Document:

EX-10.13

 Exhibit 10.13 

EMPLOYEE LEASE AGREEMENT 

This EMPLOYEE LEASE AGREEMENT (this “Agreement”) is made and entered into as of the 16 day of June, 2014 (the
“Commencement Date”), by and among SBEHG Las Vegas I, LLC, a Nevada limited liability company (“Hotel Manager”); SB Gaming, LLC, a Nevada limited liability company (“Gaming
Operator”); and, solely as to Articles 9 and 18 hereof, Stockbridge/SBE Holdings, LLC, a Delaware limited liability company (“Owner”). Capitalized terms used herein and not otherwise
defined have the meanings provided in the Glossary attached hereto. 
 RECITALS 

A. Owner is the owner of that certain real property located at 2535 Las Vegas Boulevard South, Las Vegas, Nevada 89109 (the
“Premises”), on which is located a hotel, food and beverage facilities, retail facilities, and a casino (all of which, together, is commonly known as the “SLS Las Vegas”). 

B. Owner and Hotel Manager are parties to that certain Second Amended and Restated Management Agreement, of even date herewith (the
“Hotel Management Agreement”), whereby Owner has engaged Hotel Manager to oversee and operate the hotel, food and beverage facilities, nightclubs, and retail facilities (collectively, the “Hotel”) on
the Premises, but excluding its casino (the “Casino”). 
 C. Owner and Gaming Operator are parties to that certain
Casino License Agreement, of even date herewith (the “Casino License”), whereby Owner has granted Gaming Operator, among other rights, the exclusive right to operate the Casino and conduct all Gaming Operations (as defined in
the Casino License) on the Premises. 
 D. Hotel Manager and Gaming Operator now desire for Hotel Manager, even though it is not in the
business of leasing or furnishing its employees to others, to furnish certain of its employees to Gaming Operator in connection with Gaming Operator’s operation of the Casino. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the recitals, promises, and covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

1. PERSONNEL 
  

	1.1.	Subject to the terms of this Agreement, Hotel Manager agrees to furnish to Gaming Operator, and Gaming Operator agrees to engage from Hotel Manager, such employees as may be necessary to conduct all Gaming Operations
(as defined in the Casino License) on the Premises and qualify as “gaming employees” pursuant to NRS 463.0157 (such employees, the “Assigned Employees”). 

  
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	1.2.	All Assigned Employees must be suitable for employment within a casino under Applicable Laws promulgated by or for the benefit of all federal, state and/or local authorities charged with the regulation and control of
Gaming Operator’s business and must hold a gaming employee registration if and as required by Chapter 463 of the Nevada Revised Statutes and any regulations promulgated thereunder. 

2. TERM OF AGREEMENT 
  

	2.1.	This Agreement commences on the Commencement Date and will remain in full force and effect so long as both the Hotel Management Agreement and the Casino License remain in full force and effect (such period, the
“Term”). Any party may elect to terminate this Agreement concurrently with any early termination of either the Hotel Management Agreement or Casino License for any reason, so long as such termination of this Agreement allows
reasonably sufficient time so as to allow each party to comply with all Applicable Laws, including without limitation the Worker Adjustment and Retraining Notification Act of 1988. 

 

	2.2.	Each of the parties hereby acknowledges that the other party is a business subject to one or more privileged licenses issued by governmental authorities. Notwithstanding Section 2.1, if either party (in such
capacity, the “Non-Breaching Party”) is directed to cease business with the other party (in such capacity, the “Breaching Party”) by any such authority, or if the Non-Breaching Party shall in good
faith determine, in its reasonable judgment, that the Breaching Party (a) is or might be engaged in, or about to be engaged in, any activity or activities or (b) was or is involved in any relationship that could or does jeopardize the
Non-Breaching Party’s business or such licenses, or if any such license is, or is threatened to be, denied, suspended, revoked or curtailed, then the Non-Breaching Party shall have the right to immediately terminate this Agreement, with or
without notice to the Breaching Party, with no further liability to the Non-Breaching Party. 

 3. ADMINISTRATION 

 

	3.1.	There are a number of federal and state statutory, common-law and regulatory provisions that define the employer-employee relationship. Employer status is based upon the function for which the employer-employee
relationship is being considered. 

  

	3.2.	Hotel Manager is the employer of the Assigned Employees and is liable as such for the following purposes: 

  

	 	a.	compliance with all rules and regulations governing the reporting and payment of all federal and state taxes on payroll wages paid under this Agreement, including, but not limited to: 

 

	 	(i)	federal income tax withholding provisions of the Internal Revenue Code; 

  

	 	(ii)	administration of W-2s and W-4s for all Assigned Employees; 

  

	 	(iii)	Federal Insurance Contributions Act (FICA); 

  

	 	(iv)	Federal Unemployment Tax Act (FUTA); and 

  
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	 	(v)	applicable state unemployment provisions. 

  

	 	b.	compliance with all applicable workers’ compensation laws, including, but not limited to: 

  

	 	(i)	procuring workers’ compensation insurance; 

  

	 	(ii)	completing and filing all required reports; and 

  

	 	(iii)	managing claims. 

