Document:

Exhibit 10.2

 

[PARK PLACE ENTERTAINMENT(R) LETTERHEAD]

 

Dated as of May 21, 2003

 

Bernard E. DeLury, Jr., Esq.

Park Place Entertainment
Corporation

Park Place and the Boardwalk

Atlantic City, New Jersey 08401

 

Re:          Amendment
of Employment Agreement Dated February 1, 2003

 

Dear Bernie:

 

In consideration of the terms
and conditions contained in the referenced Employment Agreement (the
“Employment Agreement”), Park Place Entertainment Corporation (the “Company”
and/or “Employer”) and you hereby amend said Employment Agreement as follows:

 

Paragraph 1B – Title Change:  Your current title shall be changed to
Executive Vice President, Secretary and General Counsel, effective as of May
21, 2003.

 

Paragraph 3A – Compensation:
Effective as of May 21, 2003, your annual salary shall be adjusted to
$450,000 for each twelve month period through the remainder of the Term of your
Employment Agreement with the Company. 
During the Term, the Base Salary shall be reviewed for possible increase
annually in accordance with the Company’s then applicable merit policies,
although any determination to increase the Base Salary shall be within the
Company’s sole discretion.

 

All other terms and conditions
of the referenced agreement shall remain unchanged.

 

	
  Very truly yours,

  
	
   

  
	
   

  	
  /s/ Wallace R. Barr

  	
   

  
	
  Wallace R. Barr, President and

  
	
  Chief Executive Officer

  

 

Agreed to:

 

	
  /s/ Bernard
  E. DeLury, Jr.

  	
   

  
	
  Bernard E.
  DeLury, Jr.

  
	
   

  
	
  Dated:

  	
    6/5/03EXHIBIT 10.37

 

	
  

  

 

GRIC Communications,
Inc.

1421 McCarthy Blvd.

Milpitas, CA  95035

 

 

August 7, 2003

 

 

Rob Fuggetta

2884 Roland Avenue

San Carlos, CA  94070

 

 

Dear Rob:

 

It is our pleasure to offer you
employment with GRIC Communications, Inc. (“GRIC”), in the position of Senior
Vice President, Worldwide Marketing, reporting to the Chief Executive Officer,
at a semi-monthly base salary of 
$7,500.00, which is equivalent to $180,000.00 per year, and is subject
to annual review.  We understand you are
available to begin employment with GRIC on August 8, 2003.

 

You will also be eligible for
an annualized target incentive bonus equal to 40% of your base salary.  This bonus will be payable annually in
accordance with GRIC’s then current incentive bonus program and will be based
partially on the achievement of agreed performance objectives (established by
your manager) and partially on the attainment of corporate objectives.

 

In addition, you will be
eligible for a one-time special bonus of up to $15,000.00 based on achievement
of a special set of initial objectives by December 31, 2003 (“2003
Bonus”).  You and your manager will
mutually agree upon the 2003 Bonus objectives by no later than August 15, 2003.

 

After your acceptance of this
offer, we will recommend to the Board of Directors that you be granted an
option to purchase up to 150,000 shares of GRIC’s common stock, at an exercise
price equal to the closing price of GRIC Communications, Inc. common stock on
the Nasdaq National Market on the date of grant.  This option would be subject to the Company’s standard vesting
schedule (20% after ten months and 2% per month thereafter) and vesting would
commence on your date of employment.

 

In the event of an acquisition
or merger of GRIC involving a change of control that occurs within the first
year of your employment, if GRIC or its successor elects to terminate your
employment as Senior Vice President, Worldwide Marketing, without cause, within
one (1) year after the effective date of such change of control, then the
option vesting described above shall be accelerated so that fifty percent (50%)
of the number of unvested options shall become vested automatically on the date
of such termination.

 

 

GRIC may terminate your
employment at any time without cause. 
If GRIC terminates your employment without cause, GRIC will provide a
severance payment equivalent to three (3) months’ base salary, payable in
accordance with GRIC’s normal payroll policies.  Additionally, GRIC will provide you with reimbursement of up to
three (3) months of COBRA insurance coverage. 
Such insurance reimbursement will be provided for up to three (3) months
unless you obtain comparable benefits from any third party.  Such benefits are separate from your
then-existing COBRA rights and extend to GRIC-related insurance benefits at
your cost for an additional period of time.

