Document:

Exhibit 10.30

 

EMPLOYMENT AGREEMENT

 

This
Employment Agreement (this “Agreement”) is made and entered into as of the        day
of June, 2003 by and between Premier Entertainment LLC
(the “Company”) and Joseph Billhimer
(the “Employee”). Hereafter, the Company and the Employee may be collectively
referred to as “Parties”.

 

RECITALS

 

WHEREAS,
the Company intends to develop, build and operate the Hard Rock
Hotel & Casino - Biloxi
in Biloxi, Mississippi (the “Resort”) on property east of the property
presently known as the Beau Rivage Hotel & Casino; and

 

WHEREAS,
in conjunction with the development, building and operation of the Resort, the
Company is desirous of obtaining the services of Employee and Employee is
desirous of being so employed by the Company, and each is willing to enter into
this Agreement, all on the terms and subject to the conditions herein
contained.

 

AGREEMENT

 

NOW
THEREFORE, in consideration of the premises and mutual agreements hereinafter
set forth, and for other good and valuable consideration, the receipt,
sufficiency and adequacy of which are hereby acknowledged, the Parties
(intending to be legally bound) hereby agree as follows:

 

1.             Recitals.  The above recitals are true,
accurate and hereby incorporated in this Agreement as if fully set forth
herein.

 

2.             Employment of the Employee.

 

(a)           The Company agrees to and hereby does employ
the Employee, and the Employee accepts such employment and agrees to discharge
faithfully, diligently and to the best of Employee’s abilities, the responsibilities
of such employment on the terms and subject to the conditions herein provided.

 

(b)           The term of Employee’s employment hereunder
shall commence as of July 1, 2003 (the “Start Date”), and shall terminate
on July 1, 2008 (the “Scheduled End Date”), unless terminated earlier as
provided in Section 5 and 6 hereof.  The period of employment from the Start Date
to and including the day before the Resort opens for public gaming shall be referred
to as the “Pre-Opening Term” and the period of employment from the day the
Resort opens for public gaming to and including the Scheduled End Date, shall
be referred as the “Term”.

 

3.             Duties of the Employee.  During
the Pre-Opening Term and the Term, the Employee shall:

 

 

(a)           Devote substantially all of Employee’s
business time, loyalty and attention necessary to diligently carry out the
duties of Employee’s employment hereunder, applying Employee’s best effort and
skill for the benefit, and to promote the interests, of the Company; provided,
however, any business time not spent on Company matters shall not
interfere with Employee’s duties to Company hereunder nor conflict with the
terms of this Agreement; and

 

(b)           Act as the Resorts’ President and Chief
Operating Officer for the Company and perform such services and assume such
duties and responsibilities as are assigned to Employee by a manager selected
by the Board of the Company (“Manager”), or the Board of the Company which are
consistent with the position of President and Chief Operating Officer, and
including, but not limited to, development and implementation of a pre-opening
and annual general business plan for the Resort, the operational policies and
procedures for the Resort, including all regulatory requirements necessary for
the operation of the Resort, and (subject to the prior approval of the Board of
the Company, which approval will not unreasonably be withheld or delayed) the
hiring of all executive and management level employees for the Resort each of
whom shall report directly to or, in Employee’s sole discretion, indirectly to
Employee; and

 

(c)           Report directly to the Manager and the Board
of Company; and

 

(d)           Subject to subsection 3(g) below, have
full power and authority to execute contracts and sign checks in the ordinary
course of the Company’s business on a basis consistent with the ordinary course
of a prudently managed and operated business substantially similar to the
Company, and, upon advance notice to the Manager, open any bank account on
behalf of or for the Company, and other such administrative and ministerial
functions on behalf of the Resort; and

 

(e)           Train a qualified employee of the Company to
perform Employee’s functions for the Company during such time or times as
Employee is on vacation or not at work as a result of illness or holiday (as
contemplated by Section 4(b) hereof); and

 

(f)            Adhere to and comply with: (i) all local,
state and federal laws, rules and regulations applicable to Employee in the
conduct of his employment duties and responsibilities with and for the Company,
and use his best efforts to ensure the Company is in compliance with such laws,
rules and regulations, and (ii) the policies, rules and regulations of the
Company (including any employee handbook of the Company), which may be adopted
and changed from time to time by directive of the Board of the Company; and

 

(g)           Notwithstanding the foregoing, it is
expressly understood as a limitation of Employee’s authority, Employee shall
not perform or do any of the following acts without first obtaining the express
written approval of the Board of the Company: (i) change the Employee’s compensation,
bonus or benefits as set forth herein or any of the other terms or provisions
of this Agreement; (ii) increase, decrease or otherwise vary the salary or
benefits of any employee of the Company in excess of ten percent (10%) of the
base salary of any such employee for each calendar year; (iii) execute
contracts or sign checks outside of the ordinary course of the Company’s
business (as such business is defined in Section 3(d) hereof); (iv)
negotiate or execute any agreement with any employee or consultant for the
Company involving aggregate

 

2

 

compensation of One Hundred
Thousand Dollars ($100,000) or more during any calendar year; (v) negotiate or
execute any single agreement (whether for the purchase of goods, services, or
otherwise) for the Company, including amendments and modifications thereto,
involving an aggregate amount of One Million Dollars ($1,000,000) or more during
the life of such agreement; or (vi) negotiate or execute contracts or sign
checks involving an amount of more than Five Hundred Thousand Dollars
($500,000) in the aggregate for any calendar month; and

 

(h)           Review, understand and comply with, on behalf
of the Company, the following documents executed by the Company with either
Hard Rock Hotel Licensing, Inc. or Hard Rock Cafe International (STP), Inc., as
applicable: (1) License Agreement, (2) Memorabilia Lease, (3) Lease Agreement
(Cafe), and (4) Lease Agreement (Retail Store), copies of which will be
furnished to the Employee as soon as available.

 

4.             Compensation.  As
complete compensation and in consideration of the performance of services by
the Employee and Employee’s observance of the provisions of this Agreement, the
Company agrees to pay or provide, and Employee agrees to accept, the following:

 

(a)           Salary.  During the Pre-opening Term,
the Company shall pay to Employee, at least on a semi-monthly basis a salary at
an annualized rate of Three Hundred Sixty Thousand and No/100 Dollars
($360,000.00) (“Pre-Opening Salary”), subject to withholding of any applicable
taxes.  Commencing with the opening of
the Resort to the public for gaming, Pre-Opening Salary shall cease and the
base salary of Employee shall commence at an annualized rate of Three Hundred
Thousand and No/100 Dollars ($300,000.00) (“Base Salary”), less applicable
withholding and taxes, payable in accordance with the normal payroll practices
of the Company.  Thereafter, Base Salary
may be reviewed from time to time, but at least annually for increases as
determined by the Board of the Company.

