Document:

Exhibit

                                    
                                    

                                    

Exhibit 10.3

INCREASE JOINDER AND AMENDMENT AGREEMENT
THIS INCREASE JOINDER AND AMENDMENT AGREEMENT, dated as of August 11, 2015 and effective as of the Effective Date (as defined below) (this “Agreement”), is entered into by and among the Lenders under the Loan Agreement (as defined below) signatory hereto (the “Consenting Lenders”), the Increase Term B Lenders set forth on Schedule A hereto (the “Increase Term B Lenders”), the MOHEGAN TRIBAL GAMING AUTHORITY (the “Borrower”), a governmental instrumentality of the Tribe (as defined below), THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT, a federally recognized Indian tribe and Native American sovereign nation (the “Tribe”), the other Loan Parties party hereto, and CITIZENS BANK, N.A. (f/k/a RBS CITIZENS, N.A.), as administrative agent (in such capacity, together with its successors and assigns in such capacity, the “Administrative Agent”).  Unless otherwise defined herein or the context otherwise requires, capitalized terms used in this Agreement have the meanings provided in the Loan Agreement (as defined below).
RECITALS
WHEREAS, reference is hereby made to that certain Loan Agreement, dated as of November 19, 2013 (as amended, amended and restated, supplemented or otherwise modified from time to time through the date hereof, the “Loan Agreement”) by and among the Borrower, the Tribe, the Administrative Agent and the banks, financial institutions and other entities from time to time party thereto as lenders or L/C Issuers.  
WHEREAS, pursuant to Section 12.01 of the Loan Agreement, the Required Lenders, the Borrower and the Tribe may amend the Loan Agreement as set forth below.
WHEREAS, pursuant to Section 2.17 of the Loan Agreement, the Borrower may request, and the applicable Lenders may provide, Increase Term B Loans by entering into one or more Incremental Amendments with the applicable Lenders and/or Additional Lenders.
WHEREAS, the Borrower has requested that each Increase Term B Lender set forth on Schedule A hereto provide a term loan commitment in the principal amount set forth opposite its name on Schedule A hereto (the “Increase Term B Loan Commitments” and the Term Loans made pursuant thereto, “Increase Term B Loans”) and intends to use the proceeds thereof to refinance Indebtedness outstanding under the Existing Senior Subordinated Indenture.
WHEREAS, the Increase Term B Lenders have agreed to provide such Increase Term B Loan Commitments on the terms and subject to the conditions set forth herein. 

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AGREEMENT
NOW, THEREFORE, in consideration of the premises and agreements, provisions and covenants herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:
 
Article I.
AMENDMENTS 
Section 1.01    Amendments.  
(a)    The reference to “the second year anniversary of the Effective Date” in the table in Section 2.06(c) of the Loan Agreement is hereby replaced with “February 19, 2016.”
(b)    Section 2.17(a)(v) of the Loan Agreement is hereby amended by replacing “$50,000,000” therein with “$140,000,000”.
Article II.     
COMMITMENTS AND TERMS OF INCREASE TERM B LOANS
Section 2.01    Increase Term B Loans.  
(a)    Pursuant to Section 2.17 of the Loan Agreement, the Borrower hereby requests that the Increase Term B Lenders make, and each Increase Term B Lender hereby agrees, severally and not jointly, to make, a single loan to the Borrower on the Effective Date in a principal amount equal to its respective Increase Term B Loan Commitment set forth on Schedule A hereto, in each case, on the terms and subject to the conditions set forth herein. 
(b)    Notwithstanding any other provision of the Loan Agreement or this Agreement, the Increase Term B Loan Commitments shall automatically terminate on the Effective Date upon the funding of the corresponding Increase Term B Loans pursuant to this Section 2.01.  No portion of the loans borrowed under this Section 2.01 which is repaid may be reborrowed, but the outstanding principal balance of such loans may be converted or continued in the manner set forth in Section 2.03 of the Loan Agreement.
(c)    The Administrative Agent hereby consents to the Increase Term B Lenders becoming Lenders for all purposes under the Loan Agreement.
Section 2.02    Other Terms and Conditions.  From and after the Effective Date: 
(a)    the Increase Term B Loans made hereunder shall constitute Increase Term B Loans, Term B Loans and Loans under the Loan Agreement and shall be subject to all the terms and conditions applicable to the other Term B Loans under the Loan Agreement, including without limitation with respect to maturity, prepayments, repayments, interest rate and other economic terms;   

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(b)    each Increase Term B Lender shall be a Term B Lender and a Lender under the Loan Agreement in respect of the Increase Term B Loans made hereunder;
(c)    the Increase Term B Loans (and all interest, fees and other amounts payable thereon) (i) shall be Obligations under the Loan Agreement and the other Loan Documents, (ii) shall rank pari passu in right of payment with all other Obligations and (iii) shall be secured by the relevant Collateral Documents and shall be guaranteed under the Guaranty on a pari passu basis with all other Obligations secured by each such Collateral Document and guaranteed under the Guaranty; and
(d)    Pursuant to the proviso in Section 2.17(c) of the Loan Agreement, the parties hereto hereby agree that (i) the adjustment to the Amortization Amount with respect to the Term B Loans required pursuant Section 2.17(c) of the Loan Agreement in connection with the provision of the Increase Term B Loans pursuant to this Agreement is $228,426.40, and (ii) in furtherance of the foregoing, immediately upon the making of the Increase Term B Loans, the Amortization Amount with respect to the Term B Loans shall be $2,053,426.40.
Section 2.03    Borrowings. On the Effective Date, the Increase Term B Loans shall be made as Base Rate Loans and Eurodollar Rate Loans in the same proportion as is then applicable to the existing Term B Loans.  With respect to Increase Term B Loans made as Eurodollar Rate Loans, (i) the initial Interest Period(s) for all such Increase Term B Loans hereunder shall commence upon the making of such Increase Term B Loans and end on the last day of the Interest Period(s) applicable to the existing Term B Loans (as of the date of the making of the Increase Term B Loans) and (ii) such Increase Term B Loans shall have the same Eurodollar Rate as the corresponding existing Term B Loans (and, if there are multiple Interest Periods and/or multiple Eurodollar Rates applicable to the existing Term B Loans as of such date of the making of the Increase Term B Loans, then the Increase Term B Loans shall have multiple Interest Periods ending on the same days (and having the same Eurodollar Rates) as such Interest Periods, and with respect to amounts proportionate to the amount of existing Term B Loans applicable to such Interest Periods).  Each Increase Term B Lender, by executing this Agreement, consents to such initial Interest Periods and Eurodollar Rates for the Increase Term B Loans.
Section 2.04    Incremental Amendment. (i) This Agreement shall constitute an “Incremental Amendment” and a “Loan Document” under the Loan Agreement and (ii) Section 3.01 shall be deemed to be the certificate required under Section 2.17(a)(vii) of the Loan Agreement in connection with the provision of the Increase Term B Loans.
Section 2.05    Lender Affirmations and Confirmations.  Each of the parties hereto acknowledges and agrees that upon making of its Increase Term B Loans on the Effective Date, each Increase Term B Lender not already party to the Loan Agreement as a Term B Lender shall become a “Term B Lender” and a “Lender” under, and for all purposes of, the Loan Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof.  Each Increase Term B Lender (i) confirms that it has received a copy of the Loan Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the 

