Document:

Exhibit
10.3

 

MWI VETERINARY
SUPPLY, INC.

2008 EMPLOYEE STOCK PURCHASE PLAN

 

1.                                       Purpose of the Plan

 

                                                This Plan is intended to promote the
interests of MWI Veterinary Supply, Inc. by providing eligible employees
with the opportunity to acquire a proprietary interest in the Company through
participation in a payroll-deduction based employee stock purchase plan
designed to qualify under Section 423 of the Code.

 

2.                                       Definitions

 

Capitalized
terms herein shall have the following meanings:

 

2.1.                              “Board” shall mean the Company’s Board of
Directors.

 

2.2.                              “Change
in Control” means:

 

(a)                                  the
acquisition in one or more transactions by any “Person” (as such term is used
for purposes of Section 13(d) or Section 14(d) of the
Exchange Act) but excluding, for this purpose, the Company, Company Affiliates
or any employee benefit plan of the Company or a Company Affiliate, of “Beneficial
Ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of
twenty percent (20%) or more of the combined voting power of the Company’s then
outstanding voting securities (the “Voting Securities”);

 

(b)                                 the
individuals who, as of the effective date of the Plan, constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority
of the Board; provided, however, that if the election, or nomination for
election by the Company’s stockholders, of any new director was approved by a
vote of at least a majority of the Incumbent Board, such new director shall be
considered as a member of the Incumbent Board, and provided further that any
reductions in the size of the Board that are instituted voluntarily by the
Incumbent Board shall not constitute a Change in Control, and after any such
reduction the “Incumbent Board” shall mean the Board as so reduced;

 

(c)                                  a
merger or consolidation involving the Company if the stockholders of the
Company, immediately before such merger or consolidation, do not own, directly
or indirectly, immediately following such merger or consolidation, more than
seventy percent (70%)  of the
combined voting power of the outstanding Voting Securities of the corporation
resulting from such merger or consolidation;

 

(d)                                 a
complete liquidation or dissolution of the Company or a sale or other
disposition of all or substantially all of the assets of the Company; or

 

 

(e)                                  acceptance
by stockholders of the Company of shares in a share exchange if the
stockholders of the Company immediately before such share exchange, do not own,
directly or indirectly, immediately following such share exchange, more than
seventy percent (70%) of the combined voting power of the outstanding Voting
Securities of the corporation resulting from such share exchange.

 

2.3.                              “Code” shall mean the Internal Revenue Code
of 1986, as amended.

 

2.4.                              “Committee” shall mean the Compensation
Committee of the Board.

 

2.5.                              “Common Stock” shall mean the Company’s
common stock, par value $0.01 per share.

 

2.6.                              “Company” shall mean MWI Veterinary Supply, Inc.,
a Delaware corporation, and any corporate successor to all or substantially all
of the assets or voting stock of the Company which shall by appropriate action
adopt the Plan.

 

2.7.                              “Company
Affiliate” shall mean any parent or subsidiary corporation of the Company (as
determined in accordance with Code Section 424), whether now existing or
subsequently established.

 

2.8.                              “Compensation” shall mean the total earnings
paid to a Participant by one or more Participating Companies during such
individual’s period of participation in the Plan, plus any pre-tax
contributions made by the Participant to any Code Section 401(k) salary
deferral plan or any Code Section 125 cafeteria benefit program now or
hereafter established by the Company or any Company Affiliate; provided that
Compensation shall not include the following items of compensation:

 

(a)                                  any extraordinary income compensation of a
non-recurring nature;

 

(b)                                 any award made or amount paid pursuant to an
employer’s equity-based compensation arrangement including, but not limited to,
performance shares, stock options (including any exercise thereof), restricted
stock, stock appreciation rights (including any exercise thereof), and dividend
equivalents;

 

(c)                                  severance pay or special retirement pay;

 

(d)                                 imputed compensation, such as employer-paid
group insurance premiums; and

 

(e)                                  reimbursements or other allowances for
automobile, relocation, tax-equalization, travel or educational expenses.

 

 

2.9.                              “Effective Date” shall mean the date the
stockholders of the Company approve the Plan. 
Any Company Affiliate which becomes a Participating Company after such
Effective Date shall designate a subsequent Effective Date with respect to its
employee-Participants.

 

2.10.                        “Eligible Employee” shall mean any employee
on active payroll status who is employed by a Participating Company on such
terms that he or she is regularly expected to render more than twenty (20)
hours of service per week for more than five (5) months per calendar year
for earnings considered wages under Section 3401(a) of the Code, with
the exception of Five-Percent Owners, as defined in Section 2.13 below.

 

2.11.                        “Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

2.12.                        “Fair Market Value” per share of Common Stock
as of a particular date means (i) if the shares of Common Stock are then
listed on a national securities exchange, including the Nasdaq Global Select
Market (“NASDAQ”), the price per share of Common Stock of the last trade on the
exchange for such date, or if no trade was made on such date on the exchange,
on the last preceding day on which a trade occurred; (ii) if shares of
Common Stock are not then listed on a national securities exchange but are then
quoted on another stock quotation system, the price for the shares of Common
Stock as quoted on such quotation system for the last trade on such date, or if
no trade was made on such date on such quotation system, on the last preceding
day on which a trade was made; or (iii) if (i) and (ii) do not
apply, such value as the Committee in its discretion may in good faith
determine.

 

2.13.                        “Five-Percent Owner” shall mean any
individual who would, immediately after the grant of purchase rights, as
described in Section 8.1, own (within the meaning of Code Section 424(d))
or hold outstanding options or other rights to purchase stock possessing five
percent (5%) or more of the total combined voting power or value of the
outstanding Voting Securities of the Company or any Company Affiliate.

 

2.14.                        “Participant” shall mean any Eligible
Employee of a Participating Company who is actively participating in the Plan.

 

2.15.                        “Participating Company” shall mean the
Company and such Company Affiliates as may be authorized from time to time by
the Board to extend the benefits of the Plan to their Eligible Employees. The
Participating Companies in the Plan are listed in the attached Schedules, which
may be amended from time to time.

 

2.16.                        “Plan” shall mean the Company’s 2008 Employee
Stock Purchase Plan, as set forth in this document, as such may be amended or
supplemented from time to time.