  

	 	c.	compliance with the Consolidated Omnibus Reconciliation Act (COBRA); 

  

	 	d.	compliance with the Immigration Control and Reform Act (IRCA); 

  

	 	e.	compliance with the Consumer Credit Protection Act, Title III; 

  

	 	f.	procuring and providing, including the administration of participation and payment of, all employee benefits; 

  

	 	g.	monitoring and transmitting to Gaming Operator changes in governmental regulations relating to policies and practices governing the employer-employee relationship, including, but not limited to, issues such as
recruiting, hiring, interviewing, testing, selection, orientation of, training, evaluating, replacing, supervision, disciplining and terminating employees; 

  

	 	h.	compliance with Occupational Safety and Health Administration (OSHA) regulations and any and all state or local equivalents; 

  

	 	i.	compliance with Environmental Protection Agency (EPA) and any state and/or local equivalent; 

  

	 	j.	compliance with governmental contracting provisions, including, but not limited to: 

  

	 	(i)	Executive Order 11246; 

  

	 	(ii)	Vocational Rehabilitation Act of 1973; 

  

	 	(iii)	Vietnam Era Veteran’s Readjustment Assistance Act of 1974; 

  

	 	(iv)	Walsh-Healey Public Contracts Act; 

  

	 	(v)	Davis-Bacon Act; and 

  

	 	(vi)	Service Contract Act of 1965; 

  

	 	k.	compliance with Uniformed Service Employment and Reemployment Rights Act; 

  
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	 	l.	compliance with any professional licensing requirements, except for employee registration requirements under the Gaming Laws; 

  

	 	m.	compliance with any fidelity bonding requirements; 

  

	 	n.	Section 414(o) of the Internal Revenue Code (avoidance of certain pension and non-pension employee benefits requirements); 

  

	 	o.	compliance with the National Labor Relations Act (NLRA); and 

  

	 	p.	compliance with any collective bargaining agreements applicable to the Assigned Employees. 

  

	3.3.	Notwithstanding anything to the contrary in the Hotel Management Agreement, Gaming Operator shall be considered the employer of the Assigned Employees and is liable as such for the following purposes: 

 

	 	a.	professional liability, including related insurance coverage and compliance with any regulation mandating such coverage; and 

  

	 	b.	compliance with the Gaming Laws, including compliance with all employee registration requirements under the Gaming Laws. 

  

	3.4.	Notwithstanding anything to the contrary in the Hotel Management Agreement, Hotel Manager and Gaming Operator shall be considered co-employers (“dual or joint employers”) of the Assigned Employees and are
liable as such for the following purposes: 

  

	 	a.	compliance with all provisions of the Fair Labor Standards Act (FLSA) and any and all state equivalents; 

  

	 	b.	compliance with the Worker Adjustment and Retraining Notification (WARN) Act; 

  

	 	c.	compliance with Title VII of the 1964 Civil Rights Act; 

  

	 	d.	compliance with the Age Discrimination in Employment Act (ADEA); 

  

	 	e.	compliance with the Polygraph Protection Act; 

  

	 	f.	compliance with the Americans with Disabilities Act (ADA); 

  

	 	g.	compliance with the Family and Medical Leave Act (FMLA); 

  

	 	h.	compliance with the Equal Pay Act; 

  

	 	i.	compliance with the Federal Drug Free Workplace Act and any state and/or local equivalent; 

  
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	 	j.	compliance with the Lily Ledbetter Fairpay Act; 

  

	 	k.	compliance with state employment discrimination laws; and 

  

	 	l.	implementation of policies and practices relating to the employer-employee relationship such as recruiting, interviewing, testing, selecting, orientation of, training, evaluating, replacing, scheduling, supervision,
disciplining and terminating employees; and election of fringe benefits, including, but not limited to, holidays, vacation, sick leave, parental leave, military leave, and leave of absence. 

 

	3.5.	The provisions of Sections 3.2, 3.3 or 3.4 are intended to allocate responsibility between the parties and nothing set forth therein shall be deemed to impose additional
obligations on either Hotel Manager or Gaming Operator, except as required by law or as otherwise specifically provided by this Agreement. 

  

	3.6.	For the purposes of this Agreement, all determinations of employer status for situations not specifically set forth and not otherwise contemplated herein shall be made by mutual agreement of Hotel Manager and Gaming
Operator, consistent with the intentions of the Hotel Manager and Gaming Operator in entering into this Agreement. 

 4. SUPERVISION

 Gaming Operator shall control and direct all operational and administrative matters relating to the services provided by the Assigned Employees.
Gaming Operator shall establish reasonable employee policies and practices to address compliance with Applicable Laws and shall have the absolute authority to select the individuals hired as Assigned Employees and then train, supervise, promote,
discipline, and/or fire the Assigned Employees as required by the Gaming Laws or as otherwise necessary or appropriate in Gaming Operator’s sole and absolute judgment. 

5. ASSIGNED EMPLOYEES COSTS REIMBURSEMENT 
 In exchange
for the personnel services provided by Hotel Manager hereunder, Hotel Manager and Gaming Operator agree as follows: 
  

	5.1.	For so long as the Assigned Employees are performing services on behalf of Gaming Operator, Gaming Operator agrees to pay to Hotel Manager all of the following: 

 

	 	a.	the actual cost of the Assigned Employees’ wages, including salaries and bonuses, if any, incurred by Hotel Manager; 

  

	 	b.	the actual cost of all benefits provided to the Assigned Employees by Hotel Manager; 

  

	 	c.	the actual cost of maintaining workers’ compensation and liability insurance to cover the Assigned Employees; and 

  
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	 	d.	any such other items as the parties may mutually agree shall be a reimbursable cost (collectively, the “Reimbursement”). 

