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EXHIBIT 10.31    
  

March 15, 2002 

	

 	
 	

 
	Re:	 	Long-Term Stay-On Performance Incentive Payment.

Dear Lorenzo: 

        This
letter (the "Agreement") sets forth the terms and conditions pursuant to which Station Casinos, Inc. (the
"Company") has decided to award you a Long-Term Stay-On Performance Incentive Payment (the "LTSO
Payment"). 

	1.
	Purpose. The purpose of the LTSO Payment is to advance the interests of the Company by providing you with a cash incentive to remain
with the Company through July 30, 2010.

	2.
	Amount. Subject to the conditions contained herein, the Company will provide you with a LTSO Payment in the amount of $1,000,000 as
follows:

	(a)
	On
July 31, 2004 (the "First Award Date"), you will be paid $333,333 of the LTSO Payment, minus the deductions required by law,
provided that you have remained continuously employed by the Company from July 31, 2000 through July 30, 2004. Except as otherwise provided in your Employment Agreement (as defined
below), in the event that your employment with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time before the First
Award Date, you will forfeit any and all eligibility for payments pursuant to this Agreement.

	(b)
	On
July 31, 2007 (the "Second Award Date"), you will be paid an additional $333,333 of the LTSO Payment, minus the deductions
required by law, provided that you have remained continuously employed by the Company from July 31, 2000 through July 30, 2007. Except as otherwise provided in your Employment Agreement,
in the event that your employment with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time after the First Award
Date but before the Second Award Date, you will forfeit any and all eligibility for remaining payments pursuant to this Agreement.

	(c)
	On
July 31, 2010 (the "Third Award Date"), you will be paid the remaining $333,334 of the LTSO Payment, minus the deductions
required by law, provided that you have remained continuously employed by the Company from July 31, 2000 through July 30, 2009. Except as otherwise provided in your Employment Agreement,
in the event that your employment with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time after the Second Award
Date but before the Third Award Date, you will forfeit any and all eligibility
for remaining payments pursuant to this Agreement. 

	3.
	Employment Agreement. The Company and you are parties to an employment agreement dated December 17, 2001 (the
"Employment Agreement"), which superseded and replaced that prior employment agreement dated July 31, 2000 between the Company and you. If at any
time prior to the Third Award Date, you materially breach any term of your Employment Agreement, you will forfeit any and all rights to any and all remaining payments under this Agreement as of the
date of such breach.

	4.
	Right to Continued Employment. Nothing in this Agreement shall confer on you any right to continue in the employ of the Company except
as otherwise provided in your Employment Agreement.

	5.
	Confidentiality. As a condition of your receipt of the LTSO Payment, you agree that you will not disclose the contents of this
Agreement, including the amount of the LTSO Payment, to anyone 

 

except
your immediate family, accountant or attorney without the prior written consent of the Company. If the Company establishes that you have materially breached this obligation, you will forfeit
any and all rights to any and all remaining payments under this Agreement. 

	6.
	Governing Law. The validity, construction, interpretation and effect of this Agreement shall exclusively be governed by and determined
in accordance with the law of the State of Nevada (without reference to the principles of conflict of laws thereof), except to the extent preempted by federal law, which shall govern to that extent.

	7.
	Assignability; Binding Nature. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors, heirs and assigns; provided, however, that none of your rights or obligations under this Agreement may be assigned or transferred by you, other than rights to
compensation and benefits hereunder, which may be transferred only by will or operation of law and subject to the limitations of this Agreement. 

	

 	
 	
STATION CASINOS, INC.,

a Nevada corporation
	

 	
 	

 	
 	

 
	 	 	By:	 	 
	 	 	 	 	
 Glenn C. Christenson

Executive Vice President

Chief Financial Officer

Chief Administrative Officer

        By signing below, you hereby acknowledge and agree to all of the foregoing terms and conditions of this Agreement. 

	
Agreed to and Accepted By:	
 	

 
	

 	
 	

 
	
Lorenzo J. Fertitta	 	 

2

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EXHIBIT 10.32    
  

March 15, 2002 

	

 	
 	

 
	Re:	 	Long-Term Stay-On Performance Incentive Payment..