 

(b)           Benefits.  During the Pre-Opening Term
and the Term, Employee shall be entitled to twenty (20) business days of paid
vacation per annum from and after the Start Date (at such time or times as is
reasonably agreed upon by the Parties), seven (7) paid holidays annually, and
three (3) paid sick days annually; provided, however, the
Employee shall only be entitled to ten (10) business days vacation for the 2003
calendar year.  Vacation pay shall be
non-cumulative and to the extent not taken shall not be compensated.  In addition, during the Pre-Opening Term and
the Term, Employee (including the immediate family of Employee) shall be entitled
to medical (including dental and vision) and hospitalization insurance or
reimbursement therefore that is substantially similar to coverage currently in
place for Employee and his immediate family at his current place of employment,
as further described in Exhibit “A”, attached hereto and hereby incorporated as
if fully set forth, and participation in any Company retirement programs such
as a 401k.  The Company further agrees to
waive any eligibility period otherwise applicable to any insurance coverage
required under this provision (to the extent that the applicable insurance
company is able to do so) or reimburse Employee for COBRA coverage until
Employee and his immediate family qualify for coverage under the Company’s
plan, and to provide during the Term and, as soon as reasonably practicable,
the Pre-Opening Term, a life insurance policy in the amount of $1,000,000.00
covering Employee with a beneficiary to be named by Employee.  Employee acknowledges that Company may, in its
sole discretion, obtain key-man life insurance on the life of the Employee,
naming the Company as the beneficiary, and

 

3

 

the Employee shall cooperate
with the Company in obtaining such life insurance policy, including, without
limitation, submitting to a physical exam (and, if applicable, blood and urine
samples), providing information on past health condition, and completing
reasonably required paperwork required by the insurance company.  The Company will reimburse Employee for COBRA
coverage, if necessary, until an established health plan is put in place by
Company.

 

(c)           Business Expenses.  The
Company shall provide Employee with a company credit card carrying a credit
limit of at least $20,000.00, which shall be used for expenses incurred in connection
with the proper performance of Employee’s duties hereunder.  Company will also promptly reimburse Employee
for other business expenses reasonably and actually incurred by the Employee in
connection with the performance of Employee’s duties hereunder, upon submission
of reasonable written verification or receipts documenting such expenses,
including, but not limited to, cell phone charges and fees or membership dues
charged by civic or private clubs approved by Manager for Employee’s
membership.

 

(d)           Automobile Allowance.  In
addition to any other payments provided for herein, during the Pre-Opening Term
and the Term, Employee shall be paid $500.00 monthly as and for expenses
related to the operation of an automobile for personal use.  If Employee at any time intends to use such
automobile for any business purposes, Employee shall cause his automobile
insurance policy to cover the Company as an additional insured for general
liability insurance.

 

(e)           Bonus.  Commencing ninety (90) days
(quarterly) following the opening of the Resort for public gaming and at the
conclusion of each ninety (90) day (quarter) period thereafter, in addition to
Base Salary, Employee shall be paid an additional sum of money to the extent
applicable (“Bonus”), based on the Resort’s earnings before interest, taxes,
depreciation and amortization (“EBITDA”), with such Bonus to be calculated
cumulatively as follows:

 

	
  Quarterly EBITDA

  	
   

  	
  Bonus

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $8,750,000 to
  10,000,000

  	
   

  	
  $

  	
  25,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $10,000,001 to
  10,500,000

  	
   

  	
  $

  	
  6,250.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $10,500,001 to
  11,250,000

  	
   

  	
  $

  	
  8,750.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $11,250,001 to
  12,000,000

  	
   

  	
  $

  	
  9,375.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $12,000,001 and
  above

  	
   

  	
  $

  	
  10,000.00

  	
   

  

 

Furthermore,
the Parties acknowledge and agree that because the economic seasonality of
Resort’s business may cause fluctuation in Resort’s EBITDA from quarter to
quarter, Employee shall have the opportunity to recapture quarterly Bonus’ not
achieved where the annual EBITDA meets or exceeds certain levels.  For example, where Employee during a 12 month
period only qualified for and was paid $25,000 for one quarter’s Bonus but
where the EBITDA for that year was $40,000,000, then Employee would be paid an
additional $75,000 ($100,000 less the $25,000 previously paid) Bonus. Such
annual EBITDA levels, together with the annual Bonus (calculated cumulatively)
payable to Employee, are as follows:

 

4

 

	
  Annual EBITDA

  	
   

  	
  Annual Bonus (less any Bonus paid

  Employee during the previous 4 quarters)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $35,000,000 to
  $40,000,000

  	
   

  	
  $100,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $40,000,001 to
  $42,000,000

  	
   

  	
  $25,000.00 per $1,000,000

  above $40,000,001 to $42,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $42,000,001 to
  $45,000,000

  	
   

  	
  $35,000.00 per $1,000,000

  above $42,000,001 to $45,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $45,000,001 to
  $48,000,000

  	
   

  	
  $37,500.00 per $1,000,000

  above $45,000,001 to $48,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  $48,000,001 and
  above

  	
   

  	
  $40,000.00 per $1,000,000

  	
   

  

 

Any
Bonus payable under this Section 4(e) shall be paid within thirty (30)
days following the close of books whether the period be quarterly or annually.

 

(f)            Bonus Adjustment and Discretionary Bonus.  In
as much as the capital structure for the financing and development of the
Resort has yet to be finalized as of the date hereof, the Company (through its
Board) may determine in its sole discretion, to reduce EBITDA levels necessary
for Bonus and or issue discretionary Bonus payments as the Company (through its
Board) sees fit. The Company (through its Board) also reserves the right in its
sole discretion, to recognize the effects of force
majeur, as it may exist from time to time, on the operating business,
and reduce EBITDA levels necessary for Bonus and or issue discretionary Bonus payments
as the Company (through its Board) sees fit.

 

(g)           Calculation of EBITDA.  Any
and all determinations or calculations of EBITDA for the purposes set forth
herein shall be determined by the Company (through its Board) in consultation
with its outside accounting firm.

