Document:

EX-10.15

 Exhibit 10.15 
  

 
 September 28,2010 
 Dear
Paul: 
 We are thrilled to make you the following offer to join AGS LLC (“AGS” or the “Company”). I speak for everyone at Alpine and AGS
when I say that we think very highly of you, and we are confident that you will be successful at AGS. On a personal note, I’m very excited to work with you again and hopefully create the same value that we did in our former assignment. 

Position. You will be the Vice President of Business Development and will report directly to the CEO. Primary responsibilities will include optimizing
AGS’ sales organization (building the team, prioritizing markets, assigning territories, developing quotas, implementing sales systems and commission plans), developing AGS’ existing markets (maximizing HPD and return on capital),
prioritizing and opening new markets, communicating with customers, managing all promotion activities, developing content direction based on market data and customer feedback, prioritizing content, working closely with developers and giving insight
on customer buying habits and end user usage habits, developing strategic alliances and investigating potential merger and acquisition opportunities. Your geographic focus will be North America initially and expand to the international markets as
our product line and organization develops. This offer is contingent on your starting no later than October 4, 2010 (“Start Date”). 

Salary & Commission. You will be paid a base compensation at the annual rate of $275,000 payable in 26 installments in accordance with the
Company’s standard payroll practices for salaried employees. This salary and payment schedule will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. Your 2010 salary will be
prorated based on your Start Date. 
 You shall also receive a commission paid in cash based on the bonus plan as outlined in Exhibit I. Your 2010
commission bonus will be paid based on sales signed after your Start Date. This bonus program shall be in place through 2011 (assuming you are still employed with AGS) after which you, the Chairman, and CEO shall determine an appropriate bonus plan
based on objectives at that time. 
 In addition, you will receive a one-time signing bonus of $50,000 payable within 10 days of your start date assuming
you commence employment on or before October 4, 2010. In the event that your employment with the Company ceases for any reason prior to October 3, 2011, for reasons other than death or long term disability, the signing bonus amount of
$50,000 shall be due and recoverable from any amounts owed to you by the Company and any residual shall be due and payable by you to the Company within 30 days of your termination date. 

Profits Interest. In conjunction with this employment offer, you will be entitled to a percentage of the gains in equity value of AGS in a sale
(Profits Interest). Profits Interest and pertinent financial information are documented in Exhibit 2. 
 Performance Reviews / Quarterly goals. Each
quarter, you and the CEO will outline/update your portions of the annual plan and your quarterly goals. You will receive an annual performance-based review, or more frequently at the discretion of the CEO. 

Benefits & Vacation. You will be eligible to participate in the Company’s medical plan. The Company provides basic medical insurance for
all of its employees and family. You also will be eligible for participation in the Company’s 401-K plan. Eligibility for the medical and 401-K plans will commence sixty (60) days after your Start Date. You will receive three weeks paid
vacation annually. Vacation will accrue on a monthly basis. Availability of and/or participation in any of the referenced plans is subject to adjustment pursuant to the Company’s policies and plans in effect and which may change from time to
time. 
 Non-Competition, Non-Disclosure and Non-Solicit Agreement. You will be required to sign the Company’s Non-Competition, Non-Disclosure
and Non-Solicit Agreement, a copy of which must be signed and returned prior to your Start Date, as a condition precedent to your employment with the Company. The Non-competition and Non-Solicit portions of this Agreement shall remain in effect for
12 months following your departure from the Company. 

  

					
	Confidential	  	AGS LLC	  	1

 

 
  

 Trade Secrets/Intellectual Property. The trade secrets and intellectual property developed by you or
the Company while you are at AGS shall remain property of AGS. 
 Period of Employment. Your employment with the Company will be “at will,”
meaning that either you or the Company will be entitled to terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this offer. Although your job
duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by
you and a duly authorized officer of the Company. 
 Outside Activities. While you render services to the Company, you will not engage in any other
gainful employment, business or activity without the written consent of the Company. 
 Withholding Taxes. All forms of compensation referred to in
this letter are subject to reduction to reflect applicable withholding and payroll taxes. 
 Entire Agreement. This letter and the Non-competition,
Non-Disclosure and Non-Solicit Agreement contain all of the terms of your employment with the Company and supersede any prior understandings or agreements, whether oral or written, between you and the Company. 

