Document:

EXHIBIT 10.8

WHEREVER CONFIDENTIAL INFORMATION IS OMITTED HEREIN (SUCH OMISSIONS ARE DENOTED
BY AN ASTERISK), SUCH CONFIDENTIAL INFORMATION HAS BEEN SUBMITTED SEPARATELY TO
THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT.

                  AMENDED AND RESTATED SECURED PROMISSORY NOTE
                  --------------------------------------------

     FOR VALUE RECEIVED, Nevada Gold & Casinos, Inc., a Nevada corporation
("NGC"), as maker, whose principal place of business is 3040 Post Oak Blvd.,
Suite 675, Houston, Texas, 77056-6588, promises to pay to the order of [*], an
individual, as her separate property (* name changed to the defined term
"Lender" throughout the Agreement), the principal sum of $13,000,000.00 (reduced
as set forth in Section 2 below), together with interest on the unpaid principal
balance as set forth below.  All sums due under this Note are payable to Lender
at [*], or at any other place that Lender may designate in writing.

1.          RESTATEMENT OF PRIOR LOAN DOCUMENTS.  This Amended and Restated
            ------------------------------------
Promissory Note ("Note") is entered into as of June 28, 2004, and is expressly
intended to completely modify and restate the obligations of NGC and Lender
under the Continuing Loan Agreement and the Term Note in the original principal
sum of $7,000,000.00 entered into between NGC and Lender and both dated December
23, 1999; the Amendment to Continuing Loan Agreement and Term Note adding the
additional principal amount of $6,000,000.00 dated March 31, 2001; and any and
all side agreements, letters, and other documents between the parties to this
Note related to any of the loan documents identified above.  However, this Note
does not modify, amend, or replace the original Security Agreement entered into
     ---
between NGC and Lender as of December 23, 1999.  The original Security Agreement
is amended and restated by the Amended and Restated Security Agreement dated
June 28, 2004, between Lender, NGC, and Blackhawk Gold, Ltd., a wholly-owned
subsidiary of NGC ("BHG"), and entered into concurrently with this Note (the
"ARSA").  Capitalized terms not otherwise defined in this Note have the same
definitions as the ARSA, including Appendix I to the ARSA.

2.          PARTIAL CONVERSION EFFECTED; PARTIAL PREPAYMENT EFFECTED.     On
            ---------------------------------------------------------
November 14, 2003, Lender converted $1,766,829.77 in principal and $15,671.23 in
accrued and outstanding interest into a total of 594,167 shares of common stock
in NGC, leaving a principal balance due and owing of $11,233,170.23 as of
November 14, 2003.  As of June 28, 2004, the date of this Note, NGC shall have
prepaid the amount of $7,915,671.23 in principal, leaving a principal balance
due and owing of $3,317,499.00, plus any accrued, unpaid interest, as of the
date of this Note.

3.          PAYMENT TERMS.  NGC agrees to pay the sums under this Note as
            --------------
follows:

     1.          payment of interest only through December 31, 2005, payable
     monthly on or before the last day of each month by check made payable to
     "Lender, Separate Property," and accompanied by a letter setting forth the
     principal amount outstanding, the method of calculating interest, and the
     amount of interest paid, with copies of the check and all other
     correspondence included with Lender's check sent contemporaneously by
     facsimile to Lender's attorney/counsel, [*], at her facsimile number set
     forth below;

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
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     2.          all payments must be received by Lender on or before the due
                                      --------           --------------------
     date in order for the payment to be timely, and they must be received by
     ----                                                         --------
     Lender on or before the fifth day after Lender gives notice to NGC of the
     late payment to avoid a Default by NGC; and

     3.          the entire principal amount outstanding, plus any outstanding
     interest, less any amounts converted by Lender into NGC Stock per Section 5
     below, shall be due and payable to Lender in full on December 31, 2005.

4.          INTEREST RATE; DEFAULT INTEREST RATE.  The unpaid principal balance
            -------------------------------------
under this Note shall bear interest at the rate of eleven percent (11%) per
annum prior to the date of this Note, and at the rate of seven and one-half
percent (7 %) per annum from the date of this Note until paid.  Any matured,
unpaid amount of principal shall bear interest at the rate of eleven percent
(11%) per annum until paid.  If any payment of interest is not made on or before
its due date, then the interest rate on that payment shall increase to 11% from
the date on which that interest payment began accruing through the date on which
the late interest payment is paid in full (this provision shall not apply if the
late payment is caused solely by a third party carrier in delivering the payment
to Lender if NGC has sent the payment for delivery in a properly addressed
Federal Express, Airborne Express, United Parcel Service, or Lone Star Overnight
package with delivery charges prepaid or charged to NGC's account and the
package is sent via next day overnight delivery at least one business day in
advance of the due date, or two business days if the due date is not a business
day - NGC shall not use United States Postal Service overnight or next day
delivery service for any payments).  In the event of a Default by NGC, the
interest rate on the entire outstanding principal amount shall increase to
eleven percent (11%) per annum as of the date through which the last interest
payment was duly made and shall continue at that rate until the entire
outstanding amount of principal and interest is paid in full.

5.          CONVERSION RIGHTS.
            ------------------

     1.          CONVERSION RIGHTS IRREVOCABLE.  NGC agrees that Lender shall
                 ------------------------------
     continue to have the IRREVOCABLE RIGHT to convert any outstanding principal
                          -----------------
     and interest remaining due and owing under this Note into shares of NGC's
     Stock [as defined in Section 6(a) below] at the rate of $3.00 per share or
     85% of the per share price of the closing market price of NGC's Stock as of
     the date of Lender's conversion notice (whichever is less). Lender agrees
     that she is entitled to exercise these conversion rights as follows: Lender
     may convert on or at any time during the ten-month period beginning
     November 14, 2004, up to 650,000 shares; and again any time on or after
     September 14, 2005, until December 30, 2005, for the balance due under the
     Note. However, at no time during any conversion period shall Lender convert
     an amount under this Note that would result in her owning, at the time of
     each conversion, an interest in NGC greater than 4.99% of NGC's total
     outstanding Stock.

     2.          NOTICE REQUIREMENTS.  NGC acknowledges and agrees that, under
                 --------------------
     the "tacking" provisions of Rule 144 of the General Rules and Regulations
     of the Securities Act of 1933, Lender's holding period began on December
     23, 1999. Lender agrees to provide in each of her future conversion notices
     written confirmation that she is not a 5% or more beneficial shareholder or
     a control person of NGC and that she has not been one of these during the
     ninety days preceding the date of the conversion notice. Upon receipt of
     her conversion notice with this representation, NGC shall issue to Lender
     her converted Stock without any restrictive legend and they shall not be
     restricted in any other way by NGC. Lender may give notice of conversion to
     NGC in writing by facsimile, by mail, or by overnight delivery, and she may
     do so through her attorney/counsel (*) or her financial

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                         PAGE 2 OF 12

<PAGE>
     advisor (*), and notice from either of these two agents shall constitute
     notice by Lender. NGC shall promptly comply with all of Lender's and/or her
     agent's conversion notices and shall deliver the Stock to [*] (or to any
     other person designated by Lender in writing), with a copy faxed
     contemporaneously to Lender and to her attorney/counsel, no later than four
     business days after NGC's receipt of the conversion notice. NGC MAY NOT IN
     ANY WAY DENY, REVOKE, AMEND, DEPLETE, DELAY, OR INTERFERE WITH LENDER'S
     CONVERSION RIGHTS OR INTERFERE WITH ANY TRANSFER OF THE STOCK DONE IN
     COMPLIANCE WITH SECURITIES LAWS.

     3.          APPLICATION OF CONVERSION AMOUNTS.  All conversion amounts
                 ----------------------------------
     shall be applied first to accrued, unpaid interest, then to principal,
     unless otherwise instructed by Lender or her agent. NGC shall provide to
     Lender or her agent, within two business days of the request, NGC's
     then-current figure for all outstanding stock in NGC. All Stock issued to
     Lender under this Note shall be issued in the name of [*], as her Separate
     Property" unless instructed otherwise.

6.          ADJUSTMENT AND OTHER EVENTS.
            ----------------------------

     1.          DEFINITION OF "STOCK."  As used in this Note, the capitalized
                 ----------------------
     term "Stock" shall mean shares of NGC's common stock of any class, whether
     now or subsequently authorized, that has the right to participate in the
     distribution of earnings and assets of NGC without limit as to amount or
     percentage. On the date of this Note, Stock consists of 20,000,000
     authorized shares of NGC's common stock at $.12 par value per share. NGC
     warrants and represents that it has no shares of convertible preferred
     stock issued or outstanding, and that during the term of this Note, it will
     not issue any convertible preferred stock to any third party without first
     giving Lender formal written notice of its intent to issue preferred stock
     along with the specific terms of the preferred stock offering (including
     but not limited to the closing date, interest rate, and conversion rate)
     and then giving Lender the right of first refusal to purchase the preferred
     stock. Lender shall have seven business days from the date of her receipt
     of the formal written notice to purchase the preferred stock. If Lender
     does not respond within seven business days, Lender shall be presumed to
     have declined to purchase the preferred stock. NGC shall give Lender
     informal notice of its intent or desire to issue the preferred stock as far
     in advance as is practicable, which is presumed to be approximately thirty
     days before the contemplated closing date of the transaction. NGC is not
     required to resubmit to Lender any preferred stock offering if the closing
     date, interest rate, and/or conversion rate on the final transaction are
     equal or less favorable to Lender than the original terms proposed by NGC.

