Document:

Revised and Restated Mgmt Agreement - Flyfish Casino Consulting AG

    Exhibit
      10.176

     

    REVISED
      AND RESTATED MANAGEMENT AGREEMENT 

    (“Management
      Agreement”)

    

    

    This
      Management Agreement is made effective for all purposes and in all respects
      as
      of the 30th day of September, 2006, by and between CENTURY RESORTS INTERNATIONAL
      LTD. (a Mauritius corporation 100% owned by Century Casinos, Inc.), CENTURY
      CASINOS, INC., a US, Delaware corporation (as guarantor), and FLYFISH CASINO
      CONSULTING AG, a Swiss corporation.

    

    CENTURY
      RESORTS INTERNATIONAL LTD. shall be referred to as “Company”,

    CENTURY
      CASINOS, INC. shall be referred to as “Guarantor”, and

    FLYFISH
      CASINO CONSULTING AG shall be referred to as “Consultant”.

    

    

    WITNESSETH
      THAT:

    

    WHEREAS,
      Consultant has the right, and the human resources - inter alia through a
      contractual relationship with Mr. Erwin Haitzmann (Austrian citizen, born
      08-18-1953) - available, to provide executive casino management services to
      the
      Company; and 

    

    WHEREAS,
      Mr. Erwin Haitzmann is presently providing certain services to Guarantor’s
      Austrian subsidiary Century Casinos Europe GmbH; and

    

    WHEREAS,
      both the Company and the Consultant desire to set forth the terms and conditions
      of their agreements and understandings, and for their mutual benefit to extend
      the term of Consultant’s engagement hereunder;

    

    NOW,
      THEREFORE, in consideration of the foregoing, of the mutual promises herein
      contained, and of other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties, intending legally
      to
      be bound, agree as follows: 

    

    

    1.    Term
      of Management Agreement.
      

     

    The
      term
      of this Management Agreement shall commence on the day first above written
      and
      shall continue until December 31, 2011, and shall be automatically renewed
      for
      additional, successive periods of five (5) years each thereafter, unless sooner
      terminated in accordance with the relevant provisions of this Management
      Agreement. 

     

    
      	
              2.

            	
              Duties
                of Consultant.
                

            

    

     

    By
      entering into this Management Agreement, Consultant shall undertake and assume
      the responsibility of performing for and on behalf of the Company such duties
      as
      are usual, similar and customary to the position of a (Co) Chief Executive
      Officer. The duties of Consultant shall be performed through Consultant by
      a
      management team, of which Mr. Erwin Haitzmann has to be part of. Consultant
      shall plan, schedule and book all business travels at his
      discretion.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    3.     Compensation
      / Management Fee.
      

     

    As
      annual
      compensation for the services rendered by Consultant for the Company pursuant
      to
      this Management Agreement, Consultant shall be paid not less than the following
      base annual management fee, on a monthly basis, during the term hereof: $360,000
      (three hundred and sixty thousand US dollars), plus annual increases and
      bonuses, and such other incentives, benefits, and compensation as may be awarded
      to him from time to time by the Compensation Committee of the Board of Directors
      of the Guarantor. 

     

    4.    
Additional
      Benefits.
      

     

    In
      addition to, and not in limitation of, the compensation referred to in Section
      3, Consultant shall receive prompt reimbursement of all reasonable expenses
      incurred in connection with the performance of the duties for the Company,
      upon
      submission of receipts to the Company. Reasonable expenses shall include, but
      not be limited to, all out-of-pocket expenses for entertainment, travel (on
      the
      basis of business class and first class travel on domestic and international
      flights, respectively), meals and lodging (on a five-star hotel basis),
      automobile expenses (on the basis of executive/luxury class automobiles),
      communications and (home) office costs and the like incurred by the Consultant.
      Guarantor shall provide, throughout the term of this Management Agreement,
      including any extended terms (i.e. as referred to in 5.3(b)(2)) hereof, an
      internationally accepted corporate credit card for Consultants exclusive
      use.