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Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Agreement; (iii) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under the Loan Agreement and the other Loan Documents as are delegated to such Person by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) agrees that it will be bound by and perform in accordance with their terms all of the obligations which by the terms of the Loan Agreement apply to, or are required to be performed by, it as a Lender in respect of Term B Loans.  By its execution of this Agreement, each Increase Term B Lender represents and warrants that it is an Eligible Assignee (subject to the consents referred to in the definition of “Eligible Assignee”).
Article III.     
BORROWER’S CERTIFICATIONS AND COVENANTS
Section 3.01    Borrower’s Certifications.  By its execution of this Agreement, the Borrower hereby certifies as of the date hereof and as of the Effective Date that:
(a)    The proceeds of the Increase Term B Loans will be used to (i) repay, redeem, defease or otherwise refinance Indebtedness under the Existing Senior Subordinated Indenture, (ii) pay any premiums or penalties, or accrued and unpaid interest, payable in connection therewith, (iii) pay reasonable fees and expenses payable in connection therewith or (iv) pay fees and expenses payable in connection with this Agreement and the transactions contemplated hereby;
(b)    No Default of Event of Default has occurred and is continuing or will result from the transactions contemplated under this Agreement (including from the making of the Increase Term B Loans on the Effective Date);
(c)    The representations and warranties of the Tribe and each Loan Party contained in the Loan Agreement and the other Loan Documents are true and correct in all material respects with the same effect as though made on and as of the Effective Date, except to the extent such representations and warranties by their terms are made as of a specified date, in which case such representations and warranties are true and correct in all material respects on and as of such specified date and except that the representations and warranties contained in subsections (a) and (b) of Section 6.05 of the Loan Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to clauses (a) and (b), respectively, of Section 8.01 of the Loan Agreement; provided that, in any case, if a representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, the applicable materiality qualifier in this Section 3.01(c) shall be disregarded for purposes of such representation and warranty;
(d)    After giving effect to the incurrence of the Increase Term B Loans on the Effective Date and the application of the proceeds thereof, Borrower is in compliance as of the Effective Date with each of the financial covenants set forth in Section 9.13 of the Loan Agreement for the most recently ended Fiscal Quarter on a Pro Forma Basis;

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(e)    The request for and the incurrence of the Increase Term B Loans contemplated hereunder comply with Section 2.17(a)(iv) and (v) of the Loan Agreement (as amended by this Agreement); 
(f)    After giving effect to the incurrence of the Increase Term B Loans on the Effective Date and the application of the proceeds thereof, the Secured Leverage Ratio as of the Effective Date does not exceed 3.00 to 1.00 on a Pro Forma Basis;
(g)    Calculations demonstrating in reasonable detail the Borrower’s compliance with the requirements set forth in clauses (d) and (f) above are set forth in Schedule B.
Section 3.02    Borrower’s Covenants.  By its execution of this Agreement, the Borrower hereby covenants that the Borrower:
(a)     shall deliver or cause to be delivered all documents reasonably requested by Administrative Agent in order to effect fully the purposes of this Agreement; and
(b)    (i) with respect to any mortgage of the Lease or modification of the Leasehold Mortgage reasonably requested by the Administrative Agent pursuant to Section 4.01(c), no later than the date that is ninety (90) days after the Effective Date (as such date may be extended by the Administrative Agent in its sole discretion), obtain the approval of the Bureau of Indian Affairs with respect to such mortgage or mortgage modification and do all things reasonably necessary to cause such mortgage or mortgage modification to be recorded as soon as reasonably practicable after obtaining such approval; (ii) promptly execute and deliver a revised version of such mortgage or mortgage modification if necessary to obtain the approval of the Bureau of Indian Affairs; and (iii) as soon as reasonably practicable after recordation, provide evidence to the Administrative Agent that a certified copy of such mortgage or mortgage modification has been lodged with the Secretary of the Tribal Council.
Article IV.     
CONDITIONS TO THE EFFECTIVE DATE
Section 4.01    This Agreement shall become effective on the date, which shall be a Business Day (the “Effective Date”), on which each of the following conditions is satisfied.
(a)    Execution of Counterparts.  The Administrative Agent shall have received executed counterparts of this Agreement from the Borrower, the Tribe, each of the other Loan Parties, the Administrative Agent, the Required Lenders and each Increase Term B Lender.
(b)    Certifications.  Each of the certifications contained in Section 3.01 shall be true and correct.
(c)    Mortgages and Title Insurance.  The Administrative Agent shall have received such mortgages or mortgage modifications, and title insurance or title endorsements, if any, as may be reasonably requested by the Administrative Agent, in each case in form and substance reasonably satisfactory to the Administrative Agent; provided, no mortgage of the Lease or 

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modification of the Leasehold Mortgage shall be recorded pending satisfaction by the Authority of its covenants set forth in Section 3.02(b) above.
(d)    Loan Party and Tribe Documents.  The Administrative Agent shall have received the following, in each case in form and substance reasonably satisfactory to the Administrative Agent:
(i)    such documentation as the Administrative Agent may reasonably require to confirm the existence of the Tribe as a federally recognized Indian Tribe, the formation, valid existence and good standing of Borrower and each other Loan Party, each Loan Party’s and the Tribe’s authority to execute, deliver and perform this Agreement and any related documents, and the identity, authority and capacity of each Senior Officer authorized to act on their behalf, including, without limitation, certified copies of (or “no-change” certifications with respect to) the Constitution, the Gaming Ordinance, the Gaming Authority Ordinance and each Guarantor’s charter and bylaws, and amendments thereto, certified resolutions, and incumbency certificates;
(ii)    a certificate of a Senior Officer or Secretary of the Tribe and each Loan Party either (A) attaching copies of all consents, licenses and approvals required in connection with the execution, delivery and performance by the Tribe or such Loan Party and the validity against the Tribe or such Loan Party of this Agreement and any related documents to which it is a party, and such consents, licenses and approvals shall be in full force and effect, or (B) stating that no such consents, licenses or approvals are so required; and
(iii)    evidence satisfactory to the Administrative Agent that the Borrower and the Tribe have received all tribal, governmental, enrolled tribal member, Bureau of Indian Affairs, NIGC (it being understood that no “declination” letter shall be required), shareholder and third party consents, approvals and regulatory reviews, necessary in connection with the transactions contemplated hereby; and
(iv)    such other documents related to the foregoing matters as the Administrative Agent may reasonably request.
(e)    Legal Opinions.  The Administrative Agent shall have received the favorable written legal opinions of Wachtell, Lipton, Rosen & Katz, special counsel to Borrower, Rome McGuigan, P.C., special Connecticut counsel to Borrower, Faegre Baker Daniels LLP, special Indian law counsel to Borrower, and Rosenn, Jenkins & Greenwald LLP, special Pennsylvania counsel to Borrower, in each case, addressed to the Administrative Agent and each Lender, and such other opinions of counsel concerning the Tribe, Borrower the other Loan Parties and the Loan Documents as the Administrative Agent may reasonably request.
(f)    Existing Senior Subordinated Notes.  The Administrative Agent shall have received evidence that Borrower shall have (i) given, or substantially simultaneously shall give, irrevocable notice of redemption to the Existing Senior Subordinated Notes Trustee with respect to not less than $90 million in principal amount of Existing Senior Subordinated Notes outstanding 

