Document:

Exhibit 10.1

April 28,
2006

John Pasqualoni

President and Chief Executive Officer

Seneca Gaming Corporation

310 Fourth Street,

Niagara Falls, New York 14303

Re: Resignation

Dear John,

I am writing to
clarify our mutual agreement concerning my voluntary resignation of employment
as Chief Financial Officer of Seneca Gaming Corporation (the “Company”) and its
subsidiaries, and any other offices or positions I may hold, effective as of
the date set forth above (the “Termination Date”).

We acknowledge
that I have been on medical disability leave and unable to perform my duties
and responsibilities as Chief Financial Officer since October 3, 2005, and
that I have applied for long-term medical disability benefits under the Company’s
long-term medical disability insurance policy. We agree that my right to
receive long-term medical disability benefits will be governed solely by the
terms and conditions of the Company’s long-term medical disability insurance
policy.

Further, as of the
Termination Date, the Employment Agreement is hereby terminated and will no
longer have any effect notwithstanding any survival clauses therein contained,
except that I will continue to be bound by the restrictive covenants set forth
in Section 6 of the Employment Agreement. We agree that this letter
agreement and that certain mutual release of claims dated as of the date hereof
and attached hereto as Exhibit A constitute our entire agreement
with respect to the subject matter hereof and, except as otherwise provided
herein, supersede all prior agreements or communications between us including
the Employment Agreement.

Except as
specifically provided in this letter agreement, I acknowledge and agree that I
will not be entitled to receive any other payments or benefits, and the Company
and its affiliates will have no further liability or obligation to me. My
participation in any Company employee benefit plan or program will cease on the
Termination Date, except as otherwise provided under the terms of such plans or
programs and applicable law.

I agree to
immediately deliver to the custody of the person designated by the Company all
originals and copies of any documents and other property (including, but not
limited to, company files, work product, computer equipment, cell phone and
identification cards) of the Company or its affiliates in my possession, under
my control or to which I have or may have had access. I further agree to
cooperate and work with the Company’s officers and/or employees to ensure
compliance with this provision.

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The Company may
withhold from amounts payable to me under this letter agreement any federal or
other taxes the Company is required to withhold pursuant to any law or
government regulation or ruling.

If this letter
expresses the terms of our agreement regarding my separation from the Company
and its affiliates, please execute both copies of the letter agreement and
return one to me at the address set forth above.

Sincerely,

/s/ Annette Mohawk Smith

Annette Mohawk
Smith

Agreed to and accepted by

Seneca Gaming Corporation

By: /s/ John
Pasqualoni      

Name: John Pasqualoni

Title:  President &
CEO

 2

 

Exhibit A

MUTUAL
RELEASE OF ALL CLAIMS

Release of Claims by Executive.

It is understood
and agreed by the Seneca Gaming Corporation (the “Company”), a governmental
instrumentality of the Seneca Nation of Indians of New York, and Annette Mohawk
Smith (“Executive”), that in consideration of the mutual promises and covenants
contained in this general release of all claims (the “Release Agreement”),
Executive, on behalf of Executive and Executive’s agents, representatives,
administrators, receivers, trustees, estates, heirs, devisees, assignees, legal
representatives, and attorneys, past or present (as the case may be), hereby
irrevocably and unconditionally releases, discharges, and acquits all the
Released Parties (as defined below) from any and all claims, promises, demands,
liabilities, contracts, debts, losses, damages, attorneys’ fees and causes of
action of every kind and nature, known and unknown, up to and including the
Effective Date (as defined below), provided, however, that any claims arising
after the Effective Date from the then present effect of acts or conduct
occurring on or before the Effective Date shall be deemed released under this
agreement, including but not limited to causes of action, claims or rights
arising out of, or which might be considered to arise out of or to be connected
in any way with (i) Executive’s employment or service with the Company
and, to the extent applicable, a Released Party, or the termination thereof; (ii) the
Amended and Restated Employment Agreement dated as of July 13, 2004
between the Company and Executive, or the termination thereof; (iii) any
treatment of Executive by any of the Released Parties, which shall include,
without limitation, any treatment or decisions with respect to hiring,
placement, promotion, discipline, work hours, demotion, transfer, termination,
compensation, performance review, or training; (iv) any statements or
alleged statements by the Company or any of the Released Parties regarding
Executive, whether oral or in writing; (v) any damages or injury that
Executive may have suffered, including without limitation, emotional or
physical injury, compensatory damages, or lost wages; (vi) employment
discrimination, which shall include, without limitation, any individual or
class claims of discrimination on the basis of age, disability, sex, race,
religion, national origin, citizenship status, marital status, sexual
preference, or any other basis whatsoever; or (vii) all such other claims
that Executive could assert against any, some, or all of the Released Parties
in any forum, whether such claims are known or unknown, accrued or unaccrued,
liquidated or contingent, direct or indirect.

