Document:

EX-10.11

 Exhibit 10.11 
  

			
	June 23,2011	  	

 Mr. Curt Mayer 
 Dear Curt:

 We are pleased to make you the following offer to join American Gaming Systems (AGS or the “Company”). I am excited to work directly with you
and hopefully create significant value for AGS and for you. 
 Position. You will be the Chief Financial Officer (“CFO”) and will
report directly to the CEO. In this position you will be responsible for managing the Finance, Accounting, Human Resources, Information Technology, and Administrative functions for AGS. Primary responsibilities will include managing lender
relationships; ensuring ongoing covenant compliance; proactively preparing business and financial analyses and budgets; developing and implementing a timely financial reporting process; managing HR and Administrative functions in a way that
minimizes personnel risk; identifying, tracking and holding department managers accountable for meeting key operating metrics; working alongside the Operations team to implement and maintain the appropriate operational controls. The Finance,
Accounting, HR, IT and Administrative teams will report to you along with other personnel as the business develops. This position is based in Las Vegas. This offer is contingent upon your start date no later than July 25, 2011 (“Start
Date”). 
 Salary and Bonus. You will be paid a base salary at the annual rate of $275,000.00 payable in 26 installments in accordance
with the Company’s standard payroll practices for salaried employees. This salary and payment schedule will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. 

You shall also receive a cash bonus of up to 100% of base salary based on the attainment of financial results and earnings targets to be determined for fiscal
2011 and subsequent years. The driver behind this plan will be Ebitda and other financial metrics to be determined that are significant to AGS’ future success. A copy of the 2011 Managerial Bonus Plan is attached. 

Profits Interest. In conjunction with this employment offer, you will be entitled to a percentage of the gains in equity value of AGS in the
event of a sale (Profits Interest). Profits Interest and pertinent financial information are documented in Exhibit 1. 
 Benefits and
Vacations. You will be eligible to participate in the Company’s medical plan. The Company provides basic medical insurance for all of Its employees and family. You also will be eligible for participation in the Company’s 401k plan.
Eligibility for the medical and 401-k plans will commence sixty (60) days after your Start Date. You will receive three weeks paid vacation annually. Vacation will accrue on a monthly basis. Availability of and /or participation in any of the
referenced plans is subject to adjustment pursuant to the Company’s policies and plans in effect and which may change from time to time. 
 2470 Saint
Rose Parkway, Suite 210, Henderson, Nevada 89074 • Phone: 702-722-6700 • Fax: 702-722-6705 

 Non-Competition, Non-Disclosure and Non-Solicit Agreement. You will be required to sign the
Company’s non-Competition, Non-Disclosure and Non-Solicit Agreement, a copy of which must be signed and returned prior to your Start Date, as a condition precedent to your employment with the Company. The Non-competition portion of this
Agreement shall remain in force for the same number of months of service up to a maximum of twelve months and the Non-solicit portion of the agreement shall remain in effect for 12 months following your departure from the Company. 

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

Severance. The Company will provide six months of severance pay in the event you are terminated without cause Cause includes failure to correct
underperformance after written notification from the CEO or Board, illegal fraudulent conduct, conviction of felony, a determination that your involvement with the Company would have a negative impact on the Company’s ability to receive or
retain any licenses, willful or material misrepresentation to the Company, CEO or Board relating to the business, assets, prospects, operation of the Company, or refusal to take any action as reasonably directed by the Board or any individual acting
on behalf or at the direction of the Board. You must sign a standard release before the Company will make any severance payment. 
 Amendment and
Governing Law. This agreement may not be amended or modified except by an express written agreement signed by you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes will be
governed by Nevada law. You may indicate your agreement with these terms and accept this offer by signing and dating the original of this letter, as well as the Non-Competition, Non-Disclosure and Non-Solicit Agreement, and returning them to me by
fax or email. As required by law, your employment with the Company is also contingent upon your providing legal proof of your identity and authorization to work in the United States. Additionally, your employment with the Company is contingent upon
the successful completion of a standard background check to be initiated immediately upon your acceptance of this offer. 