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under the Existing Senior Subordinated Indenture and (ii) deposited with the Existing Senior Subordinated Notes Trustee such amount to fund such redemption.
(g)    Fees and Expenses.  
(i)    Borrower shall have paid to each Increase Term B Lender an upfront fee or original issue discount equal to 0.95% of the amount of such Increase Term B Lender’s Increase Term B Loan Commitment.
(ii)    The Borrower shall have paid to the Administrative Agent for the account of each Consenting Lender that provided an executed counterparty of this Agreement on or before July 28, 2015 (as such date may be extended with the consent of the Borrower and the Administrative Agent) a consent fee equal to 0.175% of the aggregate principal amount of Revolving Commitments and Term Loans of such Consenting Lender.
(iii)    The Borrower shall have paid to the Administrative Agent all fees, expenses and other amounts (without duplication of amounts under clause (iv) below) required to be paid to the Administrative Agent in connection with the entry into this Agreement and the incurrence of the Increase Term B Loans.
(iv)    The Borrower shall have paid all fees, charges and disbursements of counsel to the Administrative Agent  to the extent invoiced prior to or on the Effective Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the Administrative Agent).
(h)    Lien Searches.  The Administrative Agent shall have received the results of a recent lien search in each relevant jurisdiction with respect to Borrower and each other Loan Party and such search shall reveal no liens on any of the assets of Borrower except for permitted liens and except for liens to be discharged on or prior to the Effective Date pursuant to documentation reasonably satisfactory to the Administrative Agent.
(i)    Loan Notice.  The Administrative Agent shall have received an executed Loan Notice in respect of the Increase Term B Loan no later than the Business Day prior to the Effective Date.
(j)    Term B Loan Notes.  The Administrative Agent shall have received Term B Loan Notes executed by Borrower in favor of each Increase Term B Lender requesting a Term B Loan Note in a principal amount equal to the amount of the Increase Term B Loan made by it on the Effective Date.

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Article V.     
REAFFIRMATION OF LOAN DOCUMENTS, ETC.
Section 5.01    Validity of Obligations.  Each of the Tribe and each Loan Party acknowledges and agrees that, both before and after giving effect to this Agreement and the other agreements, documents, contracts and certificates contemplated hereby (together with the Agreement, collectively, the “Joinder Documentation”), the Borrower is indebted to the Lenders and the other Secured Parties for the Obligations, without defense, counterclaim or offset of any kind, and each of the Tribe and each Loan Party hereby ratifies and reaffirms the validity, enforceability and binding nature of the Obligations both before and after giving effect to the Joinder Documentation.
Section 5.02    Validity of Liens and Collateral Documents.  By executing this Agreement, each of the Tribe and each Loan Party (a) acknowledges receipt of a copy of the Joinder Documentation and consents to the Joinder Documentation and the commitments in respect of and funding of the Increase Term B Loans, (b) hereby affirms and ratifies the Loan Documents to which it is a party and confirms its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Loan Documents to which it is party, and (c) acknowledges and agrees that notwithstanding the execution and delivery of the Joinder Documentation and the commitments in respect of and funding of the Increase Term B Loans, (i) such guarantees, pledges, grants of security interests and other obligations, and the terms of each of the Loan Documents to which it is a party, are not impaired or adversely affected in any manner whatsoever (except as expressly provided in the Joinder Documentation) and shall continue to be in full force and effect and (ii) such guarantees, pledges, grants of security interests and other obligations shall continue to guaranty or secure, as applicable, all the Obligations (as increased pursuant to the Joinder Documentation, including the Obligations in respect of the Increase Term B Notes).  On and after the Effective Date, (x) each reference, whether direct or indirect, in the Loan Documents to the “Loan Agreement”, “thereunder”, “thereof” (and each reference in the Loan Agreement to this “Agreement”, “hereunder” or “hereof”) or words of like import shall mean and be a reference to the Loan Agreement as amended by, and after giving effect to, this Agreement and (y) each reference, whether direct or indirect, in each Loan Document to “Obligations” shall be deemed to include the Obligations in respect of the Increase Term B Notes.
Section 5.03    Representation and Warranties.  Each of the Tribe and each Loan Party (other than the Borrower) hereby certifies as of the date hereof and as of the Effective Date that the representations and warranties of the Tribe or such Loan Party, as applicable, contained in the Loan Documents are true and correct in all material respects with the same effect as though made on and as of the Effective Date, except to the extent such representations and warranties by their terms are made as of a specified date, in which case such representations and warranties are true and correct in all material respects on and as of such specified date; provided that, in any case, if a representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, the applicable materiality qualifier in this Section 5.03 shall be disregarded for purposes of such representation and warranty.
Section 5.04    No Waiver.  The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy 

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of any Lender, the Administrative Agent or any other Person under any of the Loan Documents, or constitute a waiver or modification of any provision of any of the Loan Documents.
Section 5.05    Designated Senior Debt.  The Borrower hereby irrevocably designates the Obligations, including the Obligations, in respect of the Increase Term B Loans, as “Designated Senior Indebtedness” under, and as such term is defined in, the Existing Senior Subordinated Indenture.
Article VI.     
MISCELLANEOUS
Section 6.01    Notice.  For purposes of the Loan Agreement, the initial notice address of each Increase Term B Lender shall be as set forth below its signature below.
Section 6.02    Recordation of the Increase Term B Loans.  Upon the Effective Date, Administrative Agent will record the Increase Term B Loans of the Increase Term B Lenders in the Register. 
Section 6.03    Amendment, Modification and Waiver.  This Agreement may not be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the parties hereto; provided, that from and after the Funding Date, this Agreement may only be modified in accordance with the requirements of Section 12.01 of the Loan Agreement.  
Section 6.04    Entire Agreement.  This Agreement, the Loan Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.
Section 6.05    Headings.  Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.
Section 6.06    Governing Law.  Except to the extent otherwise expressly provided therein, this Agreement and each other Loan Document shall be governed by, and construed and enforced in accordance with, the Laws of the State of New York, without regard to conflict of law principles that would result in the application of any Law other than the Laws of the State of New York (other than any mandatory provisions of the Uniform Commercial Code of the State of New York relating to the Law governing perfection and the effect of perfection of the security interests granted under the Loan Documents), provided however, that if and only to the extent that any security interest granted to the Administrative Agent for the benefit of the Creditors pursuant to this Agreement or any other Loan Document shall be deemed exempt from the provisions of Article 9 of the Uniform Commercial Code of the State of New York by virtue of Borrower being a governmental entity, then such security interest shall be governed by the corresponding provisions of Article 9 of the Tribe’s Uniform Commercial Code, as adopted by the UCC Ordinance.  Borrower and each other party hereto each hereby consents to the application of New York civil law to the construction, interpretation and enforcement of this Agreement and the other Loan Documents, and to the 

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application of New York civil law to the procedural aspects of any suit, action or proceeding relating thereto, including but not limited to legal process, execution of judgments and other legal remedies, except for any procedural matters governed by or relating to the conduct of arbitration under Section 6.07.  This Agreement and the other Loan Documents to which Borrower is a party are each “Contracts of the Tribal Gaming Authority” within the meaning of Section 1 of Article XIII (entitled “Tribal Gaming Authority Amendment”) of the Constitution.