 

(h)           Signing Bonus.  On July 16,
2003, the Company shall pay to the Employee a signing bonus in the amount of
Twenty-Five Thousand Dollars ($25,000).

 

5.             Termination By Company.

 

(a)           For Cause.  The employment of Employee
under this Agreement may be terminated by Company for Cause (as defined below)
at any time, in which event, Company shall have no further liability to
Employee hereunder except for the payment of any accrued but unpaid portion of
Pre-Opening Salary and Base Salary through the date of termination of Employee’s
employment and any other monies Employee is legally entitled to, if any, as a
matter of right under Company’s written and established policies or benefit
plans (which have been approved by the Board of the Company) as of the date of
termination, which limited payment obligation shall survive such termination
and the terms and provisions of Sections 8 through and including Section 21
hereof shall also survive.  For purposes
hereof, the term “Cause” includes any one or more of the following:

 

5

 

(i)            Employee’s fraud, dishonesty, theft, deceit,
willful misconduct, or gross or persistent negligence in the performance of his
duties hereunder, including, without limitation, willful failure to perform
such duties as may properly be assigned him hereunder, and his act of quitting
or resigning his employment except where Employee terminates this Agreement for
any of the reasons specified below in Sections 6(ii) through 6(v); provided,
Employee must give Company at least thirty (30) days prior written notice
before quitting or resigning his employ with Company; or

 

(ii)           Employee’s material breach of any provision of this Agreement
applicable to Employee; provided, however, if the Company shall
have actual knowledge of the Employee’s breach of Sections 3(a), 3(b), 3(c)
(but in no way does the inclusion of subsection (c) herein diminish the
Employee’s obligation to report only to the Manager and the Board of the
Company), 3(e), 3(f) or 3(h) hereof, the Company shall provide written notice
to Employee reasonably describing such claimed breach and Employee shall have
three (3) calendar days to cure such breach, to the extent such breach is
capable of being cured; or

 

(iii)          Employee’s failure to make timely application and qualify (or, after
having so qualified, being thereafter disqualified) under any gaming suitability
or licensing requirement to which Employee may be subject by reason of his
position with Company; provided, however, if the Company believes
the Employee is not being timely in such application (to the extent
applicable), the Company shall provide written notice to Employee reasonably
describing such claimed breach and Employee shall have three (3) calendar days
to cure such breach, to the extent such breach is capable of being cured; or

 

(iv)          A termination of this Agreement by the Company that follows a request
by Employee that he be permitted to cancel or terminate this Agreement before
the expiration of the Term except where Employee terminates this Agreement for
any of the reasons specified below in Sections 6(ii) through 6(vi); or

 

(v)           Employee’s willful or intentional violation of any applicable law or
regulation that actually causes or is reasonably likely to cause an adverse
effect on the Company, its assets, financial condition, or business as
reasonably determined by the Board of the Company in good faith upon
consultation with outside legal counsel; or

 

(vi)          Habitual intoxication or drug addiction that adversely effects Employee’s
job performance and duties hereunder or the reputation or best interests of the
Company; or

 

(vii)         Employee’s breach of a fiduciary duty to the Company for personal
profit or gain of Employee or Employee’s family or affiliates, or any other
conflict of interest or self-dealing by Employee involving or relating to the
Company; provided, however, if the Company shall have actual
knowledge of the Employee’s breach, the Company shall provide written notice to
Employee reasonably describing such claimed breach and Employee shall have
three (3) calendar days to cure such breach, to the extent such breach is
capable of being cured; or

 

6

 

(viii)        Employee’s Disability.
 As used herein, the term “Disability”
shall mean a physical or mental illness, incapacity or disability (as verified
by a licensed physician in good standing selected by Company) preventing the
Employee from satisfactorily performing his duties hereunder for ninety (90)
calendar days in any consecutive one-hundred twenty
(120) calendar day period.

 

(b)           Death of Employee.  This
Agreement shall automatically terminate and the Company relieved of any
liability thereunder in the event of Employee death, provided, however,
Company shall remain obligated to discharge the obligation specified above in Section 5(a);
provided, further, Employee’s heirs and legal beneficiaries shall
have no further rights or claims against the Company.

 

6.             Severance Allowance and Termination By
Employee.  If any of the events specified below in
Subsections 6(i) through 6(v) occur during the Pre-Opening Term or the Term,
the Company shall, at the sole and absolute discretion of Employee, pay and /
or provide to Employee a “Severance Allowance” as hereinafter defined.  Additionally, where below listed events 6(ii),
6(iii),

6(iv), or 6(v) occur during the Pre-Opening Term or the Term, the Employee
shall also be entitled to terminate this Agreement; provided, however,
Sections 8, 9, 10, 11, 13, 14, 16, 17, 18, 20, 21 and 22 hereof shall survive
any such termination; provided, further, the duration of the
identified one (1) year non-compete set forth in Section 9(a)(iv) hereof
shall be reduced to only one (1) month (the “One-Month Non-Compete Limitation”).

 

(i)            Employee is terminated by the Company for any
reason other than as specified above in Section 5 hereof;

 

(ii)           Employee’s duties or position/title with the Company, as set forth
under Sections 3(b), (c) or (d) hereof, diminish in any material respect after
the Employee complains in writing to the Company of such claimed diminishment
and the Company does not cure such issue within fifteen (15) days thereof;

 

(iii)          Employee’s Pre-Opening Salary or Base Salary is reduced (excluding
reductions due to withholdings of any applicable taxes) or the Pre-Opening
Salary or Base Salary, or, to the extent applicable, Bonus is not paid in a
timely manner if and when due as provided in this Agreement, subject to a five
(5) day cure period and good faith delays as a result of disagreements over
applicable calculations;

 

(iv)          The Company breaches any provision of this Agreement applicable to it
in any material respect after written notice reasonably describing such claimed
breach is provided by Employee to Company and Company is provided with a
reasonable opportunity to cure such breach, which in any event shall be no less
than a thirty (30) calendar day period; and

 

(v)           The Company is acquired by (whereby at least sixty percent (60%) of the
total issued and outstanding equity of the Company is sold in such transaction)
or merges with any other person or entity which is not an affiliate of the
Company or an affiliate of the current equity-holder(s) of the Company (unless
Employee, in his sole and absolute discretion, decides to be employed or hired
by any such acquirer or merger

 

7

 

partner
in any capacity whatsoever, whether employee, officer, manager, consultant, or
otherwise).