  

	5.2.	The Reimbursement shall be due and payable at least one (1) business day prior to the date of payroll delivery. 

  

	5.3.	Gaming Operator shall use a method of payment approved in advance by Hotel Manager, which approval shall not be unreasonably denied, withheld, or otherwise delayed. 

 

	5.4.	Upon request by Hotel Manager, Gaming Operator (or one or more of its on-site supervisors) shall report to Hotel Manager all time worked by the Assigned Employees during each pay period and shall provide Hotel Manager
with written verification of same. 

  

	5.5.	Gaming Operator shall promptly notify Hotel Manager of any error in billing. 

 6. INSURANCE 

Hotel Manager shall furnish, and keep in full force and effect at all times during the Term, workers’ compensation insurance covering the Assigned
Employees and including alternate employer endorsement naming Gaming Operator. Upon written request by Gaming Operator, Hotel Manager shall furnish a certificate of insurance verifying such coverage. 

7. TRANSITION UPON TERMINATION 
 Upon any termination of
this Agreement (whether through expiration of the Term or otherwise), Gaming Operator and Hotel Manager shall cooperate with respect to any transition or other matters related to the Assigned Employees in accordance with any transition plan agreed
upon between the parties, including (a) the transfer of all information regarding the Assigned Employees by Gaming Operator to the Hotel Manager, as reasonably requested by Hotel Manager and permitted by Applicable Law and (b) the transfer
of all information regarding the Assigned Employees by Hotel Manager to Gaming Operator, as reasonably requested by Gaming Operator and permitted by Applicable Law. 

8. DEFAULT 
  

	8.1.	Acts of default by Gaming Operator or Hotel Manager shall include, but are not limited to: 

  

	 	a.	failure of either party to pay any payment required under this Agreement when due that is not cured within ten (10) days after written notice to the defaulting party; 

 

	 	b.	failure of either party to comply within thirty (30) days of any directive of the other party, when such directive is promulgated or made necessary by: 

 

	 	(i)	a federal, state, or local governmental body, department, or agency, or 

  
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	 	(ii)	an insurance carrier providing coverage to Hotel Manager, Gaming Operator, and/or the Assigned Employees; 

  

	 	c.	direct payment of taxable wages by Gaming Operator to the Assigned Employees for services contemplated by this Agreement; and 

  

	 	d.	continued violation by either party of any provision of this Agreement for thirty (30) days after notice thereof by the other party. 

 

	8.2.	In the event a non-defaulting party incurs any expenses, fines and/or liabilities as a result of an act of default by another party (including, for the sake of clarity, those set forth above), the defaulting party shall
reimburse the non-defaulting party for all actual expenses, fines and/or liabilities associated with such act of default, including, but not limited to, reasonable attorneys’ fees, court costs and any related expenses. 

 

	8.3.	With respect to a default by either party hereunder, the non-defaulting party’s sole and exclusive remedies shall be to pursue a claim for actual damages (including reasonable attorneys’ fees, court costs and
any related expenses). 

  

	8.4.	Notwithstanding anything to the contrary in this Agreement, no action taken by any party pursuant to the requirements of any Gaming Law (or at the behest of any governmental authority charged with the administration
and/or enforcement of any Gaming Law) shall be deemed an act of default under this Agreement. 

 9. INDEMNITY 

 

	9.1.	Subject to Sections 9.3 and 9.4, Gaming Operator and Owner shall, jointly and severally, defend, indemnify, and hold harmless Hotel Manager, its affiliates, and their respective trustees,
beneficiaries, directors, officers, partners, members, managers, employees and agents, and the successors and assigns of each of the foregoing (collectively, the “Hotel Manager Indemnified Parties”) for, from and against any
and all Claims, except to the extent such Claims are caused by Hotel Manager’s Gross Negligence or Willful Misconduct. 

  

	9.2.	Subject to Sections 9.3 and 9.4, Hotel Manager shall defend, indemnify, and hold harmless Gaming Operator, its affiliates (including, for the sake of clarity, Owner), and their respective
trustees, beneficiaries, directors, officers, partners, members, managers, employees and agents, and the successors and assigns of each of the foregoing (collectively, the “Gaming Operator Indemnified Parties” and, together
with the Hotel Manager Indemnified Parties, the “Indemnified Parties”) for, from and against any and all Claims that the Gaming Operator Indemnified Parties incur to the extent caused by Hotel Manager’s Gross Negligence
or Willful Misconduct. 

  

	9.3.	Notwithstanding anything to the contrary in this Article 9, in the event any claim or liability occurs, the parties shall look first to any applicable insurance coverages in effect pursuant to this
Agreement prior to seeking indemnification under this Article 9, regardless of the cause of such claim or liability; provided, however, that if the insurance company denies coverage or reserves rights as to coverage, then the
Indemnified Parties shall have the right to seek indemnification, without first looking to such insurance coverage. 

  
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	9.4.	Any Indemnified Party shall be entitled, upon written notice to the Indemnifying Party, to the timely appointment of counsel by the Indemnifying Party for the defense of any Claim, which counsel shall be subject to the
approval of the Indemnified Party. If, in the Indemnified Party’s judgment, a conflict of interest exists between the Indemnified Party and the Indemnifying Party at any time during the defense of the Indemnified Party, the Indemnified Party
may appoint independent counsel of its choice for the defense of the Indemnified Party as to such Claim. In addition, regardless of whether the Indemnified Party has appointed counsel or selects independent counsel (a) the Indemnified Party
shall have the right to participate in the defense of any Claim and approve any proposed settlement of such Claim (unless such settlement involves only a cash payment) and (b) all reasonable costs and expenses (excluding attorneys’ fees
and cost except for any independent counsel appointed pursuant to the second sentence) of the Indemnified Party shall be paid by the Indemnifying Party. If the Indemnifying Party fails to timely pay such costs and expenses (including attorneys’
fees and costs), the Indemnified Party shall have the right, but not the obligation, to pay such amounts and be reimbursed by the Indemnifying Party for the same. Each of the parties hereby acknowledges and agrees that it shall not be a defense to a
demand for indemnity that less than all Claims asserted against the Indemnified Party are subject to indemnification. 