Section 6.07    Arbitration Reference. 
(a)    Mandatory Arbitration.  Subject to clause (c) below, at the option of the Administrative Agent (exercised in accordance with consent of the Required Lenders), Borrower, any of its Restricted Subsidiaries that are Tribal Entities or, to the extent it is a party to any such controversy or claim, the Tribe, any controversy or claim between or among the parties arising out of or relating to this Agreement, the other Loan Documents or any agreements or instruments relating hereto or thereto or delivered in connection herewith or therewith and any claim based on or arising from an alleged tort (each, a “Claim”), shall be determined by arbitration.  The arbitration shall be conducted in accordance with the United States Arbitration Act (Title 9, U.S. Code), notwithstanding any choice of law provision in this Agreement, and under the Commercial Rules of the American Arbitration Association (“AAA”).  The arbitrators shall give effect to statutes of limitation in determining any claim.  Any controversy concerning whether an issue is arbitrable shall be determined by the arbitrators.  Judgment upon the arbitration award may be entered in any court having jurisdiction.  The institution and maintenance of an action for judicial relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief.
(b)    Provisional Remedies, Self-Help and Foreclosure.  No provision of this Section shall limit the right of any party to this Agreement to exercise self-help remedies such as setoff, to foreclose against or sell any real or personal property collateral or security or to obtain provisional or ancillary remedies from a court of competent jurisdiction before, after, or during the pendency of any arbitration or other proceeding.  The exercise of a remedy does not waive the right of any party to resort to arbitration or reference.  At the Required Lenders’ option, foreclosure under a deed of trust or mortgage may be accomplished either by exercise of power of sale under the deed of trust or mortgage or by judicial foreclosure.
(c)    Limitation.  
(i)    This Section shall not be construed to require arbitration by the Creditors of any disputes which now exist or hereafter arise amongst themselves which do not involve the Tribe, Borrower or any of the Restricted Subsidiaries and are not related to this Agreement and the Loan Documents.
(ii)    Notwithstanding anything to the contrary in this Agreement or any Loan Document, a Claim may only be submitted to or otherwise determined by arbitration 

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pursuant to clause (a) or otherwise if, and only if, each of the courts described in Section 6.09(c)(I) and 6.09(c)(II) lack or decline jurisdiction with respect to such Claim.
(d)    Specific Enforcement Representation.  Each party to this Agreement severally represents and warrants to the other parties that this Section 6.07 is specifically enforceable against such party by the other parties.
Section 6.08    WAIVER OF RIGHT TO TRIAL BY JURY.  EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO ANY LOAN DOCUMENT, OR THE TRANSACTIONS RELATED THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL (OR TO THE EXTENT SO DIRECTED IN ACCORDANCE WITH SECTION 6.07, ARBITRATION) WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
Section 6.09    WAIVER OF SOVEREIGN IMMUNITY; CONSENT TO JURISDICTION.
(a)    BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES THE SOVEREIGN IMMUNITY OF BORROWER AND EACH OF ITS RESTRICTED SUBSIDIARIES (AND ANY DEFENSE BASED THEREON) FROM ANY SUIT, ACTION OR PROCEEDING OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION, EXERCISE OF CONTEMPT POWERS, OR OTHERWISE) IN ANY FORUM, WITH RESPECT TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY, PROVIDED THAT (1) THE WAIVER CONTAINED IN THIS CLAUSE (a) IS EXPRESSLY LIMITED TO ACTIONS AGAINST BORROWER AND ITS RESTRICTED SUBSIDIARIES AND (2) ANY RECOVERY UPON ANY JUDGMENT RESULTING THEREFROM SHALL BE LIMITED TO RECOVERY AGAINST THE AUTHORITY PROPERTY (OTHER THAN ANY PROTECTED ASSETS), INCLUDING POCONO DOWNS AND THE REVENUES OF BORROWER AND ITS RESTRICTED SUBSIDIARIES AND ALL COLLATERAL RELATING THERETO.
(b)    THE TRIBE HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ITS OWN SOVEREIGN IMMUNITY (APPLICABLE TO ITSELF AS AN INDIAN TRIBAL NATION) (AND ANY DEFENSE BASED THEREON) FROM ANY SUIT, ACTION OR PROCEEDING OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION, EXECUTION, EXERCISE OF CONTEMPT POWERS, OR OTHERWISE) WITH RESPECT TO THE REPRESENTATIONS AND WARRANTIES OF THE TRIBE, THE COVENANTS OF THE 

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TRIBE, AND EACH EVENT OF DEFAULT CAUSED BY THE TRIBE’S BREACH OF ANY SUCH REPRESENTATION, WARRANTY OR COVENANT, IT BEING EXPRESSLY UNDERSTOOD THAT (1) THE WAIVERS AND CONSENTS CONTAINED IN THIS CLAUSE (b) ARE NOT LIMITED TO ACTIONS AGAINST BORROWER AND ITS RESTRICTED SUBSIDIARIES, (2) ANY ACTION DESCRIBED IN THIS CLAUSE (b) MAY BE BROUGHT AGAINST THE TRIBE, AND (3) ANY RECOVERY UPON ANY JUDGMENT RESULTING FROM ANY SUCH ACTION MAY BE HAD AGAINST THE ASSETS AND REVENUES OF THE TRIBE IN A MANNER CONSISTENT WITH SECTION 6.10.
(c)    Each of the Tribe and Borrower hereby EXPRESSLY AND irrevocably submits to the exclusive (subject to Section 6.07 and other than with respect to actions by THE ADMINISTRATIVE agent in respect of rights under any collateral document governed by laws other than the laws of the state of new york or with respect to any collateral subject thereto) jurisdiction of (I) any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, (ii) in the event that the courts described in clause (I) above lack or decline jurisdiction, any connecticut state court or federal court of the united states of america sitting in connecticut, and any appellate court from any thereof and (iii) in the event that the courts described in clauses (I) and (ii) above lack or decline jurisdiction, any other court of competent jurisdiction, INCLUDING, SUBJECT TO CLAUSE (g) below, any tribal court, in each case in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such courts.  Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.  Nothing in this Agreement shall affect any right that THE ADMINISTRATIVE Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the Tribe or Borrower or their respective properties in the courts of any jurisdiction.
(d)    Each of the Tribe and Borrower hereby expressly and irrevocably waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the other Loan Documents in any court described in clause (c) above.  Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.
(e)    Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 12.02 of the LOAN AGREEMENT.  Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.
(f)    THE WAIVERS AND CONSENTS DESCRIBED IN THIS SECTION SHALL INURE TO THE BENEFIT OF THE CREDITORS AND EACH OTHER PERSON WHO IS ENTITLED TO THE BENEFITS OF THE LOAN DOCUMENTS (INCLUDING WITHOUT LIMITATION THE INDEMNITEES REFERRED TO IN SECTION 12.04 OF THE LOAN 