Said release shall
be construed as broadly as possible and shall also extend to release the
Released Parties, without limitation, from any and all claims that Executive
has alleged or could have alleged, whether known or unknown, accrued or
unaccrued, against any Released Party for violation(s) of any applicable
law or regulation.

The term “Released
Parties” or “Released Party” as used herein shall mean and include: the Company
and the Company’s parents, subsidiaries, affiliates, and all of their
predecessors and successors (collectively, the “Released Entities”), and with
respect to each such Released Entity, all of its former, current, and future
officers, directors, agents, representatives, employees, servants, owners,
shareholders, partners, joint venturers, attorneys, insurers, administrators,
and 

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fiduciaries, and any other persons acting by, through, under, or in concert
with any of the persons or entities listed herein.

Release of Claims by Company.

Subject to the
provisions of this Release Agreement and subject to Executive not exercising
her revocation rights hereunder, the Company hereby irrevocably and unconditionally
releases, waives and fully and forever discharges Executive, from and against
any and all claims, liabilities, obligations, covenants, rights, demands and
damages of any nature whatsoever, whether known or unknown, anticipated or
unanticipated, arising from, by reason of or in any way related to any
transaction, event or circumstance which occurred or existed prior to and
including the date of this Release Agreement arising out of or in any way
related to Executive’s employment with the Company and, to the extent
applicable, a Released Party, or the termination thereof. Notwithstanding the
provisions of this paragraph, nothing in this waiver or release shall be
construed to constitute any release or waiver by the Company of its rights or
claims against Executive arising out of or referred to in Executive’s letter of
resignation dated April 28, 2006 (the “Effective Date”) or any intentional
or willful misconduct or fraudulent or criminal acts engaged in by Executive
while in the course of her employment or service.

Non-Disparage.

The parties hereto
acknowledge and agree that during the Term and for all time thereafter that
they will not defame or publicly criticize the services, business, integrity,
veracity or personal or professional reputation of the other party in either a
professional or personal manner.

This Release
Agreement may not be amended except by a written agreement signed by both
parties, which specifically refers to this Release Agreement.

EXECUTIVE
ACKNOWLEDGES THAT SHE CAREFULLY HAS READ THIS RELEASE AGREEMENT; THAT SHE HAS
HAD THE OPPORTUNITY TO THOROUGHLY DISCUSS ITS TERMS WITH COUNSEL OF HER
CHOOSING; THAT SHE FULLY UNDERSTANDS ITS TERMS AND ITS FINAL AND BINDING
EFFECT; THAT THE ONLY PROMISES MADE TO SIGN THIS RELEASE AGREEMENT ARE THOSE
STATED AND CONTAINED IN THIS RELEASE AGREEMENT; AND THAT SHE IS SIGNING THIS
RELEASE AGREEMENT KNOWINGLY AND VOLUNTARILY. EXECUTIVE STATES THAT SHE IS FULLY
COMPETENT TO MANAGE HER BUSINESS AFFAIRS AND UNDERSTANDS THAT SHE MAY BE
WAIVING SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS RELEASE AGREEMENT.

[Signature Page Follows]

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IN WITNESS
WHEREOF, Executive has executed this Release Agreement as of the date set forth
below.