 

2.17.                        “Purchase Date” shall mean the last Trading
Day of each purchase period, i.e., the last Trading Day of February, May, August or
November of each year in which the Plan is maintained by the Company.

 

 

2.18.                        “Trading Day” shall mean any day on which
shares of the Company’s Common Stock are actively traded.

 

3.                                       Administration of the Plan

 

The
Plan shall be administered by the Committee. 
The Committee shall, at such times as the Common Stock is registered
pursuant to Section 12 of the Exchange Act, consist of at least two
individuals each of whom shall be a “non-employee director” as defined in Rule 16b-3
as promulgated by the Securities and Exchange Commission (“Rule 16b-3”)
under the Exchange Act and shall, at such times as the Company is subject to Section 162(m) of
the Code (to the extent relief from the limitation of Section 162(m) of
the Code is sought with respect to purchase rights offered hereunder), qualify
as “outside directors” for purposes of Section 162(m) of the Code and
related Treasury regulations.  The acts
of a majority of the members present at any meeting of the Committee at which a
quorum is present, or acts approved in writing by a majority of the entire
Committee, shall be the acts of the Committee for purposes of the Plan.  If and to the extent applicable, no member of
the Committee may act as to matters under the Plan specifically relating to
such member.  The Committee shall have
full authority to interpret and construe any provision of the Plan and to adopt
such rules and regulations for administering the Plan as it may deem
necessary in order to comply with the requirements of Code Section 423.  Decisions of the Committee shall be final and
binding on all parties having an interest in the Plan.

 

4.                                       Stock Subject to the Plan

 

4.1.                              Number of Shares.  The
stock purchasable under the Plan shall be shares of authorized but unissued or
reacquired Common Stock, including shares of Common Stock purchased on the open
market. The maximum number of shares of Common Stock that may be issued over
the term of the Plan shall not exceed 500,000 shares.  Shares subject to purchase rights which
expire or are cancelled will again become available for issuance under the
Plan.

 

4.2.                              Adjustments.  Should any change be made to
the Common Stock by reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the
outstanding Common Stock as a class without the Company’s receipt of
consideration, appropriate adjustments shall be made to (i) the maximum
number and class of securities issuable under the Plan, (ii) the maximum
number and class of securities purchasable per Participant on any one Purchase
Date and (iii) the number and class of securities and the price per share
in effect under outstanding purchase rights in order to prevent the dilution or
enlargement of benefits thereunder.

 

5.                                       Purchase Periods

 

5.1.                              Purchase Period. 
Shares of Common Stock shall be offered for purchase under the Plan
through a series of successive purchase periods until the termination of the
Plan pursuant to Section 10.2.

 

 

5.2.                              Duration of Purchase Period.  Each
purchase period shall have a duration of three (3) months.  Purchase periods shall run from June 1st
to August 31st, September 1st to November 30th,
December 1st to February 28th (or February 29th
, as the case may be) and March 1st to May 31st;
provided that the first purchase period shall begin on the first day of the
second purchase period commencing after the Effective Date.

 

6.                                       Eligibility

 

6.1.                              Eligible Employees.  Each
individual who is an Eligible Employee shall be eligible to participate in the
Plan on the start date of any purchase period under the Plan.

 

6.2.                              Participation.  To
participate in the Plan for a particular purchase period, the Eligible Employee
must complete the enrollment procedure prescribed by the Committee (or its
designate), at the time specified by such procedures.  Such enrollment will include authorizing
payroll deductions as described in Section 7 below.  An Eligible Employee’s election to
participate in the Plan for a particular purchase period shall apply to
subsequent purchase periods, unless revoked by the Eligible Employee, as
provided in Section 7 and Section 8.

 

7.                                       Payroll Deductions

 

7.1.                              Election and Revocation.  The
payroll deduction authorized by the Participant for purposes of acquiring
shares of Common Stock under the Plan may be any multiple of one percent (1%)
of the Compensation paid to the Participant during each purchase period, up to
a maximum of ten percent (10%).  The
deduction rate so authorized shall continue in effect for the entire purchase
period.  The rate of payroll deduction
may not be increased or decreased during the purchase period.  However, the Participant may, at any time
during a purchase period prior to the Purchase Date, revoke his or her payroll
deduction election by using the procedures prescribed by the Committee.  The revocation shall become effective as soon
as possible following the completion of such procedure.  The revocation of a payroll deduction
election results in the termination of the Participant’s outstanding purchase
rights, as provided in Section 8.6(a) below.

 

7.2.                              Beginning Date. 
Payroll deductions shall begin on the first pay period following the
start date of the purchase period and shall (unless sooner terminated by the
Participant) continue through the pay period ending with or immediately prior
to the last day of the purchase period. 
The amounts so collected shall be credited to the Participant’s book
account under the Plan, but no interest shall be paid on the balance
outstanding from time to time in such account. 
The amounts collected from the Participant shall not be held in any
segregated account or trust fund and may be commingled with the general assets
of the Company and used for general corporate purposes.

 

7.3.                              Ending Date.  Payroll deductions shall
automatically cease upon the termination of the Participant’s purchase rights
in accordance with the provisions of the Plan.

 

 

7.4.                              No Further Obligation. 
Subject to the limitations set forth in Section 8.4 and Section 9
below, the Participant’s acquisition of Common Stock under the Plan on any
Purchase Date shall neither limit nor require the Participant’s acquisition of
Common Stock on any subsequent Purchase Date.

 

8.                                       Purchase Rights

 

8.1.                              Grant of Purchase Rights.  A
Participant shall be granted a separate purchase right on the start date of
each purchase period in which he or she elects to participate. Such purchase
right shall provide the Participant with the right to purchase shares of Common
Stock on the Purchase Date upon the terms set forth below. Under no
circumstances shall a purchase right be granted under the Plan to any Eligible
Employee if such individual would immediately after the grant be a Five-Percent
Owner, as defined in Section 2.13.