Severance. The Company will provide one year severance in the event you are terminated without cause. Cause includes failure to correct
underperformance after written notification from the CEO or Board, illegal fraudulent conduct, conviction of felony, a determination that your involvement with the company would have a negative impact on the Company’s ability to receive or
retain any licenses, willful or material misrepresentation to the Company, CEO or Board relating to the business, assets, prospects, or operations of the Company, or refusal to take any action as reasonably directed by the Board or any individual
acting on behalf or at the direction of the Board. Company can defer severance payment if payment of such severance would cause an event of default under the company’s credit facilities. You must sign a standard release before the company will
make any severance payment. 
 Amendment and Governing Law. This agreement may not be amended or modified except by an express written agreement
signed by you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes will be governed by Illinois law. 

You may indicate your agreement with these terms and accept this offer by signing and dating the original of this letter, as well as the Non-Competition,
Non-Disclosure and Non-Solicit Agreement, and returning them to me by fax or email. As required by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United
States. We would like to have this completed by September 24, 2010. 
 Paul, we are very excited to have you join our team. We look forward to
continuing to build a great company together. 
  

					
	Very truly yours,	 		 	I have read and accept this offer.
			
	/s/ Bob Miodunski	 	By:	 	/s/ Paul Lofgren
	Bob Miodunski	 		 	Paul Lofgren
	 Chairman and Interim CEO
 AGS, LLC
	 		 	Dated: 9/30/10

  

					
	Confidential	  	AGS LLC	  	2

 

 
  

 Exhibit 1 

Your annual commission bonus will be additive based on the 3 components outlined below. Your 2010 commission bonus will be paid based on sales and game
placements signed after your Start Date. Your total cash compensation including base salary and commissions/bonuses will be capped at $1,000,000 per year, subject to the CEO’s discretion, with the 2010 cap prorated based on your Start Date.

 Commission #1 (excluding OK and IL VLT markets) = (Game Sale Gross Profit + Recurring Revenue Games Gross Profit—Cost of
Salesforce) * X% 
 Game Sale Gross Profit = Net revenue—cost of goods sold (i.e. machine, servers, peripherals,
etc.) 
 Recurring Revenue Games Gross Profit = Recurring revenue—1/5 machine cost 

Cost of Sales Force = (Salary of sales personnel and your base salary) + (all 3rd party sales commissions) + (travel, entertainment,
advertising and promotional expense). OK and IL sales force costs shall be excluded for purposes of this calculation. Your commissions/bonuses and sales commissions for your staff are excluded as well. 

Bonus Amount =  0.25% of Gross Profit up to $7,500,000 

1.0% of Gross Profit from $7,500,000 to $11,750,000 

2.5% of Gross Profit from $11,750,000 to $15,750,000 

3.5% of Gross Profit above $15,750,000 

Your 2010 plan will be based on a flat $200 per game based on the above criteria. 

Commission #2 - 2011—AGS Executive Bonus Plan- You will be eligible to participate in the AGS Executive Bonus Plan. This plan will be in
place prior to the commencement of 2011 and will have a target of $50,000 at plan, a strike point of 80% of plan and a max bonus amount of $100,000 at a multiple of plan to be determined. All direct reports to the CEO will be on this plan. The
driver behind this plan will be Ebitda and one other financial metric to be determined that is significant to AGS’ future success. 
 Commission
#3—Business Development- You will be eligible to receive up to $50,000 based on the CEO’s subjective evaluation of your performance in developing new markets, developing strategic alliances, identifying strategic
acquisitions, and identifying other opportunities that contribute to the overall value of AGS. In addition, at the discretion of the CEO, individual initiatives that occur as a result of your efforts might be subject to incremental bonus amounts
depending solely on the CEO’s assessment of your contribution and the ultimate impact on AGS’ value. 
 All bonus amounts to be paid within two
weeks of receipt of audited statements for the fiscal year. 

  

					
	Confidential	  	AGS LLC	  	3

 

 
  

 Exhibit 1 (cont.) 
  

 

  

					
	Confidential	  	AGS LLC	  	4

 

 
  

 Exhibit 2 

In conjunction with this employment offer, you will be allocated 1% of the gain in equity value of AGS in a sale (Profits Interest). The strike price of the
Profits Interest is based on a $56,000,000 equity valuation equating to a 5.5x multiple of 2009 EBITDA (see calculation below). The Profits Interest will vest 25% per year over four years; all of the Profits Interest shall be awarded based on
tenure. You must be employed for the Profits Interest to vest. If you are fired without cause you shall retain any vested Profits Interest. If you are fired for cause you shall forfeit any vested Profits Interest The strike price will be adjusted
upward dollar-for-dollar for any new capital contributions. Profits Interest is subject to dilution. If AGS is sold, 100% of the unvested Profits Interest will automatically vest. The Profits Interest will be documented in a separate agreement to be
executed within ninety days of your Start Date. 
  