    

    5.    
Termination.
      

     

    5.1 Termination
      By Either Party Without Cause.
      At any
      time during the term hereof, or at the end of the term or any renewal term
      under
      Section 1 above, this Management Agreement may be terminated “without cause” by
      either the Company or the Consultant upon written notice to the other party.
      

     

    (a)
       Termination
      By Consultant.
      In the
      event of such termination “without cause” by Consultant, the Company shall have
      the option either (i) to accept Consultant’s resignation, effective immediately
      on receipt of such written notice; or (ii) to require Consultant to continue
      to
      perform his duties hereunder, for a period not to exceed six (6) months from
      the
      date of receipt of such written notice. In either event, Consultant shall be
      continued at the same compensation / management fee for a period of six (6)
      months from the date of written notice of termination. Such compensation shall
      be paid to the Consultant in six (6) equal, successive monthly payments,
      beginning on the 1st day of the month immediately following the date of written
      notice of termination.

              
      

    (b) 
      Termination
      By Company.
      In the
      event of such termination “without cause” by the Company, the provisions of
      Section 5.3(b) shall apply.

    
      
        
        

      

      
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    5.2 Termination
      By Company For Cause.
      

     

    Notwithstanding
      any other provision hereof, the Company may terminate Consultant's engagement
      under this Management Agreement at any time for cause. The termination shall
      be
      effected by written notice thereof to the Consultant, which shall specify the
      exact cause for termination. 

     

    For
      purposes hereof, the term "cause" shall mean the failure of Consultant, without
      good reason, within thirty (30) days after receipt by Consultant of written
      notice thereof from the Company, to start to correct, cease, or otherwise alter
      any specific action or omission to act that constitutes a willful and material
      breach of this Management Agreement resulting in material and substantial damage
      to the Company, or willful gross misconduct resulting in material and
      substantial damage to the Company.

     

    Once
      such
      valid and uncontested termination for cause by the Company becomes effective,
      the Company has the right to terminate any compensation / management fee
      payments to Consultant and Consultant shall not receive any termination pay
      or
      benefits beyond such date.

    

    5.3 Termination
      By Consultant For Cause.
      

     

    (a) Notwithstanding
      any other provision hereof, Consultant may terminate his engagement with Company
      under this Management Agreement at any time for cause, upon written notice
      thereof to the Company specifying the cause for Consultant’s termination.

     

    For
      purposes hereof, the term "for cause" shall mean:

    

    (i) the
      failure of the Company for any reason, within thirty (30) days after receipt
      by
      the Company of written notice from Consultant, to correct, cease, or otherwise
      alter any material adverse change in the conditions of Consultant's engagement,
      including, but not limited to any change in Consultant's duties (such as, but
      not limited to another person or consulting company assuming the same or similar
      title, position or duties, or the Consultant’s primary duties being assigned to
      be performed by the Consultant in a country other than the country of primary
      residence of the Consultant's management team, including Mr. Erwin Haitzmann),
      unless Consultant consents in advance and in writing to such change;
      or

    

    (ii) a
“Change
      of Control” of the Company occurs, or has previously occurred at any time during
      Consultant’s engagement hereunder.

    

    “Change
      of Control” as used herein shall mean any of the following: (a) any person or
      entity (not affiliated with the Consultant or Mr. Erwin Haitzmann) becoming
      the
      beneficial owner of a majority of the Company’s then outstanding securities; (b)
      the triggering of the issuance of stock rights to Shareholders pursuant to
      the
      Company’s Stock Rights Agreement, as amended from time to time; (c) the
      replacement during any two calendar years of half or more of the existing Board
      of Directors of the Company; (d) the replacement, 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    or
      rejection (i.e. through a proxy fight), of one or more person(s), nominated
      to
      be Director(s) by the Company’s Board of Directors before any Change of Control;
      (e) Mr. Peter Hoetzinger is no longer Vice-Chairman and Co Chief Executive
      Officer of the Company, unless because of his death or permanent disability;
      (f)
      holders of the Company’s securities approve a merger, consolidation or
      liquidation of the Company. 

