Document:

Exhibit 10.18

 

EMPLOYMENT
AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (“Agreement”), which
expressly includes and references non-competition, non-solicitation and
confidentiality provisions, is signed this 1st day of July, 2008 (the “Agreement
Date”), by and between Isle of Capri Casinos, Inc., a Delaware corporation
and its subsidiary and affiliated companies (hereinafter referred to
individually and collectively as the “Company”) and Edmund L. Quatmann, Jr.
(“Employee”).  This Agreement supercedes
any and all prior understandings and agreements between Employee and the
Company.

 

WHEREAS,
the Company desires to employ Employee, and Employee desires to perform
services for, and be employed by, the Company.

 

WHEREAS,
as a condition of Employee’s employment, the Company desires to receive from
Employee covenants including, but not limited to, the following: (a) to
refrain from carrying on or engaging in a business similar to that of the
Company; (b) to refrain from soliciting Employees of the Company for
employment elsewhere; and (c) to protect and maintain the confidentiality
of the Company’s trade secrets and any proprietary information.

 

WHEREAS,
the Company and Employee desire to set forth in writing the terms and
conditions of their agreements and understandings with respect to Employee’s
employment at Company, as well as these covenants, and the parties expressly
acknowledge that these covenants are a condition of Employee’s employment.

 

NOW,
THEREFORE, in consideration of the mutual promises, covenants and conditions
set forth in this Agreement, the Company and Employee agree as follows:

 

1.                                       Employment Date.  This Agreement shall be effective upon the Employee’s
commencement of providing services for the Company on the date hereof (the “Employment
Date”).

 

2.                                       Employment.

 

(a)                                  Term.  The Company
hereby employs Employee, and Employee accepts such employment and agrees to
perform services for the Company for an initial period of one (1) year
from and after the Employment Date (the “Initial Term”) and for successive one-year
periods (the “Renewal Term(s)”), unless either: (i) the Company provides
90 days written notice prior to the expiration of the Initial Term or
applicable Renewal Term, or (ii) the Agreement is terminated at an earlier
date in accordance with Section 3 or Section 4 of this Agreement (the
Initial Term and the Renewal Terms together referred to as the “Term of
Employment”).

 

(b)                                 Service with
Company.  From and after the Employment Date during the term of
this Agreement, Employee shall serve as the Company’s Senior Vice President,
General Counsel and Secretary, reporting directly to the Company’s Chief
Executive Officer.  During the Term of
Employment, Employee agrees to perform reasonable employment duties as the
Board of Directors of the Company shall assign to him from time to time, with
such duties and responsibilities as are customarily the duties and
responsibilities of a Senior Vice President, 

 

 

General Counsel and
Secretary of companies such as the Company. 
Employee also agrees to serve, for any period for which he is elected,
as an officer of the Company; provided, however, that Employee shall not be
entitled to any additional compensation for serving as an officer of the
Company.  Employee’s office will be
located at the Company’s corporate headquarters.

 

(c)                                  Performance of Duties. 
Employee agrees to serve the Company faithfully and to the best of his
ability and to devote substantially all of his business time, attention and
efforts to the business and affairs of the Company during the Term of
Employment.  The foregoing shall not
preclude Employee from serving on charitable boards and engaging in other civic
endeavors, so long as the same do not interfere with the performance of his
duties.

 

(d)                                 Compensation. 
From and after the Employment Date and during the remaining Term of
Employment, the Company shall pay to Employee as compensation for services to
be rendered hereunder an aggregate base salary of $365,000.00 per year payable
in equal monthly, or more frequent, payments, subject to increases, if any, as
may be determined by the Company (“Annual Base Salary”).  Employee shall also be eligible to receive an
annual cash bonus beginning with respect to the Company’s 2009 fiscal year
(prorated based on days of employment) based upon the achievement of objective
performance targets that have been established by the Compensation Committee of
the Board of Directors (the “Committee”), provided that the Employee’s minimum
annual bonus for each year shall be equal to at least 60% of the Employee’s
Annual Base Salary if the Employee meets the minimum targets set by the
Committee.  With respect to fiscal years
subsequent to the 2009 fiscal year, Employee shall be involved as a senior
management executive in the establishment of objective performance targets.  On the Agreement Date, the Employee shall
receive a nonqualified option to purchase 110,000 shares of Company stock,
subject to the terms of the Isle of Capri Casinos, Inc. 2000 Long-Term
Stock Incentive Plan and the terms set forth in this Agreement, 20% of which
options shall vest on each of the first five (5) anniversaries of the
Agreement Date.  The exercise price of
such options shall be $4.62 per share, representing the average between the
high and low trading prices of the Company’s common stock on the date hereof
which is equal to the fair market value of the Company’s common stock on the
date of grant.  The Employee shall also
be entitled to participate in the Isle of Capri Casinos, Inc. 2000
Long-Term Stock Incentive Plan and other stock option plans, if any,
established by the Company (the “Company’s Stock Option Plans”), to the extent
that similarly situated executives of the Company participate in such
plans.  In addition to the base salary,
any bonuses, and participation in the Company’s Stock Option Plans as set forth
above, Employee shall be entitled to participate in any employee benefit plans
or programs of the Company as are or may be made generally available to
employees of the Company and those made available to officers of the Company
(it being understood that Employee shall first be eligible for the grant of
additional stock options at the 2009 annual meeting of the Board of
Directors).  Employee shall be entitled
to three weeks’ vacation per year.  The
Company will pay or reimburse Employee for all reasonable and necessary
out-of-pocket expenses incurred by him in the performance of his duties under
this Agreement, subject to the presentment of appropriate vouchers in
accordance with the Company’s policies for expense verification.

 

(e)                                  No Violation. 
Employee represents and warrants to the Company that the execution and
delivery of this Agreement by Employee, and the carrying out of Employee’s 

 

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duties on behalf of the
Company as contemplated hereby, do not violate or conflict with the terms of
any other agreements to which the Employee is or was a party.

 

(f)                                    Relocation Expense Reimbursement. 
The Company agrees to directly pay, or reimburse Employee for, all
reasonable fees, costs and expenses incurred in connection with his relocation
from Illinois to Missouri in a manner consistent with Company policies for
senior, executive-level employees of the Company.

 

(g)                                 Signing Bonus.  The
Company shall pay a signing bonus to Employee in the aggregate amount of
$100,000.00, payable as follows: one-third to be paid on the Employment Date
(or as soon thereafter as practicable); one-third to be paid on the first
anniversary of the Employment Date (or as soon thereafter as practicable); and
one-third to be paid on the second anniversary of the Employment Date (or as
soon thereafter as practicable).  No
portion of the signing bonus shall be payable if, on the scheduled date of
payment thereof, Employee is not then employed by the Company for any reason.