 

GRIC may also terminate your
employment for cause in its sole discretion. For the purpose of this Offer of
Employment, “cause” shall be defined as:

 

1.                             Failure
to continually and substantially perform the reasonably assigned
responsibilities of the position in an acceptable manner, gross negligence,
gross misconduct, habitual neglect of duties, criminal acts, violation of any
state or federal securities laws, commission of a felony involving fraud or
dishonesty, violation of written lawful policies or written instructions of the
Board of Directors, or commencement of employment or any other business
arrangements with another employer while you are an employee of GRIC.

 

2.                             Your
death, or your total disability lasting more than 90 days.

 

If GRIC terminates your
employment with cause, GRIC will provide you with a severance payment
equivalent to six (6) weeks’ base salary, payable in accordance with GRIC’s
normal payroll policies.  However, if
the cause for termination relates to a violation by you of state or federal
law, then you will receive no severance payment from GRIC.

 

Additionally, unless the cause
for termination relates to violation by you of state or federal law, GRIC will
provide you with reimbursement of up to one (1) month of COBRA insurance
coverage.  Such insurance reimbursement
will be provided for up to one (1) month unless you obtain comparable benefits
from any third party.  Such benefits are
separate from your then-existing COBRA rights and extend to GRIC-related
insurance benefits at your cost for an additional period of time.

 

Paydays are twice monthly, on
the 15th and the last working day of each month.  You will be eligible to participate in the
full range of employee benefits, including medical, dental, vision, life,
accidental death and dismemberment, disability, 401(k), employee stock
purchase, and paid time off plans. 
Coverage is available under the terms of the insurance, 401(k), and paid
time off plans on your first day of active employment.   You will be provided with the related
policies and procedures that explain these benefits.

 

Employment with GRIC is
contingent upon meeting GRIC’s requirements, which include completing all
necessary work related forms, producing applicable documents as required by the
Immigration Reform and Control Act of 1986 and other such documents.  Failure to comply will result in the
rescinding of our offer of employment.

 

This letter is not intended to
confer contractual rights of any kind upon any employee, or to create
contractual obligations of any kind on the part of GRIC.  The relationship of GRIC with all of its
employees is on an “at will” basis. 
While we expect that the relations between you and GRIC will be
rewarding and mutually beneficial, either GRIC or you may terminate the
employment relationship at any time with or without notice and for any reason
or for no reason.

 

This offer is being extended to
you solely based on your skill, experience, education and our view of your
potential for success here.  This offer is not being made in order to
acquire confidential or proprietary information or trade secrets from any
previous employer that you may have come to possess.  Consequently, we
must instruct you to abide by any contractual or legal obligations that you
have to

 

2

 

maintain the confidentiality of
information that you are obligated to protect.  By accepting employment
with GRIC, you agree not to use or disclose proprietary information or trade
secrets from any previous employer in the course of performing your duties for
GRIC under any circumstances.  You must not keep any items or materials
related to your former employer or use such materials during your employment
with GRIC.  If you have any questions regarding what constitutes such
information, GRIC encourages you to contact your former employer

 

By accepting employment with
GRIC, you agree to be bound by its policies and procedures, including GRIC’s
Employee Invention Assignment and Confidentiality Agreement, which you will be
asked to sign on or before your first day of work at GRIC.  This offer is the entire initial basic
agreement relating to your position, compensation, reporting relationship and
employee benefits.  By signing below,
you acknowledge that you have not been induced to accept employment by any
representations or statements, oral or written, not contained in this letter.

 

Welcome to GRIC!  Please sign below to indicate your
acceptance, and return this letter to me as soon as possible.  Otherwise, this offer will expire on July
31, 2003.