    

    (b) In
      the
      event of termination by the Consultant "for cause" hereunder:

     

    (1) A
      lump
      sum cash benefit payment of three (3) times the Consultant’s then current annual
      compensation/management fee, plus three (3) times the Consultant’s average bonus
      for the last three years, shall be made to Consultant within 10 (ten) days
      of
      such written notice.

     

    (2) Consultant
      may also, in addition to, and not in limitation of payments under Section
      5.3(b)(1) hereunder, at his sole option, elect to serve as a consultant to
      Company (working out of the then current residence of Mr. Erwin Haitzmann)
      for
      an additional period of three (3) years at his then current
      compensation/management fee, his previous year’s bonus and current benefits.
      During such additional period of three (3) years, Consultant would be required
      to keep himself reasonably available to the Company to render advice or to
      provide services for no more than thirty (30) days per year.

     

    5.4 Effective
      Date of Termination.
      Unless
      otherwise specified, the effective date of termination, as used in this Section
      5, shall be the date on which (i) Consultant receives written notice of
      termination from the Company and such termination is not contested by
      Consultant, or, if contested by Consultant, such termination has been found
      legally correct and there are no further possibilities for Consultant to
      challenge such legal decision, or (ii) Consultant gives written notice of
      termination to the Company.

    

    

    6.    
Other
      Business Activities.
      

     

    During
      the period of his engagement under this Management Agreement, the Consultant
      shall not be employed by or otherwise engage or be interested in any business
      other than the Company, with the following exceptions:

     

    (a)
       Consultant's
      investment or involvement in any business shall not be considered a violation
      of
      this Section, provided that such business is not in direct competition with
      the
      Company and the Consultant does not render substantial management or other
      personal services to such business;

                

    (b)
       Consultant
      may consult with or for other businesses not in direct competition with the
      Company.

    

    

    7.    
Indemnification.
      

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    So
      long
      as Consultant is not found by a court of law to be guilty of a willful and
      material breach of this Management Agreement, or to be guilty of willful gross
      misconduct, Consultant shall be indemnified from and against any and all losses,
      liability, claims and expenses, damages, or causes of action, proceedings or
      investigations, or threats thereof (including reasonable attorney fees and
      expenses of counsel satisfactory to and approved by Consultant) incurred by
      Consultant, arising out of, in connection with, or based upon Consultant's
      services and the performance of his duties pursuant to this Management
      Agreement, or any other matter contemplated by this Management Agreement,
      whether or not resulting in any such liability; and Consultant shall be
      reimbursed by the Company as and when incurred for any reasonable legal or
      other
      expenses incurred by Consultant in connection with investigating or defending
      against any such loss, claim, damage, liability, action, proceeding,
      investigation or threat thereof, or producing evidence, producing documents
      or
      taking any other action in respect thereto (whether or not Consultant is a
      defendant in or target of such action, proceeding or
      investigation).

    

    

    8.    
Burden
      and Benefit.
      

     

    Unless
      the express provisions of a particular section of this Management Agreement
      state otherwise, or performance thereunder would be impossible, this Management
      Agreement shall be binding upon, and shall inure to the benefit of, Company,
      Guarantor and Consultant, and their respective heirs, personal and legal
      representatives, successors, and assigns. It shall also be expressly binding
      upon and inure to the benefit of any person or entity assuming the Company
      and/or the Guarantor, by merger, acquisition, consolidation, purchase of assets
      or stock, or otherwise. 

    

    

    9.    
Governing
      Law.
      

     

    It
      is
      understood and agreed that the construction and interpretation of this
      Management Agreement shall at all times and in all respects be governed by
      the
      laws of the State of Delaware. The Company agrees to cover all costs, including
      legal, arising in connection with drafting and implementing this Management
      Agreement, both for the Company and for Consultant.

