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EXHIBIT 10.9

TransCommunity Financial Corporation

Change in Control Agreement

This Change in Control Agreement (this “Agreement”) dated this 24th day of April, 2007, by and between Richard C. Stonbraker (“Employee”) and TransCommunity Financial Corporation (the “Company”), shall become effective April 24, 2007.

1.

Change in Control Payments 

a.

Severance Pay

In the event that (i) a Change in Control, as defined herein, occurs during Employee’s employment as a full-time employee of the Company or any 100% owned subsidiary of the Company and (ii) within the period beginning on the date of closing of the Change in Control and ending one (1) year thereafter, Employee’s employment with the Company is terminated by the Company without Cause or by Employee for Good Reason, the Company will owe Employee the severance pay, benefits and vesting of stock awards described in this subsection and subsections b and c below.  If severance pay is owed to Employee, the Company shall pay Employee, within thirty (30) days after his termination of employment or such later date as may be required by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), an amount equal to one(1) times the sum of (i) the Employee's annual base salary in effect on his termination of employment, or Change in Control date, whichever is greater, plus (ii) the amount of bonus, if any, paid to Employee during the calendar year preceding the calendar year in which the Change in Control occurs.  

b.

Benefit Continuation

The Company shall continue to provide, on the same basis as executive officers generally, the health and life insurance benefits (but excluding disability benefits) provided to Employee and his spouse and eligible dependants immediately prior to his date of termination for a period of one (1) years following the date of termination (provided, that Employee continues to make all required employee contributions) and as modified for any changes to such benefits made with respect to executive officers of the Company.  In the event that Employee’s participation in any such plan or program is barred by the terms thereof, the Company shall pay to Employee an amount equal to the annual contribution, payments, credits or allocation made by the Company to him, to his account or on his behalf under such plans and programs from which his continued participation is barred.  

c.

Awards

To the extent that Employee has been granted options, stock awards or other equity compensation under the Company’s equity compensation plan, Employee’s 

interest in such awards shall be fully exercisable, vested and nonforfeitable as of the Change in Control date, to the extent not already exercisable or vested as of such date.

d.

Definitions

“Cause,” for purposes of this Agreement, means fraud, dishonesty, embezzlement, gross negligence or willful misconduct in respect of Employee’s obligations to the Company and this Agreement.  

“Good Reason,” for purposes of this Agreement, means (i) Employee is removed as Chief Credit Officer of the Company, (ii) Employee’s job responsibilities are materially changed and restricted, (iii) Employee’s annual salary rate is decreased, or (iv) Employee’s office is based more than twenty-five (25) miles from the facility where Employee was located ninety (90) days prior to the announcement of the possible Change in Control.

“Change in Control,” for purposes of this Agreement, means the occurrence, with respect to the Company of any of an “Acquisition of Controlling Ownership” (as defined in clause (i) below), a “Business Combination” (as defined in clause (ii) below), a “Liquidation or Dissolution” (as defined in clause (iii) below). 

(i)

“Acquisition of Controlling Ownership” means the acquisition (excluding any registered offerings of the Company’s stock)  by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent (50%) of either (x) the then outstanding shares of common stock of the Company (the “Outstanding Common Stock”) or (y) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Voting Securities”).  Notwithstanding the foregoing, for purposes of this clause (i), the following acquisitions shall not constitute a Change in Control:

(A)

any acquisition directly from the Company; 

(B)

any acquisition by the Company; 

(C)

any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or 

(D)

any acquisition by any corporation pursuant to a transaction which complies with paragraphs (A), (B) and (C) of clause (ii) below.

(ii)

“Business Combination” means the consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”) unless all of the following occur:

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(A)

all or substantially all of the individuals and entities who were the beneficial owners respectively, of the Outstanding Common Stock and Outstanding Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of, respectively, the then outstanding shares of common stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries, in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Outstanding Common Stock and Outstanding Voting Securities, as the case may be;

(B)

no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly,  more than thirty percent (30%) of, respectively, the then outstanding shares of common stock of the corporation resulting from such Business Combination, or the combined voting power of the then outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination; and

(C)

at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Board of the Company immediately prior to the closing of such Business Combination or were elected by such majority at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination.

(iii)

“Liquidation or Dissolution” means the approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

2.

Limitation on Change in Control Payments

Anything in Section 1 above to the contrary notwithstanding, if, with respect to Employee, the payments that Employee has a right to receive under this Agreement plus any other payments from the Company including but not limited to the acceleration of the exercisability and/or vesting of any awards of Common Stock options to purchase Common Stock, together with any other payments which such Participant has the right to receive from the Company or any other affiliated entity, would constitute an “excess parachute payment” (as defined in Section 280G of the Code), then the payments under this Agreement shall be reduced to (but not below zero) to the largest amount that will result in no portion of such payments being subject to the excise tax imposed by Section 4999 of the Code.  The determination of any reduction pursuant to this Section must be 

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made by the Company in good faith, before any payments are due and payable to Employee.

3.

Nonqualified Deferred Compensation Omnibus Provision

It is intended that any payment or benefit which is provided pursuant to or in connection with this Agreement which is considered to be nonqualified deferred compensation subject to Section 409A of the Code shall be paid and provided in a manner, and at such time and in such form, as complies with the applicable requirements of Section 409A of the Code to avoid the unfavorable tax consequences provided therein for non-compliance.  In connection with effecting such compliance with Section 409A of the Code, the following shall apply: 

(i)

Notwithstanding any other provision of this Agreement, the Company is authorized to amend this Agreement, to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by it to be necessary or appropriate to comply, or to evidence or further evidence required compliance, with Section 409A of the Code (including any transition or grandfather rules thereunder).  

