Document:

EMPLOYMENT
AGREEMENT

      

      This
Employment Agreement (this “Agreement”)  by and between American
Casino & Entertainment Properties, LLC (the “Company”), having an address at
2000 Las Vegas Boulevard South, Las Vegas, Nevada 89104, and Frank V. Riolo
(“Employee”), of Las Vegas, Nevada.

      

      1. Employment

      

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

      

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Except as
specifically provided herein, during the Term of Employment, Employee shall not,
without the prior written consent of the Company, directly or indirectly (i)
render services to, or otherwise act in a business or professional capacity on
behalf of or for the benefit of, any other individual, entity, company or group
(hereinafter referred to as “Person”) as an employee, advisor, independent
contractor, agent, consultant, representative or otherwise, whether or not
compensated, (ii) plan, negotiate or have discussions with any Person regarding,
or otherwise attempt to secure, future employment with any Person other than the
Company or the Acquiring Person (as hereinafter defined) or (iii) plan, take any
actions in furtherance of, or otherwise devote any time to, any future business
opportunity (except as otherwise provided in this Agreement), whether sponsored
by Employee or any other Person (the “Exclusivity Obligation”
)  However, nothing contained herein shall restrict Employee from
being involved in the business of Riolo Consulting Group and Borrego Bank Board
of Directors (collectively “Other Activity”), provided that (a) Employee devotes
his full professional attention to the business affairs of the Company, its
subsidiaries and of any affiliated entities to which the Company has made his
services available, (b) the Other Activity does not interfere with, and Employee
is otherwise in compliance with, Employee’s professional duties and
responsibilities hereunder, and (c) Employee otherwise cooperates with the
Company in connection with any information regarding the Other Activity that may
be requested or required by the Company or any licensing or other regulatory
authorities.

      

      2. Term

      

      The
employment period shall continue through the period (the “Term of Employment”)
ending on April 29, 2011 (the “Expiration Date”), unless earlier terminated as
set forth in this Agreement.

      

      3. Compensation

      

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

      

      (a) Base
Compensation 

      

      The
Company will pay Employee a salary (the “Base Salary”) at an annual rate of
$600,000. The Base Salary shall be payable in accordance with the normal payroll
practice of the Company (but no less frequently than bi-weekly).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
(b) Bonus
Compensation

      

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

      

      (c) Taxes

      

      All
amounts paid by the Company to Employee under or pursuant to this Agreement,
including, without limitation, the Base Salary and any Bonus Compensation, or
any other compensation or benefits, whether in cash or in kind, shall be subject
to normal withholding and deductions imposed by any one or more local, state or
federal governments.

      

      
        4.
Termination

      

      

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

       

      
        
          	
                	
                  (a)

                	
                  The
      Expiration Date;

                

        

        

        
          	
                	
                  (b)

                	
                  The
      death of Employee or the total or partial disability that, in the judgment
      of the Company, renders Employee, with or without reasonable
      accommodation, unable to perform his essential job functions for the
      Company for a period of at least 90 consecutive business
    days;

                

        

        

        
          	
                	
                  (c)

                	
                  The
      discharge of Employee by the Company with (i) Cause (as hereinafter
      defined) or (ii) without Cause;

                

        

        

        
          	
                	
                  (d)

                	
                  The
      resignation of Employee (and without limiting the effect of such
      resignation, Employee agrees to provide the Company with not less than 30
      days prior written notice of his resignation);
  or

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

      

      As used
herein, “Cause” is defined as Employee’s: (i) failure to (x) perform the duties
assigned to him or (y) comply with the instructions given to him or follow any
Company policy; (ii) personal misconduct or insubordination; (iii) chronic
impairment due to alcohol or substance abuse; (iv) conviction of a serious crime
or being charged with a felony; (v) violation of a federal or state securities
law or regulation; (vi) commission of an act of moral turpitude or dishonesty
relating to the performance of his duties hereunder; (vii) failure to comply
with any of the terms of this Agreement; (viii) breach of the Exclusivity
Obligation or any of his obligations set forth in Section 6 or Section 7 below;
(ix) any revocation or suspension by any state or local authority of Employee’s
required license(s) to serve in his position(s) with the Company; or (x) any act
or failure to act by Employee which causes any gaming or other regulatory
authority having jurisdiction over the Company, the Designated Affiliates or any
of their affiliates to seek any redress or remedy against Employee, the Company,
any Designated Affiliate or any of their affiliates. In the case of clauses (i)
and (vii) above, the Company will give Employee a written notice of the alleged
“Cause” and a 20-day period to cure prior to termination, to the extent that the
Company, in its sole discretion, determines such conduct is
curable.