	
  

  	
   

  	
   

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
  By: 

  	
   

  	
  /s/ Annette Mohawk
  Smith

  
	
   

  	
   

  	
   

  	
   

  	
  Name: Annette Mohawk Smith

  
	
   

  	
   

  	
   

  	
   

  	
  Date: April 28, 2006

  
	
  Sworn to and
  subscribed before me

  	
   

  	
   

  	
   

  	
   

  
	
  this 28th day of
  April, 2006.

  	
   

  	
   

  	
   

  	
   

  
	
  [signature]

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  ACCEPTED AND ACKNOWLEDGED BY

  SENECA GAMING CORPORATION

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ John Pasqualoni

  
	
   

  	
   

  	
   

  	
   

  	
  Name: John Pasqualoni

  
	
   

  	
   

  	
   

  	
   

  	
  Title:   President & CEO

  
	
   

  	
   

  	
   

  	
   

  	
  Date:   April 28, 2006

  

 

 5Exhibit 10.1

 

FIRST
AMENDMENT TO CREDIT AGREEMENT

 

FIRST AMENDMENT dated as of April 6, 2006 (this “Amendment”)
to the Credit Agreement dated as of March 15, 2005 (the “Credit Agreement”) by
and among VEECO INSTRUMENTS INC., a
Delaware corporation (the “Company”), the Lenders party thereto and HSBC BANK USA, NATIONAL ASSOCIATION, a
national banking association, as Administrative Agent for the Lenders.

 

WHEREAS, the Company has requested that the Lenders
amend certain provisions of the Credit Agreement, and the Lenders have agreed
to amend such provisions of the Credit Agreement, subject to the terms and
conditions set forth herein;

 

NOW,
THEREFORE, in
consideration of the premises and of the mutual agreements herein contained,
the parties hereto agree as follows:

 

1.             Amendments.

 

a.             The following definition is hereby added to Section 1.01
of the Credit Agreement in its appropriate alphabetical order:

 

“Repurchase Date” shall mean that date when repurchases of outstanding
Subordinated Notes by the Company exceed $35,000,000, in the aggregate.”

 

b.             The definition of “Consolidated EBITDA” in Section 1.01
of the Credit Agreement is hereby amended to add the following new sentence at
the end thereof:

 

“Notwithstanding anything to
the contrary herein, all gains associated with repurchases by the Company of
the outstanding Subordinated Notes shall be deemed extraordinary gains for
purposes of the calculation of Consolidated EBITDA.”

 

c.             Section 3.02(d) of the Credit Agreement is hereby
amended and restated in its entirety to provide as follows:

 

“(d) to finance repurchases
by the Company of the Subordinated Notes.”

 

d.             Section 7.06(g) of the Credit Agreement is hereby
amended and restated in its entirety to provide as follows:

 

“(g) so long as no Default or Event of Default shall have occurred and
is then continuing or would result therefrom, repurchases by the Company of the
Subordinated Notes, provided that (i) expenditures for all such repurchases
shall not exceed $80,000,000, in the aggregate, and (ii) the Company shall
notify the Lenders promptly following completion of any such repurchase”

 

e.             Section 7.13(b) of the Credit Agreement is hereby
amended and restated in its entirety to provide as follows:

 

“(b)         Consolidated Quick Ratio.  Permit the Consolidated Quick Ratio to be
less than 1.00:1.00, at any time prior to the Repurchase Date, and 1.30:1.00,
at any time thereafter.

 

1

 

2.             Conditions to Effectiveness.

 

This Amendment shall become
effective upon receipt by the Administrative Agent of: (a) this Amendment, duly
executed by the Company and the Guarantors; and (b) executed consents from the
Required Lenders authorizing the Administrative Agent to execute this Amendment
on behalf of the Lenders.

 

3.             Miscellaneous.

 

Capitalized terms used
herein and not otherwise defined herein shall have the same meanings as defined
in the Credit Agreement.

 

Except as expressly amended
hereby, the Credit Agreement shall remain in full force and effect in
accordance with the original terms thereof.

 

The amendments set forth
above are limited specifically to the matters set forth above and for the
specific instances and purposes given and do not constitute directly or by
implication a waiver or amendment of any other provision of the Credit
Agreement or a waiver of any Default or Event of Default, whether now existing
or hereafter arising, which may occur or may have occurred.