(ii)

Neither the Employee nor the Company shall take any action to accelerate or delay the payment of any monies and/or provision of any benefits in any manner which would not be in compliance with Section 409A of the Code (including any transition or grandfather rules thereunder).  Notwithstanding the foregoing: 

(A)

Payment may be delayed for a reasonable period in the event the payment is not administratively practical due to events beyond the recipient’s control such as where the recipient is not competent to receive the payment, there is a dispute as to amount due or the proper recipient of such payment, additional time is needed to calculate the amount payable, or the payment would jeopardize the solvency of the Company. 

(B)

Payments shall be delayed in the following circumstances:  (1) where the Company reasonably anticipates that the payment will violate the terms of a loan agreement to which the Company is a party and that the violation would cause material harm to the Company; or (2) where the Company reasonably anticipates that the payment will violate Federal securities laws or other applicable laws; provided that any payment delayed by operation of this clause (B) will be made at the earliest date at which the Company reasonably anticipates that the payment will not be limited or cause the violations described. 

(iii)

If the Employee is a specified employee of a publicly traded corporation as required by Section 409A(a)(2)(B)(i) of the Code, and any payment or provision of any benefit hereunder is subject to Section 409A any payment or provision of benefits in connection with a separation from service payment event (as determined for purposes of Section 409A of the Code), as opposed to another payment event permitted under Section 409A, shall not be made until six months after the Employee’s separation from service 

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(the “409A Deferral Period”).  In the event such payments are otherwise due to be made in installments or periodically during the 409A Deferral Period, the payments which would otherwise have been made in the 409A Deferral Period shall be accumulated and paid in a lump sum as soon as the 409A Deferral Period ends, and the balance of the payments shall be made as otherwise scheduled.  In the event benefits are required to be deferred, any such benefit may be provided during the 409A Deferral Period at the Employee’s expense, with the Employee having a right to reimbursement from the Company once the 409A Deferral Period ends, and the balance of the benefits shall be provided as otherwise scheduled. 

4.

Legal Fees and Expenses

The Company must pay all legal fees and expenses, if any, incurred by Employee in obtaining, enforcing, or defending any right or benefit provided by this Agreement, whether successful or not.  Payments under this Section are not severance and are not subject to reduction under any other section of this Agreement.

5.

No Obligation to Mitigate Damages; No Effect on Other Contractual Rights

Employee shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of payment provided for under this Agreement be reduced by any compensation earned by the Employee as the result of employment by another employer after his termination date, or otherwise.  The amounts payable to Employee under Section 1 hereof shall not be treated as damages but as severance compensation to which the Employee is entitled by reason of termination of Employee’s employment in the circumstances contemplated by this Agreement.

6.

Employment Generally

Upon the effective date of this Agreement, Employee will be an “at will” employee of the Company and this Agreement shall confer no rights to continuing employment.

7.

Notices

All notices, consents, and other communications to, upon, and between the respective parties hereto shall be in writing and shall be deemed to have been given, delivered, or made when sent or mailed by registered or certified mail, postage prepaid, and return receipt requested and addressed to the Company at its principal office in Richmond, Virginia, and to the Employee at his residence as shown upon the employment records of the Company.

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8.

Modification

No provision of this Agreement, including any provision of this Section, may be modified, deleted or amended in any manner except by an agreement in writing executed by the parties hereto.

9.

Benefit

All of the terms of this Agreement shall be binding upon, inure to the benefit of and be enforceable by the Company and its successors and assigns and by the Employee and his personal representatives.

10.

Severability

In the event that any part of this Agreement shall be held to be unenforceable or invalid, the remaining parts shall nevertheless continue to be valid and enforceable as though the unenforceable or invalid portions were not a part hereof.

11.

Construction

This Agreement is executed and delivered in the Commonwealth of Virginia, without reference to that jurisdiction’s conflict of law provisions.  This Agreement supersedes all other agreements, whether oral or written, between the Employee and the Company, or any of its affiliated or parent companies, with respect to the terms of Employee’s employment by the Company or any of its affiliated or parent companies.  All such prior agreements are null and void.

12.

Headings

The headings provided herein are for convenience only and shall not affect the interpretation of this Agreement.

13.

Counterparts

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original.

14.

Effective Date

This Agreement shall become effective as provided for in the first paragraph of this Agreement.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the day and year first above written.

			
	TransCommunity Financial Corporation

	 
	Employee

	 
	 
	 

	 
	 
	 

	/s/ Bruce B. Nolte

	                          

	/s/ Richard C. Stonbraker

	Bruce B. Nolte, President & CEO

	 
	Richard C. Stonbraker

7Filed by Bowne Pure Compliance

 

Exhibit 10.24

EXECUTIVE EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of this
seventh (7th) day of January, 2008 (the “Effective Date”), by BLACK GAMING, LLC,
a Nevada limited liability company, (the “Company”), and SEAN McKAY (the
“Executive”).

RECITALS

WHEREAS, the Company desires to employ the Executive on the terms and conditions set forth
herein; and

WHEREAS, the Executive desires to accept employment with the Company on the terms and
conditions set forth herein.