 

For
the purpose of this Agreement, the term Severance Allowance shall be defined as
and shall be limited to only the following (and, notwithstanding the foregoing,
Employee shall only be entitled to the following if Employee signs a general
release in form and substance satisfactory to the Company in its sole (but
reasonable) determination):

 

(a)           In addition to any accrued but unpaid
Pre-Opening Salary and Base Salary, an amount equal to the Pre-Opening Salary
and Base Salary payable for the remainder of the Pre-Opening Term and Term,
i.e. from the date of termination to and including the Scheduled End Date.  However, in no event shall the sum payable
hereunder be less than the Base Salary of Employee multiplied by 1.5.

 

(b)           In addition to any accrued but unpaid Bonus,
to the extent applicable, an amount equal to the Bonus otherwise payable, if at
all, for the remainder of the Term, i.e. from the date of termination to and
including the Scheduled End Date.

 

(c)           An automobile allowance, as set forth in Section 4(d)
for the remainder of the Pre-Opening Term and Term, i.e. from the date of
termination to and including the Scheduled End Date; provided, however,
such allowance shall cease upon Employee’s commencement of employment with
another employer or consulting relationship with a third party that provides
the Employee with substantially similar compensation and medical benefits as
set forth herein.

 

(d)           The medical benefits specified in Section 4(b)
will be provided to Employee through the Scheduled End Date to the extent the
Company’s insurance company agrees to do so, or in lieu of carrying Employee
and his immediate family on any Company health insurance plan, Company shall
reimburse Employee and his immediate family for the actual out-of-pocket cost
actually incurred with obtaining substantially the same coverage as provided to
Employee under this Agreement; provided, however, all such
benefits shall cease upon Employee’s commencement of employment with another
employer or a consulting relationship with a third party that provides the
Employee with substantially similar compensation and medical benefits as set
forth herein.

 

(e)           If Employee at any time during the 12 month
period following termination moves or relocates for more than a six-month
period, at least 20 miles away, from Harrison County, Mississippi for any
reason, Employee shall be paid up to $25,000,00 for moving or relocation
expenses actually incurred upon Company’s receipt of written verification or
receipts documenting such expenses; provided, however, fifty
percent (50%) of such expenses shall be paid by the Company on the date of such
move and the remaining fifty percent (50%) shall be paid, if applicable, at the
end of such six-month period.

 

(f)            Sixty-five percent (65%) of the items (a) and
(c) of this Section 6 shall be paid to Employee in a lump sum within one
week following termination of the Agreement for any reasons specified above in Section 6(i)
through 6(v) and the remaining thirty-five percent (35%) of such items will be
paid, if at all, one year thereafter to ensure the Employee’s complete compliance
with Sections 8 and 9 hereof.  Items (b)
and (d) of this Section 6 shall be calculated

 

8

 

and payable to Employee in
the ordinary course of the Company’s business (and, if applicable, consistent
with the Company’s established practice and/or consistent with this Agreement).

 

(g)           To the fullest extent permitted by applicable
law, the payments contemplated by Section 6 hereof shall constitute the
exclusive and sole remedy for any termination of Employee’s employment (whether
pursuant to, or in violation of, the terms of this Agreement). Employee
covenants not to assert or pursue any remedies, other than an action to enforce
the payments specifically due to Employee under this Agreement, at law or in
equity, with respect to any termination of employment, and shall execute a
release and waiver on such reasonable terms and conditions as the Company may
reasonably require as a condition of entitlement to such payments; provided,
however, any such release that Employee is required to execute under
this Section 6 shall not release the Company from any of its obligations
under this Section 6.

 

(h)           The obligation and duties of the Parties
specified above in this Section 6 shall survive any termination of this
Agreement.

 

7.             Indemnification and Liability Insurance.

 

(a)           The Company agrees to indemnify, protect,
defend and hold Employee harmless from and against all costs and expenses,
including, without limitation, reasonable attorney fees and costs, liabilities,
suits, actions, causes of action, demands, damages, assessments, fines,
penalties, charges, administrative and judicial proceedings, orders, judgments,
and losses (collectively, “Losses”), directly or indirectly arising from or
attributable to, in whole or in part, the Company’s employment of Employee as
contemplated in this Agreement; provided, however, the Company
shall have no such indemnification obligation if any such Losses are a result
of the gross negligence, bad faith or willful misconduct by the Employee or the
breach of this Agreement by Employee.

 

(b)           The Company shall obtain D&O/E&O
insurance for its officers and Board members, in reasonable and prudent amounts
upon consultation with Company’s insurance agent (as soon as reasonably
practicable), and Company agrees that Employee will be covered by such insurance
for as long as Employee is employed by Company and for two years thereafter.

 

(c)           The provisions of this Section 7 shall
survive any termination of this Agreement.

 

8.             Disclosure of Confidential Information.

 

(a)           Definition of Confidential Information.  For
purposes of this Agreement, “Confidential Information” means any information
that is not generally known to the public that relates to the existing or
reasonably foreseeable business and operations of the Company which has been
expressly or implicitly protected by the Company or which, from all of the
circumstances, the Employee knows or has reason to know that the Company
intends or expects the secrecy of such information to be maintained (whether or
not any such information is marked “Confidential”). Confidential Information
includes, but is not limited to, business plans, strategies, projections,
marketing plans, information contained in or relating to customer lists,
contracts, account information, merchandising, selling, accounting, finances,
know-how,

 

9

 

trademarks, trade names,
trade practices, trade secrets and other proprietary information of the
Company.

 

(b)           Employee Shall Not Disclose Confidential
Information.  The Employee shall not, during the Pre-Opening
Term or the Term or at any time following the termination of Employee’s
employment with the Company (whether by Employee or Company), use, show, display,
release, discuss, communicate, divulge or otherwise disclose (whether directly
or indirectly) Confidential Information to any person, firm, corporation, association,
or other entity for any reason or purpose whatsoever, without the prior written
consent or authorization of the Company.

 

(c)           Scope.  Employee’s covenant in Subsection 8(b)
to not disclose Confidential Information shall not apply to information which,
at the time of such disclosure, may be obtained from sources outside of the
Company, its agents, lawyers or accountants, so long as those sources did not
receive the information directly or indirectly as the result of Employee’s
action or inappropriate or intentional inaction.