    

    

    10.   Severability.
      

     

    The
      provisions of this Management Agreement shall be deemed severable, and the
      invalidity or unenforceability of any one or more of the provisions of this
      Management Agreement shall not affect the validity and enforceability of the
      other provisions. 

    

    

    11.   Notice.
      

     

    Any
      notice required to be given hereunder shall be sufficient if it is in writing
      and sent by certified or registered mail, return receipt requested, first-class
      postage prepaid, to the following respective addresses, which may hereafter
      be
      changed by written notice to the other party: 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Company
      at
      6th
      floor,
      Cathedral Square 1, Pope Hennessy Street, Port Louis, Mauritius;

    Guarantor
      at 1263
      A Lake Plaza Drive, Colorado Springs, CO 80906, USA;

    Consultant
      at
      Flyfish Casino Consulting AG, c/o Hübner & Hübner, Schönbrunnerstrasse 222,
      7th
      floor,
      Vienna 1120, Austria.

    

    

    12.   Entire
      Agreement; Interpretation.
      

     

    This
      Management Agreement contains the entire agreement and understanding by and
      between the Company and Consultant with respect to the engagement of Consultant.
      No change or modification of this Management Agreement shall be valid or binding
      unless it is in writing and signed by the party intended to be bound. No waiver
      of any provision of this Management Agreement shall be valid unless it is in
      writing and signed by the party against whom the waiver is sought to be
      enforced. No valid waiver of any provision of this Management Agreement at
      any
      time shall be deemed a waiver of any other provision of this Management
      Agreement at such time or at any other time. The Compensation Committee of
      Guarantor shall administer this Management Agreement, in good faith, and may
      make such administrative or ministerial adjustments hereto as may be reasonably
      required without requiring written Amendment, if Consultant agrees in advance
      and in writing, and the rights of the Consultant are not adversely affected
      thereby.

    

    13.   Guarantee.

     

        The
      Company
      and the Guarantor specifically consent to and agree as follows:

    The
      Company will invoice Guarantor, and Guarantor will promptly compensate the
      Company, for that portion of services under this Management Agreement that
      have
      been/respectively will be performed by Consultant for the Company. Further,
      Guarantor guarantees to the Company and the Consultant that it will promptly
      reimburse and guarantee the performance of all requirements and obligations
      of
      the Company under this Management Agreement, in case the Company should not
      be
      able to promptly fulfill any of its obligations under this Management
      Agreement.

    

    

    14.   Confidentiality.
      

     

    Other
      than in the performance of his duties hereunder, Consultant agrees not to
      disclose, either during the term of his engagement by the Company or at any
      time
      thereafter, to any person, firm or corporation any confidential information
      concerning the business affairs, financial affairs, know-how, private documents,
      reports, plans, proposals, marketing and sales plans, or similar information
      of
      the Company. Any such documents, techniques, methods, processes or technologies
      used by the Company shall be considered confidential and a “trade secret” for
      the purposes of this Management Agreement.

    

    

    15.   Counterparts.

     

    This
      Management Agreement may be executed in two or more counterparts, any one of
      which shall be deemed the original without reference to the
      others.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Company, Guarantor and Consultant have duly executed
 this
      Management Agreement as of the day and year first above written. 

    

    COMPANY:                        CONSULTANT:

    Century
      Resorts International Ltd.,          Flyfish
      Casino Consulting AG,

    a
      Mauritian corporation                       
a
      Swiss
      corporation

    

        

    By:
      /s/ Richard Arlove                            By:  
      /s/ Werner Stocker               

         
      Member of the Board                            
Chairman
      of the Board

    

    

    By:
      /s/ Peter Hoetzinger            

         
      Member of the Board

    

    

    GUARANTOR:

    Century
      Casinos, Inc.

