Document:

exh10-15_amd.htm

     

    
      

      

    

     

     

     

     

     

     

     

    EXHIBIT 10.15

     

    AMENDMENT TO THE CREDIT AGREEMENT

    DATED MARCH 13, 2009

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FIRST AMENDMENT
TO

    CREDIT
AGREEMENT

    

     

    THIS
FIRST AMENDMENT TO CREDIT AGREEMENT (the “Amendment”), is made as of the 13th
day of March, 2009, by and between ADVANCED FIBERGLASS TECHNOLOGIES, INC., a
Wisconsin corporation (“AFT”), and JAMIE L. MANCL AND JENNIFER MANCL (the
“Mancls”) and NEKOOSA PORT EDWARDS STATE BANK (“Bank”).

     

    WHEREAS,
AFT, the Mancls, Bank and M & W Fiberglass, LLC (“M&W”) are parties to
that certain Credit Agreement dated as of February 28, 2007 (the “Credit
Agreement”); and

    

    WHEREAS,
M&W has assigned all of its rights, title and interests in and to, and AFT
has assumed all of the obligations of M&W arising under, the Credit
Agreement pursuant to that certain Assignment and Assumption Agreement dated as
of December 31, 2008; and

    

    WHEREAS,
AFT, the Mancls and the Bank wish to amend the Credit Agreement as hereinafter
described to reflect modifications to various definitions and
covenants.

    

    NOW
THEREFORE, in consideration of the recitals and of the consummation of the
transactions contemplated in this Amendment and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

     

    1.  Capitalized
Terms.  All capitalized terms used in this Amendment and not
otherwise defined herein shall have the meaning given such terms in the Credit
Agreement.

     

    2.  Amendment to Section
1.01.  Section 1.01 of the Credit Agreement is hereby amended
as follows:

     

    a.  The
definition of “Debt
Service Coverage Ratio” is deleted in its entirety and restated as
follows:

     

    “Debt Service Coverage
Ratio” of any entity or entities on any date shall mean the ratio of (i)
EBITDA for the 12-month period ending on the measurement date to (ii) interest
expenses plus principal payments coming due during the 12-month period beginning
on the day after measurement.

     

    b.  The
definition of “EBITDAR” is deleted
in its entirety and replaced with the following:

     

    “EBITDA” shall mean,
for any period, the sum of the amounts for such period of (A) net income (or
loss) after taxes of the Corporation and ECC on a consolidated basis ("Net
Income"), plus (B) interest expense which has been deducted in the determination
of Net Income, plus (C) federal, state and local taxes which have been deducted
in determining Net Income, plus (D) depreciation and amortization expenses which
have been deducted in 

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

     

    determining
Net Income, plus (E) extraordinary losses which have been deducted in the
determination of Net Income, minus (F) extraordinary gains which have been
included in the determination of Net Income.

     

    
      c.  The following
definition is inserted:

    

     

    “ECC” shall mean
Energy Composites Corporation, a Nevada corporation.

     

    d.  The
definition of “Tangible Net Worth”
is deleted in its entirety and replaced with the following:

     

    “Equity” shall mean,
for any period, (A) the total of all assets of the Corporation and ECC on a
consolidated basis minus (B) the aggregate of all liabilities and reserves of
every kind and character of the Corporation and ECC on a consolidated basis, all
determined in accordance with generally accepted accounting principles
consistent with those followed in preparation of the financial statements
described in Section 5.03 hereof.