      

      5. Effect of
Termination

      

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

       

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

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        (b)  In
the event that the Term of Employment ends (i) for the reasons set forth in
Section 4(c)(ii) above (without Cause) then, in lieu of any other payments of
any kind, Employee shall be entitled to receive, within fifteen (15) days
following the date on which the Termination Event in question occurred (the
“Clause (b) Termination Date”) any amounts of: (A) Base Salary due and unpaid to
Employee from the Company as of the Clause (b) Termination Date;  (B)
Bonus Compensation earned, vested, due and unpaid to Employee from the Company
as of the Clause (b) Termination Date; (C) Severance Payment equal to one (1)
year of Base Compensation.

         

      

      6. Non-Disclosure

      

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

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

      

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
7. Non-Compete

      

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

      

      Notwithstanding
the foregoing, nothing in this Agreement will prohibit Employee from (a)
investing in the securities of private companies in which he does not
participate in the management (either as an employee, officer or director),
provided that such investment has been cleared in accordance with all investment
or insider trading policies applicable to Employee or to the Other Activity as
outlined in Section 1 of this Agreement or (b) participating in any manor in any
Other Activity.

      

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

       

      
        
          	
                   
      

                	
                  (i)

                	
                  solicit,
      interfere with or endeavor to entice away from the Company, any Designated
      Affiliate or any of their subsidiaries or affiliates, any customer, client
      or any Person in the habit of dealing with any of the
      foregoing;

                

        

        

        
          	
                	
                  (ii)

                	
                  interfere
      with, entice away or otherwise attempt to obtain the withdrawal of any
      employee of the Company, any Designated Affiliate or any of their
      subsidiaries or affiliates; or

                

        

        

        
          	
                	
                  (iii)

                	
                  advise
      any Person not to do business with the Company, any Designated Affiliate
      or any of their subsidiaries or
affiliates.

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

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

      

      8. Benefits

      

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
9.  Miscellaneous

      
        

        
          	
                	
                  (a)

                	
                  This
      Agreement constitutes the entire agreement between the parties with
      respect to the subject matter hereof and supersedes all previous written,
      and all previous or contemporaneous oral negotiations, understandings,
      arrangements, and agreements.

                

        

        

        
          	
                	
                  (b)

                	
                  This
      Agreement and all of the provisions hereof shall inure to the benefit of
      and be binding upon the legal representatives, heirs, distributees,
      successors (whether by merger, operation of law or otherwise) and assigns
      of the parties hereto; provided, however, that Employee may not delegate
      any of Employee’s duties hereunder, and may not assign any of Employee’s
      rights hereunder, without the prior written consent of the Company, which
      may be withheld in its sole and absolute discretion. If elected by the
      Company, upon any such assignment, all references herein to the Company
      shall be deemed instead to be references to the assignee and/or its
      designee(s).

                

        

        

        
          	
                	
                  (c)

                	
                  This
      Agreement will be interpreted and the rights of the parties determined in
      accordance with the laws of the United States applicable thereto and the
      internal laws of the State of
Nevada.

                

        

        

        
          	
                	
                  (d)

                	
                  Employee
      covenants and represents that he is not a party to any contract,
      commitment or agreement, nor is he subject to, or bound by, any order,
      judgment, decree, law, statute, ordinance, rule, regulation or other
      restriction of any kind or character, which would prevent or restrict him
      from entering into and performing his obligations under this Agreement,
      including without limitation any contract, commitment, agreement, rule or
      regulation relating to the Other
Activity.

                

        

        

        
          	
                	
                  (e)

                	
                  Employee
      acknowledges that he has had the assistance of legal counsel in reviewing
      and negotiating this Agreement.