  

	9.5.	NO PARTY HERETO SHALL BE LIABLE TO ANY OTHER PARTY HERETO FOR ANY PUNITIVE OR CONSEQUENTIAL DAMAGES, except to the extent that any of the foregoing described damages are claimed against a party hereto by a third party,
and such party hereto is entitled to indemnification from the other party hereto pursuant to this Section 9.5 with respect to such third-party claim. 

10. MISCELLANEOUS 
  

	10.1.	This Agreement may be amended from time to time as agreed by the parties in writing. Such amendment shall become effective on the date so designated by the parties. 

 

	10.2.	Gaming Operator and Hotel Manager warrant and represent to each other that, prior to the commencement of this Agreement, no separate agreements or arrangements exist that would obligate Gaming Operator or Hotel Manager
in connection with the subject matter of this Agreement except the Hotel Management Agreement, the Casino License, and as otherwise set forth herein. 

  

	10.3.	Gaming Operator and Hotel Manager agree to immediately report to each other all facts, matters, and incidents, including without limitation disciplinary actions, accidents, and injuries, involving any Assigned Employee.

  

	10.4.	This Agreement is between Hotel Manager, Gaming Operator, and, solely as to Articles 9 and 18 hereof, Owner, and creates no individual rights of any employees (including, for the sake of
clarity, any Assigned Employees). 

  
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	10.5.	Hotel Manager and Hotel Manager’s workers’ compensation insurance carrier shall have the right to inspect Gaming Operator’s premises, including any job site to which Gaming Operator assigns any Assigned
Employee. To the extent possible, such inspection shall be scheduled at a mutually convenient time. 

  

	10.6.	This Agreement may be executed in counterparts, each of which when executed and delivered shall be deemed an original, and such counterparts together shall constitute one and the same instrument. 

11. DISPUTE RESOLUTION 
  

	11.1.	Each of the parties: (i) agrees to the exclusive jurisdiction of any state or federal court within the County of Clark, State of Nevada, with respect to any claim or cause of action arising under or relating to
this Agreement, and (ii) waives any objection based on forum non conveniens and any objection to venue with respect to any action brought in the foregoing-described courts. Each party shall have the right to apply to a court of law to enjoin
any breach of this Agreement to the extent that monetary damages or other remedies at law would not be an adequate remedy and injunctive or similar relief is necessary to prevent irreparable damage or injury to the party seeking such injunctive or
similar relief. In the event of any litigation or other formal dispute resolution procedure between the parties arising out of or relating to this Agreement, the prevailing party shall be reimbursed for all costs incurred in connection with such
litigation, arbitration or formal dispute resolution procedure, including, without limitation, reasonable attorneys’ fees and costs. The prevailing party need not prevail on every issue in dispute, but must prevail on the main issue which is
the subject of such dispute. 

  

	11.2.	Waiver of Jury Trial. EACH PARTY HERETO EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY JUDICIAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION (AS DEFINED IN
THIS AGREEMENT) AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTIES’ ENTERING INTO THIS AGREEMENT. 

  

	11.3.	Remedies Not Exclusive. Subject in all respects to the limitation of liability agreed to by the Parties in Section 10.4, the remedies provided in this Agreement are cumulative and not
exclusive of any remedies provided by law. 

 12. ASSIGNMENT 

No party shall assign this Agreement or its rights and duties hereunder, or any interest herein, without the prior written consent of the other parties, except
to affiliates or subsidiaries. 
 13. GOVERNING LAW 

This Agreement and all matters related thereto shall be governed by the laws of the state of Nevada. 

  
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 14. ENTIRE AGREEMENT 

This Agreement, including the Exhibits attached hereto, together with the Hotel Management Agreement and the Casino License, contain the entire agreement of
the parties and supersedes all prior and contemporaneous agreements or understandings, whether written or oral, with respect to the subject matter hereof. No amendment or modification hereto shall be valid unless it is in writing and signed by both
parties hereof. 
 15. SEVERABILITY 
 If any provision
of this Agreement, or any amendment thereof, should be invalid, the remaining provision shall remain in effect and be so construed as to effectuate the intent and purposes of this Agreement and any amendments thereto. 