     

    3.  Amendment to Section
5.03(a).  Section 5.03(a) of the Credit Agreement is hereby
deleted in its entirety and restated as follows:

     

    (a)           as
soon as available, and in any event on or before September 15th
following the close of each fiscal year, each Borrower shall provide Bank a copy
of the tax return for such year as of the end of such fiscal year for such
Borrower;

     

    4.  Amendment to Section
5.03(b).  Section 5.03(b) of the Credit Agreement is hereby
deleted in its entirety and restated as follows:

     

    (b)           as
soon as available, and in any event within 120 days after the end of each fiscal
year, consolidated and consolidating financial statements for the Corporation
and ECC for each fiscal year, prepared in accordance with GAAP, and audited by
independent accountants acceptable to Bank;

     

    5.  Amendment to Section
5.03(d).  Section 5.03(d) of the Credit Agreement is hereby
deleted in its entirety and restated as follows:

     

    (d)           as
soon as available, and in any event within 45 days after the end of each fiscal
quarter, consolidated and consolidating financial statements for the Corporation
and ECC for each quarter, prepared in accordance with GAAP, all in reasonable
detail and certified as true and correct, subject to review and normal year end
adjustments, by the chief financial officer of the Corporation;

     

    6.  Amendment to Section
5.14.  Section 5.14 of the Credit Agreement is hereby deleted
in its entirety.

     

    7.  Amendment to Section
5.15.  Section 5.15 of the Credit Agreement is hereby deleted
in its entirety and restated as follows:

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Debt Service Coverage
Ratio.  The Corporation and ECC on a consolidated basis shall
at all times maintain a Debt Service Coverage Ratio measured as of the last day
of each fiscal quarter of not less than 1.25:1.0.

     

    8.  Amendment to Section
5.16.  Section 5.16 of the Credit Agreement is hereby deleted
in its entirety and restated as follows:

     

    Total Indebtedness to Equity
Ratio.  The Corporation and ECC on a consolidated basis shall
at all times maintain a Total Indebtedness to Equity Ratio measured as of the
last day of each fiscal quarter of not more than 3.50:1.0.

     

    9.  Amendment to Section
6.09.  Section 6.09 of the Credit Agreement is hereby deleted
in its entirety.

     

    10.  Amendment to Section
6.10.  Section 6.10 of the Credit Agreement is hereby deleted
in its entirety and restated as follows:

     

    Change in
Control.  Make no changes in the current ownership structure of
the Corporation without Bank’s consent.

     

    11.  Effect of this
Amendment.  Except as modified pursuant hereto, no other
changes or modifications to the Credit Agreement or the Bond Documents are
intended or implied and in all other respects the Credit Agreement and the Bond
Documents are hereby specifically ratified, restated and confirmed by all
parties hereto as of the effective date hereof.  To the extent of any
conflict between the terms of this Amendment and any of the Bond Documents, the
terms of this Amendment shall control.

     

    12.  Representations and
Warranties of AFT and the Mancls.  In order to induce the Bank
to enter into this First Amendment to Credit Agreement, and in recognition of
the fact that the Bank is acting in reliance thereupon, AFT and the Mancls
represent and warrant to the Bank as follows:

     

    a.  AFT has
the corporate power and authority to enter into and deliver this First Amendment
to Credit Agreement.  Each of the Credit Agreement, as amended hereby,
this First Amendment to Credit Agreement, and any other documents executed in
connection with this First Amendment to Credit Agreement when duly executed on
behalf of AFT, constitutes the legal, valid and binding obligations of AFT,
enforceable against AFT in accordance with their terms.

     

    b.  The
execution and delivery of this First Amendment to Credit Agreement and any other
document or instrument executed in connection herewith have been authorized by
all necessary corporate action on the part of AFT.

     

    c.  The
representations and warranties of AFT and the Mancls contained in the Credit
Agreement are true and correct in all material respects as of the date of this
First Amendment to Credit Agreement to the same extent as if made on and as of
the date of this Amendment, except to the extent that such representations and
warranties expressly relate to an earlier date.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    d.  As of the
date of this First Amendment to Credit Agreement no Event of Default has
occurred and is continuing and no event has occurred which with the passage of
time or the giving of notice or both would constitute an Event of
Default.