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	
                	
                  (f)

                	
                  This
      Agreement shall be deemed drafted equally by both the parties. Its
      language shall be construed as a whole and according to its fair meaning.
      Any presumption or principle that the language is to be construed against
      any party shall not apply. The headings in this Agreement are only for
      convenience and are not intended to affect construction or interpretation.
      Any references to paragraphs, subparagraphs, sections or subsections are
      to those parts of this Agreement, unless the context clearly indicates to
      the contrary.

                

        

        

        
          	
                	
                  (g)

                	
                  This
      Agreement and all of its provisions, other than the provisions of Section
      5, Section 6, Section 7 and Section 9 hereunder (which shall survive
      termination), shall terminate upon Employee ceasing to be an employee of
      the Company for any reason.

                

        

        

        
          	
                	
                  (h)

                	
                  In
      the event of the death of Employee during the Term of Employment,
      Employee’s heir shall be entitled to receive all payments otherwise
      earned, vested, due and unpaid to Employee from the Company pursuant to
      the terms and conditions of this Agreement as of the date of Employee’s
      death.

                

        

        

        
          	
                	
                  (i)

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

                

        

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        
          
            
              
                
                  	
                          American
      Casino &

                          Entertainment
      Properties,

                          LLC

                        	 
      
	 
      	 
      	 
      
	
                          By: 

                        	
                          /s/
      Phyllis A. Gilland

                        	 
      
	 
      	
                          Name:
      Phyllis A. Gilland

                        	 
      
	 
      	
                          Title:
      Secretary

                        	 
      

                

              

            

          

        

      

       

      
        
          
            
              
                
                  	
                          EMPLOYEE:

                        	 
      
	 
      	 
      	 
      
	
                          By: 

                        	
                          /s/
      Frank V. Riolo

                        	 
      
	 
      	 
      	 
      

                

              

            

          

        

      

       

      [EMPLOYMENT
AGREEMENT

    

    This
Employment Agreement (this “Agreement”), is between American Casino &
Entertainment Properties, LLC (the “Company”), having an address at 2000 Las
Vegas Boulevard South, Las Vegas, Nevada 89104, and Thomas I. Moore
(“Employee”), of Las Vegas, Nevada.

    

    1. Employment

    

    Upon the
terms and conditions hereinafter set forth, the Company hereby agrees to employ
Employee and Employee hereby agrees to become employed by the Company. During
the Term of Employment (as hereinafter defined), Employee shall be employed in
the position of President of the Company’s Project Management entity (currently
proposed to be Stratosphere Development, LLC) and shall also serve in other
positions of the affiliates of the Company as may be designated (the “Designated
Affiliates”) from time to time by the CEO, provided that such Designated
Affiliates are engaged in businesses relating to gaming, casino or resort
operation or development (collectively, the “Gaming Business”). Employee shall
perform such duties as are specified from time to time by the Company.  Employee
shall report to and be under the supervision of the Chief Executive
Officer.

    

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

    

    Except as
specifically provided herein, during the Term of Employment, Employee shall not,
without the prior written consent of the Company, directly or indirectly (i)
render services to, or otherwise act in a business or professional capacity on
behalf of or for the benefit of, any other individual, entity, company or group
(hereinafter referred to as “Person”) as an employee, advisor, independent
contractor, agent, consultant, representative or otherwise, whether or not
compensated, or (ii) plan, take any actions in furtherance of, or otherwise
devote any time to, any future business opportunity (except as otherwise
provided in this Agreement), whether sponsored by Employee or any other Person
(the “Exclusivity Obligation” ).  However, nothing contained herein shall
restrict Employee from being involved in the business of Tom Moore Associates,
LLC (“Other Activity”), provided that (a) Employee devotes his full professional
attention to the business affairs of the Company, its subsidiaries and of any
affiliated entities to which the Company has made his services available, (b)
the Other Activity does not interfere with, and Employee is otherwise in
compliance with, Employee’s professional duties and responsibilities hereunder,
and (c) Employee otherwise cooperates with the Company in connection with any
information regarding the Other Activity that may be requested or required by
the Company or any licensing or other regulatory authorities.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    2. Term

    

    The
employment period under this Agreement shall commence as of March 16, 2010 and
shall continue through the period (the “Term of Employment”) ending on March 16,
2012 (the “Expiration Date”), unless earlier terminated as set forth in this
Agreement.  Company shall provide Employee with at least a sixty (60) day
written notice should it determine not to renew an employment agreement with
Employee.