 

3.                                       Termination.

 

(a)                                  The Term of Employment shall terminate
prior to its expiration in the event that at any time during such term:

 

(i)                                     the Company delivers a notice of
termination for “cause” to Employee.  For
purposes of this Section, “cause” shall mean any dishonesty, disloyalty or
breach of corporate policies, in each case that is material to the ability of
Employee to continue to function as an effective executive given the strict
regulatory standards of the industry in which the Company does business; gross
misconduct on the part of Employee in the performance of Employee’s duties
hereunder; a violation of Section 5 of this Agreement; or the failure to
be licensed as a “key person” or similar role under the laws of any
jurisdiction where the Company does business, or the loss of any such license
for any reason.  If Employee is
terminated for cause (after the Company has given him 10 days’ advance written
notice in the case of instances giving rise to the Company’s ability to
terminate Employee’s employment for “cause” that are capable of being cured
during such time period), there shall be no severance paid to Employee and his
benefits shall terminate, except as may be provided by law.

 

(ii)                                  the Company for any other reason
terminates the Term of Employment, without “cause” as defined in this Section (including
through non-renewal of the Agreement). 
For purposes of this Section, if Employee signs a Mutual and General
Release (a “Release”) in reasonable and typical form that is acceptable to the
Company that releases the Company from any and all claims that Employee may
have (and vice versa) and affirmatively agrees not to violate any of the
provisions of Section 5 hereof (which shall not be expanded beyond what is
set forth in Section 5), Employee shall be entitled to receive the
severance payments and continued benefits 

 

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described in this paragraph 3(a)(ii); provided, if Employee fails to
sign the Release, Employee shall not be entitled to any severance payments or
benefits hereunder; and provided further, if any severance payments or benefits
are subject to Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), Employee shall only be entitled to any such severance
payments or benefits if the Release has been executed, is effective and the
applicable revocation period has expired no later than the date as of which
such payment of the severance or benefits are otherwise to commence and if such
requirements are not satisfied, Employee shall not be entitled to any such
portion of the severance payments or benefits thereafter.  Subject to the foregoing, if the Company
terminates the Term of Employment without “cause,” then the Employee shall be
entitled to continue to receive his Annual Base Salary (and shall receive any
earned but unpaid portion of his bonus) payable in 12 monthly installments
beginning on the first day following the six-month anniversary of the Employee’s
termination date and, to the extent legally permissible, Employee shall be
entitled to continue to participate in the employee benefit programs for a
period of 12 months from and after the Employee’s termination date; provided,
however, that the salary continuation payments and such continued coverage
under Company benefit programs shall end upon the Employee’s earlier employment
by a new employer.  Notwithstanding the
foregoing, the Board of Directors may authorize that portion of the Annual Base
Salary and earned but unpaid bonus payable in accordance with the foregoing
provisions of this paragraph 3(a)(ii) that does not exceed an amount equal
to two times the maximum amount that may be taken into account under a
qualified plan pursuant to section 401(a)(17) of the Code for the year in which
the Employee’s termination of employment occurs (the “409A Exempt Payment”) to
be paid in a single lump sum to the Employee on the first payroll date
following the Employee’s termination date; and the remaining Annual Base Salary
and bonus (that is, the Annual Base Salary and bonus minus the 409A Exempt
Payment paid to the Employee in single lump sum) to be paid to the Employee in
6 equal installments beginning on the six-month anniversary of the Employee’s
termination date and ending on the one-year anniversary of the Employee’s
termination date, or until new employment begins, whichever occurs first.  In the event of termination without “cause”
pursuant to this Section 3(a)(ii), any unvested stock options owned by
Employee on the date of termination that would have vested had Employee
remained employed under this Agreement for one year following the date of
termination, shall vest and become exercisable as of the date of
termination.  As used in this Agreement,
the term “earned but unpaid bonus” shall refer to the non-discretionary portion
of the bonus to which Employee would have been entitled had he remained
employed in his position for the remainder of the fiscal year of termination,
prorated for the number of days during such year that Employee was employed by
the Company.

 

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(iii)          Employee
for any reason voluntarily terminates the Term of Employment.  In said event, Employee shall not be entitled
to any compensation and his benefits shall terminate, except as may be provided
by law, from and after termination.

 

(iv)          However, if Employee voluntarily
terminates the Term of Employment due to Retirement all stock options shall
become fully vested and exercisable.  The
term “Retirement” shall mean the termination by Employee of his employment by
reason of reaching the age of 65 or such later date approved by the Board of
Directors.

 

(v)           Employee dies or becomes “Disabled” (as
defined below).  In said event,  Employee, or his estate, shall continue to
receive his salary and shall receive any earned but unpaid bonus and, to the
extent legally permissible, continue to participate in the employee benefit
programs for a period of 12 months from and after such termination or until new
employment begins, which ever occurs first. Employee shall also be entitled to
a lump sum payment equal to the average of the last 3 years bonus payments
inclusive of deferred amounts (or, if Employee has not been employed for three
years, the average of the bonus payments, inclusive of deferred amounts, during
the Term of Employment).  For purposes of
this Agreement, “Disabled” means that the Employee is unable to engage in any
substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than 12 months, as determined in
good faith by the Board of Directors of the Company.

 

(b)                                 Except as provided hereunder, the vesting
of stock options shall be governed by the provisions of the Company’s Stock
Option Plans.

 

4.                                       Change In Control of the Company. 
If (i) there is a sale, acquisition, merger, or buyout of the
Company to an unaffiliated person, or any person that is not an “affiliate” (as
such term is defined under the Securities Exchange Act of 1934) of the Company
or any of its shareholders on the Agreement Date becomes the legal and
beneficial owner of more than 50% of the Company’s common stock  (a “Change in Control”), and (ii) immediately
prior to or within 12 months after such Change in Control, the Employee
voluntarily terminates employment under Section 3(a)(iii) in
circumstances where there has been a significant reduction in the authority,
responsibilities, position or compensation of Employee or Employee has been
required to move the location of his principal residence a distance of more
than 35 miles, and the Company has failed to remedy such situation within 30
days after receipt of Employee’s written notice thereof, then in lieu of the
severance payments, if any, otherwise payable to the Employee under Section 3
of the Agreement, Employee will be entitled to the following severance:

 

(a)                                  Two times Annual Base Salary payable in
24 monthly installments beginning on the first day following the six-month
anniversary of the Employee’s termination date; plus a lump sum payment equal
to the amount of any earned but unpaid bonus plus the average of the previous 3
years bonus payment, inclusive of deferred amounts, if any (or, if 

 

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Employee has not been
employed for three years, the average of the bonus payments, inclusive of
deferred amounts, during the Term of Employment), which lump sum shall be paid
to Employee on the first day following the six-month anniversary of the Employee’s
termination date. Notwithstanding the foregoing, the Board of Directors may
authorize that portion of the foregoing payments under this paragraph 4(a) that
qualify as a 409A Exempt Payment (as defined in section 3(a)(ii)) to be paid in
a single lump sum to the Employee on the first payroll date following the
Employee’s termination date; and the remaining Annual Base Salary amounts to be
paid to the Employee in 24 equal installments beginning on the six-month
anniversary of the Employee’s termination date and ending on the second
anniversary of the Employee’s termination date, or until new employment begins,
whichever occurs first; and the remaining bonus amount, if any, to be paid in a
single lump sum on the six-month anniversary of the Employee’s termination
date.  Salary continuation shall
terminate if and when Employee begins new employment during the period of
salary continuation.