 

8.2.                              Exercise of the Purchase Rights. 
Purchase rights shall be automatically exercised on the Purchase Date,
and shares of Common Stock shall accordingly be purchased on behalf of each
Participant (other than any Participant whose payroll deductions have
previously been refunded in accordance with Section 8.6. below) on such
date. The purchase shall be accomplished by applying the Participant’s payroll
deductions for the purchase period ending on such Purchase Date to the purchase
of shares of Common Stock (subject to the limitation on the maximum number of
shares purchasable per Participant on any one Purchase Date) at the purchase
price in effect for that purchase period.

 

8.3.                              Purchase
Price.  Unless otherwise provided by
the Committee, the purchase price per share at which Common Stock will be
purchased on the Participant’s behalf on each Purchase Date shall be a price
equal to ninety-five percent (95%) of the Fair Market Value of the Common Stock
on the Purchase Date; provided that such purchase price shall in no
event be less than the minimum option price permitted pursuant to Internal
Revenue Service regulation Section 1.423(g), or any successor provision.

 

8.4.                              Number of Shares That May Be Purchased.  The
number of shares of Common Stock that will be purchased by a Participant on
each Purchase Date shall be that number of shares (including fractional shares)
of Common Stock obtained by dividing the amount collected from the Participant
through payroll deductions during the purchase period ending with that Purchase
Date by the purchase price in effect for that Purchase Date, determined in
accordance with Section 8.3. 
However, the maximum number of shares of Common Stock purchasable per
Participant on any one Purchase Date shall not exceed 200 shares, subject to
periodic adjustments as provided in Section 4.2. and subject to the
limitation in Section 9.

 

8.5.                              Excess Payroll Deductions.  Any
payroll deductions not applied to the purchase of Common Stock by reason of the
limitation on the maximum number of shares purchasable by the Participant on
the Purchase Date shall be refunded to the Participant or held for the purchase
of shares of Common Stock for the Participant on the next Purchase Date at the
sole discretion of the Plan’s administrator.

 

 

8.6.                              Termination of Payroll Deductions During a
Purchase Period.  The following provisions shall govern the
termination of payroll deduction elections during a purchase period:

 

(a)                                  Participant Election to Terminate Payroll
Deductions.  A Participant may, at any time before the
last two weeks of a purchase period, terminate his or her payroll deductions by
revoking his or her payroll deduction election using the procedures established
by the Committee, and no further payroll deductions shall be collected from the
Participant hereunder during the purchase period in which such revocation is
made. Any payroll deductions collected during the purchase period in which a
revocation of payroll deduction election occurs shall be refunded in cash.

 

(b)                                 Effect of Participant Election to Terminate
Payroll Deductions.  The termination of a payroll deduction
election shall be irrevocable. In order to resume payroll deductions in any
subsequent purchase period, such individual must re-enroll in the Plan on or
before the start date of the next purchase period for which the individual is
eligible to participate.

 

(c)                                  Termination of Participation Upon Ceasing to
be an Eligible Employee.  Should the Participant cease to remain an
Eligible Employee for any reason (including death or disability) while his or
her purchase rights are outstanding, then such Participant’s right to continue
payroll deduction contributions shall immediately terminate, and all of the
Participant’s payroll deductions accumulated prior to such termination shall be
refunded as soon as practicable following such termination of employment.

 

(d)                                 Effect of Leave of Absence Upon Participation. 
Should the Participant cease to remain in active service by reason of an
approved leave of absence, then such Participant’s right to continue payroll
deduction contributions shall terminate on the date which is 91 days after the
day the Participant last rendered active service, and all of the Participant’s
payroll deductions accumulated prior to such date shall be refunded to the
Participant as soon as practicable following such date.

 

8.7.                              Change in Control. 
Unless otherwise determined by the Committee, outstanding purchase
rights shall automatically be exercised, immediately prior to the effective
date of any Change in Control, by applying the payroll deductions of each
Participant for the purchase period in which such Change in Control occurs to
the purchase of shares of Common Stock at a purchase price per share equal to
the purchase price determined under Section 8.3 for the portion of the
purchase period that expired prior to such Change in Control. However, the
applicable limitation on the number of shares of Common Stock purchasable per
Participant shall continue to apply to any such purchase. The Company shall use
its best efforts to provide at least ten (10) days prior written notice of
the occurrence of any Change in Control, and Participants shall, following the
receipt of such notice, have the right to terminate their outstanding purchase
rights prior to the effective date of the Change in Control in accordance with Section 8.6(a) above.

 

8.8.                              Proration of Purchase Rights. Should the total number of shares of Common
Stock which are to be purchased pursuant to outstanding purchase rights on any
Purchase Date exceed the number of shares then available for issuance under the
Plan, the Committee shall 

 

 

make a pro-rata allocation
of the available shares on a uniform and nondiscriminatory basis, and the
payroll deductions of each Participant, to the extent in excess of the
aggregate purchase price payable for the Common Stock pro-rated to such
individual, shall be refunded.

 

8.9.                              Assignability. 
Purchase rights shall be exercisable only by the Participant and shall
not be assignable or transferable by the Participant.

 

8.10.                        No Stockholder Rights. A Participant shall have no stockholder
rights with respect to the shares subject to his or her outstanding purchase
rights until the shares are purchased on the Participant’s behalf in accordance
with the provisions of the Plan and the Participant has become a holder of
record of the purchased shares.

 

8.11.                        Dividends.  Once shares are purchased on a
Participant’s behalf, to the extent that dividends are paid on such shares,
such dividends shall be distributed in cash to the Participant.

 

9.                                       Accrual Limitations

 

9.1.                              Twenty Thousand Dollar Limit.  No
Participant shall be entitled to accrue rights to acquire Common Stock pursuant
to any purchase right outstanding under this Plan if and to the extent such
accrual, when aggregated with (i) rights to purchase Common Stock accrued
under any other purchase right granted under this Plan and  (ii) similar rights accrued under other
employee stock purchase plans (within the meaning of Code Section 423) of
the Company or any Company Affiliate, would otherwise permit such Participant
to purchase more than Twenty Thousand Dollars ($20,000) worth of stock of the
Company or any Company Affiliate (determined on the basis of the Fair Market
Value per share on the date or dates such rights are granted) for each calendar
year such rights are at any time outstanding.

