that there will be any other guarantor of the Guarantied Obligations. 
  
 15. WAIVER OF JURY TRIAL. GUARANTOR AND LENDER EXPRESSLY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF
ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS GUARANTY, THE CREDIT AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE
PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. GUARANTOR AND LENDER AGREE THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE
TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN
WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS GUARANTY, THE CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS GUARANTY, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER
OF THEIR RIGHT TO TRIAL BY JURY. 
  
 16. THIS GUARANTY
SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF CALIFORNIA WITHOUT REFERENCE TO THE CONFLICT OF LAWS 
  

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 OR CHOICE OF LAW PRINCIPLES THEREOF. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS GUARANTY OR ANY OTHER
LOAN DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF CALIFORNIA SITTING IN LOS ANGELES COUNTY OR OF THE UNITED STATES FOR THE CENTRAL DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS GUARANTY, GUARANTOR CONSENTS, FOR ITSELF
AND IN RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. GUARANTOR IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR
HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. GUARANTOR WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR OTHER PROCESS, WHICH MAY BE MADE BY ANY
OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE. 
  
 [Remainder of
page intentionally left blank.] 
  
  

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 IN WITNESS WHEREOF, Guarantor has executed this Guaranty by its duly authorized officer as of the date
first written above. 
  

			
	 “Guarantor”
  
 COAST HOTELS AND CASINOS INDIANA, LLC,
 an Indiana limited liability company
  
 By: Coast Hotels and Casinos, Inc.,
 its Sole Member

		
	By:	 	 /s/    Gage Parrish        

	 	 	

	 	 	Gage Parrish, Vice President, Chief Financial Officer and Assistant Secretary of Coast Hotels and Casinos, Inc.
	
	 Address:
 c/o Coast Hotels and Casinos, Inc.
 4500 West Tropicana Road
 Las Vegas, Nevada 89103
 702/365-7002 direct
 702/365-7111 general
 702/365-7566 FAX

  

 S-1AMENDED AND RESTATED EMPLYMNT AGRMNT DATED 09/02/2003 BY & BTWN MH MEYERSON & CO

 Exhibit 10.11  
  
 AMENDED AND RESTATED 
  
 EMPLOYMENT AGREEMENT 
  
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) entered into as of September 2, 2003 by and between M.H. MEYERSON & CO., INC. (d/b/a Crown Financial
Group, Inc.), a New Jersey corporation (“MHM” or “Employer”), with offices located at Newport Office Tower, 525 Washington Boulevard, 34th Floor, Jersey City, New Jersey 07310, and JOHN P. LEIGHTON (“Employee”).

  
 W I T N E S S E T H : 
  
 A. MHM is engaged in business as a registered securities broker-dealer (“Employer’s
Business”). 
  
 B. Employee is currently employed by the Employer as its
Chief Executive Officer pursuant to an employment agreement dated January 14, 2003 (the “Prior Agreement”), for the purpose of exercising such authority and performing such executive duties as are commensurate with the duties of Chief
Executive Officer of Employer, as well as, where requested by the Board of Directors of Employer, supervising or assisting in operations of Employer’s affiliates and subsidiaries. Employee’s management responsibilities shall include
trading, hiring, firing, capital commitments, budgeting, leases, major contracts, including clearing contracts, vendor contracts, financings, borrowings and determination of salaries and bonuses of employees and officers, subject to approval of
Employer’s Board of Directors where required. In addition to the above, Employee acknowledges that management responsibility also includes the necessity of reducing costs if certain previously agreed-upon performance milestones are not met.
These cost reductions reference compensation to Employee as well as recruited staff and current staff. 
  
 C. The Employee and the Employer desire to amend and restate the Prior Agreement in the form hereof. Effective as of the date hereof, the Employee and the Employer hereby agree that the terms of this Agreement shall
supercede, in its entirety, the terms of the Prior Agreement. 
  
 NOW, THEREFORE,
in consideration of the foregoing, the parties agree as follows: 
  
 1.
Employment 
  
 a. During the Term of Employment as defined in Section 2, Employer
agrees to employ Employee, as Employer’s President, Chairman and Chief Executive Officer, with the management responsibilities set forth in Recital B. above. Employee agrees to act in the foregoing capacities, in accordance with the terms and
conditions contained in this Agreement. 
  
 b. Employee shall devote all of
Employee’s working time to the performance of his duties under this Agreement. Employee shall render services, without additional compensation, in connection with the operation of Employer’s business, including activities of affiliates and
subsidiaries of Employer. As used in this Agreement, the term “affiliate” shall mean any entity or person that, directly or indirectly, is controlled by or under common control with Employer. 
  
 c. In view of Employee’s duties and responsibilities hereunder, Employee shall continue
to maintain his existing licenses with the National Association of Securities Dealers, Inc. (the “NASD”), as well as undertake to qualify for any other NASD license, tests or applicable regulatory requirements necessary or convenient to
enable Employee to undertake and fulfill his functions, from time to time, under this Agreement. 