 

(b)                                 Health and welfare benefits shall be
fully paid by the Company and run concurrently with salary continuation (but if
such continued health benefits are taxable to the Employee, then such continued
health benefits shall continue only during the period during which the Employee
would have been eligible to continue such coverage under the Company’s health
plan in accordance with section 4980B of the Code (“COBRA”), had the Employee
elected such coverage and paid the applicable premium), without any gap in
coverage.

 

Upon
the occurrence of a Change in Control, all stock options owned by Employee
shall become fully vested and exercisable. 
As a condition to receiving the payments described in clause (a) above,
Employee shall be required to execute and deliver to the Company a general
release in customary and agreed form, provided that if Employee fails to sign
the release, Employee shall not be entitled to any severance payments or
benefits under this Section 4; and provided further, if any severance
payments or benefits are subject to Section 409A of the Code, Employee
shall only be entitled to any such severance payments or benefits if such
release has been executed, is effective and the applicable revocation period
has expired no later than the date as of which such payment of the severance or
benefits are otherwise to commence and if such requirements are not satisfied,
Employee shall not be entitled to any such portion of the severance payments or
benefits thereafter.

 

5.                                       Confidentiality, Non-Competition and
Non-Solicitation.

 

(a)                                  The Company’s
Business.  It is expressly agreed by the parties
that the Company is engaged in the business of owning, managing and operating
gaming and casino facilities in the states of Missouri, Mississippi, Iowa,
Louisiana, Colorado, Florida, the United Kingdom and the Bahamas, is in the
business of seeking new gaming properties in additional jurisdictions and is
engaged in all aspects of such gaming and casino operations.  Employee desires to be employed by the
Company and acknowledges and agrees that the Company would be adversely
affected if Employee competes with the Company during, and subsequent to,
Employee’s employment with the Company.

 

(b)                                 Trade Secrets
and Confidential Information.  The Company and Employee acknowledge the existence of
trade secrets and other confidential information as defined below (collectively
referred to as “Confidential Information”), all of which are owned by the
Company, 

 

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regardless of whether
such Confidential Information was conceived, originated, devised or
supplemented by Employee, the Company, or any other person or entity.  Employee acknowledges that he will have
access to Confidential Information during his employment with the Company.

 

Except
as required by law, during the term of this Agreement and thereafter, Employee
shall not, without the prior written consent of the Company, directly or
indirectly disclose or disseminate to any other person, firm or organization,
any Confidential Information other than on behalf of the Company.  The foregoing obligation shall not apply to
any Confidential Information that shall have become known to competitors of the
Company or to the public other than through an act or omission by Employee or
that shall have been disclosed to the Employee by a person or entity
unaffiliated with the Company who has legitimate possession thereof in its
entirety and possesses the unrestricted right to make such disclosure.  Employee agrees to indemnify, defend and hold
harmless the Company from and against any damages (including attorneys’ fees,
court costs, investigative costs and amounts paid in settlement) suffered by
the Company or any of its Affiliates arising out of the unauthorized disclosure
or use of Confidential Information by Employee.

 

“Confidential
Information” shall mean any data or information and documentation, whether in
tangible form, electronic form or verbally disclosed, that is of material value
to the Company and not known to the public or the Company’s competitors, and
which the Company has kept confidential. 
To the fullest extent consistent with the foregoing and as otherwise
lawful, Confidential Information shall include, without limitation, the Company’s
trade secrets, computer programs, sales techniques and reports, formulas, data
processes, methods, articles of manufacture, machines, apparatus, designs,
compositions of matter, products, improvements, inventions, discoveries,
developmental or experimental work, corporate strategy, marketing techniques,
pricing lists and data and other pricing information, business plans, ideas and
opportunities, accounting and financial information including financial
statements and projections, personnel records, specialized customer
information, proprietary agreements with vendors, special products and services
the Company may offer or provide to its customers/guests from time to time,
pending acquisitions, negotiations and transactions, or the terms of existing
proposed business arrangements. 
Confidential Information shall also include all customer lists, accounts
and specifications, and contacts of the Company, and shall further include work
in progress, plans or any other matter belonging to or relating to the
technical or business activities of the Company.

 

Employee,
at the time of the effective date of the termination of the employment
relationship with the Company, shall turn over to the Company all “Confidential
Information” and any and all copies thereof in his possession regardless of who
provided Employee with such information. 
Should Employee be legally served with a lawfully issued subpoena
expressly directing Employee to turn over the Company’s Confidential
Information, Employee shall immediately, and certainly no later than five (5) days
after notice, advise the Company in writing of the subpoena and also provide a
copy of the subpoena to the Company, at its lawful address as stated in this
Agreement, thereby providing the Company with adequate time to lawfully object
to the disclosure of its Confidential Information.  Employee’s failure to immediately advise the
Company of the subpoena shall subject Employee to any and all remedies afforded
to the 

 

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Company, including, but not limited to, damages resulting to the
Company for breach of contract.

 

Employee
agrees that all such Confidential Information is, and shall remain, the sole
and exclusive property of the Company and Employee further agrees that during
and after the term of his employment with the Company, Employee will not
publish, disclose, communicate or otherwise disseminate to any entity and/or
person any Confidential Information. 
Employee acknowledges and agrees that such Confidential Information is
of critical importance to the Company and its business, and any unauthorized
dissemination of such information would cause great harm to the Company,
thereby entitling the Company to any and all rights and remedies as provided by
law, and as specifically provided in Section 6 of this Agreement.

 

Employee
hereby assigns and agrees to assign to the Company any invention, improvement,
or discovery made by him, alone or jointly with others, during the term of his
employment, including any period of authorized leave of absence, or as a result
of his employment, and which in any way relates to, or may be useful in, the
business of the Company, together with each patent that may be obtained thereon
in any country.  Employee will promptly
and fully disclose to the Company any such invention, improvement or discovery
and, without further consideration, will upon request by the Company execute
all proper papers for use in applying for, obtaining and maintaining any United
States or foreign patent and all proper assignments thereof, at the Company’s
expense and through its Patent Counsel. 
Each such invention, improvement or discovery, whether or not patented,
shall be the exclusive property of the Company.

 

(c)                                  Restrictions on Competition. 
In exchange for consideration of employment, and in consideration for
Employee receiving and being given access to confidential business information,
including, but not limited to trade secrets, customer and supplier contacts and
relationships, goodwill, loyalty and other information, and as a condition of
employment of Employee by the Company, during the term of Employee’s employment
with the Company, and for a period of one (1) year after the voluntary or
involuntary termination of Employee’s employment with the Company for any
reason whatsoever (other than the termination of Employee’s employment by the
Company other than for “cause” as set forth in Section 3(a)(ii) above),
Employee will (a) refrain from carrying on or engaging in the casino or
gaming business (as defined in Section 5(a)), or, without the written
consent of the Company (which shall not be unreasonably withheld), the hotel or
restaurant business, in any case either directly or indirectly, either
individually or jointly or on behalf of or in concert with any other person, as
a proprietor, partner, shareholder, investor (other than in less than 5% of any
class of securities of any publicly traded company), lender, financial backer,
director, officer, employee, agent, advisor, consultant or manager, or in any
other capacity or manner whatsoever, (b) refrain from soliciting Employees
of the Company, and (c) protect and maintain the confidentiality of trade
secrets and any and all confidential and proprietary information.  Provisions (a) through (c) of this
section apply to any gaming operation or gaming facility within a 75-mile
radius of (A) any gaming operation or gaming facility owned (in whole or
in part) by the Company or with respect to which the Company renders or
proposes to render consulting or management services, in each case on the date
hereof or on the date of termination of employment, or (B) any of the
foregoing as to which the Company has taken any substantive step toward owning
(in whole or in part) or managing such facility in the future.