12

AGREEMENT).  SUBJECT TO SECTIONS 6.11 AND 6.12 THE CREDITORS AND SUCH OTHER PERSONS SHALL HAVE AND BE ENTITLED TO ALL AVAILABLE LEGAL AND EQUITABLE REMEDIES, INCLUDING THE RIGHT TO SPECIFIC PERFORMANCE, MONEY DAMAGES AND INJUNCTIVE OR DECLARATORY RELIEF.  THE WAIVERS OF SOVEREIGN IMMUNITY AND CONSENTS TO JURISDICTION CONTAINED IN THIS SECTION ARE IRREVOCABLE.
(g)    THE TRIBE AND BORROWER EACH AGREES THAT ANY ACTION FOR THE ENTRY OF JUDGMENT ON AND/OR ENFORCEMENT OF AN ARBITRATION AWARD OR COURT ORDER OR JUDGMENT MAY BE BROUGHT IN THE MOHEGAN TRIBAL GAMING DISPUTES COURT. THE TRIBE AND BORROWER EACH EXPRESSLY WAIVES THE APPLICATION OF THE DOCTRINES OF EXHAUSTION OF TRIBAL REMEDIES AND ANY RIGHT OF COMITY WITH RESPECT TO ANY TRIBAL COURT OR ANY TRIBAL COURT OF APPEALS THE TRIBE MAY NOW OR HEREAFTER MAINTAIN. IN ANY EVENT, NO ACTION MAY BE BROUGHT IN ANY TRIBAL COURT WITHOUT THE PRIOR WRITTEN CONSENT OF THE ADMINISTRATIVE AGENT (WITH THE CONSENT OF THE REQUIRED LENDERS).
Section 6.10    Lender Covenant.  In any action or proceeding against Borrower or any of its Restricted Subsidiaries to enforce the Loan Documents which is not also an action or proceeding against the Tribe, the Creditors agree that they shall have no recourse to the Tribe or to its property which is not Authority Property.  In any action or proceeding to enforce the Loan Documents which includes the Tribe, the Creditors agree that they shall, to the extent then permitted by applicable Law, take commercially practicable steps to enforce any claim for damages awarded to the Creditors by any court, tribunal, arbitrator or other decision maker against Borrower or the Authority Property prior to taking general recourse to the Tribe or any Property thereof which is not Authority Property.  The provisions of this Section shall not be construed (a) to create any recourse on the part of the Creditors against the Tribe, the property of the Tribe which is not Authority Property or revenues except for any breach of the Tribe’s own representations, warranties and covenants, or (b) to require exhaustion by the Creditors of any remedies against Borrower, its Restricted Subsidiaries or the Authority Property prior to having recourse, in the proper case, against the Tribe and its property which is not Authority Property.
Section 6.11    Gaming Law Limitations.  Notwithstanding any provision in this Agreement or any other Loan Document, none of the Creditors shall engage in any of the following: planning, organizing, directing, coordinating, controlling or managing all or any portion of the Tribe’s or Borrower’s or any other Tribal Entity’s gaming operations that are regulated by IGRA (collectively, “Management Activities”), including (but not limited to) with respect to the following:
(a)    the training, supervision, direction, hiring, firing, retention, or compensation (including benefits) of any employee (whether or not a management employee) or contractor;
(b)    any employment policies or practices;
(c)    the hours or days of operation;

13

(d)    any accounting systems or procedures;
(e)    any advertising, promotions or other marketing activities;
(f)    the purchase, lease, or substitution of any gaming device or related equipment or software, including player tracking equipment;
(g)    the vendor, type, theme, percentage of pay-out, display or placement of any gaming device or equipment; or
(h)    budgeting, allocating, or conditioning payments of any Tribal Entity’s operating expenses;
provided, however, that a Creditor will not be in violation of the foregoing restriction solely because such Creditor: 
(1)    enforces compliance with any term in any Loan Document that does not require the gaming operation to be subject to any third-party decision-making as to any Management Activities; or
(2)    requires that all or any portion of the revenues securing the Loans and other Obligations be applied to satisfy valid terms of the Loan Documents; or
(3)    otherwise forecloses on all or any portion of the property securing the Obligations.
Section 6.12    Section 81 Compliance.  The parties hereto agree that any right, restriction or obligation contained in this Agreement or any other Loan Document that “encumbers Indian land” within the meaning of 25 U.S.C. § 81(b) shall not be effective for longer than six years, 364 days unless such Loan Document is an agreement or contract described in 25 U.S.C. § 81(c) or bears the approval of the Secretary of the Interior within the meaning of 25 U.S.C. § 81(b).
Section 6.13    Severability.  Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.  If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would be enforceable.
Section 6.14    Counterparts.  This Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile transmission, e-mail in Adobe “.pdf” format, or other electronic means shall be effective as delivery of a manually executed counterpart hereof.

14

Section 6.15    Consent.  By executing this Agreement, each signatory that is a Lender under the Loan Agreement (prior to giving effect to this Agreement), whether or not such Lender is also an Increase Term B Lender, hereby consents and agrees to the amendments to the Loan Agreement set forth in this Agreement. The parties hereto also acknowledge and agree that any Existing Senior Subordinated Notes that have been effectively and irrevocably called for redemption on or about the Effective Date shall be deemed not to violate Section 9.03 of the Loan Agreement (and the Indebtedness thereunder not included for purposes of measuring any financial ratio) so long as the Borrower has deposited with the Existing Senior Subordinated Notes Trustee an amount sufficient to fund such redemption, and such deposit shall not constitute the incurrence of a Lien (as defined in the Loan Agreement).
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

15

IN WITNESS WHEREOF, each of the undersigned has caused its duly authorized officer to execute and deliver this Increase Joinder and Amendment Agreement as of the date first set forth above.