16. NOTICES 
 All notices and other communications under
this Agreement shall be in writing and shall be deemed given (a) when delivered personally by hand (with written confirmation of receipt), (b) one business day following the day sent by overnight courier (with written confirmation of
receipt), (c) by facsimile with report of confirmation during business hours, in each case at the following addresses or telecopier number (or to such other address or numbers as a party may have specified by notice given to the other party
pursuant to this provision): 
  

			
	If to Hotel Manager:	  	SBEHG Las Vegas I, LLC
		  	2535 Las Vegas Blvd., South
		  	Las Vegas, Nevada 89109
		  	Attn:
                                    
		  	Fax:
                                    
		
	 If to Gaming Operator:
	  	SB Gaming, LLC
		  	2535 Las Vegas Blvd., South
		  	Las Vegas, Nevada 89109
		  	Attn: General Counsel
		  	Fax:
                                    
		
	 With a copy to:
	  	Stockbridge/SBE Holdings, LLC
		  	4 Embarcadero Center, Suite 3300
		  	San Francisco, CA 94111
		  	Attn: Controller
		  	Fax: (415) 658-3343
		
	 If to Owner:
	  	Stockbridge Real Estate Partners, II, LLC
		  	4 Embarcadero Center, Suite 3300
		  	San Francisco, CA 94111
		  	Attn: Controller
		  	Fax: (415) 658-3343

  
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	With a copy to:	  	Gibson Dunn & Crutcher, LLP
		  	333 South Grand Avenue
		  	Los Angeles, CA 90071-3197
		  	Attn: Farshad Morè
		  	Fax: (213) 229-6947

 17. WAIVER 
 The waiver by
either party hereto or a breach of any term or provision of this Agreement shall not operate or be construed as a waiver of a subsequent breach of the same provision by any party or of a breach of any other term or provision of this Agreement. 

18. RELATIONSHIP TO HOTEL MANAGEMENT AGREEMENT 
 Owner
hereby acknowledges the provisions of this Agreement. Owner and Hotel Manager each hereby acknowledges and agrees that, to the extent one or more provisions of this Agreement are inconsistent with one or more provisions of the Hotel Management
Agreement, the provisions of this Agreement shall govern. 
 [Signatures follow] 

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

  

					
	HOTEL MANAGER:
	
	 SBEHG LAS VEGAS I, LLC
 a Nevada
limited liability company

			
		 	By:	 	SBEHG LVI Voteco Company, LLC
		 	Its:	 	Manager
			
		 	By	 	/s/ Sam Nazarian
		 	Name:	 	Sam Nazarian
		 	Title:	 	Manager

  

					
	GAMING OPERATOR:
	
	 SB GAMING, LLC,
 a Nevada limited
liability company

			
		 	By:	 	Stockbridge/SBE Holdings, LLC
		 	Its:	 	Manager
			
		 	By:	 	Stockbridge/SBE Voteco Company, LLC
		 	Its:	 	Manager
			
		 	By	 	/s/ Terrence Fancher
		 	Name:	 	Terrence Fancher
		 	Title:	 	President

  

					
	OWNER (solely as to Articles 9 and 18):
	
	 STOCKBRIDGE/SBE HOLDINGS, LLC
 a
Delaware limited liability company

			
		 	By:	 	Stockbridge/SBE Voteco Company, LLC
		 	Its:	 	Manager
			
		 	By:	 	/s/ Terrence Fancher
		 	Name:	 	Terrence Fancher
		 	Title:	 	President

  
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 GLOSSARY 

As used in this Agreement, the following capitalized terms have the following meanings: 

“Agreement” has the meaning provided in the Introduction hereto. 

“Applicable Law” means any (a) statute, law, rule, regulation, ordinance, code or other legal requirement of any
federal, state or local governmental authority, board of fire underwriters and similar quasi-governmental authority, including any legal requirement under any Approvals, or (b) judgment, injunction, order or other similar requirement of any
court, administrative agency or other legal adjudicatory authority, in effect at the time in question and in each case to the extent the individual or entity in question is subject to the same. Without limiting the generality of the foregoing,
references to Applicable Law shall include any of the matters described in clause (a) or (b) above relating to employees, zoning, building, health, safety and environmental matters and accessibility of public facilities. 

“Approvals” means all licenses, permits, approvals, certificates and other authorizations granted or issued by any
governmental authority for the matter or item in question. 
 “Assigned Employees” has the meaning provided in
Section 1.1. 
 “Casino” has the meaning provided in the Recitals. 

“Casino License” has the meaning provided in the Recitals. 

“Casino Personnel” means all individuals employed by Hotel Manager for the specific purpose of performing services at
the Premises in the name of the Casino during the Term (including without limitation the Assigned Employees), but expressly excluding Corporate Personnel. 

“Claims” means claims, demands, suits, criminal or civil actions or similar proceedings that might be alleged by a
third party (including enforcement proceedings by any governmental authority) against any indemnified party, and all liabilities, damages, fines, penalties, costs or expenses (including reasonable attorneys’ fees and expenses and other
reasonable costs for defense, settlement and appeal) that any indemnified party might incur, become responsible for, or pay out for any reason, related to this Agreement or the employment of the Assigned Employees. 

“Commencement Date” has the meaning provided in the Introduction hereto. 

“Corporate Personnel” means any personnel from the corporate or divisional offices of Hotel Manager or its affiliates
who are not employed for the specific purpose of performing services at the Premises, but who may, nevertheless, perform activities at or on behalf of the Casino in connection with the services provided by Hotel Manager under this Agreement. 

“Gaming Laws” means those Applicable Laws that specifically regulate or otherwise pertain to casinos, legal gaming or
gambling. 

  
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 “Gaming Operator” has the meaning provided in the
Introduction hereto. 
 “Hotel” has the meaning provided in the Recitals. 

“Hotel Manager” has the meaning provided in the Introduction hereto. 