Dear Steve: 

        This
letter (the "Agreement") sets forth the revised terms and conditions pursuant to which Station Casinos, Inc. (the
"Company") has decided to award you a Long-Term Stay-On Performance Incentive Payment (the "LTSO
Payment"). This Agreement supercedes and replaces that letter agreement dated June 19, 2001 (the "Former Agreement")
between the Company and you regarding the LTSO Payment, and the Former Agreement shall no longer be of any force or effect. 

	1.
	Purpose. The purpose of the LTSO Payment is to advance the interests of the Company by providing you with a cash incentive to remain
with the Company through June 19, 2008.

	2.
	Amount. Subject to the conditions contained herein, the Company will provide you with a LTSO Payment in the amount of $1,000,000 as
follows:

	(a)
	On
June 19, 2005 (the "First Award Date"), you will be paid one-half of the LTSO Payment, minus the deductions
required by law, provided that you have remained continuously employed by the Company from June 19, 2001 through June 18, 2005. Except as otherwise provided in your Employment Agreement
(as defined below), in the event that your employment with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time
before the First Award Date, you will forfeit any and all eligibility for payments pursuant to this Agreement.

	(b)
	On
June 19, 2008 (the "Second Award Date"), you will be paid the second half of the LTSO Payment, minus the deductions required
by law, provided that you have remained continuously employed by the Company from June 19, 2001 through June 18, 2008. Except as otherwise provided in your Employment Agreement, in the
event that your employment with the Company is terminated for any reason, including, but not limited to, your death, disability, resignation or retirement, at any time after the First Award Date but
before the Second Award Date, you will forfeit any and all eligibility for remaining payments pursuant to this Agreement. 

	3.
	Employment Agreement. The Company and you are parties to an Employment Agreement dated June 19, 2001 (the
"Employment Agreement"). If prior to the First Award Date or the Second Award Date, you materially breach any term of the Employment Agreement, you will
forfeit any and all rights to any and all remaining payments under this Agreement as of the date of such breach.

	4.
	Right to Continued Employment. Nothing in this Agreement shall confer on you any right to continue in the employ of the Company except
as otherwise provided in the Employment Agreement.

	5.
	Confidentiality. As a condition of your receipt of the LTSO Payment, you agree that you will not disclose the contents of this
Agreement, including the amount of the LTSO Payment, to anyone except your immediate family, accountant or attorney without the prior written consent of the Company. If the Company establishes that
you have materially breached this obligation, you will forfeit any and all rights to any and all remaining payments under this Agreement.

	6.
	Governing Law. The validity, construction, interpretation and effect of this Agreement shall exclusively be governed by and determined
in accordance with the law of the State of Nevada (without reference to the principles of conflict of laws thereof), except to the extent preempted by federal law, which shall govern to that extent. 

 
	7.
	Assignability; Binding Nature. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors, heirs and assigns; provided, however, that none of your rights or obligations under this Agreement may be assigned or transferred by you, other than rights to
compensation and benefits hereunder, which may be transferred only by will or operation of law and subject to the limitations of this Agreement. 

	

 	
 	
STATION CASINOS, INC.,

a Nevada corporation
	

 	
 	

 	
 	

 
	 	 	By:	 	 
	 	 	 	 	
 Lorenzo J. Fertitta

President

        By signing below, you hereby acknowledge and agree to all of the foregoing terms and conditions of this Agreement. 

	
Agreed to and Accepted By:	
 	

 
	

 	
 	

 
	
 Stephen L. Cavallaro	 	 

2

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Exhibit 10.52    
  

EMPLOYMENT AGREEMENT

BETWEEN

EDWARD HURWITZ

AND

AFFYMETRIX, INC.  

 

        Edward Hurwitz, hereafter "Hurwitz," and Affymetrix, Inc. hereafter "Company," agree to the following terms of employment. 

        1.    Effective Date.  

        The effective date of the Agreement is October 30, 2001. 

        2.    Duration of employment.  

        The duration of the employment of Hurwitz is October 30, 2001 until the sooner of: a) voluntary termination by Hurwitz; b) Hurwitz exercise
of all options listed in part 7 below; or c) July 1, 2004. 