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for
other good and valuable consideration, the Company and the Executive (each a “Party” and
collectively the “Parties”) agree that the foregoing recitals are true and as follows:

AGREEMENT

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 who controls, is controlled by, or is under
common control with the Company.

1.2 “Annual Bonus” shall mean the bonus payable to Executive on an annual basis, as
outlined in Section 3.2, below.

1.3 “Performance Bonus” shall mean the bonus payable to Executive as outlined in Section 3.3,
below.

1.4 “Annual Review” shall have the meaning as provided in Section 3.1.

1.5 “Base Salary” shall have the meaning as provided in Section 3.1.

1.6 “Buyout Payment” shall have the meaning as provided in Section 7.

1.7 “Cause” shall mean that the Executive:

 

Page 1 of 22

 

	 	(a)	 	has been charged with or convicted of any
felony, or charged with or convicted of any misdemeanor
involving fraud, theft, embezzlement, dishonesty or moral
turpitude during the Term;
	 

	 	(b)	 	has been found unsuitable to hold a gaming
license by a Gaming Authority;
	 

	 	(c)	 	has failed to abide by the Company’s
policies and procedures that are reasonably and consistently
enforced;
	 

	 	(d)	 	has engaged in misconduct, failed to follow
a reasonable directive, including any reasonable directive
given by the Company, or engaged in material inattention to
the Company’s business;
	 

	 	(e)	 	has failed to perform the duties required of
the Executive up to the standards established by the Company;
	 
	 
	 	(f)	 	has materially breached this Agreement;
	 

	 	(g)	 	has engaged in acts or omissions that
constitute gross negligence or willful misconduct resulting,
in either case, in material economic harm to the Company; or
	 
	 
	 	(h)	 	has engaged in excessive absenteeism.
	 

1.8 “Change in Control” shall be deemed to have occurred if (a) there is a sale or
exchange of outstanding stock of any class, as applicable, or membership interest in the Company to
a third party, the result of which leaves the Existing Majority Equity Holder with less than 50% of
the beneficial ownership in the surviving entity(ies); (b) there is a sale of all or substantially
all of the assets of the Company; or (c) Robert R. Black, Sr. is no longer the Chief Executive
Officer or equivalent of the Company as a going gaming concern. For purposes of this Section 1.8,
“beneficial ownership” shall have the same meaning as defined in Rules 13d-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 or membership interest that any such Person has the right to acquire, whether such right is immediately
exercisable or only after the passage of time.

 

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1.9 “Company Property” shall mean all items and materials that are created,
compiled, existing, or received by the Company during the course of the Executive’s employment with
the Company, 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, other similar items relating to or emanating from
the Company, its Affiliates or their respective customers, whether prepared by the Executive or
others, and any and all copies, abstracts and summaries thereof.

1.10 “Competing Business” shall mean any Person engaged in the gaming industry that
directly or through an affiliate conducts or has, before or during the Term, publicly announced
plans to conduct its gaming business within the Restricted Area.

1.11 “Confidential Information” shall mean all nonpublic and/or proprietary
information respecting the business of the Company or any Affiliate, including, without limitation,
its patrons, customer lists, products, programs, projects, promotions, marketing plans and
strategies, business plans or practices, business operations, employees, invitees, research and
development products or information, intellectual property, software, databases, trademarks,
pricing information and accounting and financing data. Confidential Information also shall include
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 regardless of whether such information has been reduced to
documentary or tangible form. Confidential Information does not include information that is, or
becomes, available to the general public unless such availability occurs through an unauthorized
act on the part of the Executive.

1.12 “Disability” shall mean a physical or mental incapacity that occurs during the
Term that prevents the Executive from performing, with reasonable accommodation, the essential
functions of his position with the Company for a minimum period of ninety (90) days. In the Event
of Disability, the Executive hereby 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 professionals shall appoint a third licensed
healthcare professional to examine the Executive, and the opinion of such third licensed healthcare
professional shall be dispositive.

 

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1.13 “Existing Majority Equity Holder” shall mean Robert R. Black, Sr.

1.14 “Gaming Authorities” shall mean the federal, state and local governmental,
regulatory and administrative authorities, agencies, boards and officials responsible for or
involved in the regulation of gaming or gaming activities in any jurisdiction and, within the State
of Nevada, specifically, the Nevada Gaming Commission and the Nevada State Gaming Control Board.

1.15 “Good Reason” shall mean and exist if, without the Executive’s prior written
consent, one or more of the following events occurs:

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

	 	(b)	 	the Executive is given or is assigned
significant duties or responsibilities that are inconsistent,
in any material respect, with the position of Chief
Accounting Officer;
	 

	 	(c)	 	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
Nevada law and specifically NRS Chapter 78 and NRS Chapter
86, as applicable, and/or the Company fails to maintain
commercially reasonable levels of directors’ and officers’
liability insurance coverage for the Executive when such
insurance is available.
	 

1.16 “Membership Interest” shall mean the membership interest held by any member of
the Company.

 

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1.17 “NRS” shall mean the Nevada Revised Statutes, as amended.

1.18 “Person” shall mean a natural person, any form of business and any other
non-governmental legal entity including, but not limited to, a corporation, partnership, trust, or
limited liability company.

1.19 “Restricted Area” shall mean the area within a 25 mile radius of any casino
operated by the Company or any of its affiliates or within a 25 mile radius of any site for which
the Company or any of its affiliates has applied for a gaming license during the Restriction
Period.