MOHEGAN TRIBAL GAMING AUTHORITY

By: /s/ Mitchell Grossinger Etess    
Name: Mitchell Grossinger Etess
Title:   Chief Executive Officer

THE MOHEGAN TRIBE OF INDIANS OF CONNECTICUT

By: /s/ Kevin Brown 
Name: Kevin Brown
Title:   Chairman

[Signature Page to Increase Joinder and Amendment Agreement]

16

MOHEGAN BASKETBALL CLUB LLC

By:  /s/ Mitchell Grossinger Etess
Name:     Mitchell Grossinger Etess
Title:    President

MOHEGAN COMMERCIAL VENTURES-PA, LLC

By: /s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:    Manager

DOWNS RACING, L.P.
By Mohegan Commercial Ventures-PA, LLC, 
its general partner

By: /s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     Manager

BACKSIDE, L.P.
By Mohegan Commercial Ventures-PA, LLC, 
its general partner

By: /s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     Manager

MILL CREEK LAND, L.P.
By Mohegan Commercial Ventures-PA, LLC, 
its general partner

By: /s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     Manager

[Signature Page to Increase Joinder and Amendment Agreement]

17

NORTHEAST CONCESSIONS, L.P.
By Mohegan Commercial Ventures-PA, LLC, 
its general partner

By: /s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     Manager
 

MOHEGAN VENTURES-NORTHWEST, LLC

By: /s/ Kevin Brown
Name:    Kevin Brown
Title:     Manager

MOHEGAN GOLF, LLC

By:/s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     Manager

WISCONSIN TRIBAL GAMING, LLC

By:/s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     Manager

MTGA GAMING, LLC

By:/s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     President
                        
                        
MOHEGAN VENTURES-WISCONSIN, LLC
By Mohegan Tribal Gaming Authority, 
its sole manager and member

By:/s/ Mitchell Grossinger Etess
Name:    Mitchell Grossinger Etess
Title:     Chief Executive Officer
[Signature Page to Increase Joinder and Amendment Agreement]

18

CITIZENS BANK, N.A.,
as Administrative Agent 

By:    /s/ Clifford Mellor
Name:  Clifford Mellor
Title:    Senior Vice President 

[Signature Page to Increase Joinder and Amendment Agreement]

19

CITIZENS BANK, N.A.,
as a Lender

By: /s/ Mark S. Fucci 
Name: Mark S. Fucci
Title:   Senior Vice President 

If two signatures required:

By:______________________________
Name:
Title:

[Signature Page to Increase Joinder and Amendment Agreement]

20

_________________________________,
as a Lender

By:______________________________
Name:
Title:

If two signatures required:

By:______________________________
Name:
Title:

[Signature Page to Increase Joinder and Amendment Agreement]

21

_________________________________,
as an Increase Term B Lender

By:______________________________
Name:
Title:

If two signatures required:

By:______________________________
Name:
Title:

Notice Address:
                                           

                                        
Attention:
Telephone:
Facsimile:

[Signature Page to Increase Joinder and Amendment Agreement]

22

SCHEDULE A
    
to Increase Joinder Agreement and Amendment

Increase Term B Loan Commitments

	
		
	Name of Increase Term B Lender
	Amount of Increase Term B Loan Commitment

	Citizens Bank, N.A.
	$90,000,000

	

	

Total: $90,000,000

23Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This
EMPLOYMENT AGREEMENT (this "Agreement") is made effective as of the 5th day of May 2015 (the "Effective
Date") by and between IVAN BRAIKER, an individual ("Employee") and DUBLI, INC., a Nevada corporation ("Company").

 

RECITALS

 

Company
wishes to employ Employee, and Employee wishes to be employed by Company, in accordance with the terms and conditions hereinafter
set forth.

 

NOW,
THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each of Employee and Company hereby agree as follows:

 

1.           Employment. Company hereby employs Employee and hereby affirms the employment of Employee as the Chief Executive Officer
and President of the Company, and Employee hereby affirms, renews and accepts such employment, for the "Term" (as defined
in Section 3 below), upon the terms and conditions set forth herein.

 

2.           Position and Duties. During the Term of this Agreement, the Employee shall be employed and serve as the Chief Executive
Officer and President of Company, and shall have such duties typically associated with such title and shall exercise such power
and authority as may, from time to time, be delegated to him by the Board of Directors of Company. The Employee shall devote his
full business time, attention and efforts to the performance of his duties under this Agreement, render such services to the best
of his ability, and use his reasonable best efforts to promote the interests of Company. The Employee shall not engage in any
other business or occupation during the Term, including, without limitation, any activity that (i) conflicts with the interests
of Company and its affiliated entities, (ii) interferes with the proper and efficient performance of his duties for Company, or
(iii) interferes with the exercise of his judgment in Company's best interest. Notwithstanding the foregoing or any other provision
of this Agreement, it shall not be a breach or violation of this Agreement for the Employee to (x) serve on civic or charitable
boards or committees, (y) deliver lectures, fulfill speaking engagements or teach at educational institutions on a part-time basis
approved by the Board of Directors, or (z) manage personal investments, so long as such activities do not significantly interfere
with or significantly detract from the performance of the Employee's responsibilities to Company in accordance with this Agreement.

 

3.           Term. The "Term" of this Agreement shall commence on the Effective Date and continue thereafter for a term of
five (5) years (the "Initial Term", as may be extended or earlier terminated pursuant to the terms and conditions of
this Agreement. The Term of this Agreement shall automatically renew for successive one (1) year periods after the first five
(5) years from the Effective Date unless, within sixty (60) days of the expiration of the then existing Term, Company or Employee
provides written notice to the other party that it elects not to renew the Term. Upon delivery of such notice, this Agreement
shall continue until expiration of the Term, whereupon this Agreement shall terminate.

 

    	 

    	 

    

 

4.           Compensation.

 

4.1         Salary. Company
shall pay to Employee a total minimum annual salary of Three Hundred Thousand Dollars ($300,000.00) (the "Minimum Salary"),
payable in equal installments at the end of such regular payroll accounting periods as are established by Company, or in such
other installments upon which the parties hereto shall mutually agree. The Minimum Salary shall be paid to Employee by the Corporation,
subject to the terms set out below. In addition, Company may pay additional salary from time to time, and award bonuses in cash,
stock or stock options or other property and services, as Company may determine in its sole discretion or pursuant to separate
agreements with Employee.

 

4.2         Stock
Option. The Company shall issue a Stock Option Agreement to Employee to grant 12.5 million options which options shall vest
in 60 equal monthly installments and be exercisable at a price equal to the market price of the Company's common stock on the
date that the Stock Option Agreement is approved by the Board (or Compensation Committee) of the Company.

 

4.3         Benefits. During
the Term, Employee shall be entitled to participate in all medical and other employee benefit plans, including vacation, sick
leave, retirement accounts, profit sharing, stock option plans, stock appreciation rights, and other employee benefits, provided
by Company to employees similarly situated. In addition, during such period that the Company does not offer health insurance to
employees, then Company shall reimburse Employee for his monthly health insurance premium covering Employee and his spouse.

 

4.4         Expense
Reimbursement. Company shall reimburse Employee for reasonable and necessary expenses incurred by him on behalf of Company
in the performance of his duties hereunder during the Term, provided that such expenses are adequately documented in accordance
with Company's then customary reimbursement policies.

 

5.           Indemnification.

 

5.1         Third
Party Actions. Subject to limitations imposed by law, Company shall indemnify and hold harmless the Employee to the
fullest extent permitted by law from and against any and all claims, damages, expenses (including reasonable attorneys' fees),
judgments, penalties, fines, settlements, and all other liabilities incurred or paid by him in connection with the investigation,
defense, prosecution, settlement or appeal of any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative and to which the Employee was or is a party or is threatened to be made a party by reason
of the fact that the Employee is or was an officer, Employee or agent of Company, or by reason of anything done or not done by
the Employee in any such capacity or capacities, provided that the Employee acted in good faith, in a manner that was not grossly
negligent or constituted willful misconduct and in a manner he reasonably believed to be in or not opposed to the best interests
of Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.
Company also shall pay any and all expenses (including reasonable attorney's fees) incurred by the Employee as a result of the
Employee being called as a witness in connection with any matter involving Company and/or any of its officers or directors.