        3.    Title.  

        The title is Senior Advisor. 

        4.    Job Duties.  

        Hurwitz job duties are to advise Susan Siegel, President of Company on business development opportunities which Hurwitz identifies from
non-confidential sources which in Hurwitz' business judgement are relevant opportunities to Company. Hurwitz will provide a written monthly report to Siegel on the opportunities
identified. The requirement for the position is not to exceed 4 hours per month. All other duties requested of Hurwitz shall be mutually agreed upon in writing by Company and Hurwitz. 

        5.    Part-Time Employment.  

        This is a part-time employment position. 

        6.    Compensation.  

        Compensation for the remainder of 2001 is at the annual rate of $275,000.00 which is no change from the current existing annual rate. Current benefits will
continue through December 31, 2001. For the duration of the employment under section 2 above, the compensation is $1,000.00 per month payable on the last payroll day of the month. There
is no eligibility for any bonus after the effective date of this Agreement. 

        7.    Stock Option Plans.  

        The Stock Option Plans will continue to apply to Hurwitz as an employee of Company through the duration of the employment under section 2 above. The total
outstanding unvested portion of stocks 

1

 

which remain outstanding under the 1993 Stock Plan (attached to this agreement as Appendix A) and the 2000 Equity Incentive Plan (attached to this agreement as Appendix B) are listed
below: 

Ed Hurwitz—Unvested Options  

	Grant Number
 
	 	Date Granted
	 	Vesting Date
	 	Options Vesting
	 	 

	Amended & Reinstated 1993 Stock Plan:	 	 	 	 	 	 	 	 
	000371	 	1/16/97	 	1/16/02	 	50,000	 	 
	 	Total Outstanding Unvested on grant	 	 	 	 	 	 	 	50,000
	000726	 	7/01/99	 	7/1/02	 	4,092	 	 
	00726	 	7/1/99	 	7/01/03	 	4,092	 	 
	 	Total Outstanding Unvested on grant	 	 	 	 	 	 	 	8,184
	000727	 	7/1/99	 	7/1/02	 	20,908	 	 
	000727	 	7/1/99	 	7/1/03	 	20,908	 	 
	 	Total Outstanding Unvested on grant	 	 	 	 	 	 	 	41,816
	Amended & Restated 2000 Equity Incentive Plan:	 	 	 	 	 	 	 	 
	200003	 	10/02/00	 	10/02/02	 	30,000	 	 
	 	Total Outstanding Unvested on grant	 	 	 	 	 	 	 	30,000
	 	 	 	 	 	 	 	 	

	Grand Total Options Outstanding Unvested	 	 	 	 	 	 	 	130,000

        8.    Company Office Services.  

        The Company will provide to Hurwitz the following services through October 30, 2001: office, administrative support, mail, fax, email, voicemail,
reimbursement for expenses and other necessary support services. From October 30, 2001 through December 31, 2001, Affymetrix will provide a voicemail, and email with external receipt
capability but limited network access. Kat George will remain available to forward corporate communications to appropriate personnel. 

        In
consideration for the above Agreement and as a part of that Agreement, the following releases and covenants are made a part of this Agreement and are enforceable in perpetuity. 

        9.    Mutual Release of All Claims.  

        (a)  Hurwitz
agrees to and does fully and completely release, discharge and waive any and all claims, complaints, causes of action or demands of whatever kind which Hurwitz
has or may have against Company, its subsidiaries, affiliates, predecessors, assigns and successors and all its past and present directors, officers and employees by reason of any event, matter, cause
or thing which has occurred or which may occur before the date of the ending of employment as stated in section 2. Hurwitz understands and accepts that this Agreement specifically covers, but
is not limited to, any and all Claims which Hurwitz has or may have against Company relating in any way to Hurwitz' employment with Company or to compensation, or to any other terms, conditions or
circumstances of Hurwitz' employment with Company, service as an officer or role as a shareholder of Company, and to the ending of such employment, whether for severance or based on statutory or
common law claims for employment discrimination (including age discrimination), wrongful discharge, breach of contract or any other theory, whether legal or equitable. Notwithstanding the foregoing,
Hurwitz does not waive any rights to which Hurwitz may be entitled to seek to enforce this Agreement, or to seek indemnification from the Company with respect to liability incurred by Hurwitz as an
officer of Company or with respect to any claim released in section 9(c) or (d). 