     2.          STOCK DIVIDEND OR DISTRIBUTION.  In case NGC declares any
                 -------------------------------
     dividend or other distribution upon any of its Stock payable in Stock, or
     subdivides any of its outstanding shares of Stock into a greater number of
     shares, then the number of shares of Stock that may subsequently be
     obtained upon Lender's exercise of her conversion rights shall be increased
     in proportion to the increase through the dividend, distribution, or
     subdivision, and the conversion price per share shall be decreased in
     proportion. In case NGC at any time combines the outstanding shares of its
     Stock into a smaller number of shares, the number of shares that may
     subsequently be obtained by Lender upon her exercise of her conversion
     rights represented by this Note shall be decreased proportionately to the
     decrease through the combination, and the conversion price per share shall
     be increased proportionately.

     3.          EFFECT OF RECLASSIFICATION, REORGANIZATION, CONSOLIDATION,
                 ----------------------------------------------------------
     MERGER, OR SALE OF ASSETS. In case of any (1) reclassification, capital
     -------------------------
     reorganization, or other change of

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
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<PAGE>
     outstanding Stock of NGC, (2) consolidation or merger of NGC with or into
     another corporation (other than a consolidation or merger in which NGC is
     the continuing corporation and that does not result in any
     reclassification, capital reorganization, or other change in the kind or
     number of shares of common stock issuable upon Lender' exercise of her
     conversion rights), or (3) sale or conveyance to another corporation of all
     or substantially all of NGC's assets as an entirety, NGC shall take
     appropriate steps necessary to provide that Lender shall have the right
     after the event, by exercising her conversion rights, to purchase the kind
     and amount of shares of stock and other securities and property, if any,
     receivable upon the reclassification, capital reorganization, or other
     change, consolidation, merger, sale, or conveyance that Lender would have
     received had her conversion rights been fully exercised immediately prior
     to the event.

     4.          OBLIGATION OF SUCCESSORS OR TRANSFEREE CORPORATION.     NGC
                 ---------------------------------------------------
     shall not effect any consolidation, merger, sale, or conveyance of assets
     within the meaning of Subsection 6(c)(1)-(3) above unless, prior to or
     simultaneously with the consummation of the event, the successor
     corporation resulting from the consolidation or merger or the corporation
     purchasing the assets assumes by written instrument executed and mailed or
     delivered to Lender the obligation to deliver to Lender the shares of
     Stock, securities, or assets that, in accordance with the above provisions,
     Lender may be entitled to receive upon exercise of her conversion rights.
     In no event shall the securities received pursuant to this Subsection be
     registerable or transferable other than pursuant and subject to the terms
     of this Note. NGC may change its name without prior notice to or consent by
     Lender, and it shall continue to remain obligated to honor this Note under
     its new company name.

     5.          NOTICE OF ADJUSTMENT AND OTHER EVENTS.     If (1) an event
                 --------------------------------------
     requiring an adjustment as provided in Subsections 6(b) or (c) occurs; (2)
     NGC makes a distribution of assets or rights to acquire assets to a
     shareholder; (3) NGC offers for subscription pro rata to the holders of its
     Stock any additional shares of stock of any class, or other rights; or (4)
     NGC suffers a voluntary or involuntary dissolution, liquidation, or winding
     up of NGC; then, in any one or more of these cases, NGC shall give to
     Lender (i) at least twenty days prior written notice of the date on which
     the books of NGC shall close or a record shall be taken for the dividend,
     distribution, or subscription rights, or for determining rights to vote
     regarding any reorganization, reclassification, consolidation, merger,
     sale, dissolution, liquidation, or winding up, and (ii) in the case of any
     reorganization, reclassification, consolidation, merger, sale, dissolution,
     liquidation, or winding up, at least twenty days' prior written notice of
     the date when the event shall take place. The notice given pursuant to this
     provision and to the extent applicable shall specify (i) in the case of any
     dividend, distribution, or subscription rights, the date on which the
     holders of Stock shall be entitled to receive the dividend, distribution,
     or subscription rights; and (ii) when the holders of Stock shall be
     entitled to exchange their Stock for securities or other property
     deliverable upon reorganization, liquidation, or winding up, as the case
     may be. Upon the happening of an event requiring adjustment of the
     conversion price per share or the kind or amount of securities or property
     issuable upon conversion of any portion of this Note, NGC shall promptly
     give notice to Lender, and the notice shall be accompanied by a certificate
     of NGC's independent public accountants stating the adjusted conversion
     price per share and the adjusted number of shares of Stock issuable or the
     kind and amount of the securities or property issuable upon Lender's
     exercise of her conversion rights, as the case may be, and setting forth in
     reasonable detail the method of calculation and the facts upon which the
     calculation is based.

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                         PAGE 4 OF 12

<PAGE>
     6.          COMPANY-HELD STOCK.     The number of shares of Stock of any
                 -------------------
     class at any time outstanding shall include all shares of Stock of that
     class then issued and owned or held by or for the account of NGC.

7.          DEFAULT.     NGC will be in default if any of the following happens
            --------
("Default" or "Event of Default"):  (a) NGC fails to timely make the principal
payment at maturity; (b) Lender does not receive an interest payment on or
before the fifth day after Lender gives notice to NGC of the late payment; (c)
NGC defaults under any loan, extension of credit, security agreement, purchase
or sales agreement, contractual obligation, or any agreement in favor of any
creditor or person (as "default" is defined in that instrument and after giving
effect to all applicable cure periods) and that default results in NGC owing,
through default and/or acceleration, an amount in excess of $3 million; (d) NGC
defaults on its agreement and/or subordinated loan agreement with [*] dated June
28, 2004; (e) NGC fails to timely comply with the Obligations (other than those
Obligations specifically identified in this Section); (f) NGC breaches any
covenant, representation, or warranty in this Note or in the ARSA and does not
cure that breach within thirty days after the breach, and NGC agrees to give
Lender prompt notice of the breach; (g) NGC makes an assignment for the benefit
of creditors, files for bankruptcy protection, is adjudicated insolvent, a
receiver is appointed for IC-BH or BHG, or any involuntary proceeding is
commenced against NGC under any bankruptcy or insolvency laws and that
involuntary proceeding is not dismissed within sixty days after it is filed; (h)
NGC grants or attempts to grant to any third party a lien on the Collateral
without complying with the procedure and provisions in Section 8 below; or (i) a
final, non-appealable judgment in litigation or arbitration is entered against
NGC where the total amount of the judgment, including actual damages, pre- and
post-judgment interest, attorney's fees, court costs, and/or punitive damage,
exceeds $3 million.  If an Event of Default occurs, then Lender shall have all
of the rights and remedies set forth in this Note and in the ARSA.

8.          ADDITIONAL LIENS.  All references in this Section to "NGC" expressly
            -----------------
include BHG, and BHG may not grant a second or any other lien on any of the
Collateral without complying with the provisions of this Section.  Before NGC
may place a second or any other lien on any or all of the Collateral in favor of
anyone other than [*], NGC must give Lender formal written notice of the name of
the proposed second or other lienholder (if known) and of the specific terms and
conditions of the proposed loan transaction for which the second or other lien
would be granted (including but not limited to the closing date, interest rate,
principal amount, and maturity date), and Lender shall have seven business days
from the date on which the notice is received by her to notify NGC of her desire
to make the loan.  NGC agrees to promptly provide Lender with any documentation
she requests related to the proposed transaction with the third party in order
to assist her in making her decision.  If Lender does not respond within seven
business days, Lender shall be presumed to have declined to make the loan.  NGC
shall give Lender informal notice of its intent or desire to obtain additional
financing and grant a second or other lien on the Collateral as far in advance
as is practicable, which is presumed to be approximately thirty days before the
contemplated closing date of the transaction.  NGC is not required to resubmit
to Lender any financing resulting in a second or other lien if the closing date,
interest rate, principal amount, and/or maturity date on the final loan
transaction are equal or less favorable to Lender than the original terms
proposed by NGC.

     In the event NGC complies with this notice provision and is allowed to
grant a second or other lien on the Collateral, NGC agrees that it must comply
with all of the following provisions before it may grant an effective second or
other lien on the Collateral:

     1.          Any second or other lien given on the Collateral must be made
                                                                  ----
     expressly subordinate to Lender's lien. NGC shall ensure that the paperwork
     documenting the

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                         PAGE 5 OF 12

<PAGE>
     transaction with the second or other lienholder properly notifies the
     second and/or other lienholder of the existence of Lender's first lien and
     that the second and any other lienholder clearly acknowledges Lender's
     existence and status as first lienholder on all of the Collateral and that
     the subsequent lienholder's debt and security interest is subordinated to
     Lender.