 

(d)           Title; Work for Hire.  (i)
Any and all copyrights, patents, trade secrets, and other intellectual property
rights and general intangibles associated with or relating to any ideas,
concepts, programs, know-how, data, methods, techniques, inventions, processes,
computer software, or works of authorship developed, used, developed or created
by Employee during his employment with Company and that in any way relates to
the business, assets or operation of the Company or the operation of a hotel or
gaming facility (collectively, “Work Product”), shall belong exclusively to and
be owned by Company and shall, to the fullest extent possible, be considered a
work made by Employee for hire for Company within the meaning of Title 17 of the
United States Code.  To the extent Work
Product may not for any reason be considered work made by Employee for hire for
Company, Employee hereby irrevocably and unconditionally assigns, transfers and
conveys to Company any and all right, title, and interest Employee has in such
Work Product, and upon creation of any Work Product Employee shall automatically
assign, transfer and convey to Company, without any requirement of further consideration
or action, any and all right, title, and interest Employee may have in such
Work Product.  Upon Company’s request,
Employee shall take all action, including, without limitation, the execution
and delivery of instruments of conveyance and other documents and instruments, as
may be appropriate to give full and proper effect to such assignments and as
may be necessary or desirable to transfer, perfect, and defend Company’s
ownership of such Work Product.

 

(ii)           Without limiting the foregoing, any and all
trade secrets, improvements, documents, and other tangible or intangible
property, relating in any way to the business, operations or assets of the
Company which are conceived or generated by Employee or come into Employee’s
possession during the employment period shall be and remain the exclusive
property of the Company, and Employee agrees to return any and all documents,
and tangible and intangible property, including, but not limited to, all
records, manuals, books, blank forms, documents, contracts, letters, memoranda,
notes, notebooks, reports, data, tables, magnetic tapes, computer disks,
calculations or copies thereof, which are the property of the Company or which
relate in any way to the business, customers, products, practices or techniques
of the Company, and all other property of the Company, including, but not
limited to, all documents which in whole or in part contain any Confidential
Information of the Company which in any of these

 

10

 

cases in Employee’s
possession or under Employee’s control, to the Company upon the termination of
Employee’s employment with the Company, or at such earlier time as the Company
may request him to do so, and the Employee shall promptly certify in writing to
the Company that Employee has returned all of such items to the Company.

 

(e)           Compelled Disclosures.  In
the event a third party seeks to compel disclosure of Confidential Information
by the Employee by judicial or administrative process, the Employee shall
promptly notify the Manager or the Company of such occurrence and promptly
furnish to such Manager or the Company a copy of the demand, summons, subpoena
or other process served upon the Employee to compel such disclosure, and will
permit the Company to assume, at its expense, but with the Employee’s
cooperation, defense of such disclosure demand.  In the event that the Company refuses to
contest such a third party disclosure demand under judicial or administrative
process, or a final judicial order is issued compelling disclosure of
Confidential Information by the Employee, the Employee shall be entitled to
disclose such information in compliance with the terms of such administrative
or judicial process or order.

 

9.             Non-Solicitation: Restrictive Covenants.  (a)
During the term of Employee’s employment, it is acknowledged that the Employee
will obtain knowledge and familiarity with the operations of the Company, the
conduct of its business, its operating and marketing procedures, the identity
and requirements of its customers, suppliers and vendors, intellectual
property, trade secrets, and other proprietary information, which must be
safeguarded.  To protect the Company, the
Employee agrees that during the term of Employee’s employment and for a period
of one (1) year after the Employee’s date of termination of employment with the
Company (subject to the One-Month Non-Compete Limitation set forth in Section 6
hereof), if this Agreement is terminated by the Company pursuant to Section 5
hereof, or mutually in writing by the Company and the Employee, to the furthest
extent permitted by law, the Employee shall not directly or indirectly (except
on behalf of and for the benefit of Company and its affiliates):

 

(i)            Solicit or otherwise encourage any employee,
independent contractor, officer or consultant of the Company to terminate his
or her employment or relationship (contractual or otherwise) with the Company,
or to enter into employment with any other person or entity; or

 

(ii)           Induce, persuade or entice any material customer or supplier of
Company, to terminate or cease its or their relationship (contractual or
otherwise) with Company, or to enter into any relationship with any other
person or entity engaged in a business in competition with Company; or

 

(iii)          In any way, slander, libel or through any other means take any action
which is or is intended to be detrimental to the Company, its affiliates,
business, officers, personnel or operations, except that the recitation of the
truth shall be deemed to be an absolute defense of any such action hereunder;
or

 

(iv)          Except for the Employee remaining employed with his current employer
solely for a transition period not to exceed July 15, 2003, accept
employment with or be employed in any capacity (whether officer, director,
partner, manager,

 

11

 

employee,
shareholder, member, independent contractor, consultant or otherwise) by any
company, firm or entity engaged in the same or substantially similar business
of the Company anywhere in the counties of Hancock, Harrison, or Warren, within
the State of Mississippi; provided, however, Employee may own up
to, but not more than, a five percent (5%) equity interest in any entity whose
stock is traded publicly on a national securities exchange.

 

(b)           The Employee agrees to and shall inform any
business entity or other person that the Employee becomes associated with or
employed by after the termination of the Employee’s employment with Company for
any reason and for a period of one (1) year thereafter of all of the
restrictions contained in Sections 8 and 9 hereof.

 

(c)           The Employee acknowledges and agrees to the
reasonableness, applicability, scope and nature of the covenants contained
herein, and further agrees that the time period and scope specified above are
the appropriate, minimum and reasonable time and scope necessary to protect
Company in the conduct of its business.  The
Employee represents and warrants to Company that, in the event of enforcement
of the provisions of this Section, the Employee’s experience and capabilities
are such that the Employee can obtain employment not competitive with the
business of Company sought to be protected hereunder, and that the enforcement
of such covenants and representations hereunder by Company by way of injunction
will not prevent the Employee from earning a livelihood.

 

(d)           The Employee shall not approach or assist any
person or entity for any such purpose or action described in this Section 9
or authorize, encourage or cooperate with the taking of any such action by any
other person or entity.  If any provision
or part of this Agreement (including, without limitation, any restrictive
covenant) is held to be unenforceable, the Employee and the Company agree to
modify such provision (or restrictive covenant) or, that the court or
arbitrator, as applicable, making such determination shall have the power to
modify such provision (or restrictive covenant), to delete specific words or
phrases, or, if applicable, reduce the duration or scope or area of such
provision (“blue-penciling”), and in its reduced or blue-penciled form, such
provision (or restrictive covenant) shall then be enforceable and shall be
enforced.