     

    13.  Miscellaneous.

     

    a.  Costs and
Expenses.  As provided in Section 5.09(b) of the Credit
Agreement, AFT shall pay, on demand, all reasonable out-of-pocket costs and
expenses of Bank in connection with the negotiation, preparation, execution and
delivery of this Amendment, including the fees and expenses of counsel for Bank
with respect to all of the foregoing.

     

    b.  Binding
Nature.  This Amendment shall be binding upon each of AFT and
the Mancls and their respective successors and assigns and shall inure to the
benefit of the Bank and the benefit of its successors and assigns.

     

    c.  Governing
Law.  This Amendment shall be governed by and construed in
accordance with the internal laws of the State of Wisconsin.

     

    d.  Counterparts.  This
Amendment may be executed in multiple counterparts, all of which shall
constitute one and the same instrument and each of which shall be deemed to be
an original.

     

    e.  References.  Any
reference to the Credit Agreement contained in any notice, request, certificate
or other document executed concurrently with or after the execution and delivery
of this Amendment shall be deemed to include this Amendment unless the context
shall otherwise require.

     

    f.  Breach.  A
breach of this Amendment shall constitute a breach of the Credit Agreement and
the Bank shall be entitled to all rights and remedies thereunder.

     

    g.    
Further
Assurances.  The parties hereto shall execute and deliver such
additional documents and take such additional actions as may be necessary or
desirable to effectuate the provisions and purposes of this
Amendment.

     

    [Signature
Page Follows]

     

    
      
        
           

        

         

      

      
         

        
          

        

      

      
         

      

    

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

    

    
      	
              MANCLS:

               

              /s/
      Jamie L.
      Mancl                                              
      

              JAMIE
      L. MANCL

               

               

              /s/
      Jennifer
      Mancl                                            
      

              JENNIFER
      MANCL

               

               

               

               

            	
              AFT:

               

              ADVANCED
      FIBERGLASS 

              TECHNOLOGIES,
      INC., a Wisconsin 

              corporation

               

               

              By:  /s/ Jeffrey S.
      Keuntjes                            
      

                    Name:  Jeffrey S.
      Keuntjes                    
      

                    Title:  V.P.
      Finance                                
      

               

              BANK:

               

              NEKOOSA
      PORT EDWARDS STATE BANK

               

               

               

              By:  /s/ Robb N.
      Sigler                                    
      

                    Name:   Robb N.
      Sigler                           
      

                    Title: 
      President                                      
      

               

               

              Acknowledgement
      by ENERGY 

              COMPOSITES
      CORPORATION, a Wisconsin 

              corporation

               

              
                By:   /s/ Jamie L.
      Mancl                                 
      

                      Name:  Jamie L.
      Mancl                           
      

                      Title:  
      PresidentEX-10.19

EXHIBIT 10.19

EMPLOYMENT AGREEMENT

This Employment Agreement dated as of October 23, 2008 (this “Agreement”), between American Casino
& Entertainment Properties LLC (the “Company”), having an address at 2000 Las Vegas Boulevard
South, Las Vegas, Nevada 89104, and Phyllis A. Gilland (“Employee”), of Henderson, Nevada.

1. Employment

Upon the terms and conditions hereinafter set forth, the Company hereby agrees to employ Employee
and Employee hereby agrees to become employed by the Company. During the Term of Employment (as
hereinafter defined), Employee shall be employed in the position of General Counsel and Secretary
of the Company and shall also serve in other positions of the affiliates of the Company as may be
designated (the “Designated Affiliates”) from time to time by the board of directors of the Company
(the “Board”), provided that such Designated Affiliates are engaged in businesses relating to
gaming, casino or resort operation or development (collectively, the “Gaming Business”). Employee
shall perform such duties as are specified from time to time by the Company and the Board. Employee
shall serve in such capacities at the pleasure of the Board. Employee shall report to and be under
the supervision of the Company’s Board.

