Document:

EXHIBIT 4.7 

STOCK OPTION AGREEMENT 

     	1.	
          Introduction. Agreement made the 1st day of September 2004,
          between New World Batteries, Inc with offices at 11718 232B St (the
          “Company”), and George Devlin, residing at 1189 Highrock Pl Victoria
          BC V9A 4W1 (“Grantee”). 

          

     	2.	
          Grant of Option. The Company grants to Grantee the Option
          of purchasing shares of the Company’s common stock (the “Shares”)
          in the amounts, at the price, and subject to all the terms and conditions set
          out in this agreement. 

          

     	3.	
          Grant Date of Option. The grant date of this option is the
          1st of September 2004. 

          

     	4.	
          Total Number of Shares Available. The total number of
          Shares that may be purchased by Grantee pursuant to this Agreement is five
          thousand (5,000.00), as set forth in Paragraph 5. 

          

     	5.	
          Options Price. The price at which Grantee may buy the
          Shares is ten cents in Cdn funds (Cdn$0.10) per Share. 

          

     	6.	
          When Option Exercisable: Vesting. Grantee may exercise the
          option rights at any time after the grant date but not later than five years
          from the grant date, subject to the following vesting requirements: the shares
          vest on the 15th of April, 2005. 

          

     	7.	
          Option Not Exercisable if Grantee in Default. The option
          rights granted by this Agreement may not be exercised if Grantee is in default
          of any obligations owed the Company, whether by operation of law or pursuant to
          contract. 

          

     	8.	
          Option Not Transferable. Grantee’s option rights may
          be exercised only by the Grantee or Grantee’s personal representative
          during Grantee’s lifetime and are not transferable except by will or by the
          laws of descent and distribution should Grantee die intestate. The option rights
          may not be sold, assigned, pledged, or hypothecated, and any attempt to do so
          shall be void. The option rights are not subject to levy, attachment, or other
          process of law, and any attempt to levy, attach, or otherwise transfer the
          option rights or place liens upon them shall be void. 

          

     	9.	
          Termination of the Option. Except as otherwise provided
          herein, this Agreement shall expire the1st of September, 2009, 5 years from the
          date of grant (the “Option Period”); provided, however that this
          agreement will terminate upon the earlier of: (i) immediately if employee is
          dismissed with cause (ii) thirty days after the date that the Grantee ceases to
          be an employee, officer, or director of the Company: or (iii) twelve months
          after the date that the Grantee ceases to an employee, officer, or director of
          the Company by reason of the Grantee’s death or disability. 

          

	10.	
The
Company’s Merger, Reorganization, Etc. If, during the option period
but before Grantee has exercised all of the option rights with regard to the total number
of Shares available for purchase by Grantee, the Sharers of the Company’s common
stock are changed into or exchanged for a different number or different kind of shares or
other securities, either the Company’s or those of another company, this Agreement
shall remain in force. However, there shall be substituted for each of the Shares the
number and kind of shares or other securities for which each Share of the Company’s
common stock was exchanged or into which each Share was changed. The shares or securities
substituted for each Share of the Company’s common stock may be purchased by Grantee
under this Agreement for a price appropriately adjusted for the substituted securities. 

     	11.	
          Declaration of Stock Dividends. If the Company issues a
          common stock dividend on the Company’s common stock, the number of Shares
          that may be purchased by Grantee thereafter shall be adjusted as follows: To
          each of the unpurchased Shares, there shall be added the number of Shares issued
          as a dividend on each Share of outstanding common stock; each of the Shares
          together with the additional Shares applicable to that Share shall be bought as
          one unit for the price set out for each of the Shares in Paragraph 5. 

          

     	12.	
          Other Changes in the Company’s Stock. If there are any
          changes in the number or kind of Shares outstanding that affect the
          Company’s common stock or the stock or other securities into which the
          Company’s common stock has been changed, other than those described in
          Paragraphs 10 and 11, a majority of the Company’s Board of Directors may
          make such changes in the Shares available for purchase under this Agreement as
          the Board of Directors deems appropriate. Any adjustment in the Shares available
          for purchase made in accordance with this Paragraph shall be binding upon
          Grantee. 