 2. Term 
  
 The initial term of Employee’s employment under this Agreement shall be for a period of three (3) years, to commence on January 14, 2003 and end on January 13, 2006
(the “Term of Employment”), unless the Employee and the Employer agree, in writing, to extend the Term of Employment. 
  
 3. Base Salary 
  
 Employer shall pay to Employee an annual base salary of (i) Four Hundred Fifty Thousand Dollars ($450,000) for the first year of the Term of Employment and (ii) Six Hundred Seventy-Five Thousand Dollars ($675,000) for
each of the second and third years of the Term of Employment. All payments shall be made in equal bi-weekly installments, in arrears, or such other installments as may be consistent with the payroll practices of Employer for its Employees.

  
 4. Additional Employee Benefits 
  
 a. Employer shall reimburse Employee for all expenses reasonably incurred by Employee in
connection with the performance of Employee’s duties under this Agreement against Employee’s submitted documented vouchers for such expenses. 
  
 b. Employee shall be entitled to reasonable vacation periods each year, as the case may be, and other general medical and employee benefit, retirement and compensation
plans (including profit sharing or pension plans) as shall have been established and are continuing for senior management. Employer shall make available to Employee either Employer’s car and driver or a car service when necessary for the
performance of his duties hereunder. 
  
 c. During the Term of Employment
Employer shall pay Employee an annual cash incentive bonus (the “Incentive Bonus”) of eleven (11%) percent of MHM’s “Income before income taxes” (“Pre-tax Earnings”) as reflected in MHM’s periodic filings with
the Securities and Exchange Commission (the “SEC”). The Incentive Bonus is payable as for the period ending January 31st and shall be paid thirty (30) days after MHM’s independent auditors (the “Auditors”) shall have
completed their audit of the applicable fiscal year’s results and the compensation committee certifies that the applicable performance criteria has been achieved. Notwithstanding the foregoing, the parties hereto agree that any Incentive Bonus
that is payable after fiscal 2003 will be structured to comply with the performance-based compensation exception under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) (including, without limitation, shareholder
approval of the material terms of the Incentive Bonus) to the extent Code Section 162(m) is applicable. 
  
 d. Employer shall pay Employee a performance bonus (the “Performance Bonus”) of $1,000,000 if MHM has $3,000,000 of pre-tax profit (as ultimately reported in MHM’s periodic filings with the SEC, except
as provided in the fifth sentence of this section) during any 12-month period during the Term of Employment. Employee may only receive the Performance Bonus for reaching the $3,000,000 target once during the Term of Employment. In the event that
Employee receives such $1,000,000 Performance Bonus, he shall then be eligible to receive an additional $2,000,000 Performance Bonus whenever MHM has $5,000,000 of pre-tax profit during any 12-month period during the Term of Employment (as
ultimately reported in MHM’s period filings with the SEC, except as provided in the fifth sentence of this section). Employee may only receive a $2,000,000 Performance Bonus once for reaching the $5,000,000 target during the Term of Employment.
Notwithstanding the foregoing and for the avoidance of doubt, for purposes of the Performance Bonus pre-tax profit shall be determined by: (i) including Employee’s annual base salary and any accrual or payment of base salary or bonus for other
employees of the Employer as an expense and (ii) excluding from the calculation of pre-tax profit any expense reflecting the accrual of the Performance Bonus. The Performance Bonus shall be paid to the Employee after the Auditors complete their
audit for the fiscal year during which the Performance Bonus was earned and the compensation committee certifies that the applicable performance criteria has been achieved. Notwithstanding the foregoing, the parties hereto agree that any Performance
Bonus that is payable after fiscal 2003 will be structured to comply with the performance-based compensation exception under Section 162(m) of the Code (including, without limitation, shareholder approval of the material terms of the Performance
Bonus) to the extent Code Section 162(m) is applicable. 

 e. Pursuant to the terms of the Prior Agreement, the Employer granted to the Employee 750,000 fully vested shares of
Employer’s common stock, par value $.01 per share (“Common Stock”). 
  