“Hotel Manager’s Gross Negligence or Willful Misconduct” means any gross negligence, knowingly willful
misconduct, or fraud committed by Hotel Manager, its affiliates, or Corporate Personnel in the performance of Hotel Manager’s duties under this Agreement; provided, however, that (a) the acts or omissions of Casino Personnel shall not be
imputed to Hotel Manager, its affiliates, or Corporate Personnel, or otherwise deemed to constitute Hotel Manager’s Gross Negligence or Willful Misconduct, unless such acts or omissions resulted from the gross negligence, knowingly willful
misconduct or fraudulent acts of Corporate Personnel in supervising or hiring such Casino Personnel and (b) no settlement by either party in good faith of any Claims (including Claims by Casino personnel) shall be deemed to create any
presumption that the acts or omissions giving rise to such Claims constitute Hotel Manager’s Gross Negligence or Willful Misconduct. 

“Hotel Management Agreement” has the meaning provided in the Recitals. 

“Owner” has the meaning provided in the Introduction hereto. 

“Premises” has the meaning provided in the Recitals. 

“Reimbursement” has the meaning provided for in Section 5.1. 

“Term” has the meaning provided in Article 2.  

  
 14Exhibit 10.1

SEPARATION AGREEMENT

 

 

THIS SEPARATION AGREEMENT
(the “Agreement”) is entered into as of July 25, 2014, by and between GLENN R. MATTES (the “Executive”)
and ARNO THERAPEUTICS, INC., a Delaware corporation (the “Company”).

 

WHEREAS, Executive
and the Company are parties to that certain Employment Agreement dated April 25, 2011 (the “Employment Agreement”),
which set forth the terms of Executive’s employment with the Company as its Chief Executive Officer and President;

 

WHEREAS, Executive
and the Company have determined to terminate such employment effective as of July 18, 2014 (the “Separation Date”)
and to agree to a mutually satisfactory settlement regarding Executive’s separation from the Company;

 

WHEREAS, Section 10
of the Employment Agreement sets forth certain compensation and other benefits payable to Executive in certain circumstances upon
the termination of his employment with the Company;

 

WHEREAS, paragraph
(d) of Section 10 provides that the Company’s obligation to pay to Executive the compensation and other benefits described
in Section 10 of the Employment Agreement is conditioned upon the Executive’s execution of a Release Agreement (as defined
therein); and

 

WHEREAS, the parties
intend that this Agreement shall constitute the Release Agreement described in Section 10(d) of the Employment Agreement.

 

NOW, THEREFORE, in
consideration of the foregoing, the parties hereby agree as follows:

 

1.Separation from Company.
Executive and Company each agree that the Employment Agreement and Executive’s employment with the Company ended effective
at the close of business on the Separation Date, and that the Company and Executive shall have no further rights or obligations
thereunder other than as explicitly set forth in this Agreement. Upon receipt by Executive of his final paycheck, which includes
payment for services through the Separation Date, Executive will have received all wages and compensation owed to him by virtue
of his employment with the Company or termination thereof, except as otherwise described in this Agreement. Executive hereby resigns
as a director of the Company and as an officer and director of all Company subsidiaries effective as of the Separation Date.

 

2.Separation Compensation.
In consideration for the release set forth in Section 3 below, following the Separation Date and subject to Executive’s continued
compliance with Sections 6 and 7 of the Employment Agreement, the Company agrees as follows:

 

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		(a)	To pay to Executive a lump sum payment in the gross amount of $7,570.80 (less applicable withholding),
representing his accrued and unused vacation pay as of the Separation Date;

 

		(b)	To reimburse Executive for any unreimbursed business expenses properly incurred by him prior to
the Separation Date in accordance with Company policy;

 

		(c)	To pay Executive his current annualized Base Salary for a period of thirteen (13) months following
the Separation Date (representing total gross payments of $426,508.33) in regular installments in accordance with the Company's
usual payroll practices commencing with the first payroll date following the expiration of the 7-day rescission period described
in Section 4(b), below;

 

		(d)	To extend until July 18, 2017, the exercise period of all stock options previously granted to Executive
pursuant to the Company’s 2005 Stock Option Plan, as amended (the “2005 Plan”) but only to the extent that such
stock options are vested and exercisable as of the Separation Date, which stock option are described on Exhibit A attached hereto
(the “Stock Options”); and

 

		(e)	To allow Executive to cashlessly exercise the Stock Options, up to the extent the Stock Options
are deemed vested and exercisable as of the Separation Date (as reflected on Exhibit A) in the manner contemplated by Section 6.4(c)
of the 2005 Plan.

 

In no event shall Executive be obligated
to seek other employment or take any other action by way of mitigation of the amounts payable to and benefits provided to Executive
under any provisions of this Agreement and, such amounts and benefits shall not be reduced whether or not Executive obtains other
employment.

 

3.Release of Claims. In
consideration for the payments and other benefits described in this Agreement, Executive hereby fully and finally releases, waives,
and discharges any and all legal claims against the Company, including Insperity, that he has through the date on which he signs
this Agreement. This full and final release, waiver, and discharge extends to legal and equitable claims of any kind or nature
whatsoever including, without limitation, the following:

 

(a)All claims that
Executive has now, whether or not he now knows about the claims;

 

(b)All claims for
attorney’s fees and costs;

 

(c)All claims for
alleged discrimination against his under any applicable federal, state, and local law including, without limitation, rights and
claims of age discrimination under the federal Age Discrimination in Employment Act (“ADEA”) and federal Older Workers
Benefits Protection Act (“OWBPA”); and discrimination claims under the California Fair Employment and Housing Act (“CFEHA”),
Title VII of the Civil Rights Act of 1964 (“Title VII”), and the Americans With Disabilities Act (“ADA”),
the New Jersey Law Against Discrimination, the New Jersey Family Leave Act, the New Jersey Conscientious Employee Protection Act,
the New Jersey Civil Rights Act;