1.20 “Restriction Period” shall mean the period expiring at 11:59 p.m. on that date
immediately preceding the two (2) year anniversary of the effective date of (a) the termination of
this Agreement by the Company with or without Cause; (b) the termination of this Agreement by the
Executive with or without Good Reason; or (c) a Buyout Payment.

1.21 “Term” shall have the meaning as provided in Section 2.2.

1.22 “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.

2. TERM; 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, in the position and with the
responsibilities set forth in Section 2.3 and upon such other terms and conditions as are stated in
this Agreement.

2.2 Term. This Agreement shall be for a term of three (3) years commencing on the
Effective Date and expiring at 11:59 p.m. on that date immediately preceding the three (3) year
anniversary of the Effective Date, unless earlier terminated as provided herein (the
“Term”). In the event the Executive continues to perform work for the Company after the
expiration of the Term, in the absence of a new written employment agreement between the Parties,
such employment will be at-will, meaning either Party may terminate the employment at any time,
with or without cause or notice.

2.3 Responsibilities. During the Term, the Executive shall be employed as the
Chief Accounting Officer of the Company and shall have such responsibilities as are commensurate
with the title of Chief Accounting Officer. During the Term, the Executive shall devote his full time and attention to the business and affairs of the Company
and shall use commercially reasonable efforts, skills and abilities to promote the Company’s
interests. Anything set forth herein to the contrary notwithstanding, the Executive shall not be
precluded from engaging in charitable and community affairs and managing his personal investments.

 

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3. COMPENSATION.

3.1 Base Salary. During the Term, the Executive shall be entitled to a base salary
(the “Base Salary”) payable no less frequently than in equal bi-weekly installments (each,
an “Installment”) at an annualized rate of ONE HUNDRED EIGHTY THOUSAND DOLLARS
($180,000.00). During the Term, the Base Salary shall be reviewed annually for increase (but not
decrease) by the Company. In conducting such annual review (the “Annual Review”), the
Company shall take into account any change in the Executive’s responsibilities, increases in the
compensation of other executives of the Company or of any Affiliate (or of any competitor(s) of
either or both), the performance of the Executive and/or any other pertinent factors. Upon each
anniversary date of the Effective Date of this Agreement, the Executive’s Base Salary shall
increase a minimum of five per cent (5%), though any increase in the Base Salary may be greater if,
in the Company’s discretion, an increase greater than five percent (5%) is warranted after the
Executive’s annual review. If an increase is approved by the Company, then such increased Base
Salary shall then constitute the Executive’s “Base Salary” for purposes of this Agreement.

3.2 Annual Bonus. If the Executive is still employed by the Company at the time it
files its third (3rd) quarter financial reports each year of the Term, Executive shall
receive a bonus in the amount of twenty-five percent (25%) of his Base Salary. Provided, however,
that Executive shall only be entitled to the Annual Bonus if he has completed the following two (2)
performance goals to the satisfaction of the Company:

a.) successful completion and submission of Company’s 10K report, as well as related and
necessary documents, to the U.S. Securities Exchange Commission by appropriate filing deadlines;
and

b.) successful and planning and execution of any quarterly conference calls for noteholders,
debtholders and analysts, as called for by the Company.

 

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For purposes of the Annual Bonus to be earned in 2008 only, the Executive shall also successfully
complete refinancing of the Wells Fargo Foothill Credit Facility debt currently owed by the
company.

Payment of the bonus outlined in this Subsection shall be made no later than December
31st of each year of the Term.

3.3 Performance Bonus: Beginning in 2009, and provided that Executive is still
employed by the Company at the time it files its 10K report for each Fiscal Year during the Term,
Executive shall be entitled to an additional bonus based on Company net earnings for each prior
Fiscal Year, before taking into account interest, taxes, depreciation, gains and losses on disposal
of assets, non cash charges not normal in the course of business and non-operating income and
losses (“EBITDA”). The amount of the bonus Executive is to receive shall be dependant on the
Company’s EBITDA reaching the targets below, but in no case is the performance bonus to exceed
$25,000.00.

	 	 	 	 	 
	Target EBITDA	 	Bonus Amount	 
	 
	 	 	 	 
	$22 million
	 	$	5,000.00	 
	$23 million
	 	$	10,000.00	 
	$24 million
	 	$	15,000.00	 
	$25 million
	 	$	20,000.00	 
	$26 million or above
	 	$	25,000.00	 

Said bonus payment shall be made no later than the last day of the calendar month in which the
Company files its 10K report for the pertinent Fiscal Year.

4. PENSION AND WELFARE BENEFIT PLANS. Beginning on the Effective Date, the Executive shall be
entitled to participate in all employee benefit programs and plans, consistent with the terms of
such programs and plans, made available to the Company’s executives or salaried employees
generally, as such programs may be in effect from time to time.

5. BUSINESS EXPENSE REIMBURSEMENT AND PERQUISITES.

5.1 Expense Reimbursement. During the Term, and in accordance with applicable company
policies, 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 and
in relation to the Company, subject to providing reasonable documentation of such expenses.

 

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5.2 Perquisites. During the Term, the Executive also shall be entitled to any of the
Company’s executive perquisites in accordance with the terms and provisions of the applicable
policies. Executive shall be entitled to participate in all PTO and Vacation programs, consistent
with the terms of such programs, made available to the Company’s executives or salaried employees
generally, as such programs may be in effect from time to time.