        (b)  Hurwitz
acknowledges that this Release shall extend to unknown, as well as known claims, and hereby waives the application of any provision of law, including, without
limitation, Cal. Civ. 

2

 

Code § 1542, that purports to limit the scope of a general release. Section 1542 of the California Civil Code provides: 

"A
general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected
his settlement with the debtor." 

	 	 	
 Initial Here

        (c)  Company
agrees to and does fully and completely release, discharge and waive any and all claims, complaints, causes of action or demands of whatever kind which Company
its subsidiaries, affiliates, predecessors, assigns, and successors and all its past and present directors, officers and employees have or may have against Hurwitz and his successors, estate,
administrators or heirs by reason of any event, matter, cause or thing which has occurred or which may occur before the ending of the employment under section 2. Company its subsidiaries,
affiliates, predecessors, assigns, and successors and all its past and present directors, officers and employees understand and accept that this Agreement specifically covers, but is not limited to,
any and all Claims which Company its subsidiaries, affiliates, predecessors, assigns, and successors and all its past and present directors, officers and employees have or may have against Hurwitz
relating in any way to Hurwitz' employment with Company or to compensation, or to any other terms, conditions or circumstances of Hurwitz' employment with Company, service as an officer or role as a
shareholder of Company, and to the ending of such employment, whether based on statutory or common law claims for breach of contract or any other theory, whether legal or equitable. Notwithstanding
the foregoing, Company its subsidiaries, affiliates, predecessors, assigns, and successors and all its past and present directors, officers and employees does not waive any rights to which Company its
subsidiaries, affiliates, predecessors, assigns, and successors and all its past and present directors, officers and employees may be entitled to seek to enforce this Agreement, or the Confidentiality
Agreement attached as Exhibit A, or to seek indemnification from appropriate insurers with respect to liability incurred due to action by Hurwitz as an officer of the Company. 

        (d)  Company
acknowledges that this Release shall extend to unknown, as well as known claims, and hereby waives the application of any provision of law, including, without
limitation, Cal. Civ. Code § 1542, that purports to limit the scope of a general release. Section 1542 of the California Civil Code provides: 

"A
general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected
his settlement with the debtor." 

	 	 	
 Initial Here

        (e)  Hurwitz
and Company agree to restate all releases in section 9 as necessary or required by law specifically on the date of the end of duration of the employment
agreement specified in section 2. 

        10.  Protective Covenants.  

        (a)  From
the date hereof until one year following the ending of the employment under section 2. Hurwitz agrees that he shall not either directly or indirectly
solicit, induce, attempt to hire, recruit, encourage, take away, hire any employee of Company or cause an employee to leave his or her employment either to work with Hurwitz or for any other entity or
person. Under this 

3

 

section Hurwitz may give professional references for employees or give general career advice to employees if requested by employees. 

        (b)  Hurwitz
agrees that he will continue to comply with the terms of the Confidentiality Agreement attached as Appendix C in accordance with its terms. Additionally,
Hurwitz will not at any time (whether during or after his employment with Company) disclose or use for his own benefit or purposes or the benefit or purposes of any other person, firm, partnership,
joint venture, association, corporation or other business organization, entity or enterprise other than Company and any of its subsidiaries or affiliates, any trade secrets, information, data, or
other confidential information relating to customers, development programs, costs, marketing, trading, investment, sales activities, promotion, credit and financial data, manufacturing processes,
financing methods, plans, or the business and affairs of Company generally, or of any subsidiary or affiliate of Company, provided that the foregoing shall not apply to information which is not unique
to Company or which is generally known to the industry or the public other than as a result of his breach of this covenant. Hurwitz agrees that upon October 30, 2001, Hurwitz will return to
Company immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of Company and its affiliates,
except that Hurwitz may retain personal notes, notebooks and diaries or documents that a non-employee of Company would retain. Upon the ending of his services as an employee under
section 2, Hurwitz agrees to return to Company any additional materials which he acquires relating to the business of Company. Hurwitz further agrees that Hurwitz will not retain or use
for his account at any time any trade names, trademark or other proprietary business designation used or owned in connection with the business of Company or its affiliates. 