    

    

    By:
      /s/ Gottfried Schellmann              

          
      Chairman of the Compensation Committee

    

    

    By:
      /s/ Dinah Corbaci                

          
      Member of the Compensation CommitteeRevised and Restated Mgmt Agreement - Focus Casino Consulting

    Exhibit
      10.177

     

    REVISED
      AND RESTATED MANAGEMENT AGREEMENT 

    (“Management
      Agreement”)

    

    

    This
      Management Agreement is made effective for all purposes and in all respects
      as
      of the 30th day of September, 2006, by and between CENTURY RESORTS INTERNATIONAL
      LTD. (a Mauritius corporation 100% owned by Century Casinos, Inc.), CENTURY
      CASINOS, INC., a US, Delaware corporation (as guarantor), and FOCUS CASINO
      CONSULTING AG, a Swiss corporation.

    

    CENTURY
      RESORTS INTERNATIONAL LTD. shall be referred to as “Company”,

    CENTURY
      CASINOS, INC. shall be referred to as “Guarantor”, and

    FOCUS
      CASINO CONSULTING AG shall be referred to as “Consultant”.

    

    

    WITNESSETH
      THAT:

    

    WHEREAS,
      Consultant has the right, and the human resources - inter alia through a
      contractual relationship with Mr. Peter Hoetzinger (Austrian citizen, born
      05-05-1962) - available, to provide executive casino management services to
      the
      Company; and 

    

    WHEREAS,
      Mr. Peter Hoetzinger is presently providing certain services to Guarantor’s
      Austrian subsidiary Century Casinos Europe GmbH; and

    

    WHEREAS,
      both the Company and the Consultant desire to set forth the terms and conditions
      of their agreements and understandings, and for their mutual benefit to extend
      the term of Consultant’s engagement hereunder;

    

    NOW,
      THEREFORE, in consideration of the foregoing, of the mutual promises herein
      contained, and of other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged, the parties, intending legally
      to
      be bound, agree as follows: 

    

    

    1.    Term
      of Management Agreement.
      

     

    The
      term
      of this Management Agreement shall commence on the day first above written
      and
      shall continue until December 31, 2011, and shall be automatically renewed
      for
      additional, successive periods of five (5) years each thereafter, unless sooner
      terminated in accordance with the relevant provisions of this Management
      Agreement. 

    
      	
              2.

            	
              Duties
                of Consultant.
                

            

    

     

    By
      entering into this Management Agreement, Consultant shall undertake and assume
      the responsibility of performing for and on behalf of the Company such duties
      as
      are usual, similar and customary to the position of a (Co) Chief Executive
      Officer. The duties of Consultant shall be performed through Consultant by
      a
      management team, of which Mr. Peter Hoetzinger has to be part of. Consultant
      shall plan, schedule and book all business travels at his
      discretion.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    3.    Compensation
      / Management Fee.
      

     

    As
      annual
      compensation for the services rendered by Consultant for the Company pursuant
      to
      this Management Agreement, Consultant shall be paid not less than the following
      base annual management fee, on a monthly basis, during the term hereof: $360,000
      (three hundred and sixty thousand US dollars), plus annual increases and
      bonuses, and such other incentives, benefits, and compensation as may be awarded
      to him from time to time by the Compensation Committee of the Board of Directors
      of the Guarantor. 

     

    4.    Additional
      Benefits.
      

     

    In
      addition to, and not in limitation of, the compensation referred to in Section
      3, Consultant shall receive prompt reimbursement of all reasonable expenses
      incurred in connection with the performance of the duties for the Company,
      upon
      submission of receipts to the Company. Reasonable expenses shall include, but
      not be limited to, all out-of-pocket expenses for entertainment, travel (on
      the
      basis of business class and first class travel on domestic and international
      flights, respectively), meals and lodging (on a five-star hotel basis),
      automobile expenses (on the basis of executive/luxury class automobiles),
      communications and (home) office costs and the like incurred by the Consultant.
      Guarantor shall provide, throughout the term of this Management Agreement,
      including any extended terms (i.e. as referred to in 5.3(b)(2)) hereof, an
      internationally accepted corporate credit card for Consultants exclusive
      use.