          

     	13.	
          The Company’s Liquidation, Dissolution, Etc. If the
          Company liquidates or dissolves or enters into a merger or consolidation in
          which the Company is not the surviving company, the Company shall give Grantee
          at least one month’s notice prior to the liquidation, dissolution, merger,
          or consolidation. Grantee shall have the right to exercise this Option in full,
          to the extent that is had not been previously exercised, within the one-month
          period. To the extent that Grantee’s option rights have not been exercised
          on the effective date of the liquidation, dissolution, merger, or consolidation,
          they shall terminate. 

          

     	14.	
          Manner in Which Option Is Exercised During Grantee’s
          Lifetime. Any of Grantee’s option rights may be exercised by
          Grantee or Grantee’s personal representative during Grantee’s lifetime
          by written notice addressed to the Company’s corporate Secretary, signed by
          Grantee or Grantee’s personal representative. The notice shall state the
          number of Shares to be purchased and shall be accompanied by a certified check
          payable to the Company for the purchase price of Shares purchased. Immediately
          following payment of the check, the Company shall issue a certificate or
          certificates for the Shares purchased in Grantee’s or Grantee’s
          personal representative’s name and deliver it or them to the person who
          signed the notice. 

          

     	15.	
          Manner in Which Option Is Exercised After Grantee’s
          Death. If Grantee has not fully exercised the option rights
          before Grantee’s death, then the persons designated by Grantee in writing
          on file with the Company or, if no such persons have been designated,
          Grantee’s executor or administrator may exercise any of Grantee’s
          option rights during the option period. The rights shall be exercised in the
          same manner as provided in Paragraph 14 except that the person entitled to
          exercise the rights shall be substituted for Grantee or Grantee’s personal
          representative. 

          

     	16.	
          Violation of Law. The Option granted by this Agreement may
          not be exercised if its exercise would violate any applicable state securities
          law, any registration under or any requirements of the Securities Act of 1933,
          as amended, the Securities Exchange Act of 1934, as amended, the rules of an
          exchange on which the Shares are traded, any other federal law, or any law of
          applicable state securities laws. 

          

     	17.	
          Unregistered Stock. If a registration statement for the
          Shares is not in effect or if Grantee’s attorneys require a writing from
          Grantee to avoid violation of the Securities Act of 1933, as amended, the
          Company may require a written commitment form the person exercising the Option
          before delivery of the certificate or certificates for the Shares. The
          Commitment shall be in a form prescribed by the Company. It will state that it
          is the intent of the person exercising the Option to acquire the Shares for
          investment only and not the intent of transferring or reselling them; that the
          person exercising the Option has been told that the Shares may be
          “restricted shares” pursuant to Rule 144 of the Securities and
          Exchange Commission and that any resale, transfer, or other distribution of the
          Shares may only be made on conformity with Rule 144, the Securities Act of 1933,
          as amended, or any other federal statute, rule or regulation. The Company may
          place a legend on the face of the certificate or certificates in accordance with
          this Commitment and may refuse to permit transfer of the Shares unless it
          receives satisfactory evidence that the transfer will not violate Rule 144, the
          Securities Act of 1933, as amended, or any other federal statute, rule, or
          regulation. 

          

        Signed
at Maple Ridge, BC on the 15 day of November, 2004 

		
	         Grantee                      

                                      

         ____________________________ 

         George Devlin
	     NEW WORLD BATTERIES, Inc

By:

     ___________________________

     Patrick O'Brien, CEOExhibit 10.8

 

AMENDMENT
NUMBER TWO

TO LOAN AND SECURITY AGREEMENT

 

This AMENDMENT NUMBER TWO TO LOAN AND
SECURITY AGREEMENT (this “Amendment”) is entered into as of August 31,
2004, by the lenders identified on the signature pages hereof (the “Lenders”),
WELLS FARGO FOOTHILL,
INC., a California corporation (“Agent”; and together with
the Lenders, the “Lender Group”), as the arranger and administrative
agent for the Lenders, and POSTER FINANCIAL GROUP,
INC., a Nevada corporation (“Parent”), and each of Parent’s
Subsidiaries identified on the signature pages hereof (such Subsidiaries
together with Parent are referred to hereinafter each individually as a “Borrower”
and individually and collectively, jointly and severally, as the “Borrowers”),
with reference to the following:

 

WHEREAS,
Borrowers and the Lender Group are parties to that certain Loan and Security
Agreement, dated as of January 23, 2004, as amended by that certain
Amendment Number One to Loan and Security Agreement, dated as of May 17, 2004
(as further amended, restated, supplemented or otherwise modified from time to
time, the “Loan Agreement”);

 

WHEREAS,
Borrowers have requested that the Lender Group amend the Loan Agreement as set
forth herein; and

 

WHEREAS,
subject to the terms and conditions set forth herein, the Lender Group is
willing to make the amendments requested by Borrowers.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants herein contained,
and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereby agree as follows:

 

1.                Defined Terms. 
Capitalized terms used herein and not otherwise defined herein shall
have the meanings ascribed to them in the Loan Agreement, as amended hereby.

 

2.                Amendments to Loan Agreement.

 

(a)           Section 1.1
of the Loan Agreement is hereby amended by amending and restating the defined
terms “Fixed Charge Coverage Ratio” and “TTM EBITDA” in their entirety as
follows:

 

“Fixed Charge Coverage
Ratio” means, as of any date of determination, with respect to Parent and
its Subsidiaries, the ratio of (i) TTM EBITDA minus
Capital Expenditures made (to the extent not already incurred in a prior
period) or incurred during the most recently completed 12 month period, to
(ii) Fixed Charges for the most recently completed 12 month period.

 

“TTM EBITDA”
means, as of any date of determination, EBITDA of Parent and its Subsidiaries
for the most recently completed 12 month period.

 

 

(b)           Section 2.6(d)
of the Loan Agreement is hereby amended by replacing the words “Section 2.12(a)”
with the words “Section 2.13(a)”.

 

(c)           Section 7.18(b)(i)
of the Loan Agreement is hereby amended by deleting such section in its
entirety and replacing it with the following:

 

(i)                                     Capital Expenditures. 
Capital Expenditures in any fiscal year in excess of the
amount set forth in the following table for the applicable period:

 

	
  Fiscal Year 2004

  	
   

  	
  Fiscal Year 2005

  	
   

  	
  Fiscal Year 2006

  	
   

  	
  Fiscal Year 2007

  	
   

  	
  Fiscal Year 2008

  	
   

  
	
  $

  	
  15,500,000

  	
   

  	
  $

  	
  10,500,000

  	
   

  	
  $

  	
  10,500,000

  	
   

  	
  $

  	
  24,000,000

  	
   

  	
  $

  	
  10,500,000”

  	
   

  
															

 

3.                Conditions Precedent to Amendment. 
The satisfaction of each of the following shall constitute conditions
precedent to the effectiveness of this Amendment and each and every provision
hereof:

 

(a)           Agent
shall have received this Amendment, duly executed by the parties hereto, and
the same shall be in full force and effect.

 

(b)           Agent
shall have received a reaffirmation and consent substantially in the form
attached hereto as Exhibit A, duly executed and delivered by each Guarantor.

 

(c)           The
representations and warranties herein and in the Loan Agreement and the other
Loan Documents shall be true and correct in all material respects on and as of
the date hereof, as though made on such date (except to the extent that such
representations and warranties relate solely to an earlier date).

 

(d)           No Default
or Event of Default shall have occurred and be continuing on the date hereof,
nor shall result from the consummation of the transactions contemplated herein.

 

(e)           No
injunction, writ, restraining order, or other order of any nature prohibiting,
directly or indirectly, the consummation of the transactions contemplated
herein shall have been issued and remain in force and effect by any
Governmental Authority against any Borrower, any Guarantor, Agent, or any
Lender.