 Curt, we are excited to have you join the AGS team. We look forward to continuing to build a great company. 

 

							
	Truly yours;	 		 	I have read and I accept this offer.
			
	/s/ Bob Miodunski	 		 	/s/ Curt Mayer
	Bob Miodunski	 		 	Curt Mayer
	CEO	 		 	Date:	 	June 30, 2011

 American Gaming Systems 

 Exhibit 1 

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

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

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

(Enterprise Value – Net Debt – Strike Price) * 1.0% = Profits Interest 

If AGS grows EBITDA to $50 million and sells at a 7x multiple in 3 years and retires debt to $50 million, Profits interest = [$50 mm * 7-$50 mm]*.01 =$3.0
million or $1.0 million per year.EX-10.12

 Exhibit 10.12 

FIRST AMENDMENT TO JUNE 23, 2011 EMPLOYMENT AGREEMENT 

FIRST AMENDMENT TO THE JUNE 23, 2011 EMPLOYMENT AGREEMENT (this “First Amendment”), dated as of March 18, 2013, by and
between AGS Holdings, LLC, and AGS, LLC Delaware limited liability companies with a place of business located at 6680 Amelia Earhart Court, Las Vegas, NV 89119 (“AGS”) and Mr. Curt Mayer, an individual with an address of
[REDACTED] (“Mayer”). 
 R E C I T A L S: 

WHEREAS, AGS and Mayer entered into an Employment Agreement dated as of June 23, 2011 (as amended, restated, supplemented or otherwise
modified from time to time, the “Employment Agreement”); and 
 WHEREAS, AGS and Mayer wish to amend the Employment
Agreement on the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, the parties hereto agree as follows: 

1. Severance. Severance is hereby amended and increased to nine (9) months base monthly salary. 

2. Phantom Units Grant—Strike Price Amendment 

(a) Your “Strike Price Value” is $90,000,000 until January 1, 2014, at which time it shall increase to
$115,000,000. The Strike Price Value shall be adjusted from time to time as follows: (i) the Strike Price Value shall be increased by any additional capital contributions made on the Outstanding AGS Units by the holders thereof after
January 1, 2014 and (ii) the Strike Price Value shall be reduced by any distributions or redemption payments made on the Outstanding AGS Units (other than tax distributions as determined by the Board) prior to a Change in Control. 

3. Reaffirmation of Employment Agreement. This First Amendment shall be deemed to be an amendment to the Employment Agreement, and the
Employment Agreement as amended hereby, is hereby ratified, approved and confirmed in each and every respect. All references to the Employment Agreement in any other document, instrument, agreement or writing shall hereafter be deemed to refer to
the Employment Agreement as amended hereby. This First Amendment is limited as specified and shall not constitute a modification or waiver of any other provision of the Employment Agreement. 

4. Counterparts; Facsimile. This First Amendment may be executed in any number of counterparts and by the different parties hereto on
separate counterparts each of which when so executed and delivered shall be an original, but all of which together shall constitute one and the same instrument. This First Amendment may be executed via facsimile or other electronic transmissions.

 5. Governing Law. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEVADA WITHOUT REGARD TO THE CONFLICT OF LAWS RULES THEREOF. 

IN WITNESS WHEREOF, each of the undersigned parties hereto has caused a counterpart of this First Amendment to be duly executed and delivered
as of the date first above written. 
  

			
	AGS, LLC
		
	By:	 	/s/ ROBERT MIODUNSKI
		 	ROBERT MIODUNSKI
		 	 CEO

	  
 CURT MAYER

	  
 /s/ CURT
MAYER

	 CURT MAYER

  

			
	 ALPINE AGS, LLC
 FOR AGS
HOLDINGS, LLC

		
	By:	 	/s/ Graham Weaver
		 	 Graham Weaver
 An Authorized
Signatory

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