 

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(d)                                 Non-Solicitation of Employees. 
In exchange for consideration of employment, and in consideration for
Employee receiving and being given access to confidential business information,
including, but not limited to trade secrets, customer and supplier contacts and
relationships, goodwill, loyalty and other information, and as a condition of
employment of Employee by the Company, during the term of Employee’s employment
with the Company, Employee shall not, without the prior written consent of the
Company, either directly or indirectly, either individually or jointly or on
behalf of or in concert with any other person, as a proprietor, partner,
shareholder, investor (other than in less than 5% of any class of securities of
any publicly traded company), lender, financial backer, director, officer,
employee, agent, advisor, consultant or manager, or in any other capacity or
manner whatsoever, solicit for hire, enter into any contract or other
arrangement with, or interfere with, disrupt or attempt to interfere with or
disrupt the Company’s relationships with, any person, who, as of the date of
termination of Employee’s employment, is employed by the Company.  This provision will apply in the geographic
areas covered in Section 5(c), and with respect to any sales office,
regional office or the corporate headquarters of the Company, for one (1) year
after the voluntary or involuntary termination of Employee’s employment with
the Company for any reason.

 

(e)                                  Reasonable Terms. 
Employee agrees that the geographic areas, duration and scope of
activities outlined in this Agreement are reasonable under the
circumstances.  Employee further agrees that
such terms are no broader than necessary to protect the Company’s business and
maintain the confidentiality of the Confidential Information.  Employee further agrees that the terms of
this Agreement are not oppressive and will not impose an unreasonable burden or
restraint on Employee.

 

6.                                       Miscellaneous.

 

(a)                                  Successors and Assigns. 
This Agreement is binding on and inures to the benefit of the Company’s
successors and assigns.  The Company may
assign this Agreement in connection with a merger, consolidation, assignment,
sale or other disposition of substantially all of its assets or business
(subject to the provisions of Section 4). 
This Agreement may not be assigned by Employee.

 

(b)                                 Modification, Waivers. 
This Agreement may be modified or amended only by a writing signed by an
authorized representative of the Company, and Employee.  The Company’s failure, or delay in exercising
any right, or partial exercise of any right, will not waive any provision of
this Agreement or preclude the Company from otherwise or further exercising any
rights or remedies hereunder, or any other rights or remedies granted by any
law or any related document.

 

(c)                                  Governing Law, Arbitration. 
The laws of Missouri will govern the validity, construction, and
performance of this Agreement without regard to the location of execution or
performance of this Agreement.  Any
controversy or claim arising out of or relating to this Agreement, or the
breach thereof, shall be settled by binding arbitration administered by the
American Arbitration Association under its Commercial Arbitration Rules, and
judgment on the award rendered by the arbitrator(s) may be entered in any
court having jurisdiction thereof.  Both
the Company and Employee hereby consent to this binding arbitration provision.

 

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(d)                                 Remedies.  Employee
expressly acknowledges and the parties recognize that the restrictions
contained herein are reasonable and necessary to protect the business and
interests of the Company, and that any violation of these restrictions will
cause substantial irreparable injury and damage to the Company, and the extent
of such damage would be difficult if not impossible to calculate.  Accordingly, the parties to this Agreement
expressly agree that (i) if Employee breaches any provision of this
Agreement, the damage to the Company may be substantial, although difficult to
ascertain, and monetary damages may not afford an adequate remedy, and (ii) if
Employee is in breach of any provision of this Agreement, or threatens a breach
of this Agreement, the Company shall be entitled, in addition to all other
rights and remedies as may be provided by law, to seek specific performance and
injunctive and other equitable relief, including, but not limited to, restraining
orders and preliminary and permanent injunctions, to enforce the provisions of
this Agreement, particularly those provisions governing noncompetition,
nonsolicitation and confidentiality, contained in this Agreement, as well as to
prevent or restrain a breach of any provisions of this Agreement.  The parties expressly agree that the Company
has these specific and express rights to injunctive relief without posting any
bond that might be requested or required, and without the necessity of proving
irreparable injury, and that Employee expressly agrees not to claim in any such
equitable proceedings that a remedy at law is available to the Company.  The existence of any claim or cause of action
by Employee, whether predicated on this Agreement or otherwise, shall not
constitute a defense to the enforcement by the Company or any of its Affiliates
of any provision hereof.  The parties to
this Agreement also expressly agree that the Company is entitled to recover any
and all damages for any losses sustained, and rights of which it has been
deprived, as well as any damages allowed by law.

 

(e)                                  If any proceeding is brought for the
enforcement of this Agreement, or because of an alleged dispute, breach or
default in connection with any of the provisions of this Agreement, the
successful or prevailing party or parties shall be entitled to recover
reasonable attorney’s fees and other costs incurred in that proceeding, in
addition to any other relief to which it may be entitled.  All of the Company’s remedies for breach of
this Agreement shall be cumulative and the pursuit of one remedy shall not be
deemed to exclude any other remedies.

 

(f)                                    Captions.  The headings
in this Agreement are for convenience only and do not affect the interpretation
of this Agreement.

 

(g)                                 Severability. 
To the extent any provision of this Agreement shall be invalid or
enforceable with respect to Employee, it shall be considered deleted herefrom
with respect to Employee and the remainder of such provision and this Agreement
shall be unaffected and shall continue in full force and effect.  In furtherance to and not in limitation of
the foregoing, should the duration or geographical extent of, or business
activities covered by, any provision of this Agreement be in excess of that
which is valid and enforceable under applicable law with respect to Employee,
then such provision shall be construed to cover only that duration, extent or
activities which are validly and enforceably covered with respect to Employee.  Employee acknowledges the uncertainty of the
law in this respect and expressly stipulates that this Agreement be given the
construction which renders its provisions valid and enforceable to the maximum
extent (not exceeding its expressed terms) possible under applicable laws.

 

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(h)                                 Entire Agreement. 
This Agreement contains the entire agreement and understanding by and
between the Company and Employee, and supersedes all previous and
contemporaneous oral negotiations, commitments, writings and understandings
between the parties concerning the matters herein or therein, including without
limitation, any policy of personnel manuals of the Company to the extent any
provisions herein are inconsistent therewith. 
No change to this Agreement shall be valid or binding unless it is in
writing and signed by the parties.