 

 

	
  Sincerely,

  	
  Accepted:

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ David
  L. Teichmann

  	
   

  	
  /s/ Rob
  Fuggetta

  	
   

  
	
   

  	
   

  
	
  David L.
  Teichmann

  	
  Rob Fuggetta

  
	
  Senior Vice
  President, General Counsel and Secretary

  	
  Anticipated
  start date:  August 8, 2003

  
				

 

3Exhibit
4.1

 

AMENDMENT NO. 2 TO
AMENDED AND RESTATED LOAN AGREEMENT

 

This Amendment No. 2 to Amended and Restated Loan
Agreement dated as of July 14, 2003 is entered into with reference to the
Amended and Restated Loan Agreement, as amended by that certain Amendment
No. 1 to Amended and Restated Loan Agreement dated as of January 31,
2003 (as so amended, the “Credit Agreement”) dated as of September 18,
2002, by and among Palace Station Hotel & Casino, Inc., a Nevada
corporation (“Palace”), Boulder Station, Inc., a Nevada corporation
(“Boulder”), Texas Station, LLC, a Nevada limited liability company (“Texas”),
Santa Fe Station, Inc., a Nevada corporation (“Santa Fe”), Sunset Station,
Inc., a Nevada Corporation (“Sunset”), Lake Mead Station Holdings, LLC, a Nevada
limited liability company (“Lake Mead Holdings”), Lake Mead Station, Inc., a
Nevada corporation (“Lake Mead”), Fiesta Station Holdings, LLC, a Nevada
limited liability company (“Fiesta Holdings”), Fiesta Station, Inc., a Nevada
corporation (“Fiesta” and, collectively with Palace, Boulder, Texas,
Santa Fe, Sunset, Lake Mead Holdings, Lake Mead and Fiesta Holdings, the
“Borrowers”), Station Casinos, Inc. (“Parent”) (but only for the purpose of
making the covenants set forth in Articles 6 and 7 thereof), various
lenders (collectively, the “Lenders” and individually, a “Lender”), Bank of
Scotland, Deutsche Bank Trust Company Americas, Dresdner Bank AG, New York and
Grand Cayman Branches, Lehman Commercial Paper Inc. and Wells Fargo Bank, N.A.,
as Syndication Agents, and Bank of America, N.A., as Administrative Agent.  Capitalized terms used in this Amendment and
not otherwise defined herein are used with the meanings set forth for those
terms in the Credit Agreement.

 

WHEREAS, the Borrowers have requested the
Administrative Agent and the Lenders to amend certain provisions of the Credit
Agreement, and the Administrative Agent and the Lenders are willing to do so,
on the terms and conditions specified herein;

 

NOW, THEREFORE, for good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereby
agree as follows:

 

1.                                       Section
1.01.  Section 1.01 of the
Credit Agreement is hereby amended as follows:

 

(a)                                  The
first sentence of the definition of the term “Basket Expenditures” is hereby
amended by replacing the word “and” prior to clause (g) thereof with a
comma and by adding the following clause immediately prior to the end thereof:

 

“and (h) all Common Stock dividends paid following the
Closing Date.”

 

(b)                                 Clause (v)
of the definition of the term “Fixed Charge Coverage” is hereby amended and
restated in its entirety to read as follows:

 

“(v)                           Preferred
Stock Dividends and Common Stock dividends paid in cash during such fiscal
period.”

 

2.                                       Section 7.5.  Clause (e) of Section 7.5 of the
Credit Agreement is hereby amended and restated to read in its entirety as
follows:

 

 

(e)                                  Stock
Repurchases, Common Stock dividends and derivative and option transactions
relating to the repurchase of Common Stock, in each case (i) made when no
Default or Event of Default exists or would result therefrom, (ii) in an
aggregate amount from and after the Closing Date not to exceed $200,000,000 plus
50% of the Parent’s Net Income from and after July 1, 2003 and
(iii) the making of which does not result in any violation of
Section 7.16;

 

3.                                       Section 12.14.  Section 12.14 of the Credit Agreement
is hereby amended by adding the following sentence immediately prior to the end
thereof:

 

Notwithstanding anything herein to the contrary,
“confidential information” shall not include, and the Borrowers, the Parent,
the Administrative Agent and each Lender (and each authorized employee,
representative, or other authorized person thereof) may disclose to any and all
Persons, without limitation of any kind, the “tax treatment” and “tax
structure” (in each case, within the meaning of Treasury Regulation Section
1.6011-4) of the transactions contemplated hereby and all materials of any kind
(including opinions or other tax analyses) that are provided to the Borrowers,
the Parent, the Administrative Agent or such Lender relating to such tax
treatment and tax structure; provided that with respect to any document
or similar item that in either case contains information concerning the tax
treatment or tax structure of the transaction as well as other information,
this sentence shall only apply to such portions of the document or similar item
that relate to the tax treatment or tax structure of the Loans, Letters of
Credit and transactions contemplated hereby.