 

    	2

    	 

    

 

(d)All claims arising
out of his employment and the termination of his employment with and service as an officer or director of the Company, including,
but not limited to, any alleged breach of contract, wrongful termination, termination in violation of public policy, defamation,
invasion of privacy, fraud, negligence, infliction of emotional distress, breach of implied contract and breach of the covenant
of good faith and fair dealing;

 

(e)All claims for
any other alleged unlawful employment practices arising out of or relating to his employment or separation from employment and
service as an officer or director of the Company;

 

(f)All claims for
any other form of pay, for example bonus pay, incentive pay, holiday pay, and sick pay; and

 

Provided,
however, that the foregoing does not constitute a release or waiver of Executive’s rights to (a) the payments
and benefits payable to Executive by the Company pursuant to Section 2 hereof; (b) any rights and benefits retained by or provided
to Executive pursuant to this Agreement; (c) participate in any manner in an investigation, hearing or proceeding conducted by
the Equal Employment Opportunity Commission, but Executive hereby waives any and all rights to recover under, or by virtue of,
any such investigation, hearing or proceeding; (d) exercise his rights, if any, under Section 601-608 of the Employee Retirement
Income Security Act of 1974, as amended, popularly known as COBRA and/or the New Jersey Small Employer Health Benefits Act of 1992;
(e) seek indemnification under any applicable directors & officers liability insurance policy, applicable state and federal
law, the Company’s certificate of incorporation and bylaws and pursuant to that certain Indemnification Agreement between
the Company and Executive dated April 25, 2011 (the “Indemnification Agreement”), (f) any rights under the Stock Options
(to the extent deemed vested as of the Separation Date and as modified by this Agreement), and any vested interest he may have
in any 401(k), retirement, defined benefit, defined contribution or other plan by virtue of his employment with the Company, g)
any rights or claims that may arise after this Agreement is signed, (h) any rights to any unemployment compensation benefits to
which he is entitled taking into consideration all payments he receives, (i) any rights of Executive under any other written agreement
with the Company entered into after the date of the Employment Agreement, or (j) the right to institute legal action for the purpose
of enforcing the provisions of this Agreement and/or the surviving provisions of the Employment Agreement.

 

Executive also hereby waives any right
to reinstatement to employment with the Company.

 

For purposes of this Agreement, “Executive”
includes anyone who has or obtains any legal rights or claims through Executive, and the term “Company” means Arno
Therapeutics, Inc. and each of its past and present parents, subsidiaries and other affiliated entities, if any, and each of them;
and past and present agents, officers, directors, employees, shareholders, insurers, indemnitors, attorneys, successors or assigns
of any or all of the foregoing entities. The term “Insperity” means Insperity PEO Services, L.P. (“Insperity”),
and each of its past and present parents, subsidiaries and other affiliated entities, if any, and each of them; and past and present
agents, officers, directors, employees, shareholders, insurers, indemnitors, attorneys, successors or assigns of any or all of
the foregoing entities.

 

    	3

    	 

    

 

4. Rights
to Counsel, Consider, and Revoke and Rescind. 

 

(a)Executive
acknowledges that he consulted with an attorney prior to signing the Employment Agreement. The Company hereby advises
Executive to consult with an attorney prior to signing this Agreement.

 

(b)Executive understands that he
has the right to take up to 21 days to consider his waiver of age discrimination rights and claims under the ADEA and OWBPA, beginning
the date on which he received this Agreement. He further understands that, if he signs this Agreement, he may rescind his waiver
of age discrimination rights and claims under the ADEA and OWBPA within seven days thereafter, and his waiver will not be effective
or enforceable until this seven-day period has expired. If Executive wishes to rescind or revoke his waiver of such age discrimination
claims, he should send a notice of such rescission or revocation to the Company at 200 Route 31 North, Flemington, NJ 08822, Attn:
Lawrence Kenyon. Any exercise by Employee of his right to rescind claims under the ADEA pursuant to this Section 4 shall not entitle
him to or result in reinstatement of his employment with the Company. Employee further understands and agrees that if he rescinds
or revokes this Agreement in accordance with this Section 4, the Company shall have no obligation to provide the payments and benefits
described in Section 2, above (other than with respect to unreimbursed business expenses as described in Section 2(b)).

 

5. Charges.
This Agreement does not prohibit Executive from filing an administrative charge of discrimination with, or cooperating or participating
in an investigation or proceeding conducted by, the Equal Employment Opportunity Commission or other federal or state regulatory
or law enforcement agency.

 

6. Other
Agreements.

 

(a)Executive agrees that he will
surrender to the Company, no later than the date of this Agreement, all property belonging to, or purchased with the funds of,
the Company, and any equipment (including computers and cell phones), employee or security identification or access codes, pass
codes, keys, credit cards, swipe cards, client data bases, computer files, Company proposals, computer access codes, documents,
memoranda, records, files, letters, specification or other papers (including all copies and other tangible forms of the foregoing)
acquired by Executive by reason of his employment with the Company and in Executive’s possession or under his custody or
control as of the Separation Date relating to the operations, business or affairs of the Company. Executive agrees that he will
not retain any copies, duplicates, reproductions, computer disks, or excerpts thereof of Company documents. Notwithstanding anything
to the contrary contained in this Agreement, (i) Executive may remove from the Company’s premises, retain and use any third
party business cards that he accumulated during his employment with the Company, and (ii) the Company will provide to Executive
on a compact disc or other medium, and Executive may retain and use, his personal electronic contact list that he developed during
his employment with the Company on. Nothing in this Agreement shall be construed to restrict or otherwise limit the ability or
right of Executive to (x) retain and use any documents or other items relating to his employment with the Company, including documents
describing the terms of his employment or benefits or other compensation to which he has been or may in the future be entitled,
or (y) retain and use his personal belongings. The Company shall have the right to inspect all items removed from the Company’s
premises by Executive solely to ensure compliance with this Section 6(a).