 

9.2.                              Application of the Limit.  For
purposes of applying such accrual limitations, (i) the right to acquire
Common Stock under each outstanding purchase right shall accrue on the Purchase
Date in effect for the purchase period for which such right is granted and, (ii) the
right to acquire Common Stock under any outstanding purchase right shall accrue
in accordance with the rate preserved in the Plan, but in no event may such
rate exceed Twenty Thousand Dollars ($20,000) worth of Common Stock (determined
on the basis of the Fair Market Value per share on the date or dates of grant)
for any one calendar year.

 

9.3.                              Refund of Excess.  If
solely by reason of such accrual limitations, the purchase rights of a
Participant does not accrue for a particular purchase period, then the payroll
deductions which the Participant made during that purchase period with respect
to such purchase rights shall be refunded within thirty (30) days, or at the
sole discretion of the Committee, held until the next purchase period for which
such Participant is eligible to make a purchase under the Plan.

 

9.4.                              Limit Controls.  In
the event there is any conflict between the provisions of this Section 9
and one or more provisions of the plan or any instrument issued thereunder, the
provisions of this Section 9 shall be controlling.

 

 

10.                                 Effective Date and Termination of the Plan

 

10.1.                        Effective Date.  The
Plan was adopted by the Board on December 20, 2007 and became effective on
the Effective Date.

 

10.2.                        Termination of the Plan. 
Unless sooner terminated by the Board, the Plan shall terminate upon the
earliest of (i) the 10-year anniversary of the Effective Date, (ii) the
date on which all shares available for issuance under the Plan shall have been
sold pursuant to purchase rights exercised under the Plan or (iii) the
date on which all purchase rights are exercised in connection with a Change in
Control. No further purchase rights shall be granted or exercised, and no further
payroll deductions shall be collected, under the Plan following its
termination.

 

11.                                 Amendment of the Plan

 

The
Board may alter, amend, suspend or discontinue the Plan at any time, with such
change to become effective immediately following the close of any purchase
period. However, the Board may not, without the approval of the Company’s
stockholders, (i) materially increase the number of shares of Common Stock
issuable under the Plan or the maximum number of shares purchasable per
Participant on any one Purchase Date, except for permissible adjustments in the
event of certain changes in the Company’s capitalization, (ii) alter the
purchase price formula so as to reduce the purchase price payable for the
shares of Common Stock purchasable under the Plan, or (iii) materially
increase the benefits accruing to Participants under the Plan or materially
modify the requirements for eligibility to participate in the Plan.

 

12.                                 General Provisions

 

12.1.                        Costs and Expenses.  All
costs directly related to the sale, transfer or delivery of Common Stock to
Participants pursuant to the Plan shall be borne by the Participants.  All
costs and expenses otherwise incurred in the administration of the Plan shall
be paid by the Company.

 

12.2.                        No Right to Employment.  Nothing
in the Plan shall confer upon any Participant the right to continue in the
employ of the Company or any Company Affiliate for any period of specific
duration or interfere with or otherwise restrict in any way the rights of the
Company (or any Company Affiliate employing such person) or of the Participant,
which rights are hereby expressly reserved by each, to terminate such person’s
employment at any time for any reason, with or without cause.

 

12.3.                        Governing Law. 
Except to the extent federal law applies, the provisions of the Plan
shall be governed by the laws of the State of Delaware without regard to that
State’s conflict-of-laws rules.

 

 

SCHEDULE A

Companies Participating in

Employee Stock Purchase Plan

 

MWI Veterinary Supply, Inc.

MWI Veterinary Supply Co.Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (this “Agreement”)
is dated as of this 16th day of March, 2008, by and between the Seneca Gaming
Corporation (“Parent”), a governmental
instrumentality of the Seneca Nation of Indians of New York (the “Nation”) and Catherine A. Walker (“Executive”).

 

WHEREAS, Parent desires that Executive serve as the
Chief Operating Officer of Parent and each of the Seneca Niagara Falls Gaming
Corporation (“SNFGC”), the Seneca Territory
Gaming Corporation (“STGC”), and the
Seneca Erie Gaming Corporation (“SEGC”), each a
wholly-owned subsidiary of Parent and a governmental instrumentality of the
Nation (collectively, the “Subsidiaries”
and together with Parent, “Employer”); and

 

WHEREAS, Executive desires to serve as Chief
Operating Officer of Employer in accordance with the terms and conditions of
this Agreement.

 

IT IS HEREBY AGREED AS FOLLOWS:

 

1.                                      Employment.
Employer hereby employs Executive as its Chief Operating Officer.  Executive shall report and be accountable to
and work under the authority of the President and Chief Executive Officer and
the Board of Directors of Parent (the “Board”).  Executive shall perform such duties and have
such responsibilities that are customary for such position and including those
that may be specified from time to time by the President and Chief Executive
Officer and/or the Board that are not inconsistent with such position.

 

2.                                      Term.  The term of this Agreement shall commence on March 16,
2008 (the “Commencement Date”) and
terminate on March 15, 2011 (the “Termination
Date”), unless renewed by a subsequent written agreement of the
parties.

 

3.                                      Compensation.

 

(a)                                 Executive shall be paid an
annual base salary (“Base Compensation”)
of Eight Hundred Twenty-Five Thousand Dollars ($825,000) for Employer’s fiscal
year ending September 30, 2008. 
Employer shall review said salary on an annual basis (prior to or in
connection with the close of its fiscal year) at which time Employer shall
determine in its sole discretion whether or not said salary shall be increased
and the timing thereof.  Said salary
shall be payable in periodic payments in accordance with Employer’s regular
payroll practices, and shall be prorated for periods less than twelve (12)
months in duration.

 

(b)                                Executive shall be provided
with coverage under Employer’s employee benefit insurance programs and
retirement programs, if any, at least equal to the coverage provided to other
senior executive officers of Employer.

 

(c)                                 Executive shall
also be eligible to receive performance or incentive compensation, which is
approved by the Board in its sole discretion. 
Said additional performance or incentive compensation, if any, shall be
in addition to and shall 

 

 

not
lessen or reduce the Base Compensation. 
In the event Employer implements any formal bonus or incentive plan
applicable to its senior executives, Employer agrees that Executive shall be
entitled to participate in such plan upon the same terms as Employer’s other
senior executives.