 f. Pursuant to the terms of the Prior Agreement, the Employer granted to the Employee warrants to purchase 1,000,000 shares of Common Stock at an exercise price of $.40 per share (the “Warrants”). The Employer requested that the
Employee consent to the cancellation of the Warrants; the Employee’s execution of this Agreement shall be deemed to be consent thereto. In exchange for the cancellation of the Warrant, the Employer shall recommend to the Compensation Committee
that as soon as practical after shareholder approval of the Employer’s 2003 Equity Incentive Plan (the “Plan”), the Employer grant the Employee a non-qualified stock option to purchase 1,950,000 shares of Common Stock under the Plan
(the “Option”) in accordance with the terms provided in this Section. The parties hereto agree that the number of shares of Common Stock subject to the Option provided in the prior sentence is based on the assumption that the fair market
value of the Common Stock on the grant date will be between $1.50 and $6.50, and if the fair market value is not within such range the parties agree to negotiate in good faith regarding an equitable adjustment to the number of shares subject to the
Option. The Employer shall recommend to the Compensation Committee that the Option shall have an exercise price equal to the fair market value (as defined in the Plan) of the Common Stock on the grant date, and shall be subject to the terms of the
Plan. In addition, the Employer shall recommend to the Compensation Committee that 50% of the Option shall vest on each yearly anniversary of the grant date, provided, however, the Employee shall receive vesting credit for his prior service as Chief
Executive Officer under the Prior Agreement. Notwithstanding the foregoing, the Employer shall recommend to the Compensation Committee that the Option shall fully vest upon: (i) the occurrence of a Change in Control (as defined below or under the
Plan); (ii) a termination of Employee’s employment by the Employer without Cause (as defined below); (iii) a termination of Employee’s employment by the Employee for Good Reason (as defined below); or (iv) a termination of Employee’s
employment as a result of his death or Disability (as defined in Section 5.b.v hereof). 
  
 g. During the Term of Employment, if Employee introduces Employer to a party which consummates an acquisition transaction with Employer resulting in a Change in Control, Employer shall upon the consummation of such transaction, as
compensation for such introduction, pay Employee, in addition to all other compensation and benefits provided for hereunder, an aggregate sum of (i) Six Hundred Thousand Dollars ($600,000) and (ii) the sum determined by multiplying (x) the number of
unexercised Options then held by Employee, whether vested or not, by (y) the difference between (A) the per share price paid in the acquisition transaction (or the fair market value of the non-cash consideration paid if the purchase price is not
paid in cash) and (B) if higher than the foregoing, the average closing price of the Common Stock on the Nasdaq Stock Market, Inc., the principal national securities exchange on which the Common Stock is then traded, or if not traded any such
national securities exchange or the Nasdaq Stock Market, Inc., as quoted on an automated quotation system sponsored by the National Association of Securities Dealers, Inc. for the last forty-five (45) days prior to the announcement of the
acquisition transaction. Upon payment of the amounts set forth in sub-clauses (i) and (ii) above and any other amounts then due Employee under this Agreement, with the consent of the acquiring entity (which consent shall be in the acquiring
entity’s sole discretion), this Agreement shall cease to have any further binding effect. For purposes of this Agreement, a “Change in Control” of Employer shall be deemed to have occurred if (i) any person, entity or group of persons
or entities acting in concert, excluding any officer or director of Employer or any person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with any officer or
director of Employer (collectively, a “Third Person”) becomes the beneficial owners of 50% or more of the then outstanding shares of Common Stock of Employer, (ii) any Third Person holds revocable or irrevocable proxies entitling them to
vote 50% or more of the then outstanding shares of Employer’s Common Stock (other than the persons named as proxies in any Proxy Statement prepared by management of Employer in connection with an annual or special meeting of stockholders called
by an officer or the Board of Directors), (iii) a merger, sale of substantially all the assets of Employer, share exchange, consolidation or other business combination (as defined in the New Jersey Business Corporation Law) of Employer and any other
Third Person, as a result of which Employer’s Common Stock becomes exchangeable for other securities or property or cash, or (iv) if a majority of the members of the Board of Directors is replaced during any 12-month period during the Term of
Employment but only if the directors who replace such majority have not been elected either by the remaining members of the Board of Directors or by the stockholders of Employer. Notwithstanding the foregoing, a Change in Control shall be deemed to
have occurred and all other requirements of this Section shall be deemed to be satisfied if the Employee facilitates the acquisition by any one or more officers or directors of the Employer (the “Management Group”) of beneficial ownership
of 50% or more of the then outstanding shares of Common Stock of Employer, provided that the Board of Directors receives a written fairness opinion from a nationally recognized investment banking firm that is reasonably acceptable to the Board of
Directors with respect to the purchase price of the Common Stock, provided further, that the Board of Directors may, in its sole discretion, seek another opinion from a nationally recognized investment banking firm to evaluate the fairness opinion
initially received by the Board of Directors. For purposes of determining whether the Management Group acquires 50% or more of the then outstanding shares of Common Stock of Employer the following shall be excluded: (1) all unvested equity-based
awards granted to the Management Group and (2) any equity that the Employee shall beneficially own (or be deemed to beneficially own) as a result of the stockholders’ agreement entered into between the Employee and Martin Meyerson in January
2003. 

 h. Employee acknowledges that payment of the Incentive Bonus and/or a Performance Bonus could have an adverse impact on
Employer’s ability to maintain compliance with the net capital rules promulgated under the Securities Exchange Act of 1934, as amended (the “Net Capital Rules”). Notwithstanding anything herein to the contrary, to the extent accrual
of the Incentive Bonus and/or the Performance Bonus would cause the Employer to have less than One Million Five Hundred Thousand Dollars ($1,500,000) in Net Capital (as defined under the Net Capital Rules), accrual of all or a portion (as the case
may be) of such bonuses is subject to approval by the Employer’s 162(m) Committee within a reasonable time after such bonuses would otherwise be accrued. 
  

i. Notwithstanding anything to the contrary contained in the foregoing, in no event shall Employee’s aggregate annual Incentive Bonus and Performance Bonus exceed
fifty (50%) percent of MHM’s Pre-tax Earnings for any given year during the Term of Employment. 
  