 

4.                Release. 
To the extent permitted by applicable law, each Borrower and each
Guarantor hereby waives, releases, remises and forever discharges each member
of the Lender Group, each of their respective Affiliates, and each of their
respective officers, directors, employees, and agents (collectively, the “Released
Parties”), from any and all claims, demands, obligations, liabilities,
causes of action, damages, losses, costs and expenses of any kind or character,
known or unknown, past or present, liquidated or unliquidated, suspected or
unsuspected, which any Borrower or any Guarantor ever had, now has or might
hereafter have against any such Released Party which relates, directly or
indirectly, to the Loan Agreement or any other Loan Document, or to any acts or
omissions of any such Release with respect to the Loan Agreement or any other
Loan Document, or to the lender-borrower relationship evidenced

 

2

 

by
the Loan Documents.  As to each and every
claim released hereunder, each Borrower and each Guarantor hereby represents
that it has received the advice of legal counsel with regard to the releases
contained herein, and having been so advised, each Borrower specifically
waives, to the extent permitted by applicable law, the benefit of the
provisions of Section 1542 of the Civil Code of California which provides
as follows:

 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS
SETTLEMENT WITH THE DEBTOR.”

 

As to each and every
claim released hereunder, each Borrower and each Guarantor also waives the
benefit of each other similar provision of applicable federal or state law, if
any, pertaining to general releases after having been advised by its legal
counsel with respect thereto.

 

5.                Representation and Warranty. 
Each Borrower represents and warrants to the Lender Group that the execution,
delivery, and performance of this Amendment and of the Loan Agreement, as
amended hereby, are within its powers, have been duly authorized by all
necessary corporate action, and are not in contravention of any law, rule, or
regulation applicable to it, or any order, judgment, decree, writ, injunction,
or award of any arbitrator, court, or Governmental Authority, or of the terms
of its Governing Documents, or of any contract or undertaking to which it is a
party or by which any of its properties may be bound or affected.

 

6.                Choice of Law. 
The validity of this Amendment, its construction, interpretation and
enforcement and the rights of the parties hereunder, shall be determined under,
governed by, and construed in accordance with the laws of the State of
California.

 

7.                Counterpart Execution. 
This Amendment may be executed in any number of counterparts, all of
which when taken together shall constitute one and the same instrument, and any
of the parties hereto may execute this Amendment by signing any such
counterpart.  Delivery of an executed
counterpart of this Amendment by telefacsimile or electronic mail shall be
equally as effective as delivery of an original executed counterpart of this
Amendment.  Any party delivering an
executed counterpart of this Amendment by telefacsimile or electronic mail also
shall deliver an original executed counterpart of this Amendment, but the
failure to deliver an original executed counterpart shall not affect the
validity, enforceability and binding effect of this Amendment.

 

8.                Effect on Loan Documents.

 

(a)           The Loan
Agreement, as amended hereby, and each of the other Loan Documents shall be and
remain in full force and effect in accordance with their respective terms and
are hereby ratified and confirmed in all respects.  The execution, delivery, and performance of
this Amendment shall not operate, except as expressly set forth herein, as a
modification or waiver of any right, power, or remedy of Agent or any Lender
under the Loan Agreement or any other Loan Document.  The waivers, consents and modifications
herein are

 

3

 

limited
to the specifics hereof, shall not apply with respect to any facts or
occurrences other than those on which the same are based, shall not excuse
future non-compliance with the Loan Documents and shall not operate as a
consent to any further or other matter under the Loan Documents.

 

(b)           Upon and
after the effectiveness of this Amendment, each reference in the Loan Agreement
to “this Agreement”, “hereunder”, “herein”, “hereof” or words of like import
referring to the Loan Agreement, and each reference in the other Loan Documents
to “the Loan Agreement”, “thereunder”, “therein”, “thereof” or words of like
import referring to the Loan Agreement, shall mean and be a reference to the
Loan Agreement as modified and amended hereby.

 

(c)           To the
extent that any terms and conditions in any of the Loan Documents shall
contradict or be in conflict with any terms or conditions of the Loan
Agreement, after giving effect to this Amendment, such terms and conditions are
hereby deemed modified or amended accordingly to reflect the terms and
conditions of the Loan Agreement as modified or amended hereby.

 

(d)           This
Amendment is a Loan Document.

