Document:

Unassociated Document

    Exhibit
10.25

     

    AMENDMENT
NO. 4

     

    AMENDMENT
NO. 4 (this “Amendment”), dated as
of March 14, 2008, among EMPIRE RESORTS, INC., a Delaware corporation (“Borrower”), the
GUARANTORS listed on the signature page hereof, the lenders listed on the
signature page hereof (each a “Bank” and
collectively, the “Banks”) and BANK OF
SCOTLAND PLC, as agent for the Banks (in such capacity, the “Agent”).

     

    W I T N E S S E T H:

     

    WHEREAS,
the Borrower, the Guarantors, the Agent and the Banks are parties to that
certain Loan Agreement dated as of January 11, 2005, as amended by Amendment No.
1 dated as of June 13, 2005, by Amendment No. 2 dated as of November 30, 2005
and by Amendment No. 3 dated as of June 20, 2007 (as so amended, the “Agreement”);
and

     

    WHEREAS,
the parties hereto desire to amend the Agreement in certain
respects;

     

    NOW,
THEREFORE, it is agreed:

     

    1.           Definitions.  Unless
otherwise defined, capitalized terms used herein and defined in the Agreement
are used herein as therein defined.  All references to Sections in
this Amendment shall be deemed to be references to Sections in the Agreement
unless otherwise provided.

     

    2.           Effect of Amendment.
On and after the Amendment Effective Date (as hereinafter defined) all
references to the “Agreement” or “Loan Agreement” in the Agreement (including
all Exhibits thereto), the Notes and the other Loan Documents, and all other
instruments and documents executed in connection therewith, shall be a reference
to the Agreement as amended by prior amendments and by this
Amendment.

     

    3.           Description of Changes in
Terms.  The definition of “Maturity Date” in Annex I to the
Agreement is amended by deleting such definition in its entirety and
substituting, in lieu thereof, the following:

     

    
      	 	“Maturity Date”
      shall mean May 29, 2009 or such earlier termination date as the Loan
      Commitments shall terminate as provided in the
  Agreement.

    

     

    4.           Limited
Nature of Amendments and Waivers. The foregoing amendments and waivers
are limited as provided herein and do not extend to any other provisions of the
Agreement not specified herein nor to any other matter.  Except as
expressly amended hereby, the terms and provisions of the Agreement shall remain
in full force and effect.

     

    5.           Effectiveness.  This
Amendment shall become effective as of March 14, 2008 (the “Amendment Effective
Date”) upon the due execution and delivery of this Amendment by each of the
parties hereto.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

     

    6.           Governing Law. THIS
AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED WHOLLY WITHIN THE STATE
OF NEW YORK, WITHOUT REFERENCE TO CHOICE OF LAW DOCTRINE THAT WOULD RESULT IN
THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

     

    7.
           Jurisdiction.  EACH
OF THE GUARANTORS AND THE BORROWER HEREBY AGREES THAT ANY LEGAL ACTION OR
PROCEEDING AGAINST IT WITH RESPECT TO THIS AMENDMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK AS THE AGENT OR ANY BANK MAY ELECT and, by
execution and delivery hereof, accepts and consents for itself and in respect to
its property, generally and unconditionally, the non-exclusive jurisdiction of
the aforesaid courts. 

     

    8.           Headings.  The
descriptive headings of the various provisions of this Amendment are inserted
for convenience of reference only and shall not be deemed to affect the meaning
or construction of any of the provisions hereof.

     

    9.           Counterparts.  This
Amendment may be executed in any number of counterparts, and by the different
parties on the same or separate counterparts, each of which when so executed and
delivered shall be deemed to be an original, but all of which together shall
constitute one and the same agreement.  Telecopied signatures shall be of
the same force and effect as an original of a manually signed copy.

     

    10.           Representations.  By
the signature of its authorized officer below, each of the Guarantors and the
Borrower represents and warrants that as of the Amendment Effective Date and the
date of this Agreement, (i) all representations and warranties of such Guarantor
or the Borrower, as the case may be, contained in the Agreement or in the other
Loan Documents or otherwise made by such Guarantor or the Borrower in connection
with any of the foregoing are true and correct in all material respects as
though made on and as of such date, (ii) it has no defenses against the
obligations to pay any amounts under the Agreement and the other Loan Documents,
and (iii) no Default has occurred and is continuing.

     

    [Remainder
of Page Intentionally Left Blank.]