During the Term of Employment, Employee shall devote his professional attention, on a full time
basis, to the business and affairs of the Company and the Designated Affiliates, shall use his best
efforts to advance the best interest of the Company and the Designated Affiliates and shall comply
with all of the policies of the Company and the Designated Affiliates, including, without
limitation, such policies with respect to legal and gaming compliance, conflicts of interest,
confidentiality and business ethics as are from time to time in effect.

Except as specifically provided herein, during the Term of Employment, Employee shall not, without
the prior written consent of the Company, directly or indirectly (i) render services to, or
otherwise act in a business or professional capacity on behalf of or for the benefit of, any other
individual, entity, company or group (hereinafter

 

 

referred to as “Person”) as an employee, advisor, independent contractor, agent, consultant,
representative or otherwise, whether or not compensated, or (ii) plan, take any actions in
furtherance of, or otherwise devote any time to, any future business opportunity (except as
otherwise provided in this Agreement), whether sponsored by Employee or any other Person (the
“Exclusivity Obligation”)

2. Term

The employment period under this Agreement shall commence as of October 23, 2008 and shall
continue through the period (the “Term of Employment”) ending on October 23, 2011 (the “Expiration
Date”), unless earlier terminated as set forth in this Agreement.

3. Compensation

For all services to be performed by Employee under this Agreement, during the Term of
Employment, Employee shall be compensated in the following manner:

(a) Base Compensation

The Company will pay Employee a salary (the “Base Salary”) at an annual rate of $200,000. The Base
Salary shall be payable in accordance with the normal payroll practice of the Company (but no less
frequently than bi-weekly).

(b) Bonus Compensation

During the Term of Employment, Employee shall be eligible to receive an annual bonus, as may, from
time to time, be determined in the sole discretion of the Board (the “Bonus Compensation”).

(c) Taxes

All amounts paid by the Company to Employee under or pursuant to this Agreement, including, without
limitation, the Base Salary and any Bonus Compensation, or any other compensation or benefits,
whether in cash or in kind, shall be subject to normal withholding and

 

 

deductions imposed by any one or more local, state or federal governments.

     4. Termination

This Agreement shall terminate (subject to Section 9(g) below) and the Term of Employment shall
end, on the first to occur of (each a “Termination Event”):

	 	(a)	 	The Expiration Date;
	 
	 	(b)	 	The death of Employee or the total or partial disability that, in the judgment of the
Company, renders Employee, with or without reasonable accommodation, unable to perform
his essential job functions for the Company for a period of at least 90 consecutive
business days;
	 
	 	(c)	 	The discharge of Employee by the Company with (i) Cause (as hereinafter defined) or (ii)
without Cause;
	 
	 	(d)	 	The resignation of Employee (and without limiting the effect of such resignation, Employee
agrees to provide the Company with not less than 30 days prior written notice of his
resignation); or

The Company may discharge Employee at any time, for any reason or no reason, with or without
Cause, in which event Employee shall be entitled only to such payments as are set forth in Section
5 below.

As used herein, “Cause” is defined as Employee’s: (i) failure to perform the duties assigned to
him; (ii) chronic impairment due to alcohol or substance abuse; (iii) conviction of a Serious Crime
or being charged with a felony (for purposes of this Agreement a “Serious Crime” is a crime that
the Company believes could prohibit the Employee from obtaining or maintaining any work card,
license, or finding of compliance suitability necessary for Employee to maintain employment with
Company); (iv) violation of a federal or state securities law or regulation; (v) negligent conduct,
error or omission in the carrying out of his duties under this Agreement; (vi)

 

 

conduct that causes damage to the reputation of the Company(vii) breach of the Exclusivity
Obligation or any of the obligations set forth in Section 6 or Section 7 below; (viii) any
revocation or suspension by any state or local authority of Employee’s required license(s) to serve
in his position(s) with the Company; or (ix) any act or failure to act by Employee which causes any
gaming or other regulatory authority having jurisdiction over the Company, the Designated
Affiliates or any of their affiliates to seek any redress or remedy against Employee, the Company,
any Designated Affiliate or any of their affiliates.