 

(e)           The Employee and Company recognize that the
services to be rendered by the Employee to Company are special and unique and
of extraordinary character and that the Employee’s undertakings are essential
to Company, and that, in the event of any breach or threatened breach by the
Employee of the terms and conditions of this Agreement, including, but not
limited to, the termination of the Employee’s employment with Company in order
to perform services for any other person or entity in conflict with Section 9
or any other breach of any provision of this Agreement, Company will sustain
losses which are not fully compensable by monetary damages.  Therefore, the Company shall be entitled to
institute and prosecute proceedings in any court of competent jurisdiction to
enjoin any such breach or threatened breach, and, in addition thereto, to
obtain damages or enforce the specific performance of this Agreement by the
Employee, or to obtain any combination of such remedies as the Company shall
elect.

 

12

 

(f)            The Company shall have the right and remedy
to bring legal action to require Employee to account for and pay over to the
Company all compensation, profits, monies, accruals, increments or other
benefits (collectively, “Improper Benefits”) derived or received by Employee as
the result of any transaction constituting a breach of either Section 5(a)(i),
(ii), (v) or (vii) hereof, and Employee hereby agrees to account for such
Improper Benefits and promptly pay over all such Improper Benefits to the
Company, in immediately available funds, without deduction or offset of any kind.
 The Employee acknowledges and agrees that
the Company shall have the right and remedy to collect from Employee, or have
imposed against Employee as part of any necessary court or arbitration
proceeding or collection action, any and all reasonable costs and expenses of
enforcement or collection actually incurred by Company arising out of any
breach of any such provisions of this Agreement by Employee, it being
stipulated and acknowledged that Employee shall pay and be responsible for all
such reasonable expenses of enforcement or collection, the same to include
reasonable attorney fees, accountant fees, and court costs.

 

10.           Construction.  The
parties to this Agreement and their counsel have mutually contributed to its
drafting.  Consequently, no provision of
this Agreement shall be construed against any party on the ground that such
party drafted the provision or caused it to be drafted.

 

11.           Entire Agreement.  This
Agreement constitutes the full and complete understanding and agreement of the
Parties with respect to the employment of the Employee by the Company, and
supersedes any prior understanding or agreement (oral or written) between the Parties
relating thereto.  No amendment, waiver
or modification of any provision of this Agreement shall be binding unless made
in writing and signed by each of the Parties.

 

12.           Assignment.  This Agreement requires the
personal services of and is not assignable by the Employee, and any such
assignment or transfer that does not comply with this provision shall be void.  Except for an assignment by the Company to an
affiliate of the Company or an affiliate of the current equity-holder(s) of the
Company, this Agreement shall not be assignable or transferable to any other
person or entity without the prior written consent of Employee, which consent
may be withheld for any reason or no reason, and any such assignment or
transfer that does not comply with this Section 12 shall be void.  Notwithstanding anything to the contrary
contained in this Agreement (including, without limitation, this Section 12),
if the Company (or its affiliate thereof) or the requisite number of its
equity-holders decides to sell the Company (or its affiliate) or all or
substantially all of its assets, or enter into any recapitalization, merger,
consolidation, or similar transaction, no consent or approval of any such
transaction shall be required to be obtained from or by the Employee, and any
such transaction may be consummated regardless of the disapproval of the
Employee.

 

13.           Severability.  The
provisions of this Agreement are severable, and if any one or more provisions
shall be determined by a court of competent jurisdiction or arbitrator, as applicable,
to be illegal or otherwise unenforceable, in whole or part, the remaining
provisions, and any partially unenforceable provision to the extent enforceable
in any jurisdiction, shall nevertheless be valid, binding and enforceable.

 

14.           Binding Agreement.  The
rights and obligations of the Company under this Agreement shall inure to the
benefit of, and shall be binding upon, the Company, and its

 

13

 

successors and permitted
assigns (subject to Section 12 hereof), and the rights and obligations of
Employee under this Agreement shall inure to the benefit of Employee, and shall
be binding upon, Employee and his heirs, personal representatives and estate.

 

15.           Notices.  Any notice to be given under
this Agreement shall be in writing and personally delivered in writing or shall
have been deemed duly given when received or within five (5) days of deposit in
the United States mail, postage prepaid, registered or certified, return receipt
requested, whichever is earlier.  If
mailed to the Company, it shall be addressed to the Company at its principal
place of business, and if mailed to Employee, it shall be addressed to him at
his last known home address, or such other addresses as the Company or the
Employee may hereafter designate in writing to the other.

 

16.           Waiver.  The failure of either Employee
or the Company to enforce any provisions of this Agreement shall not in any way
be construed as a waiver of any such provision or provisions as to any future
violations thereof nor prevent that party thereafter from enforcing each and
every other provision of this Agreement.  The rights granted the Parties herein are cumulative,
and the waiver of any single remedy shall not constitute a waiver of such party’s
right to assert all other legal remedies available to it under the
circumstances (subject to Section 6(g) hereof).

 

17.           Choice of Law.  The
Parties expressly agree that this Agreement and any dispute arising under this
Agreement shall be governed by and construed and enforced in accordance with
the internal laws of the State of Mississippi, without regard to conflicts of
law principles.

 

18.           Arbitration.  All disputes or claims arising
out of or in any way relating to this Agreement shall be submitted to and
determined by final and binding arbitration under the American Arbitration
Association’s Rules for the Resolution of Employment Disputes.  Arbitration proceedings may be initiated by
either of the Parties to this Agreement upon prior written notice to the other
and to the American Arbitration Association and shall be conducted by three (3)
neutral and independent arbitrators in Biloxi, Mississippi; provided, however,
that the Parties may mutually agree in writing following the giving of such
notice to have the arbitration proceedings conducted with a single neutral and
independent arbitrator.  The notice must
specify in general the issues to be resolved in any such arbitration
proceeding.  The arbitrators shall be
selected by agreement of the Parties from a list of five (5) or more independent
and neutral arbitrators proposed by the Parties.  If the Parties fail to agree on one (1) or
more of the persons to serve as arbitrators within fifteen (15) days after
delivery to the Parties of the list as proposed by the American Arbitration
Association, then, at the request of either Employee or the Company, such
arbitrators shall be selected at the discretion of the American Arbitration
Association.  Where the arbitrators shall
determine that an arbitration proceeding was commenced frivolously or without a
basis or primarily for the purpose of harassment or delay, the arbitrators may
assess that party the cost of such proceedings including reasonable attorneys’ fees
incurred by the other party.  In all
other cases, except as otherwise expressly provided in this Agreement, each of
the Parties shall bear its own costs and its pro-rata share of the fees and expense
charged by the arbitrators and the American Arbitration Association in
connection with any arbitration proceeding.  Any award or equitable relief granted by the
arbitrators shall be enforced in accordance with the appropriate provisions of
Mississippi law and/or the Federal Arbitration Act, as applicable.  Notwithstanding the foregoing, nothing herein
will prevent either

 

14

 

of the Parties from seeking
and obtaining equitable relief from a court of competent jurisdiction pending a
final decision of the arbitrators and the proper filing of such decision with
such court, in which event, each of the Parties, (a) consents and submits to
the jurisdiction of the Courts of the State of Mississippi and of the Courts of
the United States for a judicial district within the territorial limits of the
State of Mississippi for all purposes of this Agreement; and (b) consents and
submits to the venue of such action or proceeding in the City of Biloxi,
Mississippi (or such judicial district of a Court of the United States as shall
include the same).