 5. Termination. 
  
 a. Employer may terminate
Employee’s employment for Cause by written notice in accordance with subsection b, below. If the Employee’s employment is terminated by the Employer for Cause, the Term of Employment shall terminate without further obligations to the
Employee under this Agreement except for: (i) any compensation earned but not yet paid, including, without limitation, any bonus if declared or earned but not yet paid for a completed fiscal year, any amount of base salary earned but unpaid, any
accrued vacation pay payable pursuant to the Employer’s policies, and any unreimbursed business expenses payable pursuant to Section 4, which amounts shall be promptly paid to the Employee in a lump sum (collectively the “Accrued
Amounts”); [GRAPHIC REMOVED HERE] 
  
 b. “Cause” within the meaning
of this Agreement shall mean any one or more of the following: 
  

	i.	Employee’s breach of any of the material provisions of this Agreement; or 

  

	ii.	Employee’s failure or refusal to follow any specific material written directions of Employer’s Board of Directors (which directions include a statement to the effect that
failure or refusal to follow such directions shall constitute cause for termination of the employment of Employee hereunder); or 

  

	iii.	Employee’s failure or refusal to perform Employee’s duties in accordance with Recital B or Section 1 hereof, provided Employee shall have been given written notice by
Employer’s Board of Directors of such failure or refusal to perform these duties and 10 business days within which to cure the same; or 

  

	iv.	Failure by Employee to comply in any material respect with the terms of any provision contained in this Agreement, if any, or any written policies or directives of Employer’s
Board of Directors, provided Employee shall have been given written notice of such failure or refusal to perform these duties and 10 business days within which to cure the same; or 

  

	v.	Physical incapacity or disability of Employee to perform the services required to be performed under this Agreement. For purposes of this Section 5(b)(v), Employee’s incapacity
or disability to perform such services for any cumulative period of 90 days during any twelve-month period, or for any consecutive period of 60 days, shall be deemed “cause” hereunder; or 

  

	vi.	Employee is convicted of, pleads guilty or no contest to, or admits or confesses to any felony or any act of fraud, misappropriation or embezzlement; or 

  

	vii.	Employee engages in an intentional fraudulent act or dishonest act to the damage or prejudice of Employer and/or its affiliates or in conduct or activities damaging to the property,
business or reputation of Employer and/or its affiliates; or 

  

	viii.	If Employee is registered or licensed with the NASD or any other regulatory authority, federal or state, and he violates any applicable rule of any such regulatory authority through
his own affirmative conduct, and such conduct has a material adverse affect on the Employer. 

  
 The notice of termination of the Employee’s employment for Cause shall be required to include a copy of a resolution duly adopted by at least two-thirds (2/3) of the entire membership of the Board of Directors at
a meeting of the Board of Directors that was called for the purpose of considering such termination and which Employee and his representative had the right to attend and address the Board of Directors, finding that, in the good faith of the Board of
Directors, Employee engaged in conduct set forth in the definition of Cause herein and specifying the particulars thereof in reasonable detail. The date of a termination of employment for Cause shall be the date specified in the notice of
termination. 

 c. If Employer notifies Employee of its election to terminate this Agreement for Cause, this termination shall become
effective at the time notice is deemed to have been given in accordance with Section 9. 
  
 d. The Employee’s employment under this Agreement shall automatically terminate upon the death of Employee. If the Employee’s employment is terminated as a result of his death, the Term of Employment shall terminate without
further obligations to the Employee’s legal representative under this Agreement except for the Accrued Amounts. 
  
 e. Employer may terminate Employee’s employment under this Agreement without Cause upon giving Employee 30 days’ prior written notice, and the Employee may
terminate his employment under this Agreement for Good Reason upon 30 days’ prior written notice to the Employer. 
  
 For purposes of this Agreement, “Good Reason” shall mean: 
  

	i.	any adverse change in Employee’s then positions or titles; 

  

	ii.	a material diminution of his then duties, responsibilities or authority or the assignment to Employee of duties or responsibilities that are materially adversely inconsistent with
his then position; 

  

	iii.	a failure of the 162(m) Committee to grant the Employee the Option in accordance with Section 4(f) hereof; or 

  

	iv.	any other material breach by the Employee of any provision of this Agreement. 