5. Effect of Termination

In the event of termination of Employee’s employment hereunder, all rights of Employee under this
Agreement, including all rights to compensation, shall end and Employee shall only be entitled to
be paid the amounts set forth in this Section 5 below.

(a) In the event that the Term of Employment ends (i) for the reason set forth in Section
4(a) above (i.e., Expiration Date), or (ii) for any of the reasons set forth in Section
4(b) above (i.e. death or disability) or (iii) for the reason set forth in Section 4(d)
above (i.e. resignation), or (iv) for the reason set forth in Section 4(c)(i) (with
Cause), then, in lieu of any other payments of any kind, Employee shall be entitled to
receive, within fifteen (15) days following the date on which the Termination Event in
question occurred (the “Clause (a) Termination Date”) any amounts of: (A) Base Salary
due and unpaid to Employee from the Company as of the Clause (a) Termination Date; and
(B) Bonus Compensation earned, vested, due and unpaid to Employee from the Company as of
the Clause (a) Termination Date.

(b) In the event that the Term of Employment ends (i) for the reasons set forth in
Section 4(c)(ii) above (without Cause) then, in lieu of any other payments of any kind,
Employee shall be entitled to receive, within fifteen (15) days following the date on
which the Termination Event in question occurred (the “Clause (b) Termination Date”) any
amounts of: (A) Base Salary due and unpaid to Employee from the Company as of the Clause
(b) Termination Date; (B) Bonus

 

 

Compensation earned, vested, due and unpaid to Employee from the Company as of the
Clause (b) Termination Date; (C) Severance Payment equal to one (1) year of Base
Compensation as set out under Section 3 (a) above.

6. Non-Disclosure

During the Term of Employment and for a period of two years from the Employees last day of
employment with the Company , Employee shall hold in a fiduciary capacity for the benefit of the
Company, each Designated Affiliate and each of their affiliates, respectively, all secret or
confidential information, , including, without limitation, statistical data, trade secrets,
identity of investments, identity of contemplated investments, business opportunities, valuation
models and methodologies, relating to the business of the Company, the Designated Affiliates or
their affiliates, and their respective business as, (i) obtained by Employee at any time during
Employee’s employment by the Company and (ii) not otherwise in the public domain (“Confidential
Information”). Employee also agrees to keep confidential and not disclose to any unauthorized
Person any personal information regarding the Designated Affiliates or any of their affiliates and
any member of the immediate family of any such Person (and all such personal information shall be
deemed “Confidential Information” for the purposes of this Agreement). Employee shall not, without
the prior written consent of the Company: (i) except to the extent compelled pursuant to the order
of a court or other body having jurisdiction over such matter or based upon the advice of counsel
that such disclosure is legally required, communicate or divulge any Confidential Information to
anyone other than the Company and those designated by the Company; or (ii) use any Confidential
Information for any purpose other than the performance of his duties as an employee of the Company.
Employee will assist the Company, at the Company’s expense, in obtaining a protective order, other
appropriate remedy or other reliable assurance that confidential treatment will be accorded any
Confidential Information disclosed pursuant to the terms of this Agreement.

 

 

In no event shall Employee during or after his employment hereunder, disparage the Company, the
Designated Affiliates, the Designated Affiliates, their respective affiliates and family members
or any of their respective officers, directors or employees.

All processes, technologies, intellectual property and inventions (collectively, “Inventions”)
conceived, developed, invented, made or found by Employee, alone or with others, during the Term
of Employment, whether or not patentable and whether or not on the Company’s time or with the use
of the Company’s facilities or materials, shall be the property of the Company and shall be
promptly and fully disclosed by Employee to the Company. Employee shall perform all necessary acts
(including, without limitation, executing and delivering any confirmatory assignments, documents,
or instruments requested by the Company) to vest title to any such Inventions in the Company and
to enable to the Company, at its expense, to secure and maintain domestic and/or foreign patents
or any other rights for such Inventions.