     

    5.    Termination.
      

     

    5.1 Termination
      By Either Party Without Cause.
      At any
      time during the term hereof, or at the end of the term or any renewal term
      under
      Section 1 above, this Management Agreement may be terminated “without cause” by
      either the Company or the Consultant upon written notice to the other party.
      

     

    (a)
       Termination
      By Consultant.
      In the
      event of such termination “without cause” by Consultant, the Company shall have
      the option either (i) to accept Consultant’s resignation, effective immediately
      on receipt of such written notice; or (ii) to require Consultant to continue
      to
      perform his duties hereunder, for a period not to exceed six (6) months from
      the
      date of receipt of such written notice. In either event, Consultant shall be
      continued at the same compensation / management fee for a period of six (6)
      months from the date of written notice of termination. Such compensation shall
      be paid to the Consultant in six (6) equal, successive monthly payments,
      beginning on the 1st day of the month immediately following the date of written
      notice of termination.

     

       (b)
       Termination
      By Company.
      In the
      event of such termination “without cause” by the Company, the provisions of
      Section 5.3(b) shall apply.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    5.2 Termination
      By Company For Cause.
      

     

    Notwithstanding
      any other provision hereof, the Company may terminate Consultant's engagement
      under this Management Agreement at any time for cause. The termination shall
      be
      effected by written notice thereof to the Consultant, which shall specify the
      exact cause for termination. 

    

       For
      purposes hereof, the term "cause" shall mean the failure of Consultant, without
      good reason, within thirty (30) days after receipt by Consultant of written
      notice thereof from the Company, to start to correct, cease, or otherwise alter
      any specific action or omission to act that constitutes a willful and material
      breach of this Management Agreement resulting in material and substantial damage
      to the Company, or willful gross misconduct resulting in material and
      substantial damage to the Company.

    

    Once
      such
      valid and uncontested termination for cause by the Company becomes effective,
      the Company has the right to terminate any compensation / management fee
      payments to Consultant and Consultant shall not receive any termination pay
      or
      benefits beyond such date.

    

    5.3 Termination
      By Consultant For Cause.
      

    

    (a) Notwithstanding
      any other provision hereof, Consultant may terminate his engagement with Company
      under this Management Agreement at any time for cause, upon written notice
      thereof to the Company specifying the cause for Consultant’s termination.

    

    For
      purposes hereof, the term "for cause" shall mean:

    

    (i) the
      failure of the Company for any reason, within thirty (30) days after receipt
      by
      the Company of written notice from Consultant, to correct, cease, or otherwise
      alter any material adverse change in the conditions of Consultant's engagement,
      including, but not limited to any change in Consultant's duties (such as, but
      not limited to another person or consulting company assuming the same or similar
      title, position or duties, or the Consultant’s primary duties being assigned to
      be performed by the Consultant in a country other than the country of primary
      residence of the Consultant's management team, including Mr. Peter Hoetzinger),
      unless Consultant consents in advance and in writing to such change;
      or

    

    (ii) a
“Change
      of Control” of the Company occurs, or has previously occurred at any time during
      Consultant’s engagement hereunder.

    

    “Change
      of Control” as used herein shall mean any of the following: (a) any person or
      entity (not affiliated with the Consultant or Mr. Peter Hoetzinger) becoming
      the
      beneficial owner of a majority of the Company’s then outstanding securities; (b)
      the triggering of the issuance of stock rights to Shareholders pursuant to
      the
      Company’s Stock Rights Agreement, as amended from time to time; (c) the
      replacement during any two calendar years of half or more of the existing Board
      of Directors of the Company; 

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (d)
      the
      replacement, or rejection (i.e. through a proxy fight), of one or more
      person(s), nominated to be Director(s) by the Company’s Board of Directors
      before any Change of Control; (e) Mr. Erwin Haitzmann is no longer Chairman
      and
      Co Chief Executive Officer of the Company, unless because of his death or
      permanent disability; (f) holders of the Company’s securities approve a merger,
      consolidation or liquidation of the Company. 