     2.          NGC shall ensure that the paperwork documenting the transaction
     with the second and any other lienholder clearly instructs the second and
     any other lienholder that it may not even attempt to collect or execute on
     the Collateral without first ensuring that the entire first lien balance is
     paid in full and all loan or credit transactions between NGC and Lender are
     completely terminated and are no longer in effect. The second and any other
     lienholder must be required to give notice of any default by NGC to NGC and
     Lender concurrently before the second or any other lienholder may exercise
     any collection efforts against the Collateral.

     3.          NGC shall defend, at its own expense, against any claims by any
     lienholders other than Lender against the Collateral.

     4.          NGC shall keep Lender's counsel informed of the status of any
     second and any other lien and of any default or alleged default by NGC on
     the transaction secured in whole or in part by the second and/or other
     lien, and shall reimburse Lender for any and all attorney's fees, court
     costs, and expenses incurred by Lender that Lender or her counsel deemed
     necessary to protect the Collateral within thirty days after the submission
     of an invoice for the fees or expenses to NGC by Lender's counsel.

     5.          NGC shall provide Lender's counsel with fully-executed copies
     of all documents related to any transaction giving any third party a second
     or other lien on any or all of the Collateral within three business days of
     the last signature date on the transaction or the date the transaction is
     funded, whichever is earlier.

     6.          NGC shall provide to Lender's counsel on or before June 28,
     2004, copies of the fully-executed documents related to the transaction
     giving [*] a second lien and shall require him and his counsel to provide
     counsel for Lender (as set forth below) with copies of any and all notices,
     including but not limited to notice of default, that arise from or relate
     to any of his agreements with NGC that relate in any way to the second
     lien. NGC shall ensure that [*] agreement expressly and clearly states that
     his lien on the Collateral is subordinate to Lender's lien and security
     interest.

9.          NOTICE OF DEFAULT.  Lender is not required to provide NGC with any
            ------------------
notice whatsoever of any Default by NGC or any failure of NGC to timely make the
principal payment when due, save and except that Lender must give notice of a
late interest payment before that late payment is deemed a Default as described
in Section 7(b) above.  However, failure by Lender to give notice of a late
interest payment to NGC does not relieve NGC of its obligation to make the
payment or of the application of the default interest rate upon the failure to
timely make the interest payment as provided in Section 4 above.

10.          CHANGE IN CONTROL.  In the event of a "Change in Control," then
             ------------------
Lender shall have the option to declare the entire unpaid principal and accrued
interest (if any) due and payable from the proceeds of the transaction upon
closing of the transaction resulting in a Change in Control.  Lender may also,
at her option, accelerate her conversion rights as described in Section 5(a)
[and the convertible debt amount and number of shares of Stock into which it
converts will be reduced during

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                         PAGE 6 OF 12

<PAGE>
the term of this Note per Section 5(a) above as Lender exercises her conversion
rights] and the 4.99% ownership limitation described in Section 5(a) above shall
no longer apply.  NGC agrees to promptly inform any purchasing company or
shareholder of this obligation prior to the closing of the transaction.

     For purpose of this Note, a "Change in Control" of NGC shall mean and shall
be deemed to have occurred if:

     1.          A sale, transfer, or other disposition by NGC through a single
     transaction or a series of transactions of securities of NGC representing
     Beneficial Ownership (as defined below) of fifty (50%) percent or more of
     the combined voting power of NGC's then outstanding securities to any
     "Unrelated Person" or "Unrelated Persons" acting in concert with one
     another. For purposes of this definition, the term "Person" shall mean and
     include any individual, partnership, joint venture, association, trust
     corporation, or other entity [including a "group" as referred to in Section
     13(d)(3) of the Securities Exchange Act of 1934, as amended ("1934 Act")].
     For purposes of this definition, the term "Unrelated Person" shall mean and
     include any Person other than the Holder, NGC, a wholly-owned subsidiary of
     NGC, or an employee benefit plan of NGC; provided however, a sale to
     underwriters in connection with a public offering of NGC's securities
     pursuant to a firm commitment shall not be a Change of Control.

     2.          A sale, transfer, or other disposition through a single
     transaction or a series of transactions of all or substantially all of the
     assets of NGC to an Unrelated Person or Unrelated Persons acting in concert
     with one another.

     3.          A change in the ownership of NGC through a single transaction
     or a series of transactions such that any Unrelated Person or Unrelated
     Persons acting in concert with one another become the "Beneficial Owner,"
     directly or indirectly, of securities of NGC representing at least fifty
     (50%) percent of the combined voting power of NGC's then outstanding
     securities. For purposes of this Note, the term "Beneficial Owner" shall
     have the same meaning as given to that term in Rule 13d-3 promulgated under
     the 1934 Act, provided that any pledgee of voting securities is not deemed
     to be the Beneficial Owner of the securities prior to its acquisition of
     voting rights with respect to the securities.

     4.          Any consolidation or merger of NGC with or into an Unrelated
     Person, unless immediately after the consolidation or merger the holders of
     the common stock of NGC immediately prior to the consolidation or merger
     are the beneficial owners of securities of the surviving corporation
     representing at least fifty (50%) percent of the combined voting power of
     the surviving corporation's then outstanding securities.

11.           COLLATERAL.  This Note is secured by the ARSA, which provides for
              -----------
a first lien security interest in the following items of Collateral and affords
Lender the right to take action against the Collateral in an Event of Default:

     1.          a continuing security interest in all of NGC's interest in BHG,
     including but not limited to NGC's revenues from BHG and from NGC's
     ownership interest in BHG;

     2.          a continuing security interest in all of BHG's interest in the
     Isle of Capri Black Hawk, L.L.C. ("IC-BH"), including but not limited to
     BHG*s revenues from and

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
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<PAGE>
     undivided percentage interest in the assets of IC-BH, and all of the
     rights, but none of the obligations, of BHG under the Operating Agreement;

     3.          all investment property and other property, rights, or
     interests of any description at any time issued or issuable to BHG or held
     in any securities account as an addition to, in substitution or exchange
     for or with respect to BHG*s interest in IC-BH, including without
     limitation additional percentages or interests issued or given as a result
     of any amendment, reclassification, split-up, dissolution, or other limited
     liability company reorganization or property distributed pursuant to a
     reorganization or amendment of the Operating Agreement;

     4.          all distributions, proceeds, monies, income, and benefits
     arising from, by virtue of, or payable with respect to BHG s interest in
     IC-BH or NGC's interest in BHG; and

     5.          any and all notes receivable and/or cash flow rights granted to
     NGC from investments in any and all projects financed in whole or in part
     through the loan proceeds from this Note.

Lender shall maintain possession of the Collateral and any and all powers of
attorney necessary to enforce her security interest in any or all of the
Collateral until any and all amounts due under this Note are paid in full and
this Note is terminated, the Collateral is substituted as provided in Section 14
below and she no longer holds a security interest in any of the Collateral under
any instrument, and/or until she exercises her rights against the Collateral in
an Event of Default.

12.          PROTECTION OF COLLATERAL; INDEMNIFICATION.     Consistent with the
             ------------------------------------------
terms of this Note, as long as any amounts are owed to Lender under this Note,
NGC agrees that it will use its best efforts to defend against the attempts of
any creditor who tries to take any of the Collateral.  NGC also agrees that it
will use its best efforts to protect the Collateral; to prevent any loss, theft,
substantial damage, destruction, sale, or encumbrance to or of any of the
Collateral; and to defend against any actual or attempted levy, seizure, or
attachment of or on any of the Collateral.  In the event Lender finds it
necessary to take action to protect the Collateral against the actions of third
parties or against any wrongful conduct of NGC or any failure by NGC to use its
best efforts to protect the Collateral, NGC agrees that it shall indemnify
Lender for any attorney's fees, court costs, and any and all other expenses
incurred in her efforts to protect the Collateral.  NGC understands and agrees
that it shall promptly reimburse Lender for any and all of these expenses, but
in no event shall these attorney's fees and expenses be paid later than thirty
days after the date on which they are submitted to NGC.

13.          LIMITATION ON USE OF LOAN PROCEEDS.  NGC may use the loan proceeds
             -----------------------------------
for any legitimate business purpose.  However, NGC agrees and understands that
it may not use any of the loan proceeds from this Note to fund litigation or
arbitration against Lender or to defend against litigation or arbitration
instituted against NGC by Lender.