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 (unless prohibited by the Americans
with Disabilities Act or other pertinent law). In the event of a termination due to the Executive’s
death or Disability, the Executive or his estate, as applicable, shall be entitled, in lieu of any
other compensation whatsoever, to the following:

	 	(a)	 	any earned and non-paid Installment of Base
Salary at the rate in effect at the time of his termination
through the date of death;
	 

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

	 	(c)	 	such rights to other payments and benefits
as may be provided in applicable plans and programs of the
Company, 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 by giving written notice to the
Executive of the Company’s intention to terminate his employment for Cause. In the event of a
termination for Cause, the Executive shall be entitled, in lieu of any other compensation and
benefits whatsoever, to the following:

	 	(a)	 	any earned and non-paid Installment of Base
Salary at the rate in effect at the time of his termination
through the date of termination of employment;
	 

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

	 	(c)	 	Executive shall be subject to the Restricted
Area and the Restriction Period provision set forth herein in
Sections 1.19 and 1.20 respectively.
	 

 

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6.3 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 by giving thirty (30) days’ written notice to
the Executive or payment in lieu of notice. In the event that the Company terminates the
Executive’s employment without Cause, the Executive shall be subject to and shall be entitled, in
lieu of any other compensation and benefits whatsoever, to:

	 	(a)	 	in addition to any earned and non-paid
Installment of Base Salary at the rate in effect at the time
of his termination through the date of termination of
employment, an amount equal to twelve (12) months of
Executive’s Base Salary in effect at the time of termination.
Payment of this amount shall be made in one lump-sum upon
satisfaction of the conditions set forth in Section 8.3;
	 

	 	(b)	 	reimbursement for expenses incurred but not
paid prior to such termination of employment.
	 

	 	(c)	 	such rights to other payments and benefits
as may be provided in applicable plans and programs of the
Company, according to the terms and conditions of such plans
and programs; and
	 

	 	(d)	 	Executive shall be subject to the Restricted
Area and the Restriction Period provision set forth herein in
Sections 1.19 and 1.20 respectively.
	 

 

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6.4 Termination by the Executive for Good Reason. The Executive may terminate his
employment for Good Reason by giving written notice to the Company of the Executive’s intention to
terminate his employment for Good Reason. Such written notice shall describe with reasonable
specificity (a) the particular act, acts, or omission that provides the basis for the Executive’s
termination for Good Reason; and (b) one or more reasonable and acceptable remedy(ies) for such
act, acts or omission. The Company shall be given thirty (30) calendar days from the receipt of
such notice to cure such act, acts, or omission as stated in the foregoing notice. During such
cure period, the Executive shall continue to perform as set forth herein. If after thirty (30)
calendar days, the Company is unable to cure such act, acts, or omission that was the written basis
for termination by the Executive for Good Reason the Executive shall terminate his employment with
the Company under this Section 6.4. In the event of a termination for Good Reason, the Executive
shall be entitled, in lieu of any other compensation and benefits whatsoever, to the following:

	 	(a)	 	in addition to any earned and non-paid
Installment of Base Salary at the rate in effect at the time
of his termination through the date of termination of
employment, an amount equal to three (3) months of
Executive’s Base Salary in effect at the time of termination.
However, should Executive terminate this Agreement under
this provision during the final three (3) months of the Term,
then he shall be entitled to an amount equal to the Base
Salary he would have received had the Term expired on its own
accord.
	 

	 	(I)	 	the forgoing amount (set
out in Section 6.4 (a) above) shall be paid to
Executive in equal monthly payments during the
Restriction Period. The first of the monthly
payments shall be made upon satisfaction of the
conditions set forth in Section 8.3;
	 

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

	 	(c)	 	such rights to other payments and benefits
as may be provided in applicable plans and programs of the
Company, according to the terms and conditions of such plans and programs; and
	 

	 	(d)	 	Executive shall be subject to the Restricted
Area and the Restriction Period provision set forth herein in
Sections 1.19 and 1.20 respectively.
	 

 

Page 10 of 22

 

6.5 Termination by the Executive Without Good Reason. The Executive may terminate his
employment on his own initiative at any time and for any reason upon thirty (30) days’ prior
written notice to the Company. In the event of a termination without Good Reason, the Executive
shall be entitled, in lieu of any other compensation and benefits whatsoever, to the following:

	 	(a)	 	any earned and non-paid Installment of Base
Salary at the rate in effect at the time of his termination
through the date of termination of employment;
	 

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

	 	(c)	 	Executive shall be subject to the Restricted
Area and the Restriction Period provisions set forth herein
in Sections 1.19 and 1.20 respectively.
	 

6.6 Expiration. Upon expiration of the Term, 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, benefits, bonus, or otherwise provided under
this Agreement or pursuant to any Company plan or program.

7. CHANGE IN CONTROL; BUY-OUT OPTION.

7.1 Buyout Termination. The Company shall give the Executive at least ninety (90)
calendar days’ notice of any pending Change in Control. Within thirty (30) calendar days of
receiving notice of a pending Change in Control, the Executive shall have the option, in his sole
and absolute discretion, to terminate this Agreement by delivering written notice to the Company
(“Buy-Out Termination”). A Buy-Out Termination pursuant to this Section 7 shall be
effective upon the consummation, or closing, of the transaction(s) that will result in the Change
in Control.