 

    	4

    	 

    

 

(b)Executive’s obligations
under Sections 6 and 7 of the Employment Agreement shall remain in full force and effect and will survive the termination of Executive’s
employment with the Company in accordance with the terms of the Employment Agreement. Nothing in this Agreement shall be construed
to supersede or otherwise relieve Executive of such obligations. Further, the Indemnification Agreement shall survive the termination
of the Employment Agreement and Executive’s service as an officer and director of the Company in accordance with its terms,
and nothing herein shall relieve the Company and Executive of their respective rights and obligations thereunder.

 

(c)The Company agrees that no amendment
or modification of its certificate of incorporation or bylaws adopted after the date hereof that reduces Executive’s rights
to seek and obtain indemnification from the Company in his capacity as officer and/or director shall be effective against Executive.

 

(d)The Company acknowledges and
agrees that its obligations under Section 7(c) of the Employment Agreement shall remain in full force and effect and will survive
the termination of Executive’s employment with the Company in accordance with the terms of the Employment Agreement. Nothing
in this Agreement shall be construed to supersede or otherwise relieve the Company of such obligations.

 

(e)Executive agrees that the additional
compensation to be paid under this Agreement is due solely from Arno Therapeutics, Inc. and that Insperity has no obligation to
pay the additional compensation, even though its payment may be processed through Insperity.

 

(f)The Company and Executive agree
that any dispute arising out of, or relating to, this Agreement, on the breach thereof, or the interpretation thereof, shall be
exclusively decided pursuant to the provisions of Section 12(c) of the Employment Agreement which shall, for such purposes, remain
in full force and effect and will survive the termination of the Employment Agreement.

 

7.Miscellaneous.
This Agreement states the entire agreement between Executive and the Company with respect to the subject matter hereof and supersedes
and merges all prior negotiations, agreements, and understandings, if any. No modification, release, discharge, or waiver, of any
provision of this Agreement shall be of any force or effect unless made in writing and signed by Executive and the Company, and
specifically identified as a modification, release, or discharge, of this Agreement. If any term, clause, or provision of this
Agreement shall for any reason be adjudged invalid, unenforceable, or void, the same shall not impair or invalidate any of the
other provisions of the Agreement, all of which shall be performed in accordance with their respective terms. This Agreement shall
inure to the benefit of the successors and assigns of the Company. This Agreement shall inure to the benefit of and be enforceable
by the Executive’s legal representatives. As used in this Agreement, the “Company” shall mean the Company as
hereinbefore defined and any successor to its business and/or assets which assumes and agrees to perform this Agreement by operation
of law or otherwise.

 

    	5

    	 

    

 

Executive represents
that this Agreement, and the release contained in this Agreement, have been given voluntarily and free from duress or undue influence
on the part of any person or entity released by this Agreement, or by any third party. Executive acknowledges and understands that
he has no obligation to enter into this Agreement, but that the Company has no obligation to provide to Executive the payments
and benefits described under Section 10 of the Employment Agreement if he does not enter into this Agreement.

 

Executive has read
this Agreement carefully and understands all of its terms. he acknowledges that he has had the opportunity to discuss this Agreement
with his own attorneys prior to signing it, and to make certain that he understands the meaning of the terms and conditions contained
in this Agreement and fully understands the content and effect of this Agreement. In agreeing to sign this Agreement, Executive
acknowledges that he has not relied on any representations or statements, whether oral or written, other than the express statements
of this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date(s) set forth below.

 

	EXECUTIVE:	ARNO THERAPEUTICS, INC.
	 	 
	
         

        /s/ Glenn R. Mattes

        Glenn R. Mattes

         

         

        Dated:July 25, 2014
	
         

        By:/s/ Lawrence A. Kenyon

        Name: Lawrence A. Kenyon

        Its: COO and CFO

         

        Dated: July 25, 2014

 

 

 

 

    	6

    	 

    

 

 

EXHIBIT A

 

 

	Original Grant Date	 	Shares Subject to Original Grant	 	Ex. Price	 	Shares Deemed Vested and Exercisable at Separation Date
	4/25/2011	 	         176,578 	 	 $   2.40 	 	   176,578 
	4/25/2011	 	         117,719 	 	 $   2.40 	 	   117,719 
	1/14/2013	 	           38,700 	 	 $   2.40 	 	33,325
	1/14/2013	 	           25,800 	 	 $   2.40 	 	8,600
	11/4/2013	 	         386,697 	 	 $   2.40 	 	96,674
	1/24/2014	 	         408,892 	 	 $   2.90 	 	0
	 	 	 	 	TOTAL	 	   432,896 

 

Note: All share and prices have been
adjusted for the 1:8 reverse split of the Company’s common stock effected on Oct. 29, 2013.

 

 

    	7

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