  

Within 30 days of the Good Reason event the Employee must notify the Employer in writing of the specific events that gave rise to the Good Reason event, and the
Employer shall have 10 business days from the Employer’s receipt of notice thereof to cure such Good Reason event. 
  
 If the Employee’s employment is terminated by the Employer without Cause or by the Employee for Good Reason, (i) Employer shall continue to pay Employee all base
salary that would have been paid to Employee if he completed the Term of Employment in accordance with the usual and customary payroll practices of the Employee (but off of payroll), (ii) Employee shall be entitled to payment of the Incentive Bonus
provided for in Section 4(c) hereof for the fiscal year in which termination occurs; (iii) Employee shall be entitled to payment of the Performance Bonus provided for in Section 4(d) hereof for the twelve month period that ends prior to or during
the fiscal year of termination if the required targets are achieved, and (iv) the Option shall be fully vested. In the event that Employer does not make any of the foregoing cash payments when due, interest shall accrue on such unpaid amount in the
amount of the then-current broker’s loan rate plus five (5%) percent per annum. Employer will also reimburse Employee for Employee’s reasonable legal fees incurred in enforcing the provisions of this Section 5(e). Notwithstanding the
forgoing, Employer may satisfy its obligations to Employee under this Section 5(e) (other than with regard to vesting of the Option) by paying Employee a lump sum of Three Million Dollars ($3,000,000). As a condition of such the payments and
benefits under this Section, each of Employer and Employee will execute a general release of claims against the other. The Employee shall also be entitled to any other Accrued Amounts. 
  
 f. Employee may terminate his employment under this Agreement for any reason upon 30 days’ prior written notice to the Employer. If the
Employee’s employment is terminated by the Employee without Good Reason, the Term of Employment shall terminate without further obligations to the Employee under this Agreement except for the Accrued Amounts. 
  
 g. The Term of Employment shall expire in accordance with Section 2 without further
obligations to the Employee under this Agreement except for the Accrued Amounts. 

 6. Non-Solicitation, Non-Disclosure, Shop Rights and Insider Trading. 
  
 a. Non-Solicitation. 
  
 During Employee’s Term of Employment with Employer, and for a period of one (1) year from the date of expiration or termination of such
employment (the “Restricted Period”), Employee covenants and agrees that Employee will not, directly or indirectly, either for itself or for any other person or business entity, (i) solicit any employee of Employer to terminate his
employment with Employer or employ such individual during his employment with Employer, or (ii) make any disparaging statements concerning Employer, Employer’s Business or its officers, directors, or employees, that could injure, impair or
damage the relationships between Employer or Employer’s Business on the one hand and any of the employees, customers or suppliers of Employer’s Business, or any lessor, lessee, vendor, supplier, customer, distributor, employee or other
business associate of Employer’s Business. During the Restricted Period, Employer covenants and agrees that Employer will not, directly or indirectly, either for itself or for any other person or business entity, make any disparaging statements
concerning Employee, subject to Employer’s regulatory obligations. 
  
 b.
Non-Disclosure and Non-Use. 
  

	i.	Description of Confidential Information. For purposes of this Section 6(b), Confidential Information means any information disclosed during the Restricted Period, which is clearly
either marked or reasonably understood as being confidential or proprietary including, but not limited to, information disclosed in discussions between the parties in connection with technical information, data, proposals and other documents of
Employer pertaining to its business, products, services, finances, product designs, plans, customer lists, public relations and other marketing information and other unpublished information. Confidential Information shall include all tangible
materials containing Confidential Information including, but not limited to, written or printed documents and computer disks and tapes, whether machine or user readable. 

  

	ii.	Standard of Care. Employee shall protect the Confidential Information from disclosure to any person other than other employees of Employer who have a need to know, by using a
reasonable and prudent degree of care, in light of the significance of the Confidential Information, to prevent the unauthorized use, dissemination, or publication of such Confidential Information. 

  

	iii.	Exclusion. This Section 6(b) imposes no obligation upon Employee with respect to information that: (a) was in Employee’s possession before receipt from Employer; (b) is or
becomes a matter of public knowledge through no fault of Employee; (c) is rightfully received by Employee from a third party who does not have a duty of confidentiality; (d) is disclosed under operation of law, except that Employee will disclose
only such information as is legally required and give Employer prompt prior notice; or (e) is disclosed by Employee with Employer’s prior written consent. 

  

	iv.	Stock Trading. If the information disclosed or of which Employee becomes aware is material non-public information about the Employer, then Employee agrees not to trade in the
securities of MHM, or in the securities of any relevant third party, until such time as no violation of the applicable federal and state securities laws would result from such securities trading. 

  

	v.	Return of Confidential Information. The Employee will immediately destroy or return all tangible material embodying Confidential Information (in any form and including, without
limitation, all summaries, copies and excerpts of Confidential Information) upon the earlier of (i) the completion or termination of the dealings between the Employer and Employee under the Agreement or (ii) at such time that Employer may so
request. 