 

(d)                                Should
Executive become unable to perform the duties required under this Agreement as
a result of temporary, documented medical disability, Executive shall be
eligible to continue to receive her Base Compensation for a period of up to one
hundred and eighty (180) days.

 

4.                                      Licensing Issues.  Executive represents and warrants to Employer
that she shall maintain in good standing such licenses as may be required
pursuant to the Nation-State Gaming Compact between the Nation and the State of
New York (the “Compact”) and/or the Nation’s or Employer’s gaming ordinances as
in effect on the date hereof, as may be necessary to enable Executive to engage
in her employment hereunder.

 

5.                                      Termination.

 

(a)                                 Executive’s
employment hereunder may be terminated by Parent only under the following
circumstances and such termination by Parent shall be a termination with
respect to Parent and each of the Subsidiaries, unless otherwise determined by
the Board:

 

(i)                                   upon revocation
or disapproval of the license required pursuant to the Compact, or upon disapproval
by the National Indian Gaming Commission of the issuance of any license by the
Nation pursuant to its own gaming ordinances, if either such action renders it
unlawful for Executive to perform as Chief Operating Officer of Parent or any
of the Subsidiaries, or if any event renders it unlawful for the Nation and/or
Employer to continue to conduct casino gaming on Nation Territory.  For purposes of this Agreement, “Nation
Territory” shall include current or future Nation territory where Employer
conducts or will conduct its gaming operations as of the date Executive’s
employment is terminated.

 

(ii)                                upon revocation
or disapproval of such licenses for Executive as are required pursuant to the
Compact and/or by the Nation’s or Employer’s gaming ordinances;

 

(iii)                            Executive shall
commit an act constituting “Cause,” which is defined to mean an act of
dishonesty by Executive intended to result in gain or personal enrichment of
Executive or others at Employer’s expense, or the deliberate and intentional
refusal by Executive (except by reason of disability) to perform her duties
hereunder, or by acts constituting gross negligence in the performance of such
duties, or the failure to perform any material 

 

2

 

term
or condition of this Agreement after written notice thereof from Company and a
reasonable opportunity to cure such failure (as determined by Company and
specified in the notice of breach and other than by reason of disability); or

 

(iv)                            Executive shall
die or Employer shall for any reason within Employer’s or the Nation’s control
permanently cease to conduct casino gaming on Nation Territory.

 

(b)                                If Executive’s
employment should be terminated under Section 5(a) above (or any
subsection) then Employer shall at that time pay Executive (or her estate, as
applicable) Base Compensation earned through the date Executive is terminated,
whereupon Employer shall have no further liability or obligation to Executive
under this Agreement or otherwise.

 

(c)                                  If Executive’s
employment should be terminated by Parent for any reason other than those
specified in Section 5(a) above (it being understood that a purported
termination for Cause which is contested by Executive and finally determined
not to have been proper shall be treated as a termination under this Section 5(c)),
then Employer shall: (i) pay Executive her Base Compensation earned, but
unpaid, through the date Executive is terminated, (ii)  continue to pay
Executive her Base Compensation in effect as of the date of termination for a
period following her termination (the “Severance Period”) equal to the lesser
of (A) eighteen (18) months or (B) the remainder of the period ending
on the Termination Date, and (iii) to the extent elected by Executive, pay
for the cost of (A) Executive’s premiums for continuation healthcare coverage
under Section 4980B of the Internal Revenue Code of 1986, as amended (“COBRA”),
and (B) the premiums for Exec-u-Care® or any similar executive medical
reimbursement insurance plan maintained by Employer on the date Executive’s
employment is terminated, for the lesser of (1) the Severance Period, (2) until
Executive is no longer eligible for COBRA continuation coverage, or (3) until
Executive obtains comparable healthcare benefits from any other employer during
the Severance Period, whereupon Employer shall have no further liability or
obligation to Executive under this Agreement or otherwise; provided, however,
that Executive shall have a duty to mitigate damages as follows: during the
Severance Period, Executive shall endeavor to mitigate damages by seeking
employment with duties and salary comparable to those provided for herein, and
if she shall obtain such employment, she shall reimburse Employer the amount of
the compensation she has received from such other entity for such period, but
not to exceed the amount of the compensation Employer shall have paid her for
such period.

 

(d)                                Executive may
terminate her employment for any reason upon one-hundred-twenty (120) days
written notice to Parent.  If Executive
terminates her employment pursuant to this paragraph 5(d), Employer shall pay
Executive the Base Compensation earned through the date of termination,
whereupon Employer shall have no further liability or obligation to Executive
under this Agreement or otherwise.

 

3

 

(e)                                 Executive
acknowledges and agrees that the payments set forth in this section 5
constitute liquidated damages for termination of her employment during the
employment term and such liquidated damages shall be her only remedy with
respect to any claim, including, without limitation, breach of contract, she
may have under this Agreement and that prior to receiving any such payments
under Section 5 and as a material condition thereof, Executive shall sign
and agree to be bound by a general release of claims against Employer related
to Executive’s employment (and termination of employment) with Employer in
substantially the form as attached hereto as Exhibit A as may be
modified by Employer in good faith to reflect changes in law or its employment
practices.  Notwithstanding any other
provision of this Agreement to the contrary, Executive acknowledges and agrees
that other than any claim for the liquidated damages contemplated hereunder, she
waives any rights to be awarded any other damages with respect to any claim she
may have under this Agreement, including, without limitation, compensatory or
punitive damages.

 

6.                                      Restrictive
Covenants.

 

(a)                                 Executive
acknowledges that:  (i) as a result
of Executive’s employment  with Employer,
she will obtain secret, proprietary and confidential information concerning the
business of Employer, including, without limitation, business and marketing
plans, strategies, employee lists, patron lists, operating procedures, business
relationships (including persons, corporations or other entities performing
services on behalf of or otherwise engaged in business transactions with
Employer), accounts, financial data, know-how, computer software and related
documentation, trade secrets, processes, policies and/or personnel, and other
information relating to Employer (“Confidential Information”);
(ii) the Confidential Information has been developed and created by
Employer at substantial expense and the Confidential Information constitutes
valuable proprietary assets and Employer will suffer substantial damage and
irreparable harm which will be difficult to compute if, during the Restricted
Period, Executive should enter a Competitive Business (as defined herein) in violation
of the provisions of this Agreement; (iii) Employer will suffer
substantial damage which will be difficult to compute if, during the Restricted
Period, Executive should solicit or interfere with Employer’s employees or
patrons, or should divulge Confidential Information relating to the business of
Employer; (iv) the provisions of this Section 6 are reasonable and
necessary for the protection of the business of Employer; (v) Employer
would not have hired or employed Executive unless she signed this Agreement;
and (vi) the provisions of this Agreement will not preclude Executive from
other gainful employment.  “Competitive Business” shall mean any gaming establishment
which provides to its patrons games of chance such as slot machines, card
games, roulette, and similar games in the State of New York or within a 100
mile radius of Nation Territory.