 

The Company hereby
represents and warrants that (a) after giving effect to this Amendment, the
representations and warranties made by the Company and each of its Subsidiaries
pursuant to the Credit Agreement and the other Loan Documents to which each is
a party are true and correct in all material respects as of the date hereof
with the same effect as though such representations and warranties had been
made on and as of such date, unless any such representation or warranty is as
of a specific date, in which case, as of such date, and (b) after giving effect
to this Amendment, no Default or Event of Default has occurred and is
continuing.

 

The Company hereby further
represents and warrants that the execution, delivery and performance by the
Company of this Amendment and the Credit Agreement, as amended by this
Amendment, (a) have been duly authorized by all requisite corporate action, (b)
will not violate or require any consent (other than consents as have been made
or obtained and which are in full force and effect) under (i) any provision of
law applicable to the Company, any applicable rule or regulation of any Governmental
Authority, or the Certificate of Incorporation or By-laws of the Company, (ii)
any order of any court or other Governmental Authority binding on the Company
or (iii) any agreement or instrument binding on the Company.  Each of this Amendment and the Credit
Agreement, as amended hereby, constitutes a legal, valid and binding obligation
of the Company.

 

This Amendment may be
executed in one or more counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute but one
Amendment. This Amendment shall become effective when duly executed
counterparts hereof which, when taken together, bear the signatures of each of
the parties hereto shall have been delivered to the Administrative Agent.

 

This Amendment shall
constitute a Loan Document.

 

This Amendment shall be
governed by, and construed in accordance with, the laws of the State of New
York.

 

2

 

IN WITNESS
WHEREOF, the Company
and the Administrative Agent, as authorized on behalf of the Lenders, have
caused this Amendment to be duly executed by their duly authorized officers,
all as of the day and year first above written.

 

 

	
  VEECO INSTRUMENTS INC.

  	
  HSBC BANK USA, NATIONAL

  
	
   

  	
  ASSOCIATION, as Administrative Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
  /s/ John F. Rein, Jr.

  	
   

  	
   

  	
  By:

  	
   

  	
  /s/

  	
  Christopher Mendelsohn

  	
   

  	
   

  
	
  Name:

  	
  John F. Rein, Jr.

  	
  Name:

  	
  Christopher Mendelsohn

  
	
  Title:

  	
  Executive Vice President and

  	
  Title:

  	
  First Vice President

  
	
   

  	
  Chief Financial Officer

  	
   

  
											

 

 

The undersigned, not parties to the Credit Agreement but as Guarantors
under the Guaranty dated as of the Closing Date executed in favor of the
Lenders, each hereby (a) accept and agree to the terms of the foregoing
Amendment; (b) acknowledge and confirm that all terms and provisions contained
in the Guaranty are, and shall remain, in full force and effect in accordance
with their respective terms; (c) reaffirm and ratify all of the representations
and covenants contained in the Guaranty; and (d) represent, warrant and confirm
the non-existence of any offsets, defenses and counterclaims to its
obligations under the Guaranty.

 

	
   

  	
  VEECO
  COMPOUND SEMICONDUCTOR INC.

  
	
   

  	
  VEECO ION
  BEAM EQUIPMENT INC.

  
	
   

  	
  VEECO
  SLIDER PROCESS EQUIPMENT INC.

  
	
   

  	
  VEECO
  TUCSON INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/

  	
  John F. Rein, Jr.

  	
   

  	
   

  
	
   

  	
  Name:

  	
  John F. Rein, Jr.

  
	
   

  	
  Title:

  	
  Vice President of each of
  the foregoing

  
	
   

  	
   

  	
  corporations

  
	
   

  	
   

  
	
   

  	
  VEECO
  METROLOGY, LLC

  
	
   

  	
  By:

  	
  Veeco Instruments Inc.,
  its Sole Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/

  	
  John F. Rein, Jr.

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
  John F. Rein, Jr.

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Executive Vice President
  and Chief

  
	
   

  	
   

  	
   

  	
  Financial Officer

  
													

 

3

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