  

	vi.	Notice of Breach. Employee shall notify Employer immediately upon discovery of any of his unauthorized use or disclosure of Confidential Information, or any other breach of the
Agreement by Employee, and will cooperate with Employer in every reasonable way to help Employer regain possession of Confidential Information and prevents its further unauthorized use. 

  

	vii.	Injunctive Relief. The Employee acknowledges that disclosure or use of Confidential Information in violation of the Agreement could cause irreparable harm to the Employer for which
monetary damages may be difficult to ascertain or an inadequate remedy. The Employee therefore agrees that the Employer will have the rights in addition to its other rights and remedies, to seek and obtain injunctive relief from any violation of the
Agreement. 

 c. Shop Rights and Inventions, Patents, and Technology. 
  
 Employee shall promptly disclose to Employer any developments, designs, patents, inventions, improvements, trade secrets, discoveries,
copyrightable subject matter or other intellectual property conceived, either solely or jointly with others, developed, or reduced to practice by Employee during Employee’s Term of Employment in connection with the services performed for
Employer (the “Company Developments”) and shall treat such information as proprietary to Employer. Employee agrees to assign to Employer any and all of Employee’s right, title and interest in the Company Developments and Employee
hereby agrees that Employee shall have no rights in the Company Developments. Any and all Company Developments in connection with the services performed for Employer pursuant to the Agreement are “works for hire” created for and owed
exclusively by Employer. 
  
 d. Reformation. 
  
 If it is determined by a court of competent jurisdiction in any state that any restriction in
this Section is excessive in duration or scope or is unreasonable or unenforceable under the laws of that state, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum
extent permitted by the law of that state. 
  
 7. Representation and
Indemnification. 
  
 Employee hereby represents and warrants that Employee is not
a party to any agreement, whether oral or written, which would prohibit Employee from being employed by Employer, and Employee further agrees to indemnify and hold Employer, its directors, officers, shareholders and agents, harmless from and against
any and all losses, cost or expense of every kind, nature and description (including, without limitation, whether or not suit be brought, all reasonable costs, expenses and fees of legal counsel), based upon, arising out of or otherwise in respect
of any breach of such representation and warranty. 
  
 8. Injunctive Relief.

  
 The parties acknowledge that the services to be rendered hereunder by Employee
are special, unique and of extraordinary character, and that in the event of a breach or a threatened breach of Employee of any of Employee’s obligations under this Agreement, Employer will not have an adequate remedy at law. Accordingly, in
the event of any breach or threatened breach of Employee, Employer shall be entitled to such equitable and injunctive relief as may be available to restrain Employee and any business, firm, partnership, individual, corporation or entity
participating in the breach of this Agreement. Nothing in this Agreement shall be construed as prohibiting Employer from pursing any other remedies available at law or in equity for such breach or threatened breach, including the recovery of damages
and the immediate termination of the employment of Employee under this Agreement. 
  
 9. Notices. 
  
 All notices shall be in writing and shall be delivered
personally (including by courier), sent by facsimile transmission (with appropriate documented receipt thereof), by overnight receipted courier service (such as UPS or Federal Express) or sent by certified, registered or express mail, postage
prepaid, to the Employer at the address set forth at the beginning of this Agreement and to the Employee at the most recent address on file with the Employer. Any such notice shall be deemed given when so delivered personally, or if sent by
facsimile transmission, when transmitted, or, if mailed, forty-eight (48) hours after the date of deposit in the mail. Any party may, by notice given in accordance with this Section to the other party, designate another address or person for receipt
of notices hereunder. Copies of any notices to be given to Employer shall be given simultaneously to: Proskauer Rose LLP, 1585 Broadway, New York, New York 10036, Attention: Steven M. Kayman, Esq. Copies of any notices to be given to Employee shall
be given simultaneously to: Davidson Manchel & Brennan, 207 Washington Street, Northvale, New Jersey 07647, Attention: Joel E. Davidson, Esq. 
  
 10. No Mitigation/Offset. 
  
 In the event of any termination of employment hereunder, the Employee shall be under no obligation to seek other employment. If the Employee obtains subsequent employment while he is receiving or is entitled to
receive severance payments pursuant to Section 5.e of this Agreement, the Employer shall have the right to offset against, and reduce, any cash amounts due the Employee under this Agreement and any amounts received by the Employee on account of
remuneration attributable to such employment. The Employer’s obligation to pay the Employee the amounts provided hereunder shall not be subject to setoff, counterclaim or recoupment of amounts owed by the Employee to the Employer except for any
specific, stated amounts owed by the Employee to the Employer. If the Employee obtains employment while he is entitled to or he is receiving severance payments pursuant to Section 5.e of this Agreement, he shall promptly notify the Employer in
writing of such employment, and such writing shall specify the material terms of such employment, including the amount of the Employee’s compensation. 