    

    (b) In
      the
      event of termination by the Consultant "for cause" hereunder:

    

    (1) A
      lump
      sum cash benefit payment of three (3) times the Consultant’s then current annual
      compensation/management fee, plus three (3) times the Consultant’s average bonus
      for the last three years, shall be made to Consultant within 10 (ten) days
      of
      such written notice.

    

    (2) Consultant
      may also, in addition to, and not in limitation of payments under Section
      5.3(b)(1) hereunder, at his sole option, elect to serve as a consultant to
      Company (working out of the then current residence of Mr. Peter Hoetzinger)
      for
      an additional period of three (3) years at his then current
      compensation/management fee, his previous year’s bonus and current benefits.
      During such additional period of three (3) years, Consultant would be required
      to keep himself reasonably available to the Company to render advice or to
      provide services for no more than thirty (30) days per year.

     

    5.4
        Effective
      Date of Termination.
      Unless
      otherwise specified, the effective date of termination, as used in this Section
      5, shall be the date on which (i) Consultant receives written notice of
      termination from the Company and such termination is not contested by
      Consultant, or, if contested by Consultant, such termination has been found
      legally correct and there are no further possibilities for Consultant to
      challenge such legal decision, or (ii) Consultant gives written notice of
      termination to the Company.

    

    

    6.    
Other
      Business Activities.
      

    

    During
      the period of his engagement under this Management Agreement, the Consultant
      shall not be employed by or otherwise engage or be interested in any business
      other than the Company, with the following exceptions:

    

    (a)
       Consultant's
      investment or involvement in any business shall not be considered a violation
      of
      this Section, provided that such business is not in direct competition with
      the
      Company and the Consultant does not render substantial management or other
      personal services to such business;

    

       (b)
       Consultant
      may consult with or for other businesses not in direct competition with the
      Company.

    

    

    7.    
Indemnification.
      

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    So
      long
      as Consultant is not found by a court of law to be guilty of a willful and
      material breach of this Management Agreement, or to be guilty of willful gross
      misconduct, Consultant shall be indemnified from and against any and all losses,
      liability, claims and expenses, damages, or causes of action, proceedings or
      investigations, or threats thereof (including reasonable attorney fees and
      expenses of counsel satisfactory to and approved by Consultant) incurred by
      Consultant, arising out of, in connection with, or based upon Consultant's
      services and the performance of his duties pursuant to this Management
      Agreement, or any other matter contemplated by this Management Agreement,
      whether or not resulting in any such liability; and Consultant shall be
      reimbursed by the Company as and when incurred for any reasonable legal or
      other
      expenses incurred by Consultant in connection with investigating or defending
      against any such loss, claim, damage, liability, action, proceeding,
      investigation or threat thereof, or producing evidence, producing documents
      or
      taking any other action in respect thereto (whether or not Consultant is a
      defendant in or target of such action, proceeding or
      investigation).

    

    8.    
Burden
      and Benefit.
      

     

    Unless
      the express provisions of a particular section of this Management Agreement
      state otherwise, or performance thereunder would be impossible, this Management
      Agreement shall be binding upon, and shall inure to the benefit of, Company,
      Guarantor and Consultant, and their respective heirs, personal and legal
      representatives, successors, and assigns. It shall also be expressly binding
      upon and inure to the benefit of any person or entity assuming the Company
      and/or the Guarantor, by merger, acquisition, consolidation, purchase of assets
      or stock, or otherwise. 

     

    9.    
Governing
      Law.
      

    

    It
      is
      understood and agreed that the construction and interpretation of this
      Management Agreement shall at all times and in all respects be governed by
      the
      laws of the State of Delaware. The Company agrees to cover all costs, including
      legal, arising in connection with drafting and implementing this Management
      Agreement, both for the Company and for Consultant.