 

Page 11 of 22

 

7.2 Buyout Payment. Upon a Buyout Termination pursuant to this Section 7, the
Executive shall be entitled to all earned but unpaid Base Salary and all accrued but unpaid
benefits provided under this Agreement or pursuant to any Company plan or program. In addition to
the foregoing, the Company shall pay the Executive a Buyout Payment in an amount equal to twelve
(12) months of Executive’s Base Salary in effect at the time of the Buyout Payment. One hundred
percent (100%) of the foregoing payment shall be made by the Company to the Executive in a lump sum
once the Company receives all funds owed it under the Change in Control, and upon satisfaction of
the conditions set forth in Section 8.3.

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 (excluding Section 6.2) or 7 shall be payable
upon the satisfaction of the conditions set forth in Subsection 8.3.

8.2 No Mitigation; No Offset. Notwithstanding any contrary provision contained
herein, so long as the Executive’s employment terminates in accordance with Sections 6 or 7 of this
Agreement, 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. The Executive shall have no duty to mitigate, 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 after termination of this Agreement. 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 (excluding Section 6.2) or 7 of this Agreement
shall be made to the Executive unless and until he executes a general release substantially in the
form attached hereto as Exhibit ”A”.

8.4 Compliance with the Agreement. Payments or benefits payable to the Executive upon
the termination of his employment pursuant to Sections 6 or 7 of this Agreement shall be made by
the Company to the Executive in reliance upon the Executive’s compliance with any material,
post-employment obligation contained in this Agreement, including, without limitation, those
obligations contained in Sections 10 and 11 of this Agreement.

 

Page 12 of 22

 

8.5 Continuing Obligations of the Executive. No act or omission by the Executive in
breach of this Agreement, including, without limitation, his failure to execute the general
release, shall be deemed to permit the Executive to forego or waive such payments in order to avoid
his obligations under Sections 10 and 11 of this Agreement.

9. INDEMNIFICATION. 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,
regardless of whether the basis of such Indemnifiable Action is alleged action in an official
capacity as a director, officer, member, employee or agent, the Company shall idemnify, defend, and
hold the Executive harmless to the fullest extent permitted by Nevada law and the Company’s by-laws
and operating agreements, as applicable, as the same exist or may hereafter be amended (but, in the
case of any such amendment to the Company’s by-laws and/or operating agreement(s), only to the
extent such amendment permits the Company to provide broader indemnification rights than the
Company’s by-laws and/or operating agreement(s) permitted the Company to provide before such
amendment), against all expense, liability and loss (including, without limitation, attorneys’
fees, costs, judgments, fines, and amounts paid or to be paid in settlement) reasonably incurred or
suffered by the Executive in connection therewith.

10. NON-SOLICITATION AND NON-DISCLOSURE.

10.1 General. The Parties understand and agree that the purpose of the restrictions
contained in this Section 10 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.

10.2 Non-Solicitation. In consideration for this Agreement to employ the Executive
and the other valuable consideration provided for hereunder, the Executive warrants and covenants
that during the Term and during the Restriction Period, if applicable, that Executive shall not
unless acting on behalf of the Company or on behalf of any Affiliate, 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:

 

Page 13 of 22

 

	 	(a)	 	call on, solicit, induce to leave and/or
take away, or attempt to call on, solicit, induce to leave
and/or take away, any of the customers of the Company, either
for Executive’s own account or for any third party;
	 

	 	(b)	 	call on, solicit and/or take away, any
potential or prospective customer of the Company, on whom the
Executive called or with whom Executive became acquainted
during employment (either before or during the Term), either
for Executive’s own account or for any third party; and/or
	 

	 	(c)	 	approach or solicit any employee or
independent contractor of the Company with a view towards
enticing such person to leave the employ or service of the
Company, or hire or contract with any employee or independent
contractor of the Company, without the prior written consent
of the Company, such consent to be within the Company’s sole
and absolute discretion.
	 

10.3 Non-Compete. In consideration for this Agreement to employ the Executive and the
other valuable consideration provided for hereunder, the Executive warrants and covenants that
during the Term, Executive shall not accept any position or affiliation with, or render any
services to any Competing Business. Further, Executive warrants and covenants that Executive,
during the Restriction Period, if applicable, shall not accept any position or affiliation with, or
render any services to any Competing Business within the Restricted Area.

10.4 Non-Disclosure. In consideration for this Agreement to employ the Executive and
the other valuable consideration provided for hereunder, the Executive warrants and covenants that
Executive shall not engage in the following acts:

	 	(a)	 	make known to any third party the names and
addresses of any of the customers of the Company, or any
other information pertaining to those customers; and/or
	 

	 	(b)	 	make known to any third party any
Confidential Information.
	 

 

Page 14 of 22

 

10.5 Survival. The Executive agrees that the provisions of this Section 10 shall
survive the termination of this Agreement by the Company with or without Cause or by the Executive
with or without Good Reason.

11. CONFIDENTIAL INFORMATION AND COMPANY PROPERTY.

11.1 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 by the Executive. Accordingly, the
Executive hereby agrees that he shall not directly or indirectly, during the Term or any time
thereafter, disclose any Confidential Information intentionally to any Person not authorized by the
Company to receive such Confidential Information. The Executive further agrees that he shall not
directly or indirectly, during the Term 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 applicable laws regarding trade secrets
and unfair trade practices.