 11. 280G Excise Tax. 
  
 The provisions of Exhibit A shall apply. 
  
 12. Miscellaneous. 
  
 a. This Agreement shall be governed in all respects, including validity, construction, interpretation and effect, by New Jersey law, without giving effect to conflicts of laws. The parties hereby agree that any
action, proceeding or claim arising out of, or relating in any way to, this Agreement shall be determined by arbitration, except for injunction proceedings brought to enforce the provisions of this Agreement which may be brought and enforced in the
courts of the State of New Jersey or of the United States of America for New Jersey, and irrevocably submit to such jurisdiction, and waive any claim that such courts represent an inconvenient forum. Any arbitration under this Agreement shall be
conducted pursuant to the Rules of the NASD and before an arbitration panel appointed by the NASD. The award of the arbitrator or a majority of them shall be final, and judgment on the award may be entered in any state or federal court having
jurisdiction. In this regard, a request by either party for arbitration shall be binding on the other. Any process or summons to be served upon either party may be served by transmitting a copy thereof by registered or certified mail, return receipt
requested, postage prepaid, addressed to such party at the address set forth hereinabove. Such mailing shall be deemed personal service and shall be legal and binding upon said party in any action, proceeding or claim. 
  
 b. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms
hereof may be waived, only by a written instrument signed by authorized representatives of the parties or, in the case of a waiver, by an authorized representative of the party waiving compliance. No such written instrument shall be effective unless
it expressly recites that it is intended to amend, supersede, cancel, renew or extend this Agreement or to waive compliance with one or more of the terms hereof, as the case may be. No delay on the part of any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege, or any single or partial exercise of any such right, power or privilege, preclude any further exercise
thereof or the exercise of any other such right, power or privilege. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or in equity. 
  
 c. In view of Employer’s need and desire to maintain a proper working environment with
suitable demeanor of its employees and in light of Employer’s sensitivity to the views of its customers and potential customers and to regulatory bodies having jurisdiction over Employer’s business activities, Employer has instituted a
policy of requiring employees to be subject to, at Employer’s sole reasonable discretion, alcohol and drug testing procedures and requirements. Employee specifically consents to the same, agrees to be subject to whatever reasonable procedures
may now or hereinafter be put in place covering such testing and understands and agrees that Employee’s consent to this is a material inducement to Employer to enter into this agreement and to provide for the employment of Employee hereunder.

  
 d. If any provision or any portion of any provision of this Agreement or the
application of any such provision or any portion thereof to any person or circumstance, shall be held invalid or unenforceable, the remaining portion of such provision and the remaining provisions of this Agreement, or the application of such
provision or portion of such provision as is held invalid or unenforceable to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby and such provision or portion of any provision as
shall have been held invalid or unenforceable shall be deemed limited or modified to the extent necessary to make it valid and enforceable; in no event shall this Agreement be rendered void or unenforceable. 
  
 e. The headings to the Sections of this Agreement are for convenience of reference only and
shall not be given any effect in the construction or enforcement of this Agreement. 
  
 f. This Agreement shall inure to the benefit of and be binding upon the successor and assigns of Employer, but no interest in this Agreement shall be transferable in any manner by Employee. 
  
 g. This Agreement and the agreements referred to herein constitute the entire agreement and
understanding between the parties and supersedes all prior discussions, agreements and undertakings, written or oral, of any and every nature with respect thereto (including, without limitation, the Prior Agreement and the previously executed
warrant agreement). 

 h. This Agreement may be executed by the parties hereto in separate counterparts which together shall constitute one and
the same instrument. 
  
 i. In the event of the termination or expiration of this
Agreement, the provisions of Sections 6, 7, 8 and 12 hereof shall remain in full force and effect, in accordance with their respective terms. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Agreement to be executed as of the date first above written. 
  

			
	 M.H. MEYERSON & CO ., INC .

		
	 By:
	 	 /s/ JEFFREY M. HOOBLER

	 	 	 Jeffrey M. Hoobler
 Executive Vice President
 and Chief Operating Officer

  

	
	 /s/ JOHN P. LEIGHTON

	John P. Leighton

 EXHIBIT A  
  
 Parachute Payments  
  
 In the event that the Employee shall become entitled to payments and/or benefits provided by this Agreement or any other amounts in the “nature of compensation”
(whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Employer, any person whose actions result in a change of ownership or effective control covered by Section 280G(b)(2) of the Internal Revenue Code
of 1986, as amended (the “Code”) or any person affiliated with the Employer or such person) as a result of such change in ownership or effective control (collectively the “Employer Payments”), and if such Employer Payments will
be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (and any similar tax that may hereafter be imposed by any taxing authority) the Employer shall pay to the Employee at the time specified in subsection (d) below
an additional amount (the “Gross-up Payment”) such that the net amount retained by the Employee, after deduction of any Excise Tax on the Employer Payments and any U.S. federal, state, and for local income or payroll tax upon the Gross-up
Payment provided for by this paragraph (a), but before deduction for any U.S. federal, state, and local income or payroll tax on the Employer Payments, shall be equal to the Employer Payments. 
  