 

9.                Entire Agreement. 
This Amendment embodies the entire understanding and agreement between
the parties hereto with respect to the subject matter hereof and supersedes any
and all prior or contemporaneous agreements or understandings with respect to
the subject matter hereof, whether express or implied, oral or written.

 

[signature page
follows]

 

4

 

IN WITNESS WHEREOF, the
parties have entered into this Amendment as of the date first above written.

 

 

	
   

  	
  POSTER
  FINANCIAL GROUP,

  
	
   

  	
  a Nevada corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dawn Prendes

  	
   

  
	
   

  	
  Title:  Sr. Vice President/CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GNL, CORP.,

  
	
   

  	
  a Nevada corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dawn Prendes

  	
   

  
	
   

  	
  Title:  Sr. Vice President/CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GNLV, CORP.,

  
	
   

  	
  a Nevada corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dawn Prendes

  	
   

  
	
   

  	
  Title:  Sr. Vice President/CFO

  

 

 

[SIGNATURE PAGE TO
AMENDMENT NUMBER TWO TO LOAN AND SECURITY AGREEMENT]

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WELLS
  FARGO FOOTHILL, INC.,

  
	
   

  	
  a California
  corporation, as Agent and as a

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Daniel Morihiro

  	
   

  
	
   

  	
  Title:  Vice President

  

 

 

[SIGNATURE PAGE TO
AMENDMENT NUMBER TWO TO LOAN AND SECURITY AGREEMENT]

 

 

Exhibit A

 

REAFFIRMATION AND CONSENT

 

Dated as of August 31, 2004

 

Reference is hereby made
to that certain Amendment Number Two to Loan and Security Agreement, dated as
of the date hereof (the “Amendment”), among the lenders signatory
thereto (the “Lenders”), Wells Fargo Foothill, Inc., as arranger and
administrative agent for the Lenders (“Agent”) and Poster Financial
Group, Inc. (“Poster”), GNL, Corp. (“GNL”) and GNLV, Corp. (“GNLV”
and together with Poster and GNL, the “Borrowers”).  Capitalized terms used herein shall have the
meanings ascribed to them in that certain Loan and Security Agreement, dated as
of January 23, 2004, as amended by that certain Amendment Number One to
Loan and Security Agreement, dated as of May 17, 2004 (as further amended,
restated, supplemented, or otherwise modified from time to time, the “Loan
Agreement”), among Borrowers, Agent, and the Lenders.  Each of the undersigned hereby (a) represents
and warrants that the execution and delivery of this Reaffirmation and Consent
are within its powers, have been duly authorized by all necessary limited
liability company action and are not in contravention of any law, rule, or
regulation applicable to it, or any order, judgment, decree, writ, injunction,
or award of any arbitrator, court, or Governmental Authority, or of the terms
of its Governing Documents, or of any contract or undertaking to which it is a
party or by which any of its properties may be bound or affected, (b) consents
to the amendment of the Loan Agreement set forth in the Amendment and any
waivers granted therein; (c) acknowledges and reaffirms all obligations owing
by it to the Lender Group under any Loan Document to which it is a party; (d)
agrees that each Loan Document to which it is a party is and shall remain in
full force and effect, and (e) ratifies and confirms its consent to any
previous waivers granted with respect to the Loan Agreement.  Although each of the undersigned have been
informed of the matters set forth herein and have acknowledged and agreed to
same, each of the undersigned understands that the Lender Group shall have no
obligation to inform the undersigned of such matters in the future or to seek
the undersigned’s acknowledgement or agreement to future amendments, waivers or
modifications and nothing herein shall create such a duty.

 

IN
WITNESS WHEREOF, the undersigned have executed this Reaffirmation and Consent
as of the date first set forth above.

 

 

	
   

  	
  GOLDEN
  NUGGET EXPERIENCE, LLC,

  
	
   

  	
  a Nevada limited
  liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Dawn Prendes

  	
   

  
	
   

  	
  Title:  Sr. Vice President/CFO

  

 

 

[SIGNATURE PAGE TO
REAFFIRMATION AND CONSENT

TO AMENDMENT NUMBER TWO TO LOAN AND SECURITY AGREEMENT]

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