14.          PREPAYMENT; SUBSTITUTION OF COLLATERAL.     After the prepayment
             ---------------------------------------
described in Section 2 above is made, NGC shall not be permitted to prepay any
                                                ---                        ---
of the remaining $3,317,499.00 in principal due and owing under this Note.
After NGC makes this limited prepayment, NGC may opt to replace the Collateral
with a certificate of deposit issued in NGC's name as owner or payee
representing 110% of the outstanding principal amount remaining at the time of
the completion of the prepayment.  NGC shall deliver the certificate of deposit
to counsel for Lender accompanied by any and all powers of attorney required by
counsel for Lender, and NGC shall execute any and all other

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                         PAGE 8 OF 12

<PAGE>
documents reasonably required by Lender's counsel related to obtaining and
perfecting a security interest in the certificate of deposit in favor of Lender.
NGC shall also inform the banking or investment institution that issued the
certificate of deposit in writing at the time the certificate of deposit is
issued that Lender holds it as security for a loan transaction and NGC shall
provide the issuer with Lender's counsel's name, address, and telephone number,
and NGC shall contemporaneously provide a copy of the notice letter to Lender's
counsel. Upon NGC compliance with the above provisions, Lender shall release her
lien on the original Collateral for the payment of this Note and this Note ONLY,
                                                                           ----
and the certificate of deposit shall become the collateral under the terms of
this Note and any accompanying security agreement, and any and all terms
relating to the original Collateral will then apply to the certificate of
deposit.  If NGC owes no other amounts (principal, interest, or other) to Lender
and has no right to borrow any amounts from Lender under any note or security
---
agreement or similar instrument that also identifies or uses the original
Collateral as security for repayment, then upon Lender's receipt of the
certificate of deposit and all required accompanying instruments, Lender shall
then return the original Collateral to NGC.  However, if NGC owes any other
amounts (principal, interest, or other) to Lender under any other Note that
identifies or uses the original Collateral as security for repayment, or if NGC
                                                                      --
has the right to borrow any amounts from Lender under any note or security
agreement or similar instrument that also identifies or uses the original
Collateral as security for repayment, Lender shall have no obligation to release
her lien against the original Collateral as to those other instruments or to
return the original Collateral to NGC.

15.          FURTHER ASSURANCES.  NGC agrees to execute all other documents and
             -------------------
instruments reasonably requested by Lender or her attorney to effectuate the
intent of this Note upon written request by Lender or her attorney after the
date of this Agreement.

16.          WAIVER.  In the event of a Default as defined in Section 7 above or
             -------
in the ARSA, NGC (a) waives presentment for payment, notice of protest, notice
of intent to accelerate, notice of acceleration, and all other notices, filing
of suit, and diligence in collecting this Note or enforcing any other security
with respect to this Note, although Lender agrees that she must comply with all
UCC requirements for sale of collateral; (b) agrees to any substitution,
surrender, subordination, waiver, modification, change, exchange, or release of
any security or the release of the liability of any parties primarily or
secondarily liable on this Note; and (c) consents to any extension or
postponement of time for payment of this Note and to any other indulgence with
respect to this Note without notice.  No failure or delay on the part of Lender
in exercising any of her rights, powers, or privileges under this Note shall
operate as a waiver of that right, power, or privilege.

17.          AMENDMENT OR MODIFICATION.  This Note may not be modified or
             --------------------------
amended in any way unless the modification or amendment is in writing and is
signed by all parties.  Any document purporting to amend or modify this Note
shall be of no force or effect unless the document expressly states that it is
intended to amend or modify the Note and it is signed by all parties to this
Note.

18.          ATTORNEYS' FEES AND COSTS OF LITIGATION.  If all monies due and
             ----------------------------------------
owing under this Note are not paid in full at maturity, regardless of how the
maturity may be brought about, or if this Note is collected or attempted to be
collected through the initiation or prosecution of any suit or through any
probate, bankruptcy, or any other judicial proceedings, or is placed in the
hands of an attorney for collection, NGC shall pay, in addition to all other
amounts owing under this Note, all actual expenses of collection, all court
costs, and reasonable attorney's fees incurred by Lender upon demand for payment
by Lender or her attorney.

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                         PAGE 9 OF 12

<PAGE>
19.          AUTHORITY.  NGC represents that it has full power, authority and
             ----------
legal right to execute and deliver this Note and the ARSA, and that this Note
and the ARSA constitute valid and binding obligations of NGC.  BHG represents
that it has full power, authority, and legal right to execute and deliver the
ARSA and the ARSA constitutes a valid and binding obligation of BHG.

20.          GOVERNING LAW AND VENUE.     This Note and the rights and
             ------------------------
obligations of the parties under this Note shall be governed by the laws of the
United States of America and by the laws of the State of Texas, and is
performable in Montgomery County, Texas.  Chapter 346 of the Texas Finance Code
does not apply to this Note.

21.          BUSINESS DAY.       If any action is required or permitted to be
             -------------
taken under this Note on a Sunday, legal holiday, or other day on which banking
institutions in the State of Texas are authorized or required to close, the
action shall be taken on the immediately PRECEDING business day, and, to the
                             ----------------------------------
extent applicable, interest on the unpaid principal balance shall continue to
accrue at the applicable rate.

22.          USURY SAVINGS CLAUSE.  The parties to this Note intend to comply
             ---------------------
with the usury laws applicable to this Note.  Accordingly, the parties agree
that no provision in this Note or in any related documents (if any) shall
require or permit the collection of interest in excess of the maximum rate
permitted by law.  If any excess interest is provided for or contracted for in
this Note, or charged to NGC or any other person responsible for payment, or
received by Lender, or if any excess interest is adjudicated to be provided for
or contracted for under this Note or adjudicated to be received by Lender or her
heirs, successors, or assigns, then the Parties expressly agree that this
                                                ---------------
paragraph shall govern and control and that neither NGC nor any other party
liable for payment of the Note shall be obligated to pay the amount of excess
interest.  Any excess interest that may have been collected shall be, at
Lender's option, either applied as credit against any unpaid principal amount
due or refunded to NGC.  The effective rate of interest shall be automatically
subject to reduction to the maximum lawful contract rate allowed under the usury
laws of the State of Texas as they are now or subsequently construed by the
courts of the State of Texas.

23.          NOTICES.  Any and all notices or communications related in any way
             --------
to this Agreement may be given by certified mail with return receipt requested,
by receipted courier, by overnight delivery service, or by hand delivery and
sent to the persons at the addresses set forth for each party below, or they may
be given by facsimile transmission or by e-mail transmission if the intended
recipient has affirmatively stated that notice may be delivered by facsimile or
e-mail and the intended recipient has provided a valid facsimile number and/or
e-mail address.  Any notice delivered by facsimile or e-mail sent or for which a
return receipt is received at any time before 5:00 p.m. on a business day shall
be deemed to be delivered on that date.  Any facsimile or e-mail notice not
received by 5:00 p.m. on a business day shall be deemed to be received on the
first following business day.

          Notices to Lender:
          -----------------

          [*}

          with copies sent contemporaneously to:
          -------------------------------------
          [*]

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                        PAGE 10 OF 12

<PAGE>
<TABLE>
<CAPTION>
          Notices to NGC:                          with a copy sent contemporaneously to:
          ---------------                          ---------------------------------------
<S>       <C>                                      <C>
          H. Thomas Winn, President                Thomas C. Pritchard
          Nevada Gold & Casinos, Inc.              Brewer & Pritchard, P.C.
          3040 Post Oak Blvd., Suite 675           Three Riverway, Suite 1800
          Houston, Texas  77056-6588               Houston, Texas  77056-1969
          Facsimile number:  (713) 621-6919        Facsimile number:  (713) 209-2921
          E-mail address:  tom@nevadagold.com      E-mail address:  pritchard@bplaw.com
          Notice may be delivered by facsimile or  Notice may be delivered by facsimile or
          e-mail with proof of receipt.            e-mail with proof of receipt.
</TABLE>

NGC understands and agrees that any notice given or attempted to be given by it
to Lender is not effective unless the notice was contemporaneously provided to
                                                 -----------------
all other persons identified above or subsequently identified to NGC by Lender
and shall be deemed to have been given to Lender upon providing notice to [*]
and [*] as set forth above.  Any of the above contact information or designated
representatives for the purpose of notice may be changed by a party or an
authorized representative of a party providing written notice in the manner set
forth above to the other party, and the new contact information or
representative will then become effective.

24.          INCORPORATION OF OTHER DOCUMENTS.  The Parties agree that the
             ---------------------------------
Amended and Restated Security Agreement and the Confidential Compromise
Settlement Agreement and Release between the Parties and both dated June 28,
2004, are incorporated by reference in this Note for all purposes as if fully
set forth at length.

     Dated the 28th day of June, 2004.

MAKER:
-----

Nevada Gold & Casinos, Inc.

By:  ______________________________
     H. Thomas Winn, President

HOLDER:
------

________________________________

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                        PAGE 11 OF 12

<PAGE>
Agreed and acknowledged solely for the collateral pledged as security in Section
11 above and all other provisions related to that collateral:

Blackhawk Gold, Ltd.

By:  ______________________________
     H. Thomas Winn, President

AMENDED AND RESTATED
SECURED PROMISSORY NOTE               _______
NGC-BHG/LENDER/JUNE 2004                HTW                        PAGE 12 OF 12

<PAGE>Unassociated Document

EXECUTIVE
EMPLOYMENT AGREEMENT

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) is effective as of February 1,
2005, by and between IFT COMPANY, a Delaware Company with offices at the Quorum
Business Center, 718 South Military Trail, Deerfield Beach, Florida 33442 (the
“Company”), and Michael T. Adams an individual residing at The Preserve at Deer
Creek, 370 Jefferson Drive, Deerfield Beach, Florida 33442 (the
“Executive”).