11.2 Company Property. All Company Property is and shall remain exclusively the
property of the Company. Unless authorized in writing to the contrary, the Executive promptly shall
deliver to the Company upon termination or expiration of this Agreement, or at any other time the
Company reasonably may so request, all Company Property that the Executive has in his possession.

11.3 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
promptly shall notify the Company of such requirement and provide the Company with a copy of any
court order or of any law that requires such disclosure and, if the Company so elects, to the
extent permitted by 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.

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

 

Page 15 of 22

 

12. MUTUAL ARBITRATION AGREEMENT. Except for disputes relating to Worker’s Compensation claims of
the Executive, any and all disputes that may arise between the Parties, which shall include but are
not limited to any employment related claim whether based on statute or common law and/or disputes
relating to this Agreement, shall be resolved by arbitration administered by the American
Arbitration Association under its National Rules for Resolution of Employment Disputes or other
applicable rules or as otherwise mutually agreed to by the Parties. Any arbitration under this
paragraph shall take place in Las Vegas, Nevada and shall be governed by the procedural and
substantive law of Nevada. However, nothing herein shall preclude or prohibit the Company or the
Executive from seeking or obtaining injunctive relief in court.

13. 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 of which
such Party may subsequently give written notice:

	 	 	 	 	 	 	 
	 

	 	If to the Company:
	 	 	 	Black Gaming LLC
	 

	 	 	 	Attn.
	 	Mr. Robert R. Black, Sr.
	 

	 	 	 	 	 	10777 West Twain Avenue
	 

	 	 	 	 	 	Las Vegas, Nevada 89135 
	 
	 	 	 	 	 	 
	 

	 	With a copy to:
	 	 	 	Black, LoBello & Sparks
	 

	 	 	 	Attn.
	 	Tisha Black-Chernine, Esq.
	 

	 	 	 	 	 	10777 West Twain Avenue
	 

	 	 	 	 	 	Las Vegas, Nevada 89135 
	 
	 	 	 	 	 	 
	 

	 	If to the Executive:
	 	Attn.
	 	Address on file with Human Resources
	 

	 	 	 	 	 	at the time notice is necessary.

14. ASSIGNMENT. Executive understands that his employment, or continued employment, is
consideration for the Non-Competition, Non-Disclosure and Non-Solicitation Covenants contained
herein in Section 10 of this Agreement. Executive also understands and agrees that in consideration
of the payment of ONE HUNDRED DOLLARS ($100.00), which Executive has received upon execution of
this Agreement, the Non-Competition Covenants in Section 10 of this Agreement shall be assignable
by Company as set forth herein. Further, it is understood that the Executive may not assign any
rights or delegate any duties under this Agreement.

15. 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 pursuant to this
Agreement. 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.

 

Page 16 of 22

 

16. 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 16 are in addition to
the survivorship provisions of any other section of this Agreement.

17. REPRESENTATIONS AND WARRANTIES OF THE EXECUTIVE. The Executive hereby represents and warrants
that he has the full legal capacity to enter into this Agreement and that there is no agreement to
which he is a party or beneficiary that would prevent, contravene or otherwise adversely impact the
Executive’s ability to comply with the terms and obligations set forth herein.

18. REPRESENTATIONS AND WARRANTIES OF THE COMPANY. The Company hereby represents and warrants to
the Executive that there is no agreement to which it is a party or beneficiary that would prevent,
contravene or otherwise adversely impact the Company’s ability to comply with the terms and
obligations set forth herein. As of the Effective Date, the Company further represents and
warrants to the Executive that upon execution of this Agreement, this Agreement shall become a
binding obligation of the Company and shall be enforceable against it in accordance with its terms,
except as may be limited by laws generally affecting the enforcement of contracts. The Company
further represents and warrants that the Company is a limited liability company, duly organized and
incorporated, validly existing and in good standing under the laws of the State of Nevada and is
duly qualified and in good standing in such other jurisdictions wherein the nature of the business
transacted by it or property owned by it makes such qualification necessary. The Company has the
valid limited liability company power to enter into and perform all of its obligations under this
Agreement, and this Agreement has been authorized by all necessary limited liability company
action.

19. 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 that are not set forth
herein shall be of any force or effect.

20. 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, that may be transferred only by will or operation of law and
subject to the limitations of this Agreement.

 

Page 17 of 22

 

21. 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.

22. SEVERABILITY. In the event that any provision or portion of this Agreement, except Section 6,
Section 7 and Section 10, 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. If Section 6, Section 7 or
Section 10 is determined to be invalid or unenforceable for any reason, in whole or in part, either
Party may terminate this Agreement without further obligations or duties hereunder.

23. GOVERNING LAW. To the extent not otherwise expressly stated herein, any and all dispute
resolution shall be governed by and construed and interpreted in accordance with the procedural and
substantive laws of the State of Nevada without reference to the principles of conflict of laws
thereof.

24. 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.

25. COUNTERPARTS. This Agreement may be executed in counterparts, including facsimile
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.

26. ACKNOWLEDGMENT. The Executive represents and acknowledges that he has carefully read this
Agreement in its entirety, understands the terms and conditions contained herein, 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 is entering into this
Agreement knowingly and voluntarily.