					
	 2009 Approximate P&L ($000s)
	 
	 Revenue Recurring
	  	$	62,000	  
	 Game Sales
	  	$	18,000	  
	 Total Revenue
	  	$	80,000	  
	 EBITDA
	  	$	33,800	  
		  	 	*	  
	 Multiple
	  	 	5.5x	  
		  	 	-	  
	 Net Debt
	  	$	129,900	  
		  	 	=	  
	 Strike Price
	  	$	56,000	  
	
	 2009 Approximate Game Data
	 
	 Number of Games
	  	 	7,700	  
	 Hold-Per Day
	  	$	115 - $120	  

 In a sale of AGS, the following will determine the value of your Profits Interest: 

(Enterprise Value – Net Debt – Strike Price) * 1,0% = Profits Interest 

If AGS grows EBITDA to $50 million and sells at a 7x multiple in 3 years and retires debt to $50 million, Profits interest = [$50 mm * 7 - $50 mm]*.01 = $3.0
million or $1.0 million per year. 

  

					
	Confidential	  	AGS LLC	  	5EX-10.16

 Exhibit 10.16 

AGS HOLDINGS, LLC 
 August 16, 2012 

PAUL LOFGREN 
 American Gaming Systems 

6680 Amelia Earhart Court 
 Las Vegas, Nevada 89119 

Dear PAUL: 
 The Board of Managers of AGS
Holdings, LLC (the “Company”) has selected you to participate as a Covered Executive in the Company’s Phantom Units Plan, as amended (the “Plan”). Capitalized terms used but not defined herein shall have
the meanings given to such terms in the Plan and this Phantom Units Certificate shall be subject to and governed by all the terms and conditions of the Plan. A copy of the Plan is attached as Exhibit A to this Phantom Units Certificate. 

1. Phantom Units Grant 
 Your
“Strike Price Value” is $56,000,000. The Strike Price Value shall be adjusted from time to time as follows: (i) the Strike Price Value shall be increased by any additional capital contributions made on the Outstanding AGS Units
by the holders thereof after April 30, 2010 and (ii) the Strike Price Value shall be reduced by any distributions or redemption payments made on the Outstanding AGS Units (other than tax distributions as determined by the Board) prior to a
Change in Control. 
 Your number of “Phantom Units” is 100, which represents 1% of all Transaction Proceeds on the
Outstanding AGS Units, after deducting your Strike Price Value. 
 2. Vesting of Phantom Units 

(a) Time Vested Phantom Units. Your Phantom Units shall vest over time. The number of Phantom Units which are then vested
(“Vested Phantom Units”) shall equal the product of (i) 100 and (ii) the following percentage based on your number of years of service to the Company and/or AGS from the date you became an employee of AGS (the
“Start Date”), provided that all additional vesting shall cease on the date on which you Separate from Service from AGS (the “Termination Date”): 

 

					
	 From the Start Date until the first quarter anniversary thereof
	  	 	0	% 
	 At the first quarter anniversary of the Start Date
	  	 	6.25	% 
	 Each full quarter thereafter
	  	 	an additional 6.25	% 
	 Fourth anniversary
	  	 	100	% 

 In the event that you have been terminated by the Company for “Cause” prior to the date of a Change
in Control, then the number of Vested Phantom Units shall be 0%. 

  
 PHANTOM UNITS
CERTIFICATE 
 Page 1 of 4 

 All Phantom Units which are not Vested Phantom Units on your Termination Date shall be forfeited. 

Notwithstanding the foregoing, in the event you are still an employee of the Company upon the date of a Change in Control, then the number of
Vested Phantom Units shall be equal to the sum of (i) the number of Vested Phantom Units as of the date of the Change in Control and (ii) 100% of the unvested Phantom Units as of the date of the Change in Control.” 

3. Purchase of Vested Phantom Units Upon the Termination Date 

(a) Payment for Vested Phantom Units. If a Termination Date occurs prior to the occurrence of a Change in Control, then all of your
Vested Phantom Units shall be paid out at the price determined in accordance with the provisions of Section 4 hereof (the “Repurchase”). 

4. Purchase Price for Vested Phantom Units 

(a) Net Individual Transaction Proceeds or Repurchase Price. 