     

    10.   Severability.
      

    

    The
      provisions of this Management Agreement shall be deemed severable, and the
      invalidity or unenforceability of any one or more of the provisions of this
      Management Agreement shall not affect the validity and enforceability of the
      other provisions. 

     

    11.   Notice.
      

    

    Any
      notice required to be given hereunder shall be sufficient if it is in writing
      and sent by certified or registered mail, return receipt requested, first-class
      postage prepaid, to the following respective addresses, which may hereafter
      be
      changed by written notice to the other party: 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    Company
      at
      6th
      floor,
      Cathedral Square 1, Pope Hennessy Street, Port Louis, Mauritius;

    Guarantor
      at 1263
      A Lake Plaza Drive, Colorado Springs, CO 80906, USA;

    Consultant
      at Focus
      Casino Consulting AG, c/o Hübner & Hübner, Schönbrunnerstrasse 222,
      7th
      floor,
      Vienna 1120, Austria.

    

    12.   Entire
      Agreement; Interpretation.
      

    

    This
      Management Agreement contains the entire agreement and understanding by and
      between the Company and Consultant with respect to the engagement of Consultant.
      No change or modification of this Management Agreement shall be valid or binding
      unless it is in writing and signed by the party intended to be bound. No waiver
      of any provision of this Management Agreement shall be valid unless it is in
      writing and signed by the party against whom the waiver is sought to be
      enforced. No valid waiver of any provision of this Management Agreement at
      any
      time shall be deemed a waiver of any other provision of this Management
      Agreement at such time or at any other time. The Compensation Committee of
      Guarantor shall administer this Management Agreement, in good faith, and may
      make such administrative or ministerial adjustments hereto as may be reasonably
      required without requiring written Amendment, if Consultant agrees in advance
      and in writing, and the rights of the Consultant are not adversely affected
      thereby.

    

    13.   Guarantee.

    

    The
      Company and the Guarantor specifically consent to and agree as
      follows:

    The
      Company will invoice Guarantor, and Guarantor will promptly compensate the
      Company, for that portion of services under this Management Agreement that
      have
      been/respectively will be performed by Consultant for the Company. Further,
      Guarantor guarantees to the Company and the Consultant that it will promptly
      reimburse and guarantee the performance of all requirements and obligations
      of
      the Company under this Management Agreement, in case the Company should not
      be
      able to promptly fulfill any of its obligations under this Management
      Agreement.

    

    14.   Confidentiality.
      

    

    Other
      than in the performance of his duties hereunder, Consultant agrees not to
      disclose, either during the term of his engagement by the Company or at any
      time
      thereafter, to any person, firm or corporation any confidential information
      concerning the business affairs, financial affairs, know-how, private documents,
      reports, plans, proposals, marketing and sales plans, or similar information
      of
      the Company. Any such documents, techniques, methods, processes or technologies
      used by the Company shall be considered confidential and a “trade secret” for
      the purposes of this Management Agreement.

     

    15.   Counterparts.

    

    This
      Management Agreement may be executed in two or more counterparts, any one of
      which shall be deemed the original without reference to the
      others.

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

      IN
      WITNESS WHEREOF, the Company, Guarantor and Consultant have duly executed
 this
      Management Agreement as of the day and year first above written. 

    

    

    COMPANY:                             
      CONSULTANT:

    Century
      Resorts International Ltd.,              
Focus
      Casino Consulting AG,

    a
      Mauritian corporation                      a
      Swiss
      corporation

    

    

    By:
      /s/ Richard Arlove                By:
      /s/ Werner Stocker            

          
      Member of the Board                         Chairman
      of the Board

    

    

    By:
      /s/ Erwin Haitzmann               

          
      Member of the Board

    

    

    GUARANTOR:

    Century
      Casinos, Inc.

    

    

    By:
      /s/ Gottfried Schellmann                 

          
      Chairman of the Compensation Committee

    

    

    By:
      /s/ Dinah Corbaci                

          
      Member of the Compensation Committee

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