 

Page 18 of 22

 

27. ATTORNEYS’ FEES. In the event an action, claim or suit is brought to enforce the terms of this
Agreement or to collect damages claimed as a result of a breach of this Agreement, the prevailing
party shall be entitled to recover its reasonable attorneys’ fees, costs and all other expenses
reasonably associated with the enforcement of this Agreement.

28. GAMING INVESTIGATION. In the event the Executive is required to apply for and obtain any
license, permit, approval, authorization, registration, finding of suitability, or otherwise from
any Gaming Authority necessary for the conduct of the Executive’s business on behalf of the Company
(collectively, the “Approvals”), then the Company shall pay all costs and expenses of any
nature whatsoever, including reasonable attorneys’ fees, in connection with such Approvals,
including, without limitation, any costs and expenses of any nature whatsoever associated with the
investigation of the Executive by any Gaming Authority.

29. TOLLING. In the event Executive breaches any of the covenants contained herein and Company
seeks compliance with those covenants by judicial proceedings, the time periods during which
Executive is restricted by said covenants shall be extended by the time during which the Executive
is found by a court of competent jurisdiction to have been in breach of said covenants.

30. LIMITATION OF RESTRICTIONS. It is the intention of the parties hereto that the potential
restrictions on Executive’s future employment and communications imposed by Sections 10 and 11 of
this Agreement be reasonable in both duration and geographic scope and in all other respects. If
for any reason any court of competent jurisdiction shall find any of the provisions of Sections 10
and 11 unreasonable in duration or geographic scope or otherwise, the parties agree that the
restrictions and prohibitions contained therein shall be reduced or limited so as to be effective
to the fullest extent allowable under applicable law.

[signatures to follow on next page]

 

Page 19 of 22

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.

BLACK GAMING, LLC,

a Nevada limited liability company.

	 	 	 
	 
	 	 
	/s/ Robert R. Black, Sr.
 

By: Robert “Randy” Black, Sr.

	 	 
	Its: Managing Member
	 	 
	 
	 	 
	 
	 	 
	/s/ Sean P. McKay
 

By: Sean McKay

	 	 

 

Page 20 of 22

 

EXHIBIT A

GENERAL RELEASE

1. I, SEAN McKAY (the “Executive”), for and in consideration of certain payments to be made and the
benefits to be provided to me under Section 8 of my Employment Agreement dated as of                      (the “Employment Agreement”) with BLACK GAMING, LLC (the “Company”), and
conditioned upon such payments and provisions, do hereby REMISE, RELEASE, AND FOREVER DISCHARGE the
Company and each of its parents, subsidiaries and affiliates, their officers, directors,
shareholders, partners, members, employees, attorneys and agents, their respective successors and
assigns, heirs, executors and administrators (hereinafter collectively included within the term the
“Company”), acting in any capacity whatsoever, of and from any and all manner of actions and causes
of actions, suits, debts, claims and demands whatsoever in law or in equity, which I ever had, now
have, or hereafter may have, or which my heirs, executors or administrators hereafter may have, by
reason of any matter, cause or thing whatsoever from the beginning of my employment with the
Company to the date of these presents arising from or relating in any way to my employment
relationship and the termination of my employment relationship with the Company, including but not
limited to, any claims which have been asserted, could have been asserted, or could be asserted now
or in the future under any federal, state or local laws, including any claims under the Age
Discrimination in Employment Act (“ADEA”), 29 U.S.C. §621 et seq., Americans with Disabilities Act
(“ADA”), 42 U.S.C. §2000e et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e et
seq., any contracts between the Company and me and any common law claims now or hereafter
recognized and all claims for counsel fees and costs; provided, however, that this General Release
shall not apply to any entitlements under the terms of the Employment Agreement or under any other
plans or programs of the Company in which I participated and under which I have accrued and become
entitled to a benefit.

2. I hereby agree and recognize that my employment by the Company was permanently and irrevocably
severed on                      , and the Company has no obligation, contractual or otherwise to me to
hire, rehire or re-employ me in the future. I acknowledge that the terms of the Employment
Agreement provide me with payments and benefits which are in addition to any amounts to which I
otherwise would have been entitled.

3. I hereby agree and acknowledge that the payments and benefits provided by the Company are to
bring about an amicable resolution of my employment arrangements and are not to be construed as an
admission of any violation of any federal, state or local statute or regulation, or of any duty
owed by the Company and that this Agreement and General Release is made voluntarily to provide an
amicable resolution of my employment relationship with the Company and the termination of the
Employment Agreement.

 

Page 21 of 22

 

4. I hereby certify that I have read the terms of this General Release, that I have been advised by
the Company to discuss it with my attorney, and that I understand its terms and effects. I
acknowledge, further, that I am executing this General Release of my own volition with a full
understanding of its terms and effects and with the intention of releasing all claims recited
herein in exchange for the consideration described in the Employment Agreement, which I acknowledge
is adequate and satisfactory to me. None of the above-named parties, nor their agents,
representatives, or attorneys have made any representations to me concerning the terms or effects
of this General Release other than those contained herein.

5. I hereby acknowledge that I have been informed that I have the right to consider this General
Release for a period of 21 days prior to execution. I also understand that I have the right to
revoke this General Release for a period of seven days following execution by giving written notice
to the Company.

Intending to be legally bound hereby, I execute the foregoing General Release this            day of                     , 20_.

 

	 	 	 	 	 	 	 	 	 
	Witness

	 	 	 	 	 	Executive	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Sean McKay

 

Page 22 of 22

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