 

(i)                                     Indemnification. 
The Company shall indemnify Employee and hold Employee harmless to the
full extent permitted by Section 145 of the Delaware General Corporation
Law from and against any and all claims, liabilities and losses he may suffer
arising in connection with his employment as an officer of the Company as set
forth herein, subject to the exceptions set forth in the Delaware General
Corporation Law.  The agreement of the Company
set forth in this Section 6(i) shall survive the termination of this
Agreement.

 

(j)                                     Notices.  All notices
and other communications required or permitted under this Agreement shall be in
writing and sent by registered first-class mail, postage prepaid, and shall be
deemed delivered upon hand delivery or upon mailing (postage prepaid and by
registered or certified mail) to the following address:

 

If to the Company, to:

 

Isle of Capri Casinos, Inc. 

600 Emerson Road

Suite 300

St. Louis, MO 63141

 

Attention: 
President and CEO

 

With a copy to:

 

Paul Theiss

Mayer Brown LLP

71 S. Wacker Drive

Chicago, IL  60606

 

If to the Employee, to:

 

Edmund
L. Quatmann, Jr.

c/o Isle of Capri Casinos, Inc.

600
Emerson Road

Suite 300

St. Louis, MO 63141

 

With a copy to:

 

11

 

The most recent home address in the Company’s
files for Edmund L. Quatmann, Jr.

 

These addresses may be changed at any time by
like notice.

 

(k)                                  Independent Review and Advice. 
Employee represents and warrants that Employee has carefully read this
Agreement; that Employee executes this Agreement with full knowledge of the
contents of this Agreement, the legal consequences thereof, and any and all
rights which each party may have with respect to each other; that Employee has
had the opportunity to receive independent legal advice with respect to the
matters set forth in this Agreement and with respect to the rights and asserted
rights arising out of such matters, and that Employee is entering into this Agreement
of the Employee’s own free will. 
Employee expressly agrees that there are no expectations contrary to the
Agreement and no usage of trade or regular practice in the industry shall be
used to modify the Agreement.

 

12

 

IN WITNESS
WHEREOF, each party has caused this Agreement to be executed in a manner
appropriate for such party as of the date first above written.

 

	
   

  	
  ISLE OF CAPRI CASINOS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ James B. Perry

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Edmund L Quatmann Jr

  
	
   

  	
  EDMUND L. QUATMANN, JR.

  

 

13Exhibit
10.19

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into by and
between Isle of Capri Casinos, Inc., a Delaware corporation (the “Company”),
and  (“Employee”),
and is intended to be effective as of the date set forth below.

 

1.                                       Employment and Term:

 

1.1                                 Position.  The Company
and/or an affiliated employer of the Company shall employ and retain Employee
as its  or in such other capacity or
capacities as may be mutually agreed upon from time to time, and Employee
agrees to be so employed, subject to the terms and conditions set forth
herein.  Employee’s duties and
responsibilities shall be those assigned to him or her by                  
to whom Employee shall report.  Employee
agrees to discharge such duties in a reasonable and customary manner.

 

1.2                                 Affiliated Employer.  Employee
acknowledges that he or she may perform services for the benefit of or be
employed by an affiliate of the Company. 
Employee agrees that any reference to the Company herein shall be deemed
to include any such affiliate and that, to the maximum extent permitted by law,
the protections described in Section 5 hereof shall be deemed to apply to
the Company, any such affiliate and any other affiliate of the Company.

 

1.3                                 Full Time and Attention.  Employee agrees
that he or she will devote his or her full time and attention to the
performance of his or her duties hereunder. 
Employee will not, without the prior written consent of the Company be
engaged, whether or not during normal business hours, in any other business or
professional activity, whether or not such activity is pursued for gain, profit
or other pecuniary advantage.

 

1.4                                 Term.  Employee’s
employment shall commence as of             
(the “Effective Date”) and shall continue for a series of successive one-year
terms, unless earlier terminated as provided in Sections 3 or 4 hereof (the
period during which Employee is employed hereunder referred to as the “Employment
Term”).

 

2.                                       Compensation and Benefits:

 

As of the Effective Date, the
Company shall pay to Employee the annual base compensation set forth on Exhibit A
hereto (Employee’s “Base Compensation”) and such other bonus, equity incentive,
fringe and employee benefits, as may be set forth on such exhibit, the terms of
which are incorporated herein by this reference. Such benefits and amounts may
be adjusted, from time to time, on Exhibit A hereto or may be evidenced by
a separate plan, policy or program sponsored by the Company or in the form of
an agreement by and between the Company and Employee.

 

3.                                       Termination and Nonrenewal:

 

3.1                                 Special Definition.  As used herein,
the term “Basic Severance” shall mean the aggregate of the following amounts
and benefits:

 

a.                                       The
continuation of Employee’s annualized Base Compensation in effect as of the
date on which his or her employment ceases (Employee’s “Termination Date”),
which amount shall be divided and paid in equal installments during the 

 

 

12-month
period following such date, in accordance with the Company’s regular pay date
practices;

 

b.                                      The bonus due
under the Company’s Annual Incentive Plan or a successor thereto with respect
to the Company’s most recently completed fiscal year, if any, to the extent
that such bonus has not yet been paid as of Employee’s Termination Date, which
amount shall be paid on the payment date generally applicable to such bonus;
and

 

c.                                       A monthly
amount equal to the Company’s portion of Employee’s premium or similar
contribution required under the Company’s group medical plan as an active
employee, such amount to be (i) based upon Employee’s level of enrollment
in such plan as of his or her Termination Date, (ii) paid during the
12-month period following Employee’s Termination Date or until Employee’s
coverage ceases in accordance with Section 4980B of the Internal Revenue
Code of 1986, as amended (the “Code”), if earlier, and (iii) contingent
upon Employee’s timely election to continue his or her coverage under the
Company’s group medical plan in accordance with Code Section 4980B.

 

3.2                                 Termination on Account of Death or Disability.  If Employee dies or becomes
Disabled during the Employment Term, this Agreement and Employee’s employment
hereunder shall terminate.   In such
event, the Company shall pay or provide to Employee (or to his or her estate) (a) the
amount of any accrued but unpaid Base Compensation, (b) Basic Severance,
and (c) any other amount or benefit to which Employee may be entitled
under a separate plan, policy or program maintained by the Company.  Employee shall be deemed “Disabled” hereunder
if he or she is (a) unable to engage in any substantial gainful activity
due to a medically-determinable physical or mental impairment that can be
expected to result in death or to last for a continuous period of at least 12
months, or (b) receiving benefits under the Company’s separate long-term
disability plan for a period of at least three months as a result of a
medically-determinable physical or mental impairment. The Company shall certify
whether Employee is Disabled as defined herein.

 

3.3                                 Termination on Account of Employee’s Voluntary Resignation.  Employee may terminate this
Agreement and his or her employment hereunder, upon 30 days prior written
notice to the Company or such shorter period as may be agreed upon by the
parties hereto.  In such event, the
Company shall pay to Employee the amount of his or her accrued but unpaid Base Compensation.
No additional payments or benefits shall be due hereunder, except as may be
required under a separate plan, policy or program maintained by the Company or
as may be required by law to be provided.