W I T N E
S S E T H :

WHEREAS,
the Company wishes to employ the Executive and the Executive wishes to accept
such employment, subject to the terms and conditions hereinafter set
forth;

WHEREAS,
the Company acknowledges that Executive has been working for the Company in
various capacities since January 1997 and is currently employed as the Chief
Executive Officer under an employment agreement beginning on January 1, 2002 and
ending December 31, 2005 (“Prior Agreement”);

WHEREAS,
the Company wishes to continue Executive’s employment for an additional period
of time, beginning on February 1, 2005 and ending on January 31, 2008, and the
Executive wishes to enter into such Agreement, subject to the terms and
conditions hereinafter set forth;

WHEREAS,
the Prior Agreement between the Company and Executive, except for certain
provisions as hereinafter carried forth into this Agreement, shall be terminated
in al respects upon execution of this Agreement; and

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

1.     EMPLOYMENT
TERM. The
Company hereby agrees to employ the Executive, and the Executive hereby accepts
such employment for a period of four (4) years from February 1, 2005 through
January 31, 2008, unless sooner terminated in accordance with Section 6 hereof
(the “Employment Period”).

2.    POSITION;
DUTIES. During
the Employment Period, the Executive shall hold the title and position of Chief
Executive Officer of the Company and shall have the duties and responsibilities
usually vested in such capacity, as determined from time to time by the Chairman
of the Board, Board of Directors, and Bylaws.

3.    MANNER
OF PERFORMANCE. The
Executive shall serve the Company and devote all his business time, his best
efforts and all his skill and ability in the performance of his duties
hereunder. The Executive shall carry out his duties in a competent and
professional manner, to the reasonable satisfaction of the Chairman of the Board
and Board of Directors of the Company, shall work with other Executives of the
Company and of its affiliates and generally promote the best interests of the
Company and its customers. The Executive shall not, in any capacity engage in
any activity which is, or may be, contrary to the welfare, interest or benefit
of the business now or hereafter conducted by the Company or any of its
affiliates.

4.    COMPENSATION
AND RELATED MATTERS. The
Executive’s compensation for his services hereunder shall be as
follows:

4.1    Base
Compensation. During
the Employment Period, Executive shall receive an annual base salary (the
"Annual Base Salary") of $108,750, payable in accordance with the Company’s
normal payroll practices. Executive’s Annual Base Salary will be reviewed on an
annual basis by the Compensation Committee of the Board of Directors and may be
increased from time to time, in the discretion of the Compensation Committee.
Any increase in Annual Base Salary shall not serve to limit or reduce any other
obligation to Executive under this Agreement. Annual Base Salary shall not be
reduced at any time (including after any such increase) unless agreed to between
the parties in writing. The term Annual Base Salary as utilized in this
Agreement shall refer to Annual Base Salary as adjusted from time to
time.

4.2    Restricted
Common Stock. During
the Employment Period, Executive is entitled to earn up to One Million
(1,000,000) shares of restricted common stock (“Shares”) of the Company, subject
to the following Sales Goal Thresholds being met by the
Company:

 

1

 

4.2.1 150,000
Shares upon reaching $ 6 Million in Sales during a calendar year;

4.2.2 150,000
Shares upon reaching $ 12 Million in Sales during a calendar year;

4.2.3 150,000
Shares upon reaching $ 18 Million in Sales during a calendar year;

4.2.4 150,000
Shares upon reaching $ 24 Million in Sales during a calendar year;

4.2.5 150,000
Shares upon reaching $ 30 Million in Sales during a calendar year;
and

4.2.6 100,000
Shares upon reaching $ 40 Million in Sales during a calendar year.

4.3    Sales
Goals Non-Repetitive. The
Sales Goals Thresholds and number of Shares referenced in Section 4.2 are
non-repetitive, which means once a particular Sales Goal Threshold has been met
during any calendar year, that same Sales Goal is not eligible to be used again
for additional shares (e.g. if the Sales Goal in 4.2.1 is met during the 2005
calendar year, then that same opportunity is not available for any other
calendar year during the Employment Period). The determination of whether or not
a particular Sales Goal Threshold has been met during a given year will be made
by the Compensation Committee, subject to adjustment, if any, from the
independent audit of the Company’s end of year financial statements, and
ratification and approval of such determination by the Board of
Directors.

4.4    Gross
Profit Margin Requirement.
Executive is required to not only meet the Sales Goal Thresholds set forth in
Section 4.2 but also a 25% Gross Profit Margin in order to receive the Shares
described in Section 4.2. Gross Profit Margin is calculated taking Gross Profit
and dividing it by Total Revenue. Notwithstanding the foregoing, at the sole
discretion of the Company’s Board of Directors, upon recommendation of the
Compensation Committee, the Gross Profit Margin Requirement described in this
Section 4.4 may be decreased or waived entirely for an acquisition(s) or merger.
This Section 4.4 in no way requires the Corporation to make an acquisition(s) or
merge with any other entity.

4.4    Acquisitions
and Mergers Calculations. The
Corporation is actively searching for synergistic acquisitions and/or merger
targets, the full or pro rata amount of Sales immediately prior to the
acquisition or merger, are includable towards the Sales Goal Thresholds set
forth in Section 4.2, which are calculated at the end of the year in which the
acquisition or merger transaction is completed, subject to Section 4.3; except
Executive, in his sole discretion, may opt to vest the amount of Shares solely
earned from an acquisition or merger, if such acquisition or merger meets one or
any of the Sales Goal Thresholds set forth in Section 4.2 upon the close of the
transaction.

4.4.1    For
illustration purposes: Assume the Corporation acquires or merges with ABC
Company, which has $8 Million in Sales for the twelve months immediately prior
to being acquired or merged. The Executive opts to take delivery of Shares prior
to the end of the year in which the acquisition or merger takes place, pursuant
to Section 4.4. The acquisition or merger transaction closes on February 28,
2005. Executive calculates the pro rata per month ($8 Million divided by 12
months to get a pro rata monthly sales figure, which equals $666,667 per month)
or two year average per month (the prior two year's average per month sales
figures of the ABC Company, which equals $785,000 for March, $923,000 for April,
etc.) sales figures plus the pro rata month or two year average month amounts
for the remaining months in the 2005 year available for the Corporation to
generate sales, which equals $6.67 Million or $7.652 Million, respectively.
Executive chooses to use the two year average per month method to determine
which Sales Goal Threshold (as described in Section 4.2) has been met. Under
this illustration, Executive meets the Sales Goal Threshold described in Section
4.2.1 of $6 M and has earned and vested 150,000 Shares, subject to Sections 4.2
and 4.3. The remaining $1.652 Million ($7.652 Million minus $6 Million) are
carried forward towards meeting the next eligible Sales Goal Threshold for 2005
or later.

4.5    Earning
and Vesting of Shares. The
Shares shall be other compensation to the Executive for his services hereunder
and shall be earned and vest immediately upon Executive meeting the Sales Goals
Thresholds in Section 4.2, subject to Sections 4.3 and 4.4. The Shares, when
vested, shall be subject to the following conditions:

4.5.1    The
Shares may not be sold, assigned, transferred, pledged, hypothecated or
otherwise disposed of, alienated or encumbered until the restrictions are
removed according to the terms of this Agreement or expire.

4.5.2    The
Shares shall not be assignable by the Executive or be subject to any claims by
creditors until they shall have been earned and vested in accordance with this
section. In addition to any other restrictions on the Shares described in this
section, which may be incorporated by reference in the stock certificates
evidencing the Shares, such certificates shall bear a legend substantially as
follows:

"The
securities evidenced hereby have not been registered under the Securities Act of
1933, as amended ("Securities Act"). The holder hereof, by acquiring such
securities, agrees that such securities may not be resold, pledged or otherwise
transferred except pursuant to an effective registration statement duly filed
under the Securities Act, or pursuant to an exemption effective under the
Securities Act."

 

 

2

 

4.5.3    The
Executive hereby agrees with Company that the holding period set forth in Rule
144 of the Securities Act of 1933, as amended, shall only begin to run, with
respect to any Shares, on the date that such Shares are earned and vest in
accordance herewith.

4.5.4    Executive
shall be entitled to all of the Shares described in Section 4.2, to the extent
such Shares are not earned and vested, upon acquisition or merger of the Company
where a change-in-control, as such term is defined in Section 7(c), which Shares
shall immediately be deemed earned and vested.

4.6    Prior
Agreement. In
addition to the foregoing, Executive shall be entitled to the remaining benefits
under his Prior Agreement as follows:

4.6.1    16,000
shares of restricted common stock of the Company, subject to vesting in 4,000
share increments on a quarterly basis, with the first 4,000 shares vesting on
March 31, 2005 and the remaining shares at the end of each calendar year quarter
thereafter until the full amount is satisfied.

4.6.2    6,500
incentive stock options of the Company, subject to vesting at the end of the
2005 calendar year, for time served only. The terms of the incentive stock
option remain the same as originally granted on January 1, 2002. The Stock
Options shall have an exercise price equal to one hundred percent (100%) of the
fair market value of Company's common stock as of the date of grant, and,
subject to vesting, shall be exercisable at any time, in whole or in part,
within five (5) years of the date of grant.

4.7    Compensation
and Benefit Programs. During
the Employment Period, Executive shall be entitled to participate in the
following plans as they may exist from time to time during the term hereof, to
wit, any and all medical, dental, hospitalization, accidental death and
dismemberment, disability, travel and life insurance plans, and any and all
other plans as offered by the Company from time to time to its Executives,
including savings, pension, profit-sharing, stock options, and deferred
compensation plans, subject to the general eligibility and participation
provisions set forth in such plans.