 

4.                                       Condition
Precedent.  The effectiveness of
this Amendment shall be conditioned upon the receipt by the Administrative
Agent of (a) counterparts of this Amendment executed by the Borrowers and
the Parent, (b) written consents hereto executed by the Requisite Lenders
and (c) written consents hereto executed by each of the Guarantors.

 

5.                                       Representations
and Warranties.  Borrowers represent
and warrant to the Administrative Agent and the Lender that, as of the date of
this Amendment, no Default or Event of Default has occurred and remains
continuing.

 

6.                                       Confirmation.  In all other respects, the terms of the
Credit Agreement and the other Loan Documents are hereby confirmed.

 

2

 

IN WITNESS WHEREOF, the Borrowers, the Parent and the
Administrative Agent have executed this Amendment as of the date first written
above by their duly authorized representatives.

 

	
   

  	
  BOULDER STATION, INC.

  LAKE MEAD STATION, INC.

  PALACE STATION HOTEL & CASINO, INC.

  SANTA FE STATION, INC.

  SUNSET STATION, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson,

  
	
   

  	
  Senior Vice President and Treasurer

  
	
   

  
	
   

  
	
   

  	
  FIESTA STATION, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson,

  
	
   

  	
  Treasurer and Assistant Secretary

  
	
   

  
	
   

  
	
   

  	
  FIESTA STATION HOLDINGS, LLC

  LAKE MEAD STATION HOLDINGS, LLC

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson, Manager

  
	
   

  
	
   

  
	
   

  	
  TEXAS STATION, LLC

  
	
   

  
	
   

  	
  By:

  	
  STATION CASINOS, INC., its manager

  	
   

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson,

  
	
   

  	
  Executive Vice President and Chief Financial

  Officer

  

 

3

 

	
   

  	
  STATION CASINOS, INC., solely for purposes of

  Articles 6 and 7 of the Credit Agreement

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson, Executive Vice President

  and Chief Financial Officer

  
	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as Administrative

  Agent on behalf of the Requisite Lenders

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Janice Hammond, Vice President

  

 

4

 

CONSENT OF LENDER

 

This Consent of Lender is delivered by the undersigned
Lender to Bank of America, N.A., as Administrative Agent, with reference to the
Amended and Restated Loan Agreement dated as of September 18, 2002, as
amended (the “Credit Agreement”), by and among Palace Station Hotel &
Casino, Inc., a Nevada corporation (“Palace”), Boulder Station, Inc., a Nevada
corporation (“Boulder”), Texas Station, LLC, a Nevada limited liability company
(“Texas”), Santa Fe Station, Inc., a Nevada corporation (“Santa Fe”),
Sunset Station, Inc., a Nevada Corporation (“Sunset”), Lake Mead Station
Holdings, LLC, a Nevada limited liability company (“Lake Mead Holdings”), Lake
Mead Station, Inc., a Nevada corporation (“Lake Mead”), Fiesta Station
Holdings, LLC, a Nevada limited liability company (“Fiesta Holdings”), Fiesta
Station, Inc., a Nevada corporation (“Fiesta” and, collectively with Palace,
Boulder, Texas, Santa Fe, Sunset, Lake Mead Holdings, Lake Mead and Fiesta
Holdings, the “Borrowers”), Station Casinos, Inc. (“Parent”) (but only for the
purpose of making the covenants set forth in Articles 6 and 7 thereof),
various lenders (collectively, the “Lenders” and individually, a “Lender”),
Bank of Scotland, Deutsche Bank Trust Company Americas, Dresdner Bank AG, New
York and Grand Cayman Branches, Lehman Commercial Paper Inc. and Wells Fargo
Bank, N.A., as Syndication Agents, and Bank of America, N.A., as Administrative
Agent.  Capitalized terms used herein
are used with the meanings set forth for those terms in the Credit Agreement.