    

    3. Compensation

    

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

    

    (a) Base Compensation

    

    The
Company will pay Employee a salary (the “Base Salary”) at an annual rate of
$400,000. The Base Salary shall be payable in accordance with the normal payroll
practice of the Company (but no less frequently than bi-weekly).  In addition,
Employee shall be entitled to such Company standard benefits as other employees
in similar position for which Employee may become eligible.

    

    (b) Bonus
Compensation

    

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

    

    (c) Taxes

    

    All
amounts paid by the Company to Employee under or pursuant to this Agreement,
including, without limitation, the Base Salary, and any Bonus Compensation, or
any other compensation or benefits, whether in cash or in kind, shall be subject
to normal withholding and deductions imposed by any one or more local, state or
federal governments.

    

    
      4.  
Termination

    

    

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

     

    
      
        	
              	
                (a) 

              	
                The
      Expiration Date;

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
              	
                (b) 

              	
                The
      death of Employee or the total or partial disability that, in the judgment
      of the Company, renders Employee, with or without reasonable
      accommodation, unable to perform his essential job functions for the
      Company for a period of at least 90 consecutive business
    days;

              

      

      

      
        	
              	
                (c) 

              	
                The
      discharge of Employee by the Company with (i) Cause (as hereinafter
      defined) or (ii) without Cause;

              

      

      

      
        	
              	
                (d) 

              	
                The
      resignation of Employee (and without limiting the effect of such
      resignation, Employee agrees to provide the Company with not less than 30
      days prior written notice of his resignation);
  or

              

      

    

    

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

    

    As used
herein, “Cause” is defined as Employee’s: (i) failure to perform the duties
assigned to him; (ii) chronic impairment due to alcohol or substance abuse;
(iii) conviction of a Serious Crime or being charged with a felony (for purposes
of this Agreement a “Serious Crime” is a crime that the Company believes could
prohibit the Employee from obtaining or maintaining any work card, license, or
finding of compliance suitability necessary for Employee to maintain employment
with Company) ; (iv) violation of a federal or state securities law or
regulation; (v) negligent conduct, error or omission in the carrying out of his
duties under this Agreement; (vi) conduct that causes damage to the reputation
of the Company(vii) breach of the Exclusivity Obligation or any of the
obligations set forth in Section 6 or Section 7 below; (viii) any revocation or
suspension by any state or local authority of Employee’s required license(s) to
serve in his position(s) with the Company; or (ix) any act or failure to act by
Employee which causes any gaming or other regulatory authority having
jurisdiction over the Company, the Designated Affiliates or any of their
affiliates to seek any material redress or remedy against Employee, the Company,
any Designated Affiliate or any of their affiliates.

    

    5. Effect of
Termination

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

    

    (b) In
the event that the Term of Employment ends (i) for the reasons set forth in
Section 4(c)(ii) above (without Cause) or 4 (e) (change of control) then, in
lieu of any other payments of any kind, Employee shall be entitled to receive,
within fifteen (15) days following the date on which the Termination Event in
question occurred (the “Clause (b) Termination Date”) any amounts of: (A) Base
Salary due and unpaid to Employee from the Company as of the Clause (b)
Termination Date; (B) Bonus Compensation earned, vested, due and unpaid to
Employee from the Company as of the Clause (b) Termination Date; (C) Severance
Payment equal to Three Hundred Ninety Thousand Dollars
($390,000.00).