4.8    Vacation
and Other Benefits. During
the Employment Period, Executive shall be entitled to such paid vacation, fringe
benefits and perquisites as are provided from time to time by the Company to
similarly situated executives. Vacation will be taken at such times as the
Executive and the Company shall mutually determine and provided that no vacation
time shall interfere with the duties required to be rendered by Executive
hereunder. Notwithstanding the foregoing, as an officer of Company, Executive is
expected to utilize his vacation time judiciously and so as not to jeopardize
the business of Company. Unused vacation may not be carried forth to the next
calendar year without prior written consent by the Company, except that no
written consent is required for carrying over a maximum of fourteen days to any
subsequent year. The Company shall also provide the Executive reasonable
reimbursement of out-of-pocket expenses incurred by him in connection with his
duties hereunder, upon submission of appropriate documentation, and an
automobile or automobile allowance, which expense or allowance shall not exceed
$750 per month, net.

4.9    Adjustments. If the
outstanding shares of common stock of the Company are increased, decreased or
exchanged for a different number or kind of shares or other securities, or if
additional shares or new or different shares or other securities are distributed
in respect of such shares of common stock (or any stock or securities received
with respect to such common stock), through merger, consolidation, sale or
exchange of all or substantially all of the properties of the Company,
reorganization, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, spin-off or other distribution with respect to such shares
of Common Stock (or any stock or securities received with respect to such common
stock), then the number of shares of common stock shall be equitably and
appropriately adjusted. Adjustments under this Section 4.9 will be made by the
applicable authority, whose determination as to what adjustments will be made
and the extent thereof will be final, binding and conclusive. No fractional
interests will be issued from any such adjustments. Notice of any adjustment
shall be given by Company to Executive and shall be final and binding on
Executive.

4.10   Tax
Withholding. The
Company shall have the right to deduct or withhold from the compensation due to
Executive hereunder any and all sums required for any and all federal, social
security, state and local taxes, assessments or charges now applicable or that
may be enacted and become applicable in the future.

 

 

3

 

5.    NON-COMPETITION;
NON-DISCLOSURE.

5.1    Non-Competition. During
the Employment Period and for a period of twelve (12) months after the
termination of the Executive’s employment with the Company for any reason
(collectively the “Restriction Period”), the Executive shall not, either
directly or indirectly, for himself or any third party, anywhere within or
outside the United States (a) engage in or have any interest in any activity
that directly or indirectly competes with the business of the Company or of any
of its affiliates (which for purposes hereof shall include all subsidiaries or
parent companies of the Company, now or in the future during the Employment
Period), as conducted at any time during the Employment Period, including
without limitation, accepting employment from or providing consulting services
to any such competitor, owning any interest in or being a partner, shareholder
or owner of any such competitor, (b) solicit, induce, recruit, or cause another
person in the employ of the Company or its affiliates or who is a consultant or
independent contractor for the Company or its affiliates to terminate his
employment, engagement or other relationship with the Company or its affiliates,
or (c) solicit or accept business from any individual or entity which shall have
obtained the goods or services of, or purchased goods or services from, the
Company or its affiliates during the two year period immediately prior to the
end of the Employment Period or which otherwise competes with or engages in a
business which is competitive with or similar to the business of the Company or
any of its affiliates, (d) call on, solicit or accept any business from any of
the actual or targeted prospective customers of the Company or its affiliates
(the identity of and information concerning which constitute trade secrets and
Confidential Information of the Company) on behalf of any person or entity in
connection with any business competitive with the business of the Company, nor
shall the Executive make known the names and addresses of such customers or any
information relating in any manner to the Company’s trade or business
relationships with such customers, other than in connection with the performance
of Executive’s duties under this Agreement.

5.2    Non-disclosure. The
Executive shall not at any time during the term
hereof or thereafter divulge, communicate, or use in any way, any Confidential
Information (as hereinafter defined) pertaining to the business of the Company.
Any Confidential Information or data now or hereafter acquired by the Executive
with respect to the business of the Company (which shall include, but not be
limited to information concerning the Company’s financial condition, prospects,
technology, customers, suppliers, sources of leads and methods of doing
business) shall be deemed a valuable, special and unique asset of the Company
that is received by the Executive in confidence and as a fiduciary, and
Executive shall remain a fiduciary to the Company with respect to all of such
information. For purposes of this Agreement, the term “Confidential Information”
includes, but is not limited to, information disclosed to the Executive or known
by the Executive as a consequence of or through his employment by the Company
(including information conceived, originated, discovered or developed by the
Executive) prior to or after the date hereof, and not generally known, about the
Company or its business. Notwithstanding the foregoing, nothing herein shall be
deemed to restrict the Executive from disclosing Confidential Information to the
extent required by law provided that prior to disclosing any such information
required by law, Executive shall give prior written notice thereof to Company
and provide Company with the opportunity to contest the disclosure. The
Executive shall not disclose, without limitation as to time, Confidential
Information to any person, firm, Company, association or other entity for any
purpose or reason whatsoever, except (i) to authorized representatives of the
Company, (ii) during the Employment Period, such information may be disclosed by
the Executive as is specifically required by Company in the course of performing
his duties for the Company, and (iii) to counsel and other advisers of Company
subject to Company’s prior approval and provided that such advisers agree to the
confidentiality provisions of this Section 5.2.

5.3    Ownership
of Developments. All
copyrights, patents, trade secrets, or other intellectual property rights
associated with any ideas, concepts, techniques, inventions, processes or works
of authorship developed or created by Executive during the course of performing
work for the Company or its customers (collectively, the “Work Product”) shall
belong exclusively to the Company and shall, to the extent possible, be
considered a work made by the Executive for hire for the Company within the
meaning of Title 17 of the United States Code. To the extent the Work Product
may not be considered work made by the Executive for hire for the Company, the
Executive agrees to assign, and automatically assign at the time of creation of
the Work Product, without any requirement of further consideration, any right,
title, or interest the Executive may have in such Work Product. Upon the request
of the Company, the Executive shall take such further actions, including
execution and delivery of instruments of conveyance, as may be appropriate to
give full and proper effect to such assignment. All of the foregoing shall also
be deemed Confidential Information for the purposes of Section 5.2,
above.

5.4    Books
and Records. All
books, records, and accounts relating in any manner to the Company (i.e.,
financial information, customer, supplier, vendor identity, etc.), whether
prepared by the Executive or otherwise coming into the Executive’s possession,
shall be the exclusive property of the Company and shall be returned immediately
to the Company on termination of the Executive’s employment hereunder or
otherwise on the Company’s request at any time.

 

 

4

 

5.5    Definition
of Company. Solely
for purposes of this Agreement, the term “Company” also shall include any
existing or future subsidiaries of the Company that are operating during the
time periods described herein and any other entities that directly or
indirectly, through one or more intermediaries, control, are controlled by or
are under common control with the Company during the periods described
herein.

5.6    Acknowledgment
by Executive. The
Executive acknowledges and confirms that (i) the restrictive covenants contained
in this Section 5 are reasonably necessary to protect the legitimate business
interests of the Company, and (ii) the restrictions contained in this Section 5
(including without limitation the geographic area and length of the term of the
provisions of this Section 5) are not overbroad, overlong, or unfair and are not
the result of overreaching, duress or coercion of any kind. The Executive
acknowledges and confirms that his special knowledge of the business of the
Company is or will be such as would cause the Company serious injury or loss if
he were to use such ability and knowledge to the benefit of a competitor or were
to compete with the Company in violation of the terms of this Section 5. The
Executive further acknowledges that the restrictions contained in this Section 5
are intended to be, and shall be, for the benefit of and shall be enforceable
by, the Company’s successors and assigns and shall be enforced to the fullest
extent of the law applicable at the time that Company deems it necessary or
advisable to enforce the restrictive covenants and other provisions of this
Section 5.

5.7    Injunctive
Relief; Damages. Because
of the difficulty of measuring economic losses to the Company as a result of a
breach of the foregoing covenants in this Section 5, and because of the
immediate and irreparable damage that could be caused to the Company for which
it would have no other adequate remedy, the Executive agrees that the foregoing
covenants may be enforced by the Company in the event of breach by the
Executive, by injunctions and restraining orders. Nothing herein shall be
construed as prohibiting the Company from pursuing any other available remedy
for such breach or threatened breach, including the recovery of
damages.

5.8    Severability;
Reformation; Independent Covenants. The
covenants in this Section 5 are severable and separate, and the unenforceability
of any specific covenant shall not affect the provisions of any other covenant.
Moreover, in the event any court of competent jurisdiction shall determine that
the scope, time or territorial restrictions set forth are unreasonable, then it
is the intention of the parties that such restrictions be enforced to the
fullest extent which the court deems reasonable, and the Agreement shall thereby
be reformed. Each covenant and agreement of Executive in this Section 5 shall be
construed as an agreement independent of any other provision in this Agreement,
and the existence of any claim or cause of action by the Executive against the
Company (including the affiliates thereof), whether predicated on this Agreement
or otherwise, shall not constitute a defense to the enforcement by the Company
of such covenants or agreements. It is specifically agreed that the periods of
restriction during which the agreements and covenants of the Executive made in
this Section 5 shall be effective, shall be computed by extending such periods
by the amount of time during which the Executive is in violation of any
provision of Section 5. The covenants contained in this Section 5 shall not be
affected by any breach of any other provision hereof by any party
hereto.