 

The undersigned hereby consents to the execution and
delivery of the proposed Amendment No. 2 to the Credit Agreement by the Administrative
Agent on behalf of the Lenders, substantially in the form of the draft
presented to the undersigned.

 

 

	
   

  	
   

  
	
  [Name of Lender]

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
				

 

 

CONSENT OF GUARANTORS

 

This Consent of Guarantors is delivered by the
undersigned with reference to the Amended and Restated Loan Agreement dated as
of September 18, 2002, as amended (as may be further amended from time to
time, the “Credit Agreement”), by and among Palace Station Hotel & Casino,
Inc., a Nevada corporation (“Palace”), Boulder Station, Inc., a Nevada
corporation (“Boulder”), Texas Station, LLC, a Nevada limited liability company
(“Texas”), Santa Fe Station, Inc., a Nevada corporation (“Santa Fe”), Sunset
Station, Inc., a Nevada Corporation (“Sunset”), Lake Mead Station Holdings, LLC,
a Nevada limited liability company (“Lake Mead Holdings”), Lake Mead Station,
Inc., a Nevada corporation (“Lake Mead”), Fiesta Station Holdings, LLC, a
Nevada limited liability company (“Fiesta Holdings”), Fiesta Station, Inc., a
Nevada corporation (“Fiesta” and, collectively with Palace, Boulder, Texas,
Santa Fe, Sunset, Lake Mead Holdings, Lake Mead and Fiesta Holdings, the
“Borrowers”), Station Casinos, Inc. (“Parent”) (but only for the purpose of
making the covenants set forth in Articles 6 and 7 thereof), various
lenders (collectively, the “Lenders” and individually, a “Lender”), Bank of
Scotland, Deutsche Bank Trust Company Americas, Dresdner Bank AG, New York and
Grand Cayman Branches, Lehman Commercial Paper Inc. and Wells Fargo Bank, N.A.,
as Syndication Agents, and Bank of America, N.A., as Administrative Agent.  Capitalized terms used herein are used with
the meanings set forth for those terms in the Credit Agreement.

 

The undersigned hereby (a) consent to the
execution and delivery of the proposed Amendment No. 2 to Amended and
Restated Loan Agreement by the Administrative Agent, substantially in the form
of the draft presented to the undersigned and (b) represent and warrant to
the Administrative Agent and the Lenders that each of the Guaranties and the
Collateral Documents executed by the undersigned remain in full force and
effect in accordance with their respective terms.

 

	
   

  	
  STATION CASINOS, INC.

  a Nevada corporation

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C.
  Christenson

  
	
   

  	
  Executive Vice President and

  Chief Financial Officer

  
	
   

  
	
   

  
	
   

  	
  GV RANCH STATION, INC.

  TROPICANA STATION, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson,

  
	
   

  	
  Senior Vice President and Treasurer

  

 

 

	
   

  	
  GREEN VALLEY STATION, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson,

  
	
   

  	
  Vice President, Chief Financial Officer,

  Treasurer and Assistant Secretary

  
	
   

  
	
   

  
	
   

  	
  DURANGO STATION, INC.

  STATION HOLDINGS, INC.

  CHARLESTON STATION, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson,

  
	
   

  	
  President, Treasurer and Assistant Secretary

  
	
   

  
	
   

  	
  PALMS STATION, LLC

  SUNSET STATION LEASING COMPANY, LLC

  RANCHO STATION, LLC

  
	
   

  
	
   

  
	
   

  	
  By:

  	
  STATION CASINOS, INC., its manager

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson,

  
	
   

  	
  Executive Vice President and

  Chief Financial Officer

  
	
   

  
	
   

  
	
   

  	
  RED ROCK STATION HOLDINGS, LLC

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Glenn C. Christenson, Manager

  
	
   

  
	
   

  
	
   

  	
  VISTA HOLDINGS, LLC

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Richard Haskins,

  
	
   

  	
  Manager

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