Document:

Exhibit 10.1

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

This Amendment, dated
June 12, 2019 (this “Amendment”), to the Employment Agreement, dated May 1, 2015 (the “Agreement”),
is entered into by and between QPAGOS Corporation (the “Corporation”) and Gaston Pereira (the “Executive”).
Capitalized terms used herein without definition shall have the meanings assigned in the Agreement.

 

WHEREAS, the parties desire to extend
the Employment Term set forth in the Agreement for an additional period of one (1) year.

 

NOW THEREFORE,
in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:

 

1.
The Employment Term set forth in Section 1 shall hereupon be extended for a period of one (1) year.

 

2.
The last sentence of Section 2 of the Agreement is hereby deleted and replaced with the following:

 

“During the Employment Term, the Executive shall,
if requested by the Board, also serve, without additional compensation, as a member of the Board and in such other executive-level
positions or capacities at the Company, its parent company QPAGOS and/or their subsidiaries as may, from time to time, be reasonably
requested by the Board.”

 

3.
Section 4 of the Agreement is hereby deleted and replaced with the following:

 

BASE SALARY. The Company
agrees to pay the Executive a base salary (the “Base Salary”) at an annual rate of US$180,000, payable in accordance
with the regular payroll practices of the Company. The Executive’s Base Salary shall be subject to review and adjustment
from time to time by the Board (or a committee thereof) in its sole discretion, but may not be decreased.

 

4. All
other terms of the Agreement shall remain in full force and effect. The Agreement, as amended by this Amendment, constitutes the
entire agreement between the parties with respect to the subject matter thereof.

 

5. This
Amendment may be executed in one or more counterparts, each of which shall be deemed an original but both of which together shall
constitute one and the same instrument.

 

6. This
Amendment is made and shall be construed and performed under the laws of the remaining provisions will nevertheless continue to
be valid and enforceable in the State of Delaware without regard to its choice or conflict of law principles.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	QPAGOS CORPORATION
	 	 	 
	 	By:	/s/ Andrey Novikov
	 	Name: 	Andrey Novikov
	 	Title:	Chief Operating Officer
	 	 	 
	 	/s/ Gaston Pereira
	 	Gaston PereiraExhibit
10.2

 

AMENDMENT
TO EMPLOYMENT AGREEMENT

 

This
Amendment, dated June 12, 2019 (this “Amendment”), to the Employment Agreement, dated May 1, 2015 (the
“Agreement”), is entered into by and between QPAGOS Corporation (the “Corporation”)
and Andrey Novikov (the “Executive”). Capitalized terms used herein without definition shall have the
meanings assigned in the Agreement.

 

WHEREAS,
the parties desire to extend the Employment Term set forth in the Agreement for an additional period of one (1) year.

 

NOW
THEREFORE, in consideration of the premises and the mutual covenants contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:

 

1.
The Employment Term set forth in Section 1 shall hereupon be extended for a period of one (1) year.

 

2.
The last sentence of Section 2 of the Agreement is hereby deleted and replaced with the following:

 

“During
the Employment Term, the Executive shall, if requested by the Board, also serve, without additional compensation, as a member
of the Board and in such other executive-level positions or capacities at the Company, its parent company QPAGOS and/or their
subsidiaries as may, from time to time, be reasonably requested by the Board.”

 

3.
Section 4 of the Agreement is hereby deleted and replaced with the following:

 

BASE
SALARY. The Company agrees to pay the Executive a base salary (the “Base Salary”) at an annual rate of
US$108,000, payable in accordance with the regular payroll practices of the Company. The Executive’s Base Salary shall be
subject to review and adjustment from time to time by the Board (or a committee thereof) in its sole discretion, but may not be
decreased.

 

4.
 All other terms of the Agreement shall remain in full force and effect. The Agreement,
as amended by this Amendment, constitutes the entire agreement between the parties with respect to the subject matter thereof.

 

5.
 This Amendment may be executed in one or more counterparts, each of which shall be deemed
an original but both of which together shall constitute one and the same instrument.

 

6.
This Amendment is made and shall be construed and performed under the laws of the remaining provisions will nevertheless continue
to be valid and enforceable in the State of Delaware without regard to its choice or conflict of law principles. 