        11.  No Disparagement.  

        (a)  Hurwitz
agrees that he shall not make negative statements or representations, or otherwise communicate negatively, directly or indirectly, in writing, orally, or
otherwise, or take any action which may, directly or indirectly, disparage or be damaging to Company, its subsidiaries, affiliates, successors or their officers, directors, employees, business or
reputation. 

        (b)  Company
agrees that it shall not, and shall not authorize any officer, agent, employee or other representative of Company to, make negative statements or
representations, or otherwise communicate negatively, directly or indirectly, in writing, orally or otherwise, concerning Hurwitz, performance of Hurwitz' duties while employed by Company, the ending
of employment or any change in status with Company or the terms and conditions of this Agreement to anyone (other than Company's legal counsel and accountants or as legally required to be disclosed in
Company's filings with the Securities and Exchange Commission or otherwise), or in connection therewith take any action which may, directly or indirectly, in any way disparage or be damaging to
Hurwitz. 

        (c)  Hurwitz
and company, contemporaneous with signing this agreement, will agree on a statement for use by both parties in discussing the transition of employment which is
the subject of this agreement and attached to this agreement as Appendix D. 

        12.  Confidentiality.  

        This Agreement is confidential and the terms shall not be revealed to anyone except on a confidential basis to family, legal or financial counsel of the parties
as necessary, regulatory agencies of the state or federal government as required by law or regulation or to persons as necessary and in confidence to allow Hurwitz to pursue future career
opportunities. Appendix E is a non-confidential statement which Hurwitz or company can present at each's discretion, without breaching the confidentiality as required by this
section of the Agreement. 

4

 

        13.  Remedies.  

        (a)  Hurwitz
and Company acknowledge and agree that the remedies at law for a breach or threatened breach of any of the provisions of Sections
1 - 12 would be inadequate and, in recognition of this fact, Hurwitz and Company agree that, in the event of a breach or threatened breach, in addition to any remedies at
law, both or either Hurwitz and Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent
injunction or any other equitable remedy which may then be available. 

        (b)  It
is expressly understood and agreed that although Hurwitz and Company consider the restrictions contained in Sections 1 - 12 to be
reasonable, if a determination is made by an arbitration that any restriction contained in this Agreement is an unenforceable restriction against any party, the provisions of this Agreement shall not
be rendered void but shall be deemed amended to apply to the maximum extent as the arbitration may determine or indicate to be enforceable. Alternatively, if the arbitration finds that any restriction
contained in this Agreement is unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions
contained herein. 

        14.  This
Agreement shall be construed under California law. Any disputes under the agreement will be submitted to binding arbitration by a single arbitrator. The arbitrator
shall be a JAMS arbitrator under the JAMS Comprehensive Arbitration Rules and Procedures. JAMS San Francisco is located at 2 Embarcadero Center, Suite 1100, San Francisco, California 94111. The
arbitration shall be completed within 6 months of the notice of the claim. The arbitrator will award reasonable attorneys fees and costs of the arbitration to the prevailing party. Each Party,
before submitting any matter to arbitration under this Agreement, shall use best efforts to meet, confer and attempt to mediate any differences. Any attempt to mediate a dispute will not exceed a
period of 30 days. 

        15.  Jurisdiction
is in Santa Clara County under California law for the purposes of enforcing and/or compelling arbitration under this agreement and enforcing any remedies
ordered by the arbitration. All parties submit to the jurisdiction of California and Santa Clara County for the purposes outlined in this section. 

	ACKNOWLEDGED AND AGREED:	 	ACKNOWLEDGED AND AGREED:
	

By: /s/  STEPHEN P.A. FODOR, PH.D.      
      Stephen P.A. Fodor, Ph.D.

      Chairman and Chief Executive Officer	
 	

By: /s/  EDWARD HURWITZ      
      Edward Hurwitz
	

Date:    October 31, 2001	
 	

Date:    October 31, 2001

5

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Exhibit 10.52

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