 

19.           Signature Warranty.  The
Company represents and warrants that the individual(s) executing this Agreement
on behalf of the Company have all necessary power and authority to do so on
behalf of the Company.

 

20.           Counterparts; Fax Signatures.  This
Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original and which taken together shall constitute one and the
same instrument.  A fax signature hereto
shall be deemed to be as legally enforceable as signed original hereto.

 

21.           Employee’s Warranty.  (a)
Employee represents and warrants to Company that: (i) he is not bound by any
other agreement, whether written or oral, which would preclude him from
entering into this Agreement and working for Company, and (ii) he will not
utilize, in connection with his employment, any materials, confidential
business information or trade secrets that may be construed as confidential or
proprietary to any other person or entity.  If Employee breaches this warranty, Employee
agrees to hold Company harmless from any and all costs and damages (including,
but not limited to, reasonable attorney fees) actually suffered or incurred by
Company in defending any lawsuit brought against it due to the employment of Employee
or on account of any material, information or trade secrets improperly used by Employee.
 Employee acknowledges that, in his
decision to enter into this Agreement, Employee is not relying on any representation
or warranty from or made by the Company or any of its managers, members or
officers, other than those that are expressly provided in this Agreement.

 

22.           Guarantee of Payment.  Payment of the Pre-Opening Salary (up to the
aggregate amount of $720,000.00) as and when due to the Employee as provided in
this Agreement shall be jointly and severally guaranteed by Roy Anderson III,
Gregg Giuffria and David Ross.

 

[Signature
Pages Follow]

 

15

 

(b)           Employee acknowledges and agrees that he has
had ample opportunity to read this Agreement in its entirety before his
execution hereof, and that this Agreement is entered into voluntarily and
without duress of any kind.  Employee
acknowledges and agrees that he has been represented by independent legal
counsel of his own choosing, and that Employee has read and fully understands
the terms and provisions of this Agreement.

 

Executed this        of
June, 2003

 

 

	
  EMPLOYEE:

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Joseph
  Billhimer

  	
   

  	
   

  	
  PREMIER ENTERTAINMENT
  LLC

  
	
  JOSEPH BILLHIMER

  	
   

  	
   

  
	
   

  	
   

  	
  By: GAR,
  LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ David S.
  Ross

  	
   

  
	
   

  	
   

  	
   

  	
  David S. Ross

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Gregg R. Giuffria

  	
   

  
	
   

  	
   

  	
   

  	
  Gregg R. Giuffria

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Roy Anderson
  III

  	
   

  
	
   

  	
   

  	
   

  	
  Roy Anderson III

  
							

 

16

 

GUARANTY

 

WHEREAS
a certain employment agreement of even date herewith (“Agreement”) will be
executed by and between Premier Entertainment LLC (“Company”) and Joseph
Billhimer (“Employee”) covering the terms of Company’s employment of Employee;
and

 

WHEREAS
the Employee, under the Agreement, requires as a condition to his execution of
the Agreement that the undersigned jointly and severally guaranty payment of
the Pre-Opening Salary (as that term is defined in the Agreement) with such sum
so guaranteed being an initial amount not less than $720,000; provided,
however, that such sum so guaranteed shall be reduced as and when Pre-Opening
Salary is paid to Employee by an amount equal to the sum so paid; and,

 

WHEREAS
the undersigned are desirous that Employee enter into the Agreement with
Company;

 

NOW
THEREFORE, in consideration of the execution of the Agreement by Employee and
in inducement thereof, the undersigned hereby unconditionally guaranty payment
of the Pre-Opening Salary (as that term is defined in the Agreement) with such
sum so guaranteed being an initial amount not less than $720,000; provided,
however, that such sum so guaranteed shall be reduced as and when Pre-Opening
Salary is paid to Employee by an amount equal to the sum so paid.  The undersigned further agree as follows:

 

1.             This Guaranty will continue unchanged by any
bankruptcy, reorganization or insolvency of Company or any successor or
assignee thereof or by a disaffirmance or abandonment by a trustee of Company.

 

2.             The liability of the undersigned under the
Guaranty shall be primary and that in any right of action, which shall accrue
to Employee under Section 22 of the Agreement, Employee may, at his
option, proceed against the

 

1

 

undersigned
without having commenced any action, or having obtained any judgment against
Company.

 

3.             To pay Employee’s reasonable attorney fees
and all costs and other expenses incurred in any collection or attempted
collection or in any negotiations relative to the obligations hereby guaranteed
or enforcing this Guaranty against the undersigned, individually and jointly.

 

4.             This Guaranty shall not be affected by
Employee’s failure or delay to enforce any of its rights.

 

5.             This Guaranty survives any termination of the
Agreement.

 

6.             The laws of the State of Mississippi shall
govern the validity, construction, performance and effect of this Guaranty.