 

If
Employee voluntarily terminates this Agreement and his or her employment
hereunder on or after the date on which he or she attains age 65 and completes
three years of service with the Company, then notwithstanding any provision of
any plan, policy, contract or arrangement to the contrary, he or she shall
receive the following amounts and benefits, in addition to any amount or
benefit payable under a separate plan, policy or program maintained by the
Company:

 

a.                                       Any stock
options then outstanding shall be fully vested and be and remain exercisable
during the one-year period following such termination or such longer period
expressly provided under the terms of Employee’s individual grant or award;

 

 

b.                                      The amount of
any bonus due under the Company’s Annual Incentive Plan or a successor thereto
with respect to the Company’s most recently completed fiscal year, if any, to
the extent that such bonus has not yet been paid as of such date, which amount
shall be paid in the form of a single-sum on the payment date generally
applicable to such bonus;

 

c.                                       A monthly
amount equal to the Company’s portion of Employee’s premium or similar
contribution under the Company’s group medical plan, such amount to be (i) based
upon Employee’s level of enrollment in the Company’s group medical plan as of
his or her Termination Date, (ii) paid during the 12-month period
following Employee’s Termination Date or until the date on which Employee’s
continuation coverage ceases in accordance with Code Section 4980B, if
earlier, and (iii) contingent upon Employee’s timely election to continue
his or her coverage under the Company’s group medical plan in accordance with
Code Section 4980B; and

 

d.                                      An amount equal
to Employee’s average bonus paid under the Company’s Annual Incentive Plan or a
successor thereto during the Company’s three most recently completed fiscal
years, determined net of any deferral under the Deferred Bonus Plan, multiplied
by a fraction (i) the numerator of which is the number of days of Employee’s
service during the fiscal year in which Employee’s Termination Date occurs, and
(ii) the denominator of which is 365.

 

3.4                                 Termination by the Company Without Cause. 
The Company may terminate this Agreement and Employee’s employment
hereunder at any time, without Cause (as defined below), with not less than 30
days prior written notice to Employee, unless a shorter period is agreed upon
by the parties hereto.  In such event,
the Company shall pay to Employee his or her accrued but unpaid Base
Compensation, provide any benefits otherwise required by law to be provided,
and pay any amount or benefit otherwise required under a separate plan, policy
or program maintained by the Company.  In
the event that Employee timely executes a general release in form and substance
reasonably satisfactory to the Company, the Company shall further provide to
Employee Basic Severance.

 

3.5                                 Company’s Termination for Cause.  The Company may
terminate this Agreement and  Employee’s
employment hereunder at any time for Cause. 
In such event, the Company shall pay to Employee the amount of his or
her accrued but unpaid Base Compensation. 
No additional payments or benefits shall be due hereunder, except as may
be required under a separate plan, policy or program maintained by the Company
or as may be required by law to be provided. 
For purposes of this Agreement, the term “Cause” shall mean that
Employee has:

 

a.                                       Committed an
intentional act of fraud, embezzlement or theft in the course of his or her employment
or otherwise engaged in any intentional misconduct which is materially
injurious to the Company’s financial condition or business reputation;

 

b.                                      Committed
intentional damage to the property of the Company or committed intentional
wrongful disclosure of Confidential Information (as defined below) which is
materially injurious to the Company’s financial condition or business
reputation;

 

c.                                       Been indicted
for the commission of a felony or a crime involving moral turpitude;

 

 

d.             Willfully and
substantially refused to perform the essential duties of his or her position,
which has not been cured within 30 days following written notice by the
Company;

 

e.             Committed a
material breach of this Agreement, which has not been cured within 30 days
following receipt of written notice of the breach from the Company;

 

f.              Intentionally,
recklessly or negligently violated any material provision of the Sarbanes-Oxley
Act of 2002 or any of the rules adopted by the Securities and Exchange
Commission implementing any such provision; or

 

g.             Committed a
material breach of the Company’s Code of Ethics.

 

No
act or failure to act on the part of Employee will be deemed “intentional” if
it was due primarily to an error in judgment or negligence, but will be deemed “intentional”
only if done or omitted to be done by Employee not in good faith and without
reasonable belief that his or her action or omission was in the best interest
of the Company.  In connection with any
termination for Cause hereunder, the Company shall provide to Employee written
notice of the event or actions deemed to constitute such Cause.

 

4.                                       Change of Control:

 

4.1                                 Special Definitions.  As used herein,
the term “Change of Control” shall have the meaning ascribed to it in the
Company’s 2000 Long-Term Stock Incentive Plan, as the same may be amended,
restated or otherwise replaced from time to time.

 

The term “Good Reason” shall
mean that Employee has terminated his or her employment with the Company on
account of:

 

a.                                       A material
diminution in Employee’s duties and responsibilities;

 

b.                                      A material
diminution in Employee’s Base Compensation; or

 

c.                                       A material
relocation of the principal place at which Employee performs services
hereunder, but in no event less than 25 miles from the then principal place at
which Employee performs such services.

 

No event shall constitute “Good
Reason” hereunder unless Employee provides written notice thereof to the
Company not more than 90 days after the occurrence of such reason, the Company
is afforded not less than a 30-day cure period following receipt of such
notice, and Employee terminates his or her employment hereunder promptly
following the end of such cure period.

 

4.2                                 Termination of Employment in Connection with Change of Control.  If the Company terminates
Employee’s employment hereunder, other than on account of Cause, or Employee
terminates his or her employment hereunder on account of Good Reason, either
occurring within the 12-month period following the occurrence of a Change of
Control, then in lieu of any benefit provided in Section 3 hereof, the
Company shall pay or provide to or for the benefit of Employee:

 

 

a.                                       An amount equal
to 200% of his or her annualized Base Compensation then in effect, which amount
shall be paid in the form of a single-sum 30 days following Employee’s
Termination Date or the first business day thereafter.

 

b.                                      The average of
his or her annual bonus payable under the Company’s Annual Incentive Plan or a
successor thereto, before any deferral under the Company’s Deferred Bonus Plan,
during the Company’s three most recently completed fiscal years or such shorter
period as Employee has been employed by the Company; such amount shall be paid
in the form of a single-sum 30 days following Employee’s Termination Date or
the first business day thereafter.

 

c.                                       The amount of
any bonus due with respect to the Company’s most recently completed fiscal
year, if any, to the extent that such bonus has not yet been paid as of such
date, which amount shall be paid on the payment date generally applicable to
such bonus.

 

d.                                      A monthly
amount equal to the premium required to continue Employee’s coverage under the
Company’s group medical plan during the 18-month period following Employee’s
Termination Date, such amount to be (i) based upon Employee’s level of
enrollment in the Company’s group medical plan as of the date of his or her
Termination Date, and (ii) contingent upon Employee’s timely election to
continue his or her coverage under the Company’s group medical plan in
accordance with Code Section 4980B.