 

(b)                                Executive
acknowledges and agrees that the unauthorized disclosure or misuse of
Confidential Information will cause substantial damage to Employer.  Therefore, Executive agrees not to, at any
time, either during the term of the Agreement or 

 

4

 

thereafter,
divulge, use, publish or in any other manner reveal, directly or indirectly, to
any person, firm or corporation any Confidential Information obtained or
learned by Executive during the course of her employment with Employer, with
regard to the operational, financial, business or other affairs and activities
of Employer, their officers, directors or employees and the entities with which
they have business relationships, except (i) as may be necessary to the
performance of Executive’s duties with Employer, (ii) with Parent’s
express written consent, (iii) to the extent that any such information is
in the public domain other than as a result of Executive’s breach of any of
obligations hereunder, or (iv) where required to be disclosed by court
order, subpoena or other government process and, in such event, Executive shall
cooperate with Employer in attempting to keep such information confidential.

 

(c)                                  During Executive’s
employment with Employer and for eighteen (18) months after the termination of
Executive’s employment for any reason (the “Restricted Period”),
Executive, without the prior written permission of Parent, shall not, directly
or indirectly, (i) enter into the employ of or render any services to any
person, engaged in a Competitive Business; or (ii) become associated with
or interested in any Competitive Business as an individual, partner,
shareholder, member, creditor, director, officer, principal, agent, employee,
trustee, consultant, advisor or in any other relationship or capacity.   This paragraph 6(c) shall not prevent
Executive from owning common stock in a publicly traded corporation which owns or
manages a casino provided Executive does not take an active role in the
ownership or management of such corporation and her ownership interest
represents less than 3% of the voting securities and/or economic value of such
corporation.

 

(d)                                 By executing this Agreement,
Executive acknowledges that she understands that Employer’s ability to operate
its business depends upon its ability to attract and retain skilled people and
that Employer has and will continue to invest substantial resources in training
such individuals.  Therefore, during the
Restricted Period, Executive shall not, without the prior written permission of
Parent, directly or indirectly solicit, employ or retain, or have or cause any
other person or entity to solicit, employ or retain, any person who is employed
or is providing personal services to Employer.

 

(e)                                 By executing
this Agreement, Employee acknowledges that Executive understands that Employer’s
ability to operate its business depends upon its ability to attract and retain
vendors and patrons.  Therefore, during
the Restricted Period, Executive shall not, directly or indirectly, solicit,
contact, interfere with, or endeavor to entice away from Employer any of its
current or potential patrons or any such persons or entities that were patrons
of Employer within the one year period immediately prior to Executive’s
termination of employment.  Executive
further agrees that, during the Restricted Period, Executive shall not,
directly or indirectly, endeavor to entice away from Employer any of its
current or potential 

 

5

 

vendors or any such persons
or entities that were vendors of Employer within the one year period
immediately prior to Employee’s termination of employment.

 

(f)                                  Executive acknowledges
and agrees during her employment and for all time thereafter that she will not
defame or publicly criticize the services, business, integrity, veracity or
personal or professional reputation of Employer and its officers, directors,
employees, affiliates, or agents thereof in either a professional or personal
manner.  Employer acknowledges and agrees
that during Executive’s employment and for all time thereafter, Employer will
not defame or publicly criticize Executive either in a professional or personal
manner, except as may be necessary to defend Employer from comments made by or
on behalf of Executive.

 

(g)                                If Executive
commits a breach, or threatens to commit a breach, of any of the provisions of
this paragraph 6 of the Agreement, Employer shall have the right and remedy to
have the provisions specifically enforced by any court having jurisdiction, it
being acknowledged and agreed by Executive that the services being rendered
hereunder to Employer are of a special, unique and extraordinary character and
that any such breach or threatened breach will cause irreparable injury to
Employer and that money damages will not provide an adequate remedy to
Employer.  Such right and remedy shall be
in addition to, and not in lieu of, any other rights and remedies available to
Employer at law or in equity. 
Accordingly, Executive consents to the issuance of an injunction,
whether preliminary or permanent, consistent with the terms of this Agreement.

 

(h)                                If, at any
time, the provisions of this Agreement shall be determined to be invalid or
unenforceable under any applicable law, by reason of being vague or
unreasonable as to area, duration or scope of activity, this Agreement shall be
considered divisible and shall become and be immediately amended to only such
area, duration and scope of activity as shall be determined to be reasonable
and enforceable by the court or other body having jurisdiction over the matter
and Executive and Employer agree that this Agreement as so amended shall be
valid and binding as though any invalid or unenforceable provision had not been
included herein.

 

7.                                      Miscellaneous.

 

(a)                                 Executive
agrees that during the term of this
Agreement  unless earlier terminated,
she will commit her full time and energies to the duties imposed hereby; provided,
that, with the prior written approval of the Board, Executive may expend
as much of her personal time on her own ventures or investments, so long as: (i) such
time is not substantial and does not interfere with her ability to perform her
duties hereunder; (ii) such activities do not compete or conflict with the
business of Employer or create a personal conflict of interest to Executive and
(iii) such venture or investment does not transact any business with
Employer without prior disclosure to, and approval by, the Board.

 

6

 

(b)                                Executive
represents to Employer that there are no restrictions or agreements to which
she is a party which would be violated by her execution of this Agreement and
her employment hereunder.