 

    	2

    	 

    

 

5.2         Company
Expense Reimbursement. Company shall advance to Employee any expenses (including reasonable attorneys' fees), judgments, penalties,
fines, settlements, and other liabilities incurred by the Employee in investigating, defending, settling or appealing any action,
suit or proceeding described in this Section 5.2 in advance of the final disposition of such action, suit or proceeding and as
set forth in the following sentence. Company shall promptly pay the amount of such expenses to the Employee on a monthly basis
as such expenses are incurred by Employee, but in no event later than 10 days following the Employee's delivery to Company of
a written request for an advance pursuant to this Section 5.2, together with a reasonable accounting of such expenses.

 

5.3         Employee
Reimbursement of Expenses. The Employee hereby undertakes and agrees to repay to Company any advances made pursuant to this
Section 24 if and to the extent that it shall ultimately be found that the Employee is not entitled to be indemnified by Company
for such amounts.

 

5.4.        Insurance. Company shall purchase and maintain directors' and officers' insurance which includes Employee as an insured
against liability asserted against or incurred by Employee in any capacity or arising out of Employee's status as such , whether
or not Company has the power to indemnify Employee against that liability under the provisions of this Section 5. Such insurance
shall be maintained while Employee is employed by Company and for one (1) year after termination of Employee's employment.

 

5.5         Survival. The
provisions of this Section 5 shall survive the termination of the Term of Employment or expiration of the term of this Agreement.

 

6.           Confidential Information/ Inventions.

 

6.1         Confidentiality.
During the Term of this Agreement and for three (3) years thereafter, Employee shall not, in any manner, for any reason, either
directly or indirectly, divulge or communicate to any person, firm or corporation, any confidential information concerning any
matters not generally known in Company's industry or otherwise made public by Company which affects or relates to Company's business,
finances, marketing and/ or operations, research, development, inventions, products, designs, plans, procedures, or other data
(collectively, "Confidential Information") except in the ordinary course of his duties for Company or as required by
applicable law. Without regard to whether any item of Confidential Information is deemed or considered confidential, material,
or important, the parties hereto stipulate that as between them, to the extent such item is not generally known in the Company's
industry, such item is important, material, and confidential and affects the successful conduct of Company's business and good
will, and that any breach of the terms of this Section 6.1 shall be a material and incurable breach of this Agreement.

 

    	3

    	 

    

 

6.2         Documents
Owned by Company. Employee further agrees that all documents and materials furnished to Employee by Company and relating to
Company's business or prospective business are and shall remain the exclusive property of Company as the case may be. Employee
shall deliver all such documents and materials to Company upon demand therefore and in any event upon expiration or earlier termination
of this Agreement. Any payment of sums due and owing to Employee by Company upon such expiration or earlier termination shall
be conditioned upon returning all such documents and materials, and Employee expressly authorizes Company to withhold any payments
due and owing pending return of such documents and materials.

 

6.3         Inventions.
All ideas, inventions, and other developments or improvements conceived or reduced to practice by Employee, alone or with
others, during the term of this Agreement, whether or not during working hours, that are within the scope of the business of
Company or that relate to or result from any of Company's work or projects or the services provided by Employee to Company
pursuant to this Agreement, shall be the exclusive property of Company. Employee agrees to assist Company during the Term of
this Agreement, at Company's expense, to obtain patents and copyrights on any such ideas, inventions, writings, and other
developments, and agrees to execute all documents necessary to obtain such patents and copyrights in the name of Company.

 

7.           Covenant Not to Compete. During the Term of this Agreement, Employee shall not engage in any of the following competitive
activities: (a) engaging directly or indirectly in any business or activity substantially similar to any business or activity
engaged in by Company as of the date of this Agreement; (b) soliciting the services of, hiring or taking away any employee, agent,
representative, contractor, supplier, vendor, customer, franchisee, lender officer, director or investor of Company or its affiliated
companies or successors either on behalf of himself or for any other person, firm or corporation, or attempting to so solicit,
hire or take away; (c) otherwise interfering with any contractual or other relationship between Company and any employee, agent,
representative, contractor, supplier, vendor, customer, franchisee, lender or investor; or (d) using, for the benefit of any person
or entity other than the Company, any Confidential Information of the Company.

 

8.           Survival of Covenant Not to Compete. Employee agrees that the provisions of Section 7 shall survive expiration or earlier
termination of this Agreement for any reason, whether voluntary or involuntary, with or without cause, and shall remain in full
force and effect for a period of one (1) year following the date this Agreement is terminated. In addition, during the two-year
period following such expiration or earlier termination, Employee shall not make or permit the making of any negative statement
of any kind concerning the Company.

 

9.           Injunctive Relief. Employee acknowledges and agrees that the covenants and obligations of Employee set forth in Sections
6 and 7 with respect to non-competition, non-solicitation, confidentiality and the Company's property relate to special, unique
and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause Company irreparable
injury for which adequate remedies are not available at law. Therefore, Employee agrees that Company shall be entitled to an injunction,
restraining order or such other equitable relief (without the requirement to post bond) as a court of competent jurisdiction may
deem necessary or appropriate to restrain Employee from committing any violation of the covenants and obligations referred to
in this Section 9. These injunctive remedies are cumulative and in addition to any other rights and remedies Company may have
at law or in equity.

 

    	4

    	 

    

 

10.         Termination

 

10.1       Termination by Employee. Employee may terminate this Agreement without cause at any time and for "good reason".
For purposes of this Agreement, the term "good reason" for termination by Employee shall mean (a) any material reduction
in the amount or type of compensation paid to the Employee or material reduction in benefits inconsistent with benefit reductions
taken by other members of Company's senior management; or (b) the Board or Company requests the Employee to engage in actions
that would constitute illegal or unethical acts; or (c) any material breach of any written agreement entered into between the
Employee and Company, including this Agreement, which is not remedied by Company within thirty (30) days after receipt of notice
thereof given by the Employee. Company will have thirty (30) days in which to cure the reason(s) provided by the Employee. At
the end of the 30-day period, if Company has not cured the Good Reason cause of the Employee's termination, the Employee's employment
will terminate following a reasonable transition period specified by Company not to exceed thirty (30) days. The written notice
given hereunder by Employee to Company shall specify in reasonable detail the cause for termination. The Employee shall be entitled
to voluntarily terminate his employment with Company prior to the end of the Employment Term upon ninety (90) days prior written
notice from the Employee to the Company.