 

7.             All disputes or claims arising out of or in
any way relating to this Guaranty shall be submitted to and determined by final
and binding arbitration under the rules of the American Arbitration
Association.  Arbitration proceedings may
be initiated by either Employee or the undersigned upon notice to the other and
to the American Arbitration Association and shall be conducted by three (3)
arbitrators in Biloxi, Mississippi; provided, however, that Employee and the
undersigned may agree following the giving of such notice to have the
arbitration proceedings conducted with a single arbitrator.  The notice must specify in general the issues
to be resolved in any such arbitration proceeding.  The arbitrators shall be selected by agreement
of Employee and the undersigned from a list of five (5) or more arbitrators
proposed by the Employee and the undersigned.  If the Employee and the undersigned fail to
agree on one (1) or more of the persons to serve as arbitrators within fifteen
(15) days after delivery to the Employee and the undersigned of the list as
proposed by the American Arbitration Association, then, at the request of
either Employee or the undersigned, such arbitrators shall be selected at the
discretion of the American Arbitration Association.  Where the arbitrators shall determine that an
arbitration proceeding was commenced frivolously or without a basis or
primarily for the purpose of

 

2

 

harassment
or delay, the arbitrators may assess that party the cost of such proceedings
including reasonable attorneys’ fees incurred by the other party.  In all other cases, Employee and the
undersigned shall bear their own costs and its pro-rata share of the fees and
expense charged by the arbitrators and the American Arbitration Association in
connection with any arbitration proceeding.  Any award or equitable relief granted by the
arbitrators shall be enforced in accordance with the provisions of Mississippi
Statutes.  Notwithstanding the foregoing,
nothing herein will prevent either the Employee or the undersigned from seeking
and obtaining equitable relief from a court of competent jurisdiction pending a
final decision of the arbitrators and the proper filing of such decision with
such court, in which event, each of the Employee and the undersigned, (a)
consents and submits to the jurisdiction of the Courts of the State of
Mississippi and of the Courts of the United States for a judicial district
within the territorial limits of the State of Mississippi for all purposes of
this Agreement, including, without obligation or liability arising under or by
reason hereof; and (b) consents and submits to the venue of such action or
proceeding in the City of Biloxi, Mississippi (or such judicial district of a
Court of the United States as shall include the same.).

 

IN
WITNESS WHEREOF, the undersigned has caused this Guaranty to be executed as of
the date of the Agreement.

 

 

	
   

  	
   

  	
  /s/ Roy
  Anderson, III

  	
   

  
	
   

  	
   

  	
  Roy Anderson, III

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Greg
  Giuffria

  	
   

  
	
   

  	
   

  	
  Greg Giuffria

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ David Ross

  	
   

  
	
   

  	
   

  	
  David Ross

  	
   

  

 

3Unassociated Document

Exhibit
4.1

 

	 	
      NUMBER
	 	
      UNITS

	
      U-
	 	 	 	 
	
       
	
       
	
       
	
       
	
       

	
      SEE
      REVERSE FOR

      CERTAIN
      DEFINITIONS
	
      FORTRESS
      AMERICA ACQUISITION CORPORATION
	 	 

 

CUSIP

 

UNITS
CONSISTING OF ONE SHARE OF COMMON STOCK AND TWO WARRANTS EACH TO PURCHASE ONE
SHARE OF COMMON STOCK

 

THIS
CERTIFIES
THAT                                                                                                        is
the owner of  Units.

 

Each Unit
(“Unit”) consists of one (1) share of common stock, par value $.0001 per share
(“Common Stock”), of Fortress America Acquisition Corporation, a Delaware
corporation (the “Company”), and two warrants (the “Warrants”).  Each
Warrant entitles the holder to purchase one (1) share of Common Stock for $5.00
per share (subject to adjustment).  Each Warrant will become exercisable on
the later of (i) the Company's completion of a merger, capital stock exchange,
asset acquisition or other similar business combination or (ii) _______ __, 2006
and will expire unless exercised before 5:00 p.m., New York City Time, on
_______ _, 2009, or
earlier upon redemption (the "Expiration Date").   The Common Stock and
Warrants comprising the Units represented by this certificate are not
transferable separately prior to
                   ,
2005, subject to earlier separation in the discretion of Sunrise Securities
Corp.  The terms of the Warrants are governed by a Warrant Agreement, dated
as of
                   ,
2005, between the Company and Continental Stock Transfer & Trust Company, as
Warrant Agent, and are subject to the terms and provisions contained therein,
all of which terms and provisions the holder of this certificate consents to by
acceptance hereof.  Copies of the Warrant Agreement are on file at the
office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and
are available to any Warrant holder on written request and without
cost.

This
certificate is not valid unless countersigned by the Transfer Agent and
Registrar of the Company.

 

Witness
the facsimile seal of the Company and the facsimile signature of its duly
authorized officers.

 

	
      By
	
      Fortress
      America Acquisition Corporation
	 
	 	
      CORPORATE
	 
	 	 	
      DELAWARE
	 	 
	
      Chairman
      of the Board
	
      SEAL
	
      Secretary

	 	
      2005
	 
	
       
	
       
	
       
	
       
	
       

 

 

Fortress
America Acquisition Corporation

 

The
Company will furnish without charge to each stockholder who so requests, a
statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of stock or series thereof of the
Company and the qualifications, limitations, or restrictions of such preferences
and/or rights.

 

The
following abbreviations, when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

 

 

	
      TEN
      COM -
	 	
      as
      tenants in common
	 	
      UNIF
      GIFT MIN ACT -
                 Custodian
                     

	
      TEN
      ENT -
	 	
      as
      tenants by the entireties
	 	 	
      (Cust)
	
      (Minor)

	
      JT
      TEN -
	 	
      as
      joint tenants with right of survivorship
	 	
      under
      Uniform Gifts to Minors Act

	 	 	
      and
      not as tenants in common
	 	 	 	 
	 	 	 	 	 	
      (State)
	 
	
       
	
       
	
       
	
       
	
       
	
       
	
       
	
       
	
       

 

Additional
Abbreviations may also be used though not in the above list.

 

For
value
received,                                                        
hereby sell, assign and transfer unto

 

	
      PLEASE
      INSERT SOCIAL SECURITY OR OTHER
	 
	
      IDENTIFYING
      NUMBER OF ASSIGNEE
	 

 

 

	
       

	
      (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

	
       

	
       

	
      Units

 

represented
by the within Certificate, and do hereby irrevocably constitute and
appoint

 

                                                                                                                                             Attorney
to transfer the said Units on the books of the within named Company will full
power of substitution in the premises.

 

	
      Dated
	 	 

 

	
       
	
       
	
       

	 	 	
      Notice:
	 	
      The
      signature to this assignment must correspond with the name as written upon
      the face of the certificate in every particular, without alteration or
      enlargement or any change whatever.

 

Signature(s)
Guaranteed:

 

	
       
	
       

	
      THE
      SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR
      INSTITUTION

	
      (BANKS,
      STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS
      WITH

	
      MEMBERSHIP
      IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM,

	
      PURSUANT
      TO S.E.C. RULE 17Ad-15).

 

NYC
309858v2

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