 

(c)                                 No provisions of this Agreement may be amended, modified, or
waived unless such amendment or modification is agreed to in writing signed by
Executive and by a duly authorized officer of Parent, and such waiver is set
forth in writing and signed by the party to be charged.  No waiver by any party hereto at any time of
any breach by the other party hereto of any condition or provision of this
Agreement to be performed by such other party shall be deemed a waiver of
similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.  No agreements or
representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not set forth
expressly in this Agreement.  The
respective rights and obligations of the parties hereunder of this Agreement
shall survive Executive’s termination of employment and the termination of this
Agreement to the extent necessary for the intended preservation of such rights and
obligations.

 

(d)                                The validity, interpretation, construction and performance
of this Agreement shall be governed by the laws of the State of New York
without regard to its conflicts of law principles.

 

(e)                                 Except as
provided in paragraph 6(g) of this Agreement, any dispute, controversy or
claim arising out of or relating to this Agreement shall be settled by binding
arbitration in Niagara Falls, New York in accordance with the Rules of the
American Arbitration Association, and judgment upon the award rendered by the
arbitrator(s) may be entered in the United States District Court for the
Western District of New York.  The
parties agree that the only remedies available to Executive under this
Agreement are those that are set forth in paragraph 5 and the arbitrator shall
have no authority to award any other damages, including, without limitation,
punitive and/or compensatory damages. 
The parties further agree that they shall bear their own attorneys’ fees
and related costs arising out of any such dispute, controversy or claim under
this Agreement.

 

(f)                                   For the purposes of this Agreement, notices, demands and all
other communications provided for in this Agreement shall be in writing and
shall be deemed to have been duly given when delivered either personally or by
United States certified or registered mail, return receipt requested, postage
prepaid, addressed as follows:

 

If
to Executive:

 

Catherine A. Walker

4320 Pleasant Mills Road

Hammonton, New Jersey 08037

 

7

 

If
to Parent:

 

345
Third Street

Niagara
Falls, New York (Seneca Nation Territory) 14303

Attn:  General Counsel

 

or
to such other address as any party may have furnished to the others in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

 

(g)                                The invalidity or unenforceability of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and
effect.

 

(h)                                This Agreement may be executed in one or more counterparts,
each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.

 

(i)                                    Except as otherwise provided herein, this Agreement sets
forth the entire agreement of the parties hereto in respect of the subject
matter contained herein and supersedes all prior agreements, promises,
covenants, arrangements, communications, representations or warranties, whether
oral or written, by any officer, employee or representative of any party hereto
in respect of such subject matter. 
Except as otherwise provided herein, any other prior agreement of the
parties hereto in respect of the subject matter contained herein is hereby
terminated and cancelled.

 

(j)                                    All payments hereunder shall be subject to any required
withholding of federal, state and local taxes pursuant to any applicable law or
regulation.

 

(k)                                 The section headings in this Agreement are for convenience
of reference only, and they form no part of this Agreement and shall not affect
its interpretation.

 

8.                                      Waiver of Sovereign Immunity.

 

(a)                                 Parent grants a waiver of its sovereign immunity from suit
exclusively to Executive (and her estate in the event of her death) for the
purpose of enforcing this Agreement, or permitting or compelling arbitration
and other remedies as provided herein. 
This waiver is solely for the benefit of the aforesaid parties and for
no other person or entity.  For this
limited purpose, Parent consents to be sued solely with respect to the
enforcement of any decision by an arbitrator relating to this Agreement as
provided in paragraph 7(e) of this Agreement in the United States District
Court for the Western District of New York.

 

(b)                                Parent hereby waives any requirement of exhaustion of tribal
remedies, and agrees that it will not present any affirmative defense in any
dispute based on any alleged failure to exhaust such remedies.  Without in any way limiting the generality of
the foregoing, Parent expressly authorizes any governmental 

 

8

 

authorities who have the right and duty
under applicable law to take any action authorized or ordered by any court, to
take such action, including, without limitation, repossessing any property and
equipment subject to a security interest or otherwise giving effect to any
judgment entered; provided, however that Parent does not hereby
waive the defense of sovereign immunity with respect to any action by third
parties.

 

(c)                                 Parent’s waiver of immunity from suit is irrevocable and
specifically limited to the remedies provided in paragraph 5 of this Agreement
regarding liquidated damages.  Any
monetary award related to any such action shall be satisfied solely from the
net income of Parent.

 

(d)                                Notwithstanding anything in this Agreement to the contrary,
this waiver is to be interpreted in a manner consistent with Parent’s ability
to enter into this Agreement, including, without limitation, this paragraph 8,
as provided in the Charter of Parent, as it may be amended from time to
time.  Accordingly, the Nation shall not
be liable for the debts or obligations of Parent, and Parent shall have no
power to pledge or encumber the assets of the Nation.  Furthermore, this paragraph 8 does not
constitute a waiver of any immunity of the Nation or a delegation to Parent of
the power to make any such waiver. This paragraph 8 shall be strictly construed
with a view toward protecting the Nation’s assets from the reach of creditors
and others.

 

EXECUTED, as of the date first written above.

 

 

SENECA GAMING CORPORATION

 

 

	
  By

  	
         /s/ E.
  Brian Hansberry

  	
   

  
	
  Name:  E. Brian Hansberry

  	
   

  
	
  Title:  President and CEO

  	
   

  

 

 

EXECUTIVE

 

 

	
             /s/
  Catherine A. Walker

  	
   

  
	
  Name: Catherine A. Walker

  	
   

  

 

9

 

Exhibit A

 

Form of Release

 

See Attached.

 

 

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
                                      
(“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
Employment Agreement dated as of
                              
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 of the following, to the extent
applicable:  the National Labor Relations
Act, as amended; Title VII of the Civil Rights Act of 1964, as amended; the Age
Discrimination in Employment Act; the Civil Rights Act of 1991; Sections 1981-1988
of Title 42 of the United States Code; the Equal Pay Act; the Employee
Retirement Income Security Act of 1974, as amended; the Immigration Reform
Control Act, as amended; the Americans with Disabilities Act of 1990, as
amended; the Fair Labor Standards Act, as amended; the Occupational Safety and
Health Act, as amended; the New York Human Rights Law; the New York City Human
Rights 

 

 

Law; the New York Labor Law; the New York
Whistleblower Protection Law; the New York Wage and Hour Laws; the New York
City Administrative Code; any other tribal, federal, state, or local law or
ordinance; any public policy, whistleblower, contract, tort, or common law; and
any demand for costs or litigation expenses, including but not limited to
attorneys’ fees.