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

 

	 	QPAGOS CORPORATION
	 	 	 
	 	By:	/s/ Gaston Pereira
	 	Name:	 Gaston Pereira
	 	Title:	 Chief Executive Officer
	 	 	 
	 	/s/ Andrey Novikov
	 	Andrey NovikovEX-10.1

 Exhibit 10.1 

SUBSCRIPTION AGREEMENT 

THIS SUBSCRIPTION AGREEMENT (this “Agreement”) is made and entered into as of June 17, 2019, by and among Empire
Resorts, Inc., a Delaware corporation (the “Company”), and Kien Huat Realty III Limited, a corporation organized in the Isle of Man (the “Purchaser”). 

WHEREAS, the Company and the Purchaser entered into that certain amended and restated commitment letter agreement, dated as of
November 9, 2018, as amended on May 7, 2019 (the “Commitment Letter”), pursuant to which the Purchaser agreed to make an aggregate financing commitment to the Company that would be funded in installments and subject to
reduction from time to time in accordance therewith; and 
 WHEREAS, pursuant to the Commitment Letter and consistent with the
installment schedule included therein, the Company desires to issue shares of its Series F Convertible Preferred Stock, par value $0.01 per share as set forth in Section 1.1 (the “Preferred Stock”),
and the Purchaser desires to acquire such Preferred Stock and contribute to the capital of the Company the amount set forth in Section 1.1 hereof. 

NOW, THEREFORE, in contemplation of the foregoing and in consideration of the mutual agreements, covenants, representations and
warranties contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 
 SUBSCRIPTION
FOR PREFERRED STOCK 
 Section 1.1. Subscription for Preferred Stock. Subject to the terms and conditions hereinafter set
forth, the Purchaser hereby subscribes for 150 shares of the Preferred Stock (the “Shares”) and agrees to pay to the Company cash on the date hereof, as the purchase price for the Preferred Stock, in the amount of $100,000
per share of Preferred Stock, in the aggregate amount of $15,000,000, and the Company agrees to sell such Shares to the Purchaser. 

Section 1.2. Issuance of Shares. The Company shall issue to and register in the name of the Purchaser one (1) certificate
evidencing the Shares. 
 ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

The Company hereby represents and warrants to the Purchaser as of the date hereof as follows: 

Section 2.1. Organization. The Company is a corporation duly organized, validly existing and in good standing under the laws of
the State of Delaware. 
  

 Section 2.2. Authority. 

(a)    The execution, delivery, and performance by the Company of this Agreement have been duly authorized by all necessary
action. 
 (b)    This Agreement constitutes a valid and legally binding obligation of the Company, enforceable against
the Company in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and
by general equitable principles. 
 Section 2.3. Title to Shares. Upon the issuance by the Company to the Purchaser of the
Shares in accordance with the terms of this Agreement, the Shares will be validly issued, fully paid, and non-assessable and free of preemptive rights, and will represent twenty percent (20%) of the issued and
outstanding shares of the Preferred Stock (taking into account all previous issuances of Preferred Stock to Purchaser) and upon delivery by the Company to the Purchaser of such Shares in accordance with the terms of this Agreement, the Purchaser
will acquire good and marketable title to the Shares. 
 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

The Purchaser hereby represents and warrants to the Company as of the date hereof as follows: 

Section 3.1. Organization. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of
the Isle of Man. 
 Section 3.2. Authority and Execution. 

(a)    The Purchaser has the power and authority to execute and deliver this Agreement and to perform its obligations
hereunder. The execution, delivery, and performance by the Purchaser of this Agreement have been duly authorized by all necessary action. 

(b)    This Agreement constitutes a valid and legally binding obligation of the Purchaser, enforceable against the
Purchaser in accordance with its terms, except to the extent that such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and
by general equitable principles. 
 Section 3.3. Experience. The Purchaser has such knowledge and experience in financing and
business matters that it is capable of evaluating the merits and risks of an investment in the Shares and of making an informed decision and has the capacity to protect its own interests. 

Section 3.4. Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D under the
Securities Act of 1933, as amended. 