7. Non-Compete

(a) During the Term of Employment and, unless Employee’s employment is terminated for the reason
set forth in Section 4(a) above (i.e., Expiration Date), in which case this Section 7(a) shall
terminate automatically and without notice, for a period of six (6) months following the last day
of Employee’s employment by the Company, Employee will not, either directly or indirectly, as
principal, agent, owner, employee, partner, investor, shareholder (other than solely as a holder of
not more than 1% of the issued and outstanding shares of any public corporation), consultant,
advisor or otherwise howsoever own, operate, carry on or engage in the operation of or have any
financial interest in or provide, directly or indirectly, financial assistance to or lend money to
or guarantee the debts or obligations of any Person carrying on or engaged in the hotel or casino
business in or within one hundred (100) miles of the Stratosphere Hotel and Casino.

Notwithstanding the foregoing, nothing in this Agreement will prohibit Employee from investing in
the securities of private companies in which he does not participate in the management (either as
an

 

 

employee, officer or director), provided that such investment has been cleared in
accordance with all investment or insider trading policies applicable to Employee .

(b) Employee covenants and agrees with the Company and its subsidiaries that, during Employee’s
employment by the Company and for one (1) year following the last day of Employee’s employment by
the Company, Employee shall not directly, or indirectly, for himself or for any other Person:

	 	(i)	 	solicit, interfere with or endeavor to entice away from the Company, any
Designated Affiliate or any of their subsidiaries or affiliates, any customer, client or
any Person in the habit of dealing with any of the foregoing;
	 
	 	(ii)	 	interfere with, entice away or otherwise attempt to obtain the withdrawal of
any employee of the Company, any Designated Affiliate or any of their subsidiaries or
affiliates;
or
	 
	 	(iii)	 	advise any Person not to do business with the Company, any Designated Affiliate
or any of their subsidiaries or affiliates.

Employee represents to and agrees with the Company that the enforcement of the restrictions
contained in Section 6 and Section 7 (the Non-Disclosure and Non-Compete sections respectively)
would not be unduly burdensome to Employee and that such restrictions are reasonably necessary to
protect the legitimate interests of the Company. Employee agrees that the remedy of damages for any
breach by Employee of the provisions of either of these sections may be inadequate and that the
Company shall be entitled to injunctive relief, without posting any bond. In the event the terms of
this Section 7 shall be determined by any court of competent jurisdiction to be unenforceable by
reason of its extending for too great a period of time or over too great a geographical area or by
reason of its being too extensive in any other respect, it will be interpreted to extend only over
the maximum period of time for which it may be enforceable, over the maximum geographical area as
to which it may be enforceable, or to the maximum extent in all other respects as to

 

 

which it may be enforceable, all as determined by such court in such action. This section
constitutes an independent and separable covenant that shall be enforceable notwithstanding any
right or remedy that the Company may have under any other provision of this Agreement or
otherwise.

8. Benefits

During the Term of Employment, Employee shall be entitled to receive certain healthcare and other
similar employee welfare benefits (including eligibility to participate in the Executive Medical
Reimbursement Plan provided by the Company) comparable to those received by other employees of the
Company at a similar pay level and/or position with the Company as such may be provided by the
Company in its sole and absolute discretion from time to time within thirty (30) days hereof. In
the event that, during the Term of Employment, the Company awards to its executives stock options
or restricted stock in anticipation of a public offering, Employee shall be eligible to receive an
award of such options or restricted stock comparable to that received by other employees at a
similar pay level and/or position with the Company; provided, however, that the decision to make
any such award to Employee and the amount of any such award shall be subject to the review and
approval of the Board, in its sole and absolute discretion.

9. Miscellaneous

	 	(a)	 	This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and supersedes all previous written, and all previous or
contemporaneous oral negotiations, understandings, arrangements, and agreements.
	 