 

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

 

Pursuant to the Older Workers Benefit Protection Act
of 1990, Executive understands and acknowledges that by executing this Release
Agreement and releasing all claims against any of the Released Parties, Executive
has waived any and all rights or claims that Executive has or could have
against any Released Party under the Age Discrimination in Employment Act,
which includes any claim that any Released Party discriminated against
Executive on account of Executive’s age. 
Executive also acknowledges the following:

 

(a)                                 The Company, by this written
Release Agreement, has advised Executive to consult with an attorney prior to
executing this Release Agreement;

 

(b)                                This Release Agreement does
not include claims arising after the Effective Date, 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 Release Agreement;

 

(c)                                 The Company has provided
Executive the opportunity to review and consider this Release Agreement for
twenty-one (21) days from the date Executive receives this Release
Agreement.  At Executive’s option and
sole discretion, Executive may waive the twenty-one (21) day review period and
execute this Release Agreement before the expiration of twenty-one (21)
days.  If Executive elects to waive the
twenty-one (21) day review period, Executive acknowledges and admits that
Executive was given a reasonable period of time within which to consider this
Release Agreement and Executive’s waiver is made freely and voluntarily,
without duress or any coercion by any other person; and

 

(d)                                Executive may revoke this
Release Agreement within a period of seven (7) days after execution of the
agreement.  Executive agrees that any
such revocation is not effective unless it is made in writing and delivered to
the Company, to the attention of the General Counsel of the Seneca Gaming
Corporation, 310 Fourth Street, Niagara Falls, New York (Seneca Nation
Territory) 14303, by the end of the seventh (7th) calendar day.  Under any such valid revocation, Executive
shall not be entitled to any benefits under this Release Agreement and this
Release Agreement shall become null and 

 

12

 

void.  This Release Agreement becomes effective on
the eighth (8th) calendar day after it is executed by both parties (the “Effective
Date”).

 

Executive confirms that no claim, charge, or
complaint against any of the Released Parties, brought by Executive, exists
before any federal, state, or local court or administrative agency.  Executive hereby waives Executive’s right to
accept any relief or recovery, including costs and attorney’s fees, from any
charge or complaint before any federal, state, or local court or administrative
agency against any of the Released Parties, except as such waiver is prohibited
by law.

 

Executive agrees that Executive will not, unless
otherwise prohibited by law, at any time hereafter, participate in as a party,
or permit to be filed by any other person on 
Executive’s behalf or as a member of any alleged class of persons, any
action or proceeding of any kind, against the Released Parties or any past,
present or future employee benefit and/or pension plans or funds of the
Released Entities with respect to any act, omission, transaction or occurrence
up to and including the date of the execution of this Release Agreement.  Executive further agrees that Executive will
not seek or accept any award or settlement from any source or proceeding with
respect to any claim or right covered by this paragraph or by the Release
Agreement and that this Release Agreement shall act as a bar to recovery in any
such proceedings.

 

Executive agrees that neither this Release Agreement
nor the furnishing of the consideration for the general release set forth in
this Release Agreement shall be deemed or construed at any time for any purpose
as an admission by the Released Parties of any liability or unlawful conduct of
any kind.  Executive further acknowledges
and agrees that the consideration provided for herein is adequate consideration
for Executive’s obligations under this Release Agreement.

 

Release of Claims by Company.

 

Subject to the provisions of this Release Agreement
and subject to Executive not exercising Executive’s 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 any intentional or willful misconduct
or fraudulent or criminal acts engaged in by Executive while in the course of
Executive’s employment or service.

 

Miscellaneous.

 

This Agreement and all questions relating to its
validity, interpretation, performance and enforcement shall be governed by and
construed in accordance with the laws of the Seneca Nation of Indians.  If any provision of the Release Agreement
other than the general release set 

 

13

 

forth above, is declared legally or factually
invalid or unenforceable by any court of competent jurisdiction and if such
provision cannot be modified to be enforceable to any extent or in any
application, then such provision immediately shall become null and void,
leaving the remainder of this Release Agreement in full force and effect.  If any portion of the general release set
forth in this Release Agreement is declared to be unenforceable by a court of
competent jurisdiction in any action in which Executive participates or joins,
Executive agrees that all consideration paid to Executive under this Release
Agreement shall be offset against any monies that Executive may receive in
connection with any such action.

 

This Release Agreement sets forth the entire
agreement between Executive and the Released Parties and it supersedes any and
all prior agreements or understandings with respect to the subject matter
hereof, whether written or oral, between the parties, except as otherwise
specified in this Release Agreement. 
Executive acknowledges that Executive has not relied on any
representations, promises, or agreements of any kind made to her in connection
with Executive’s decision to sign this Release Agreement, except for those set
forth in this Release Agreement.

 

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 EXECUTIVE CAREFULLY HAS
READ THIS RELEASE AGREEMENT; THAT EXECUTIVE HAS HAD THE OPPORTUNITY TO
THOROUGHLY DISCUSS ITS TERMS WITH COUNSEL OF EXECUTIVE’S CHOOSING; THAT EXECUTIVE
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 EXECUTIVE IS SIGNING THIS RELEASE AGREEMENT
KNOWINGLY AND VOLUNTARILY.  EXECUTIVE
STATES THAT EXECUTIVE IS IN GOOD HEALTH AND IS FULLY COMPETENT TO MANAGE
EXECUTIVE’S BUSINESS AFFAIRS AND UNDERSTANDS THAT EXECUTIVE MAY BE WAIVING
SIGNIFICANT LEGAL RIGHTS BY SIGNING THIS RELEASE AGREEMENT.

 

[Signature Page Follows]

 

14

 

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

 

 

	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Date:

  

 

 

Sworn
to and subscribed before me

this
       day of
                          ,
20      .

 

	
   

  	
   

  	
   

  
	
  Notary Public

  	
   

  	
   

  

 

 

	
   

  	
  ACCEPTED AND ACKNOWLEDGED
  BY

  
	
   

  	
  SENECA GAMING CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
  Date:

  

 

15

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