  
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 Section 3.5. Investment; Access to Data. The Purchaser is acquiring the Shares
for its own account, not as a nominee or agent and not with the view to, or for resale in connection with, any distribution thereof. It has had an opportunity to discuss the Company’s business, management and financial affairs with the
Company’s management and has been supplied with all information it deems necessary to make an informed investment decision. 

Section 3.6. Restrictions on Transfer. 

(a)    The Purchaser acknowledges and agrees that the Shares may not be offered for sale, sold or transferred except
(a) pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”) or in a transaction which is exempt from registration under the Securities Act or for which such
registration is otherwise not required or (b) pursuant to an effective registration statement under any applicable securities laws of any state (the “State Acts”) or in a transaction which is exempt from registration
under such State Acts or for which such registration otherwise is not required. Purchaser agrees that if any transfer of its Shares or any interest is proposed to be made, as a condition precedent to any such transfer, Purchaser may be required to
deliver to the Company an opinion of counsel satisfactory to the Company. 
 (b)     All certificates representing the
Shares shall have endorsed thereon legends substantially as follows: 
 “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL FOR THIS COMPANY, IS AVAILABLE.” 

(c) In the event of the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar transaction affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted
or additional securities or other property which are by reason of such transaction distributed with respect to any Shares subject to this Section 3 or into which such Shares thereby become convertible shall immediately be
subject to this Section 3. Pursuant to Section 5 of the Certificate of Designations, Preferences and Rights of Series F Convertible Preferred Stock of the Company, appropriate adjustments to reflect the distribution of
such securities or property shall be made to the number and/or class of shares of Preferred Stock subject to this Section 3. 

  
 3 

 ARTICLE IV 

MISCELLANEOUS PROVISIONS 

Section 4.1. Amendments, Etc. No amendment, modification or waiver of any provision of this Agreement, nor consent to any
departure by any party herefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for
which it was given. 
 Section 4.2. Third Party Beneficiaries. Except as expressly provided in this Agreement, nothing in this
Agreement is intended or shall be construed to confer upon any person or entity, other than the parties and their respective successors and permitted assigns, any right, remedy or claim under or by reason of this Agreement or any provision herein
contained. 
 Section 4.3. Successors, Assigns. This Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and permitted assigns; provided, that neither this Agreement nor any of the rights hereunder may be assigned by any of the parties hereto without the consent of each other party. 

Section 4.4. Governing Law. This Agreement shall be governed in all respects by the laws of the State of New York, without regard
to conflicts of laws principles thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in
connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any action or proceeding, any claim that it is not personally subject to the jurisdiction of any such
court, that such action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such action or proceeding by mailing a
copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If any party hereto shall commence an action or proceeding to enforce any provision of this
Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding. IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT
PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY. 

Section 4.5. Counterparts; Electronic Transmission. This Agreement may be executed in counterparts, which need not contain the
signatures of more than one party, but such counterparts taken together will constitute one and the same agreement. This Agreement may be executed and delivered by electronic transmission in portable document format and/or facsimile transmission or
by such other method as the parties may mutually agree. 

  
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 Section 4.6. Headings. The headings of the various sections of this Agreement
have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement for any other purpose. 

Section 4.7. Entire Agreement. This Agreement constitutes the entire agreement and understanding between the parties hereto and
supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. Notwithstanding the foregoing, this Agreement does not supersede any terms of the Commitment Letter, which shall continue to govern
the KHRL Financing (as such term is defined in the Commitment Letter) and operate in full force and effect in accordance with its terms. 

Section 4.8. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or enforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of such provisions in any other jurisdiction. 

[Signature page follows] 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the
day and year first above written. 
  

			
	EMPIRE RESORTS, INC.
		
	By:	 	 /s/ Ryan Eller

	Name:	 	Ryan Eller
	Title:	 	President and Chief Executive Officer
	
	KIEN HUAT REALTY III LIMITED
		
	By:	 	 /s/ Gerard Lim Ewe Keng

	Name:	 	Gerard Lim Ewe Keng
	Title:	 	Authorized Signatory

 [Signature Page to Subscription Agreement]

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