	 	(b)	 	This Agreement and all of the provisions hereof shall inure to the benefit of and be
binding upon the legal representatives, heirs, distributees, successors (whether by merger,
operation of law or otherwise) and assigns of the parties hereto; provided, however, that
Employee may not delegate any of Employee’s duties hereunder, and may not assign any of
Employee’s rights hereunder, without the prior written

 

 

consent of the Company, which may be withheld in its sole and absolute discretion. If
elected by the Company, upon any such assignment, all references herein to the Company
shall be deemed instead to be references to the assignee and/or its designee(s).

	 	(c)	 	This Agreement will be interpreted and the rights of the parties determined in accordance
with the laws of the United States applicable thereto and the internal laws of the State of
Nevada.
	 
	 	(d)	 	Employee covenants and represents that he is not a party to any contract, commitment or
agreement, nor is he subject to, or bound by, any order, judgment, decree, law, statute,
ordinance, rule, regulation or other restriction of any kind or character, which would prevent
or restrict him from entering into and performing his obligations under this Agreement,
including without limitation any contract, commitment, agreement, rule or regulation relating
to the Other Activity.
	 
	 	(e)	 	Employee acknowledges that he has had the assistance of legal counsel in reviewing and
negotiating this Agreement.
	 
	 	(f)	 	This Agreement shall be deemed drafted equally by both the parties. Its language shall be
construed as a whole and according to its fair meaning. Any presumption or principle that the
language is to be construed against any party shall not apply. The headings in this Agreement
are only for convenience and are not intended to affect construction or interpretation. Any
references to paragraphs, subparagraphs, sections or subsections are to those parts of this
Agreement, unless the context clearly indicates to the contrary.
	 
	 	(g)	 	This Agreement and all of its provisions, other than the provisions of Section 5, Section 6,
Section 7 and Section 9 hereunder (which shall survive termination), shall terminate upon
Employee ceasing to be an employee of the Company for any reason.

 

 

	 	(h)	 	In the event of the death of Employee during the Term of Employment, Employee’s heir
shall be entitled to receive all payments otherwise earned, vested, due and unpaid to
Employee from the Company pursuant to the terms and conditions of this Agreement as of the
date of Employee’s death.
	 
	 	(i)	 	Employee acknowledges and agrees that he shall be solely responsible for the payment of
all federal, state and other income taxes, excise taxes and other taxes that may be payable
from time to time by Employee with respect to all payments or benefits earned or received by
or payable to Employee under this Agreement (whether consisting of Base Salary, Bonus
Compensation, Severance Payment, or otherwise) and shall not be entitled to receive any
“gross-up payments” or other additional payments from the Company or its affiliates on account
of, with respect to, in mitigation of, or as a set-off against, such taxes. Without limiting
the foregoing, if it is determined that any amount, right or benefit paid or payable (or
otherwise provided or to be provided) to Employee by the Company or any of its affiliates
under this Agreement or any other plan, program or arrangement under which Employee
participates or is a party (whether consisting of Base Salary, Bonus Compensation, Severance
Payment, or otherwise), would constitute an “excess parachute payment” within the meaning of
Section 280G of the Internal Revenue Code, as amended (the “Code”), subject to the excise tax
imposed by Section 4999 of the Code, as amended from time to time (the “Excise Tax”), then
Employee shall be solely responsible for the payment of the Excise Tax and shall not be
entitled to receive any “gross-up payments” or other additional payments from the Company or
its affiliates on account of, with respect to, in mitigation of, or as a set-off against, such
Excise Tax.

 

 

	 	 	 	 	 
	American Casino &
 Entertainment Properties,
 LLC

 	 	 
	By:  	/s/ FRANK V. RIOLO
 	 	 
	 	Name  	Frank V. Riolo	 	 
	 	Title:  	Chief Executive Officer	 	 
	 
	EMPLOYEE:

 	 	 
	By:  	/s/ PHYLLIS A. GILLAND

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