5.9    Survival. The
obligations of the parties under this Section 5 shall survive the termination of
this Agreement.

6.     EARLY
TERMINATION OF EXECUTIVE EMPLOYMENT. This
Agreement may be terminated by either party before the expiration of the
Employment Period for any reason, but subject to the terms, conditions and
remedies set forth in this Section 6, which shall provide the sole and exclusive
remedy for any such termination.

6.1    Uncompensated
Terminations. If the
Executive resigns from the Executive's employment hereunder without Cause (as
defined in Section 7(a), or if the Company terminates the Executive for Cause
(as defined in Section 7(b)), then the Executive shall be entitled to receive a
cash sum payment of the portion of Annual Base Salary earned up to and including
the Date of Termination (as defined in Section 6.4(b)), and any benefits that
have accrued under Sections 4.2 and 4.8 up to and including the Date of
Termination. The amount of cash payable to the Executive under this Section 6.1
shall be payable in accordance with the Company's normal payroll practices and
any other benefits described in Sections 4.2 through 4.8 will be handled in
accordance with the established procedures for each applicable benefit. More
particularly, Executive shall be entitled only to (a) such Shares that have
actually vested as of the Date of Termination; (b) such Stock Options that he
has exercised or entitled to exercise as of the Date of Termination; and (c)
such bonuses, if any, that he has earned as of the Date of Termination. Any
payments or benefits to which Executive is otherwise entitled under this Section
6.1 shall be subject to setoff to the extent of any claims, which Company has
against Executive.

6.2    Compensated
Termination. If the
Executive resigns for Cause or other than a Change in Control (except for a
forced resignation as described in Section 6.3(a)), or is terminated by the
Company without Cause, in each case prior to the expiration of the Employment
Period, the Executive's employment hereunder shall terminate on the Date of
Termination and the Executive shall be entitled to the
following:

 

5

(a)    the
unpaid portion of Salary due the Executive for the period of time through the
Date of Termination, payable in accordance with the Company's regular payroll
practices;

(b)    a
severance cash payment equal to six (6) months of the then current Annual Base
Salary of Executive;

(c)    the
product of (I) any Sales Goal Thresholds Shares described in Section 4.2 which
Executive can show that he reasonably would have received had Executive remained
in such Executive capacity with the Company through the end of the calendar year
in which occurs Executive’s Date of Termination, multiplied by (II) a fraction,
the numerator of which is the number of days in the calendar year in which the
Date of Termination occurs through the Date of Termination and the denominator
of which is 365, but only to the extent not previously paid; provided that any
payments pursuant to this Section 6.2(c) shall be made within 30 days following
the end of the calendar year in which occurs Executive’s Date of
Termination;

 

(d)    all of
the shares of restricted common stock described in Section 4.6.1, which shares
of restricted common stock shall be deemed earned and vested, and any
restrictions on such shares of restricted common stock, except as required by
applicable law shall immediately lapse and such shares of restricted common
stock shall become nonforfeitable. The shares of restricted common stock shall
be delivered to Executive within thirty (30) days form the date of
termination;

(e)    all of
the stock options described in Section 4.6.2, and the number of stock options
equal to six (6) months of and any other Company stock options granted to
Executive, which stock options shall be deemed vested, and any restrictions on
such stock options except as required by applicable law shall immediately lapse
and such stock options shall be fully exercisable in accordance with the
requirements (except continued employment) of the applicable stock option
plans.

(f)    for six
(6) months following the Date of Termination, Company shall continue to provide
medical and dental benefits only to Executive on the same basis as such benefits
are provided during such period to the senior executive officers of Company;
provided, however, that if Company’s welfare plans do not permit such coverage,
Company will provide Executive the medical benefits (with the same after tax
effect) outside of such plans; and

(g)    to the
extent not theretofore paid or provided, Company shall timely pay or provide to
Executive any other amounts or benefits which Executive is entitled to receive
through the Date of Termination under any plan, program, policy or practice or
contract or agreement of Company and its affiliates, including accrued vacation
to the extent unpaid (such other amounts and benefits shall be hereinafter
referred to as the "Other Benefits").

6.3    Termination
Due to Change in Control; Death or Permanent Disability.

(a)    If the
Company undergoes a Change in Control (as defined in Section 7(c)), the
Executive has 120 days on or following the date of the Change in Control to
terminate his employment under this Agreement pursuant to this Section 6.3(a);
provided, however, that if the Executive is forced to resign, then Executive
shall be entitled to all of the compensation and benefits described in Section
6.2.

(b)    If the
Executive becomes Permanently Disabled (as defined in Section 7(e)) or dies
prior to the expiration of the Employment Period, the Executive's employment
hereunder shall terminate on the Date of Termination.

(c)    If the
Executive’s employment is Terminated pursuant to either Sections 6.3(a) (except
for a forced resignation) or 6.3(b), the Executive or, in the case of the
Executive’s death, the Executive’s beneficiary or other legal representative,
shall be entitled to: (i) the unpaid portion of the Annual Base salary described
in Section 4.1 due the Executive up to the Date of Termination, which amount
shall be payable in accordance with the Company's regular payroll practices,
(ii) the Shares described in Section 4.2, in the Compensation Committee’s
discretion and 4.6.1, to the extent earned and vested, which restrictions, if
any, shall immediately lapse and become nonforfeitable except as otherwise
required by law, (iii) all of the shares of restricted common stock described in
Section 4.6.1, which shares of restricted common stock shall be deemed earned
and vested, and any restrictions on such shares of restricted common stock,
except as required by applicable law shall immediately lapse and such shares of
restricted common stock shall become nonforfeitable; (iv) all of the stock
options described in Section 4.6.2, and the number of stock options equal to six
(6) months of and any other Company stock options granted to Executive, which
stock options shall be deemed vested, and any restrictions on such stock options
except as required by applicable law shall immediately lapse and such stock
options shall be fully exercisable in accordance with the requirements (except
continued employment) of the applicable stock option plans; and (v) continuation
of medical and dental benefits to Executive’s spouse and/or eligible dependents,
if any, for six (6) months, on the same basis as such benefits are provided
during such period to the senior executive officers of Company; provided,
however, that if Company’s welfare plans do not permit such coverage, Company
will provide Executive the medical benefits (with the same after tax effect)
outside of such plans, and (vi) to the extent not theretofore paid or provided,
any unpaid vacation pay or expense reimbursement or other applicable Other
Benefits.

 

 

6

 

6.4    Notice
and Date of Termination.

(a)    Any
termination of the Executive's employment hereunder by the Company or the
Executive (other than termination due to the Executive's death) shall be
communicated by a written "Notice of Termination" to the other Party in
accordance with Section 11 hereof. A Notice of Termination shall indicate the
specific provision of Section 6 relied upon and shall set forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination of
the Executive's employment under the provision so indicated.

(b)    "Date of
Termination" shall mean

(i)    If the
Executive resigns, the date that the Executive sets forth as his last day, but
not later than thirty (30) days after the date Executive sends the Notice and,
subject to Company’s right to accelerate the Date of Termination to any earlier
date;

(ii)   If the
Executive's employment hereunder is terminated by the Company, the date
specified in the Notice of Termination, which shall be such date determined by
the Company; provided, however, that if such termination by the Company is for
Cause, the Date of Termination shall not be earlier than the expiration of any
applicable remedy period and no later than sixty (60) days following the Notice
of Termination;

(iii)         
If the
Executive's employment hereunder is terminated due to the Executive becoming
Permanently Disabled, the date the Company reasonably determines that he has
become Permanently Disabled;

(iv)         
If the
Executive's employment hereunder is terminated due to death, the date of death;
or

(v)   If the
Executive's employment hereunder is terminated by reason of the expiration of
the Employment Period, the date determined or set forth in Section
1.

6.5    Company’s
Rights Not Prejudiced.
Notwithstanding anything to the contrary in this Agreement, any payments or
distributions of Shares, restricted common stock, stock options or Other
Benefits of any nature which Company makes to Executive shall be without
prejudice to Company’s rights to assert any claims that Company has or may have
against Executive.

7.     
DEFINITIONS. As used
in this Agreement, the following terms shall have the following
meanings:

(a)    "Cause,"
when used by the Executive as the basis for resigning from his employment
hereunder, shall mean: (i) the Company's willful, material breach of any
material obligation of the Company under this Agreement, after giving the
Company notice of such breach and thirty (30) days to cure such breach; or (ii)
the occurrence of a Change in Control (as defined below), subject to Section
6.3(a).

(b)    "Cause,"
when used by the Company as a basis for terminating the Executive's employment
hereunder, shall mean: (i) the Executive's willful, material breach of any
material obligation of the Executive under this Agreement, including
unreasonable failure or refusal to perform the duties required of him, after
giving the Executive notice of such breach and thirty (30) days to cure such
breach; (ii) any willful misconduct in connection with his employment that could
materially impair the financial condition or reputation of the Company; or (iii)
the Executive's conviction for, or plea of guilty or nolo contendre (or similar
plea) to any criminal offense that is a felony or includes fraud as an element
of the offense.