 

e.                                       Any stock
options granted to Employee outstanding as of the occurrence of a Change of
Control shall be deemed fully vested and be and remain exercisable during the
one-year  period following Employee’s
Termination Date or such longer period that may be provided under Employee’s
individual grants or awards, but in no event shall such options remain
exercisable ten years after the date of their grant.

 

4.3                                 Excise Tax.  If the
aggregate present value of all payments and benefits due to Employee under this
Agreement and any other payment or benefit due from the Company or any
successor thereto (the “Aggregate Payments”) would be subject to the excise tax
imposed by Code Section 4999, such payments or benefits shall be reduced
by the minimum amount necessary to result in no portion of the Aggregate
Payments, so reduced, being subject to the excise tax under Code Section 4999.  The determination of whether a reduction is
required hereunder shall be made by the Company’s registered independent public
accounting firm and shall be binding upon the parties hereto.  To the extent practicable, Employee shall be
entitled to select the payments or benefits subject to reduction hereunder.

 

5.                                      Business Protection:

 

5.1                                 Consideration.  Employee
acknowledges that the execution of this Agreement and his or her access to
Confidential Information (as defined herein) shall constitute adequate
consideration for each of the limitations and restrictions set forth in this Section 5,
the sufficiency of which is hereby acknowledged.

 

5.2                                 Protection of Confidential Information.  The Company and Employee acknowledge the
existence of Confidential Information, which is owned by the Company,
regardless of whether such Confidential Information was conceived, originated,
devised, 

 

 

supplemented,
discovered or developed by Employee, the Company, or any other person or
entity.  Employee acknowledges that he or
she will have access to Confidential Information during the Employment Term and
agrees that all such Confidential Information is, and shall remain, the sole
and exclusive property of the Company. 
Except as required by law, during the Employment Term and at all times
thereafter, Employee agrees that he or she shall not, without the prior written
consent of the Company, directly or indirectly use, disclose or disseminate to
any person or otherwise use any Confidential Information, other than on behalf
of the Company.  If Employee is legally
served with a lawfully issued subpoena directing Employee to disclose
Confidential Information, Employee shall immediately, but no later than five
days after receipt of such subpoena, provide written notice to the Company,
including a copy thereof.

 

As
used herein, the term “Confidential Information” shall mean, in addition to the
Company’s trade secrets as defined under applicable law, any data or
information and documentation, whether in tangible form, electronic form or
verbally disclosed, that is valuable to the Company and not generally known to
the public.  To the fullest extent
consistent with the foregoing and applicable law, Confidential Information
shall further include, without limitation, the Company’s computer programs,
sales techniques and reports, formulas, data processes, methods, articles of
manufacture, machines, apparatus, designs, compositions of matter, products,
ideas, improvements, inventions, discoveries, developmental or experimental
work, corporate strategy, marketing techniques, pricing lists and data and
other pricing information, business plans, ideas and opportunities, accounting
and financial information including financial statements and projections,
personnel records, specialized customer information, proprietary agreement with
vendors, supplier information, special products and services the Company may
offer or provide to its customers/guests from time to time, pending
acquisitions, negotiations and transactions, or the terms of existing proposed
business arrangements.  Confidential
Information shall also include all customer/guest lists, accounts and
specifications, and contacts of the Company, and shall further include work in
progress, plans or any other matter belonging to or relating to the technical
or business activities of the Company.

 

5.3                                 Patents; Intellectual Property.  Employee hereby assigns and agrees to assign
to the Company any invention, improvement, or discovery made by Employee, alone
or jointly with others, during the Employment Term, including any period of
authorized leave of absence, or as a result of his or her employment, and which
in any way relates to, or may be useful in, the business of the Company,
together with each patent that may be obtained thereon in any country.  Employee shall promptly and fully disclose to
the Company any such invention, improvement or discovery and, without further
consideration, will upon request by the Company execute all proper papers for
use in applying for, obtaining and maintaining any United States or foreign
patent and all proper assignments thereof, at the Company’s expense and through
its patent counsel.  Each such invention,
improvement or discovery, whether or not patented, shall be the exclusive
property of the Company.

 

5.4                                 Noncompetition.  The parties
agree that the Company is engaged in: (a) the business of owning, managing
and operating gaming and casino facilities in the States of Missouri,
Mississippi, Iowa, Louisiana, Colorado, Florida, the United Kingdom and the
Bahamas, (b) seeking new gaming properties in additional jurisdictions,
and (c) all aspects of such gaming and casino operations (collectively,
the “Company’s Business”).  Employee
acknowledges that the Company would be adversely affected if he or she competes
with the Company, and, accordingly, Employee agrees that, during the Employment
Term and the one-year period thereafter, Employee shall refrain from carrying
on or engaging in a business similar to the Company’s Business, either
individually or jointly or on behalf of or in concert with any other person, as
a proprietor, partner, shareholder, investor, lender, financial backer,
director, officer, 

 

 

employee, agent, advisor, consultant or
manager.  The provisions of this Section 5.4
shall apply to (a) any operation or facility located within a 75-mile
radius of any gaming operation or gaming facility owned by the Company, whether
in whole or in part, (b) any such operation or facility, which is not
owned by the Company but with respect to which the Company renders or proposes
to render consulting or management services, and (c) any of the foregoing
as to which the Company has taken any substantive step toward owning, in whole
or in part, or managing.  In each case,
such determination shall be made as of the date hereof and Employee’s
Termination Date.

 

5.5                                 Nonsolicitation.  During the
Employment Term and the six-month period thereafter, Employee shall not,
without the prior written consent of the Company, either directly or
indirectly, whether individually or jointly or on behalf of or in concert with
any other person, as a proprietor, partner, shareholder, investor, lender,
financial backer, director, officer, employee, agent, advisor, consultant or
manager, or in any other capacity or manner whatsoever, solicit, hire or
attempt to hire, enter into any contract or other arrangement with, or
interfere with, disrupt or attempt to interfere with or disrupt the Company’s
relationships with any person who is employed by the Company.  This Section 5.5 shall be applied in the
geographic areas described in Section 5.4 hereof and in any sales office,
regional office or the corporate headquarters of the Company.

 

5.6                                 Reasonable Terms.  By
execution below, Employee agrees that the geographic areas, duration and scope
of activities outlined in this Section 5 are reasonable.  Employee further agrees that (a) such
terms are no broader than necessary to protect the Company’s business, (b) such
terms are necessary to protect and maintain the Company’s interest in
Confidential Information with respect to which Employee has or shall have
access, and (c) such terms are not oppressive and will not impose an
unreasonable burden or restraint on Employee.

 

The
Company agrees that the provisions of this Section 5 shall not be
construed to prohibit the acquisition by Employee of less than 5% of any class
of securities issued by a publicly traded company.

 

5.7                                 Return of Company’s Property.  Upon termination or expiration of this
Agreement and the employment of Employee hereunder, for any reason, Employee or
his or her estate shall promptly return to the Company all of the property of
the Company, including, without limitation, access cards, keys and similar
items, automobiles, equipment, computers, fax machines, portable telephones,
printers, software, credit cards, manuals, customer lists, financial data,
letters, notes, notebooks, reports and copies of any of the above and any Confidential
Information that is in the possession or under the control of Employee, without
regard to the form thereof.  Employee, or
his or her estate, shall provide to the Company written certification that he
or she has complied with the provisions of this Section 5.7 not later than
fourteen days after his or her Termination Date or, in the event of Employee’s
death or Disability, such later time as the parties may mutually agree.