 For purposes of determining whether any of the Employer Payments and Gross-up Payments
(collectively the “Total Payments”) will be subject to the Excise Tax and the amount of such Excise Tax, (x) the Total Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and
all “parachute payments” in excess of the “base amount” (as defined under Code Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent that, in the opinion of the
Employer’s independent certified public accountants appointed prior to any change in ownership (as defined under Code Section 280G(b)(2)) or tax counsel selected by such accountants (the “Accountants”) such Total Payments (in whole or
in part) either do not constitute “parachute payments,” represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the “base amount” or are otherwise not
subject to the Excise Tax, and (y) the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code. 
  
 For purposes of determining the amount of the Gross-up Payment, the Employee shall be deemed
to pay U.S. federal income taxes at the highest marginal rate of U.S. federal income taxation in the calendar year in which the Gross-up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and
locality of the Employee’s residence for the calendar year in which the Employer Payment is to be made, net of the maximum reduction in U.S. federal income taxes which could be obtained from deduction of such state and local taxes if paid in
such year. In the event that the Excise Tax is subsequently determined by the Accountants to be less than the amount taken into account hereunder at the time the Gross-up Payment is made, the Employee shall repay to the Employer, at the time that
the amount of such reduction in Excise Tax is finally determined, the portion of the prior Gross-up Payment attributable to such reduction (plus the portion of the Gross-up Payment attributable to the Excise Tax and U.S. federal, state and local
income tax imposed on the portion of the Gross-up Payment being repaid by the Employee if such repayment results in a reduction in Excise Tax or a U.S. federal, state and local income tax deduction), plus interest on the amount of such repayment at
the rate provided in Section 1274(b)(2)(B) of the Code. Notwithstanding the foregoing, in the event any portion of the Gross-up Payment to be refunded to the Employer has been paid to any U.S. federal, state and local tax authority, repayment
thereof (and related amounts) shall not be required until actual refund or credit of such portion has been made to the Employee, and interest payable to the Employer shall not exceed the interest received or credited to the Employee by such tax
authority for the period it held such portion. To the extent the foregoing provisions shall be deemed to create a loan of a personal nature in violation of Section 402 of the Sarbanes-Oxley Act of 2002, the provision for repayment shall be null and
void. The Employee and the Employer shall mutually agree upon the course of action to be pursued (and the method of allocating the expense thereof) if the Employee’s claim for refund or credit is denied. 

 In the event that the Excise Tax is later determined by the Accountants or the Internal Revenue Service to exceed the
amount taken into account hereunder at the time the Gross-up Payment is made (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-up Payment), the Employer shall make an additional
Gross-up Payment in respect of such excess (plus any interest or penalties payable with respect to such excess) at the time that the amount of such excess is finally determined. 
  
 The Gross-up Payment or portion thereof provided for in subsection (c) above shall be paid not later than the 30 th day following an event occurring which subjects the Employee to the Excise Tax; provided, however, that if the amount of such
Gross-up Payment or portion thereof cannot be finally determined on or before such day, the Employer shall pay to the Employee on such day an estimate, as determined in good faith by the Accountants, of the minimum amount of such payments and shall
pay the remainder of such payments (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code), subject to further payments pursuant to subsection (c) hereof, as soon as the amount thereof can reasonably be determined, but in
no event later than the ninetieth day after the occurrence of the event subjecting the Employee to the Excise Tax. In the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall
constitute a loan by the Employer to the Employee, payable on the fifth day after demand by the Employer (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code). To the extent the foregoing provision shall be deemed to
create a loan of a personal nature in violation of Section 402 of the Sarbanes-Oxley Act of 2002, the provision for repayment shall be null and void. 
  
 In the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, the Employee shall permit the Employer to
control issues related to the Excise Tax (at its expense), provided that such issues do not potentially materially adversely affect the Employee, but the Employee shall control any other issues. In the event the issues are interrelated, the Employee
and the Employer shall in good faith cooperate so as not to jeopardize resolution of either issue, but if the parties cannot agree the Employee shall make the final determination with regard to the issues. In the event of any conference with any
taxing authority as to the Excise Tax or associated income taxes, the Employee shall permit the representative of the Employer to accompany the Employee, and the Employee and the Employee’s representative shall cooperate with the Employer and
its representative. The Employer shall be responsible for all charges of the Accountants. The Employer and the Employee shall promptly deliver to each other copies of any written communications, and summaries of any verbal communications, with any
taxing authority regarding the Excise Tax covered by this Exhibit A.

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