     

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

     

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Amendment No. 4 to be duly
executed and delivered by their respective duly authorized
officers.

     

    
      
        
          	 
      	
                  BANK
      OF SCOTLAND PLC

                  individually
      and as Agent

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      Karen Weich

                  

                
	 
      	 
      	
                  Name:

                	
                  Karen
      Weich

                
	 
      	 
      	
                  Title:

                	
                  Vice
      President

                

        

        

        

        
          	 
      	
                  EMPIRE
      RESORTS, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  President

                

        

        

        

        
          	 
      	
                  ALPHA
      MONTICELLO, INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  President

                

        

        

        

        
          	 
      	
                  ALPHA
      CASINO MANAGEMENT INC.

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  President

                

        

        

        

        
          	 
      	
                  MOHAWK
      MANAGEMENT, LLC

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  Manager

                

        

        

        

        
          	 
      	
                  MONTICELLO
      CASINO

                  MANAGEMENT,
      LLC

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  Manager

                

        

         

         

         

        
          [Signature
page to Amendment No. 4]

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

           

        

        

        
          	 
      	
                  MONTICELLO
      RACEWAY DEVELOPMENT COMPANY, LLC

                
	 
      	 
      
	 
      	
                  By:

                	
                  
                    /s/
      David P. Hanlon

                  

                
	 
      	 
      	
                  Name:

                	
                  David
      P. Hanlon

                
	 
      	 
      	
                  Title:

                	
                  Manager

                

        

         

         

      

    

    
      

      
        	 
      	
                MONTICELLO
      RACEWAY MANAGEMENT, INC.

              
	 
      	 
      
	 
      	
                By:

              	
                
                  /s/
      David P. Hanlon

                

              
	 
      	 
      	
                Name:

              	
                David
      P. Hanlon

              
	 
      	 
      	
                Title:

              	
                President

              

      

       

       

       

       

       

       

       

       

       

      
        [Signature
page to Amendment No. 4]ex10-8.htm

    

    

    Exhibit
10.8

    

    Named Executive Officer
Salary and Bonus Arrangements for 2008

    

    Base
Salaries

    

    The base
salaries for 2008 for the following executive officers of Great Southern
Bancorp, Inc. (the "Company") and Great Southern Bank (the "Bank") are as
follows:

    

    
      	
              Name
      and Title

            	
              Base
      Salary

            
	 
      
	 
      	 
      
	
              William
      V. Turner

            	
              $200,000

            
	
              Chairman
      of the Board of

            
	
              the
      Company and the Bank

            
	 
      
	
              Joseph
      W. Turner

            	
              $228,800

            
	
              President
      and Chief

            
	
              Executive
      Officer of the

            
	
              Company
      and the Bank

            
	 
      
	
              Rex
      A. Copeland

            	
              $178,231

            
	
              Treasurer
      of the Company

            
	
              and
      Senior Vice President and

            
	
              Chief
      Financial Officer of the Bank

            
	 
      
	
              Steven
      G. Mitchem

            	
              $190,000

            
	
              Senior
      Vice President and Chief

            
	
              Lending
      Officer of the Bank

            
	 
      
	
              Douglas
      W. Marrs

            	
              $105,755

            
	
              Secretary
      of the Company and

            
	Secretary,
      Vice President – Operations
	of
      the Bank
	 
	Linton
      J. Thomason	$103,214 
	Vice
      President – Information Services 
	of
      the Bank 
	 

    

     

    Description
of Bonus Arrangements

    

    The bonus
arrangement for William V. Turner and Joseph W. Turner has not been changed. For
2008, William V. Turner waived his right (as he did in 2007 and 2006) to receive
the annual cash bonus provided for under his employment agreement (one-half of
one percent of the Company's pre-tax net income). For 2008 (as it was in 2007
and 2006), the annual cash bonus payable to Joseph W. Turner under his
employment agreement will be three-fourths of one percent of the Company's
pre-tax net income. For 2008, each of Messrs. Copeland, Mitchem and Marrs, along
with the other executive officers of the Company and the Bank, will be eligible
for a cash bonus of up to 15.75% of his base annual salary (compared to 15% in
prior years), with up to 8.25% of the bonus based on the extent to which the
Company achieves targeted earnings per share results and up to 7.5% based on the
officer's individual performance. In addition, effective for 2008, achievement
of targeted earnings per share results will be measured on a quarterly, rather
than an annual, basis. Any bonuses earned will continue to be paid out at or
shortly after the end of the year.

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