 

5.8                                 Indemnification.  The
Company shall indemnify and hold harmless Employee to the extent provided under
the Company’s organizational documents, from time to time, whether during the
Employment Term or after Employee’s Termination Date.

 

5.9                                 Survival.  Notwithstanding
any provision of this Agreement to the contrary, Employee and the Company
acknowledge that the restrictions and limitations set forth in this Section 5
shall survive the termination of this Agreement and Employee’s employment
hereunder for any reason.

 

 

6.                                       General:

 

6.1                                 Specified Employee Delay.  In the event the Company determines that
Employee is a “specified employee” within the meaning of Code Section 409A
as of his or her Termination Date, then, notwithstanding any provision of this
Agreement to the contrary, the Company shall postpone until the first business
day of the seventh calendar month following Employee’s Termination Date (the “Delayed
Payment Date”) any payment or benefit hereunder which is deemed on account of
Employee’s separation from service and not otherwise permitted to be paid or
furnished in accordance with the provisions of Code Section 409A or the
guidance promulgated thereunder.   Any
payment made as of Employee’s Delayed Payment Date shall include the principal
amount of all payments suspended between Employee’s Termination Date and such
date.

 

6.2                                 Successors and Assigns.  This Agreement is binding upon and shall
inure to the benefit of the Company’s successors and assigns.  The Company may assign this Agreement in
connection with a merger, consolidation, assignment, sale or other disposition
of substantially all of its assets or business, without the consent of
Employee.  This Agreement may not be
assigned by Employee.

 

6.3                                 Modification and Waiver.  This Agreement may be amended by written
agreement signed by the parties hereto. 
The Company’s failure, or delay in exercising any right, or partial
exercise of any right will not waive any provision of this Agreement or
preclude the Company from otherwise or further exercising any rights or
remedies hereunder, including any other rights or remedies granted by any law
or any related document.

 

6.4                                 Governing Law.  This Agreement
shall be governed by the internal laws of the State of Missouri, without regard
to the conflicts of law provisions thereof.

 

6.5                                 Arbitration, Remedies and Attorneys’ Fees.  Any controversy or claim
arising out of or relating to this Agreement, or the breach thereof, shall be
settled by binding arbitration administered by the American Arbitration
Association under its Commercial Arbitration Rules, and judgment on the award
rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof.  Both the Company
and Employee hereby consent to this binding arbitration provision.

 

The parties agree that (a) if
Employee breaches any provision of this Agreement, the damage to the Company
may be substantial, although difficult to ascertain, and monetary damages may
not afford an adequate remedy, and (b) notwithstanding the provisions of
this Section 6.5, if Employee is in breach of any provision of this
Agreement, or threatens a breach of this Agreement, the Company shall be
entitled, in addition to all other rights and remedies as may be provided by
law, to seek specific performance and injunctive and other equitable relief,
including, but not limited to, restraining orders and preliminary and permanent
injunctions, to enforce the provision of this Agreement.  The parties expressly agree that the Company
has these specific and express rights to injunctive relief without posting
bond, and without the necessity of proving irreparable injury, and that
Employee expressly agrees not to claim in any such equitable proceedings that a
remedy at law is available to the Company. 
The existence of any claim or cause of action by Employee, whether
predicated on this Agreement or otherwise, shall not constitute a defense to
the enforcement by the Company or any of its Affiliates of any provision
hereof.  The Company’s remedies for
breach of this Agreement shall be cumulative and the pursuit of one remedy
shall not be deemed to exclude any other remedies.  The parties hereto 

 

 

expressly agree that the Company shall be entitled
to recover damages for any loss sustained or right to which it has been
deprived, including any damages provided by law.

 

If any proceeding is brought
for the enforcement of this Agreement, or because of an alleged dispute, breach
or default in connection with any of the provisions of this Agreement, the
successful or prevailing party or parties shall be entitled to recover
reasonable attorneys’ fees and other costs incurred in that proceeding, in
addition to any other relief to which it may be entitled.

 

6.6                                 Severability and Reformation.  To the extent any provision of this Agreement
shall be invalid or unenforceable, it shall be considered deleted and the
remainder of such provision and this Agreement shall continue in full force and
effect.  In furtherance of the foregoing,
should the duration or geographical extent of, or business activities covered
by, any provision of this Agreement be in excess of that which is valid and
enforceable under applicable law, such provision shall be construed to cover
only the duration, extent or activities that is valid and enforceable.  Employee acknowledges the uncertainty of the
law in this respect, and expressly stipulates that this Agreement is to be
given the construction which renders its provisions valid and enforceable to
the maximum extent permitted under applicable law.

 

6.7                                 Entire Agreement.  This
Agreement contains the entire agreement and understanding by and between the
parties and supersedes and replaces any previous and contemporaneous oral
negotiations, commitments, writings and understandings concerning the matters
herein.

 

6.8                                 Notices.  All notices
and other communications required or permitted under this Agreement shall be in
writing and sent by certified or first class mail, postage prepaid, and shall
be deemed delivered upon hand delivery or upon mailing to the following address
(or such other address as may be furnished by a party hereto):

 

If to the Company:

Isle of Capri Casinos, Inc.

600 Emerson Drive, Suite 300

St. Louis, MO  63141

Attn: Senior Vice President,
Human Resources

 

If
to the Employee:

Employee’s
last address in Company’s personnel files

 

6.9                                 Employee’s Representation.  Employee represents and warrants to the
Company that the execution and delivery of this Agreement and the performance
of his or her duties and obligations hereunder shall not constitute a violation
of any other agreement to which Employee is a party.

 

6.10                           Taxes.  The Company
shall be entitled to withhold as a condition of any payment or benefit
described herein, any Federal, state or local taxes required by law to be
withheld.

 

6.11                           Review and Advice.  By
execution below, Employee represents and warrants that he or she has read this
Agreement and obtained independent advice concerning the terms and conditions
thereof.  Employee voluntarily executes
this Agreement with full knowledge of its terms and conditions and the rights
and obligations of the parties set forth herein.

 

 

THIS EMPLOYMENT
AGREEMENT is executed in multiple counterparts, each of which
shall be deemed an original, as of the dates set forth below, to be effective
as provided above.

 

	
  Employee:

  	
   

  	
  Isle of
  Capri Casinos, Inc.:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date

  	
   

  
						

 

 

NO:99842554.2

 

 

EXHIBIT A

COMPENSATION
AND BENEFITS

 

The terms of this Exhibit A,
as it may be amended from time to time, are intended to form a part of that
certain employment agreement by and between Isle of Capri Casinos, Inc.
and its affiliates and the employee named below (the “Agreement”).

 

Name of Employee:

 

Date of this Exhibit:

 

Base Compensation:

 

Bonus Opportunity:

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