(i) In the event you are still an employee of the Company upon the date of a Change of Control, the Net Individual Transaction Proceeds to be
calculated for your Vested Phantom Units shall be equal to the positive difference between the sale price at the time of a Change of Control minus (i) all outstanding funded indebtedness of AGS as of the Change of Control, plus (ii) all
cash and cash equivalents of AGS as of the Change of Control, and minus (iii) the Strike Price. Then the Purchase Price for your Phantom Units is the product of the percentage value of your Phantom Units and the Net Individual Transaction
Proceeds. For example, if the Company is sold for $200 million and it has $102 million in debt and $2 million in cash, then the purchase price will be $200 million minus $100 million ($102 million—$2 million)). With a Strike Price Value of $56
million, your Net Individual Transaction Proceeds are $44 million ($100 million less $56 million). Assuming your 100 Phantom Units or 1% of the Net Individual Transaction Proceeds are fully vested, that leaves you with a payment of $440,000 (1% of
$44 million); or 
 (ii) The Repurchase amount to be paid for your Vested Phantom Units pursuant to Section 3 shall be equal to the
positive difference between (A) the product of (1) AGS’ earnings before interest, income taxes, depreciation and amortization (EBITDA) for the prior 12 months for which financial statements are available as of the Termination Date,
and (2) five and one half (5.5) and (B) all outstanding funded indebtedness of AGS as of the Termination Date plus all cash and cash equivalents of AGS as of the Termination Date multiplied by your Phantom Unit interest expressed as a
percentage. For example, if the Company’s prior 12 months EBITDA is $40 million and it has $102 million in debt and $2 million in cash, then the Repurchase Price will be $220 million (5.5 x $40 million) - $100 million ($102 million - $2
million) or $120 million less the Strike Price times your Phantom Unit percentage. With a Strike Price of $56 million, and assuming you had 100 Phantom Units or 1% vested, the Repurchase Price for your Phantom Units would be $640,000 (1% of $64
million ($120 million - $56 million)). However, if a Change of Control occurs within 18 months of your Termination Date, then the Repurchase amount will be equal to the amount calculated in Section 4(a)(i). 

  
 PHANTOM UNITS
CERTIFICATE 
 Page 2 of 4 

 (b) Timing of Payment. The Repurchase amount for the Vested Phantom Units shall be paid at
the option of the Company on the earlier to occur of (A) within five years of your Termination Date or (B) within 30 days after a Change of Control in a lump sum. If your Phantom Units were Repurchased within 18 months of a Change of
Control and the amount you were paid is less than the amount that would have been calculated in Section 4(a)(i) then a “catch up” payment will be paid to you to bring you up to the amount that would have been paid in
Section 4(a)(i) when such funds become available through any escrow or transaction contingency. In the event you are still an employee upon the date of a Change of Control, you will be paid the Purchase Price within 30 days of said Change of
Control. Such amount shall be fixed and shall not be affected by any change in future value of the Company. All amounts payable to you shall be net of all required tax withholding. 

5. General 
 (a) This Phantom Units
Certificate together with the Plan (the terms of which are hereby incorporated by reference) are intended to be a final expression of the agreement between you and the Company and are intended to be a complete and exclusive statement of the
agreement and understanding between you and the Company with respect to the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings relating to such subject matter other than those
referred to herein and in the Plan. 
 (b) This Phantom Units Certificate shall not be construed as creating any contract for continued
services between you and the Company or any of its subsidiaries and nothing herein contained shall give you the right to be retained as an employee of the Company or any of its subsidiaries. 

(c) Any Phantom Unit Proceeds you may be eligible to receive under the Plan on account of a Change in Control shall be paid to you pursuant to
Section 5 of the Plan. 
 THIS AGREEMENT SUPERSEDES ALL PREVIOUS AGREEMENTS, WRITTEN OR 

ORAL, RELATING TO THE ABOVE SUBJECT MATTER, AND SHALL NOT BE 

CHANGED ORALLY. 
 If this
Phantom Units Certificate correctly states your understanding of the agreement between you and the Company, please countersign in the space provided below. If you have any questions regarding the Plan or this Phantom Units Certificate, please
contact the Legal Department. 

  
 PHANTOM UNITS
CERTIFICATE 
 Page 3 of 4 

  

			
	AGS HOLDINGS, LLC
		
	By:	 	/s/ ROBERT MIODUNSKI
		 	 ROBERT MIODUNSKI
 PRESIDENT

  

			
	AGREED TO AND ACCEPTED
		
		 	/s/ PAUL LOFGREN
		 	Name: PAUL LOFGREN

  

			
	ALPINE AGS, LLC
		
	By:	 	/s/ Graham Weaver
		 	 Graham Weaver
 An Authorized
Signatory

  
 PHANTOM UNITS
CERTIFICATE 
 Page 4 of 4

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