(c)    "Change
in Control" means the following and shall be deemed to occur if any of the
following events occur:

(i)    Any
"person," as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") (a "Person"), is or
becomes the "beneficial owner," as defined in Rule 13d-3 under the Exchange Act
(a "Beneficial Owner"), directly or indirectly, of securities of the Company
representing (i) 20% or more of the combined voting power of the Company's then
outstanding voting securities, which acquisition is not approved in advance of
the acquisition or within thirty (30) days after the acquisition by a majority
of the Incumbent Board (as hereinafter defined) or (ii) 33% or more of the
combined voting power of the Company's then outstanding voting securities,
without regard to whether such acquisition is approved by the Incumbent
Board;

 

 

7

 

(ii)    Individuals
who, as of the date hereof, constitute the Board of Directors (the "Incumbent
Board"), cease for any reason to constitute at least a majority of the Board of
Directors, provided that any person becoming a director subsequent to the date
hereof whose election, or nomination for election by the Company's stockholders,
is approved by a vote of at least a majority of the directors then comprising
the Incumbent Board (other than an election or nomination of an individual whose
initial assumption of office is in connection with an actual or threatened
election contest relating to the election of the directors of the Company, as
such terms are used in Rule 14a-11 of Regulation 14A promulgated under the
Exchange Act) shall, for the purposes of this Director Plan, be considered as
though such person were a member of the Incumbent Board of the
Company;

(iii)   The
consummation of a merger, consolidation or reorganization involving the Company,
other than one which satisfies both of the following conditions:

(A)    a merger,
consolidation or reorganization which would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of
another entity) at least 55% of the combined voting power of the voting
securities of the Company or such other entity resulting from the merger,
consolidation or reorganization (the "Surviving Company") outstanding
immediately after such merger, consolidation or reorganization and being held in
substantially the same proportion as the ownership in the Company's voting
securities immediately before such merger, consolidation or reorganization,
and

(B)    a merger,
consolidation or reorganization in which no Person is or becomes the Beneficial
Owner, directly or indirectly, of securities of the Company representing 20% or
more of the combined voting power of the Company's then outstanding voting
securities; or

(iv)     The
stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or other disposition by the Company of all
or substantially all of the Company's assets.

Notwithstanding
the preceding provisions of this Paragraph (c), a Change in Control shall not be
deemed to have occurred if the Person described in the preceding provisions of
this Paragraph (c) is (1) an underwriter or underwriting syndicate that has
acquired any of the Company's then outstanding voting securities solely in
connection with a public offering of the Company's securities, (2) the Company
or any subsidiary of the Company or (3) an employee stock ownership plan or
other employee benefit plan maintained by the Company that is qualified under
the provisions of the Code. In addition, notwithstanding the preceding
provisions of this Paragraph (c), a Change in Control shall not be deemed to
have occurred if the Person described in the preceding provisions of this
Paragraph (c) becomes a Beneficial Owner of more than the permitted amount of
outstanding securities as a result of the acquisition of voting securities by
the Company which, by reducing the number of voting securities outstanding,
increases the proportional number of shares beneficially owned by such Person,
provided, that if a Change in Control would occur but for the operation of this
sentence and such Person becomes the Beneficial Owner of any additional voting
securities (other than through the exercise of options granted under any stock
option plan of the Company or through a stock dividend or stock split), then a
Change in Control shall occur.

(d)    "Disability"
means Executive’s absence from his duties with Company on a full-time basis for
90 days during any consecutive twelve-month period as a result of incapacity due
to mental or physical illness as determined by a physician selected by Company
and acceptable to Executive. If Company determines in good faith that
Executive’s Disability has occurred during the Employment Period, it may give
Executive written notice in accordance with Section 6.4(a) of this Agreement of
its intention to terminate Executive’s employment. In such event, Executive’s
employment shall terminate effective on the thirtieth (30th) day after
Executive’s receipt of such notice (the "Disability Effective Date"), unless,
within the thirty (30) days after such receipt, Executive shall have been
cleared by the physician to return to work and has returned to full-time
performance of his duties.

(e)    "Permanently
Disabled" shall mean when, and only when, the Executive is unable, by reason of
illness or accident, to perform, for a continuous 180-day period, the material
elements of his duties hereunder, and the Company has reasonably determined,
based upon medical documentation, that the Executive for such reason is unlikely
to be able to resume such duties in the foreseeable future.

8.    ASSIGNMENT.
Executive shall not have the right to assign or delegate his rights or
obligations hereunder, or any portion thereof, to any other person.

9.    GOVERNING
LAW. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Florida without regard to its conflict of laws principles to the extent
that such principles would require the application of laws other than the laws
of the State of Florida. Venue for any action brought hereunder shall be
exclusively in Broward County, Florida and the parties hereto waive any claim
that such forum is inconvenient.

 

 

8

 

10.    ENTIRE
AGREEMENT. This
Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof and, upon its effectiveness, shall
supersede all prior agreements, understandings and arrangements, both oral and
written, between the Executive and the Company (or any of its affiliates) with
respect to such subject matter, except for the items carried forth and described
in Section 4.6 hereinabove related to the Prior Agreement. This Agreement may
not be modified in any way unless by written instrument signed by both the
Company and the Executive.

11.    NOTICES. All
notices required or permitted to be given hereunder shall be in writing and
shall be personally delivered by courier, sent by registered or certified mail,
return receipt requested or sent by confirmed facsimile transmission addressed
as set forth herein. Notices personally delivered, sent by facsimile or sent by
overnight courier shall be deemed given on the date of delivery and notices
mailed in accordance with the foregoing shall be deemed given upon the earlier
of receipt by the addressee, as evidenced by the return receipt thereof, or
three (3) days after deposit in the U.S. mail. Notice shall be sent (i) if to
the Company, addressed to its General Counsel and Corporate Secretary at Quorum
Business Center, Deerfield Beach, Florida 33442 with a copy to Sader &
LeMaire, P.A., 1901 West Cypress Creek Road, Suite 415, Fort Lauderdale, Florida
33309, Attention: Robert L. Sader, Esquire, and (ii) if to the Executive, to his
address as reflected on the payroll records of the Company, or to such other
address as either party hereto may from time to time give notice of to the
other.

12.    BENEFITS;
BINDING EFFECT. This
Agreement shall be for the benefit of and binding upon the parties hereto and
their respective heirs, personal representatives, legal representatives,
successors and, where applicable, assigns, including, without limitation, any
successor to the Company, whether by merger, consolidation, sale of stock, sale
of assets or otherwise.

13.    SEVERABILITY. The
invalidity of any one or more of the words, phrases, sentences, clauses or
sections contained in this Agreement shall not affect  the
enforceability of the remaining portions of this Agreement or any part thereof.
If any invalidity is caused by length of time or size of area, or both, the
otherwise invalid provision will be considered to be reduced to a period or area
which would cure such invalidity.

14.    WAIVER. The
waiver by either party hereto of a breach or violation of any term or provision
of this Agreement shall not operate nor be construed as a waiver of any
subsequent breach or violation.

15.    CONSTRUCTION. This
Agreement shall be construed without regard to any presumption or other rule
requiring construction against the party causing the drafting hereof, each party
having been given the opportunity to be represented by counsel of their choice
in connection with the negotiation of this Agreement.

16.    SECTION
HEADINGS. The
section headings contained in this Agreement are for reference purposes only and
shall not affect in any way the meaning or interpretation of this
Agreement.

17.    SINGULAR,
PLURAL; GENDER.
Whenever used herein, nouns in the singular shall include the plural, and the
masculine pronoun shall include the feminine gender.

18.    NO
THIRD PARTY BENEFICIARY. Nothing
expressed or implied in this Agreement is intended or shall be construed, to
confer upon or give any person other than the Company, the parties hereto and
their respective heirs, personal representatives, legal representatives,
successors and permitted assigns, any rights or remedies under or by reason of
this Agreement.

19.    EMPLOYEE
HANDBOOK; OTHER INSTRUMENTS. The
provisions of this Agreement shall, to the extent of any conflict, supercede and
take precedence over any provisions of the Company’s employee handbook, as it
exists from time to time, or any other existing or future agreements or
instruments pertaining to or governing the rights and obligations of the parties
to one another insofar as permissible under applicable laws.

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

	WITNESS	 	 	IFT CORPORATION
	 	 	 	 
	/s/ Donna P. Degnen	 	By	/s/ Richard J. Kurtz
	
      

    	 	 	
      

    
		 	Name:	Richard J. Kurtz
	 	 	 	
      

    
	 	 	Title:	Chairman
      of the Board
	 	 	 	
      

    

 

	WITNESS	 	 	 
	 	 	 	 
	/s/ Sharmeen Hugue	 	By	/s/ Michael T. Adams
	
      

    	 	 	
      

    
		 	Name:	Michael
      T. Adams
	 	 		 
	 	 		 
	 	 	 	 
	 	 	 	 

 

 

9

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