    

    6. Non-Disclosure

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

    

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

    

    7. Non-Compete

    

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

    

    Notwithstanding
the foregoing, nothing in this Agreement will (a) prohibit Employee from
investing in the securities of private companies in which he does not
participate in the management (either as an employee, officer or director),
provided that such investment has been cleared in accordance with all investment
or insider trading policies applicable to Employee, or (b) participating in any
way in the Other Activity.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    
      
        	
              	
                (i) 

              	
                solicit,
      interfere with or endeavor to entice away from the Company, any Designated
      Affiliate or any of their subsidiaries or affiliates, any customer, client
      or any Person in the habit of dealing with any of the
      foregoing;

              

      

      

      
        	
              	
                (ii) 

              	
                interfere
      with, entice away or otherwise attempt to obtain the withdrawal of any
      employee of the Company, any Designated Affiliate or any of their
      subsidiaries or affiliates; or

              

      

      

      
        	
              	
                (iii) 

              	
                advise
      any Person not to do business with the Company, any Designated Affiliate
      or any of their subsidiaries or
affiliates.

              

      

    

    

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

    

    8. Benefits

    

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

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    9.   
 Miscellaneous

    

    
      	
            	
              (a) 

            	
              This
      Agreement constitutes the entire agreement between the parties with
      respect to the subject matter hereof and supersedes all previous written,
      and all previous or contemporaneous oral negotiations, understandings,
      arrangements, and agreements.

            

    

     

    
      	
            	
              (b) 

            	
              This
      Agreement and all of the provisions hereof shall inure to the benefit of
      and be binding upon the legal representatives, heirs, distributees,
      successors (whether by merger, operation of law or otherwise) and assigns
      of the parties hereto; provided, however, that Employee may not delegate
      any of Employee’s duties hereunder, and may not assign any of Employee’s
      rights hereunder, without the prior written consent of the Company, which
      may be withheld in its sole and absolute discretion. If elected by the
      Company, upon any such assignment, all references herein to the Company
      shall be deemed instead to be references to the assignee and/or its
      designee(s).

            

    

    

    
      	
            	
              (c) 

            	
              This
      Agreement will be interpreted and the rights of the parties determined in
      accordance with the laws of the United States applicable thereto and the
      internal laws of the State of
Nevada.

            

    

    

    
      	
            	
              (d) 

            	
              Employee
      covenants and represents that he is not a party to any contract,
      commitment or agreement, nor is he subject to, or bound by, any order,
      judgment, decree, law, statute, ordinance, rule, regulation or other
      restriction of any kind or character, which would prevent or restrict him
      from entering into and performing his obligations under this Agreement,
      including without limitation any contract, commitment, agreement, rule or
      regulation relating to the Other
Activity.

            

    

    

    
      	
            	
              (e) 

            	
              Employee
      acknowledges that he has had the assistance of legal counsel in reviewing
      and negotiating this Agreement.

            

    

    

    
      	
            	
              (f) 

            	
              This
      Agreement shall be deemed drafted equally by both the parties. Its
      language shall be construed as a whole and according to its fair meaning.
      Any presumption or principle that the language is to be construed against
      any party shall not apply. The headings in this Agreement are only for
      convenience and are not intended to affect construction or interpretation.
      Any references to paragraphs, subparagraphs, sections or subsections are
      to those parts of this Agreement, unless the context clearly indicates to
      the contrary.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	
            	
              (g) 

            	
              This
      Agreement and all of its provisions, other than the provisions of Section
      5, Section 6, Section 7 and Section 9 hereunder (which shall survive
      termination), shall terminate upon Employee ceasing to be an employee of
      the Company for any reason.

            

    

     

    
      	
            	
              (h) 

            	
              In
      the event of the death of Employee during the Term of Employment,
      Employee’s heir shall be entitled to receive all payments otherwise
      earned, vested, due and unpaid to Employee from the Company pursuant to
      the terms and conditions of this Agreement as of the date of Employee’s
      death.

            

    

    

    
      	
            	
              (i) 

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

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    
      
        
          
            	
                    American
      Casino & Entertainment

                    Properties,
      LLC

                  	 
      
	 
      	 
      	 
      
	
                    By:

                  	
                    /s/
      Frank V. Riolo

                  	 
      
	 
      	
                    Name:
      Frank V. Riolo

                  	 
      
	 
      	
                    Title:
      CEO

                  	 
      

          

        

      

    

     

    
      
        
          
            	
                    EMPLOYEE:

                  	 
      
	 
      	 
      	 
      
	
                    By:

                  	
                    /s/ Thomas
      I. Moore

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