 

10.2       Termination
by Company. Company may terminate its employment of Employee under this Agreement without cause at any time and for any
reason upon ninety (90) days' written notice to Employee. Company may terminate its employment of Employee under this
Agreement for cause at any time by written notice to Employee. For purposes of this Agreement, the term "cause" for
termination by Company shall be the Employee's (a) commission of a felony or other crime involving moral turpitude, or the
commission of any other act or omission involving dishonesty or fraud with respect to Company or any of its respective
customers or suppliers; (b) breach of fiduciary duty, willful misconduct or gross negligence with respect to Company; (c)
substantial and repeated failure to perform duties as reasonably directed in writing by the Board of Directors; provided,
however, that if any such breach is subject to cure, Employee shall be entitled to written notice of and an opportunity
to cure such breach to the Board of Directors' reasonable satisfaction within 30 calendar days of notice of such breach;
(d) material breach of this Agreement; provided, however, that if any such breach is subject to cure,
Employee shall be entitled to written notice of and an opportunity to cure such breach to the Board of Directors' reasonable
satisfaction within 30 calendar days of notice of such breach; (e) any action taken against Employee by a regulatory body or
self-regulatory organization that materially impairs the Employee from performing his duty for a period of more than 180
days; or (f) alcoholism or drug addiction which materially impairs the Employee's ability to perform his duties.

 

    	5

    	 

    

 

An act or failure to act
shall not be "willful" if (A) done by the Employee in good faith and (B) the Employee reasonably believed that
such action or inaction was in the best interests of Company. The written notice given hereunder by Company to Employee shall
specify in reasonable detail the cause for termination. In the case of a termination for the cause described in (a) above, such
termination shall be effective upon receipt of the written notice.

 

10.3       Severance. Upon a termination of this Agreement with cause by Company, Company shall immediately pay to Employee all accrued
and unpaid compensation as of the date of such termination, and Employee shall not be entitled to a "Severance Payment."
Upon a termination of this Agreement with "good reason" by Employee or without cause by Company, Company shall immediately
pay to Employee all accrued and unpaid compensation as of the date of such termination plus the Severance Payment. The accrued
compensation due and payable at termination shall bear interest at the lesser of six percent (6%) per annum or the maximum rate
permitted by law until such amounts are paid in full. If this Agreement is terminated with "good reason" by Employee
or for any reason by Company, the "Severance Payment" shall equal the total amount of salary payable to Employee under
Section 4.1 of this Agreement from the date of such termination until three (3) months after termination payable in equal installments
at the end of such regular payroll accounting periods as are established by Company, or in such other installments upon which
the parties hereto shall mutually agree. After one year of employment, the "Severance Payment" shall increase to the
total amount of salary payable to Employee under Section 4.1 of this Agreement from the date of such termination until six (6)
months after termination_ If this Agreement is terminated for any reason by Employee or Company, all vested stock options then
held by the Employee will remain exercisable for a period of ninety (90) days from the date of such termination, but in no event
later than the expiration date of the option.

 

11.         Termination Upon Death. If Employee dies during the term of this Agreement, this Agreement shall terminate, except that
Employee's legal representatives shall be entitled to receive any earned but unpaid compensation due hereunder. All vested stock
options then held by the Employee will remain exercisable for a period of three (3) years from the date of the Employee's death,
but in no event later than the expiration date of the option.

 

12.         Termination Upon Disability. If, during the term of this Agreement, Employee suffers and continues to suffer from a "Disability"
(as defined below), then Company may terminate this Agreement by delivering to Employee sixty (60) calendar days prior written
notice of termination based on such Disability, setting forth with specificity the nature of such Disability and the determination
of Disability by Company. For the purposes of this Agreement, "Disability" means Employee's inability, with reasonable
accommodation, to substantially perform Employee's duties, services and obligations under this Agreement due to physical or mental
illness or other disability for a continuous, uninterrupted period of ninety (90) calendar days. All vested stock options held
by the Employee will remain exercisable for a period of ninety (90) days from the date of termination due to Disability, but in
no event later than the expiration date of the option.

 

13.         Personnel
Policies, Conditions, And Benefits.  Except as otherwise provided herein, Employee's employment shall be subject to the
personnel policies and benefit plans which apply generally to Company's employees as the same may be interpreted, adopted,
revised or deleted from time to time, during the term of this Agreement, by Company in its sole discretion. Each year during
the term hereof, Employee shall receive vacation at the rate of four (4) weeks per year; provided that any unused vacation
shall accrue until March 30 of the following calendar year.

 

    	6

    	 

    

 

14.         Beneficiaries of Agreement. This Agreement shall inure to the benefit of Company and any affiliates, successors, assigns,
parent corporations, subsidiaries, and/or purchasers of Company as they now or shall exist while this Agreement is in effect.
This Agreement shall be not be assignable by Employee.

 

15.         No
Waiver. No failure by either party to declare a default based on any breach by the other party of any obligation under this
Agreement, or failure of such party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation,
or of any future breach.

 

16.         Modification.
No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless
in writing and duly executed by the parties to be charged therewith.

 

17.         Choice Of Law/Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the headquarters
of Company, without regard to any conflict-of-laws principles. Company and Employee hereby consent to personal jurisdiction before
all courts in the County of Company's headquarters, and hereby acknowledge and agree that a court in the county of the Company's
headquarters is and shall be the most proper forum to bring a complaint before a court of law.

 

18.         Taxes. All payments made pursuant to this Agreement shall be subject to withholding of applicable income and employment
taxes.

 

19.         Counterparts and Facsimile. This Agreement may be executed in counterparts and by facsimile.

 

20.         Confidentiality
and Trading Restrictions.  The parties agree the existence and negotiation of this Agreement, and any non-public
information exchanged in connection therewith, are confidential and they will not disclose any confidential information
except as provided herein. Either party may disclose such confidential information to its employees and advisors who are
required to have the information for the purpose of providing assistance in the negotiations. Company may disclose the
existence of the negotiations and this Agreement at such time as it determines public disclosure is required under the
applicable securities laws. The parties will not use any confidential information except for the decision whether to enter
into an employment relationship and negotiating the terms of employment. Executive will refrain from trading in the Company's
securities until 72 hours after public disclosure by Company of this Agreement. Thereafter, Employee may trade in Company's
securities only in compliance with Company's Insider Trading Policy.

 

21.         Company
Policies. The employment relationship between the parties shall be governed by the general employment policies and practices
of the Company, including but not limited to those relating to protection of confidential information and assignment of inventions,
except that when the terms of this Agreement differ from or are in conflict with the Company's

 

    	7

    	 

    

 

22.         Entire
Agreement. This Agreement embodies the whole agreement between the parties hereto and there are no inducements, promises,
terms, conditions, or obligations made or entered into by Company or Employee other than contained herein.

 

23.         Severability. All agreements and covenants contained herein are severable, and in the event any of them, with the exception
of those contained in Sections 1 and 4 hereof, shall be held to be invalid by any competent court, this Agreement shall be interpreted
as if such invalid agreements or covenants were not contained herein.

 

24.         Headings. The headings contained herein are for the convenience of reference and are not to be used in interpreting this
Agreement.

 

IN WITNESS WHEREOF, this
Agreement has been duly executed by the parties hereto as of the date first above written.

 

	DUBLI,
    INC.	 	EMPLOYEE:
	 	 	 
	By:	 	 	By:	 
	 	Michael Hansen,
    President	 	 	Ivan Braiker

 

 

 

8

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