Document:

EXHIBIT
10.1

 

Option
No.________

 

Consultant
Form

 

USA
EQUITIES CORP

 

Stock
Option Grant Notice

 

Stock
Option Grant under the Company’s

2020
Equity Incentive Plan

 

	1.	Name
    and Address of Participant:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	2.	Date
    of Option Grant:	 	 
	 	 	 	 
	3.	Type
    of Grant:	 	Non-Qualified
	 	 	 	 
	4.	Maximum
    Number of Shares for which this Option is exercisable:	 	 
	 	 	 	 
	5.	Exercise
    (purchase) price per share:	 	 
	 	 	 	 
	6.	Option
    Expiration Date:	 	 
	 	 	 	 
	7.	Vesting
    Start Date:	 	 
	 	 	 	 
	8.	Vesting
    Schedule: This Option shall become exercisable (and the Shares issued upon exercise shall be vested) as follows provided the
    Participant is an Employee, director or Consultant of the Company or of an Affiliate on the applicable vesting date:
	 	 
	 	[Insert
    Vesting Schedule]

 

Notwithstanding
the foregoing, in the event of a Change of Control (as defined in the Plan) all of the Shares which are not then vested under
this Option shall become fully vested and immediately exercisable as of the date of the Change of Control including, but not limited
to, pursuant to a Corporate Transaction that also constitutes a Change of Control pursuant to Section 25(b) of the Plan unless
this Option prior to the date of the Change of Control has expired or been terminated pursuant to its terms or the terms of the
Plan.

 

The
foregoing rights are cumulative and are subject to the other terms and conditions of this Agreement and the Plan.

 

    	1

    	 

    

 

The
Company and the Participant acknowledge receipt of this Stock Option Grant Notice and agree to the terms of the Stock Option Agreement
attached hereto and incorporated by reference herein, the Company’s 2020 Equity Incentive Plan and the terms of this Option
Grant as set forth above.

 

	 	USA
    EQUITIES CORP
	 	 	 	 
	 	By:	      	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	 	 
	 	Participant	 

 

    	2

    	 

    

 

USA
EQUITIES CORP

 

STOCK
OPTION AGREEMENT - INCORPORATED TERMS AND CONDITIONS

 

AGREEMENT
made as of the date of grant set forth in the Stock Option Grant Notice by and between USA Equities Corp (the “Company”),
a Delaware corporation, and the individual whose name appears on the Stock Option Grant Notice (the “Participant”).

 

WHEREAS,
the Company desires to grant to the Participant an Option to purchase shares of its common stock, $.0001 par value per share (the
“Shares”), under and for the purposes set forth in the Company’s 2020 Equity Incentive Plan (the “Plan”);

 

WHEREAS,
the Company and the Participant understand and agree that any terms used and not defined herein have the same meanings as in the
Plan; and

 

WHEREAS,
the Company and the Participant each intend that the Option granted herein shall be of the type set forth in the Stock Option
Grant Notice.

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter set forth and for other good and valuable consideration, the parties
hereto agree as follows:

 

1.
GRANT OF OPTION. The Company hereby grants to the Participant the right and option to purchase all or any part of an aggregate
of the number of Shares set forth in the Stock Option Grant Notice, on the terms and conditions and subject to all the limitations
set forth herein, under United States securities and tax laws, and in the Plan, which is incorporated herein by reference. The
Participant acknowledges receipt of a copy of the Plan.

 

2.
EXERCISE PRICE. The exercise price of the Shares covered by the Option shall be the amount per Share set forth in the
Stock Option Grant Notice, subject to adjustment, as provided in the Plan, in the event of a stock split, reverse stock split
or other events affecting the holders of Shares after the date hereof (the “Exercise Price”). Payment shall be made
in accordance with Paragraph 10 of the Plan.

 

3.
EXERCISABILITY OF OPTION. Subject to the terms and conditions set forth in this Agreement and the Plan, the Option granted
hereby shall become vested and exercisable as set forth in the Stock Option Grant Notice and is subject to the other terms and
conditions of this Agreement and the Plan.

 

4.
TERM OF OPTION. This Option shall terminate on the Option Expiration Date as specified in the Stock Option Grant Notice,
but shall be subject to earlier termination as provided herein or in the Plan.

 

If
the Participant ceases to be an Employee, director or Consultant of the Company or of an Affiliate for any reason other than the
death or Disability of the Participant, or termination of the Participant for Cause (the “Termination Date”), the
Option to the extent then vested and exercisable pursuant to Section 3 hereof as of the Termination Date, and not previously terminated
in accordance with this Agreement, may be exercised within three months after the Termination Date, or on or prior to the Option
Expiration Date as specified in the Stock Option Grant Notice, whichever is earlier, but may not be exercised thereafter except
as set forth below. In such event, the unvested portion of the Option shall not be exercisable and shall expire and be cancelled
on the Termination Date.

 

    	3

    	 

    

 

In
the event of the Participant’s Disability or death within three months after the Termination Date, the Participant or the
Participant’s Survivors may exercise the Option within one year after the Termination Date, but in no event after the Option
Expiration Date as specified in the Stock Option Grant Notice.

 

In
the event the Participant’s service is terminated by the Company or an Affiliate for Cause, the Participant’s right
to exercise any unexercised portion of this Option even if vested shall cease immediately as of the time the Participant is notified
his or her service is terminated for Cause, and this Option shall thereupon terminate. Notwithstanding anything herein to the
contrary, if subsequent to the Participant’s termination, but prior to the exercise of the Option, the Administrator determines
that, either prior or subsequent to the Participant’s termination, the Participant engaged in conduct which would constitute
Cause, then the Participant shall immediately cease to have any right to exercise the Option and this Option shall thereupon terminate.

 

In
the event of the Disability of the Participant, as determined in accordance with the Plan, the Option shall be exercisable within
one year after the Participant’s termination of service due to Disability or, if earlier, on or prior to the Option Expiration
Date as specified in the Stock Option Grant Notice. In such event, the Option shall be exercisable:

 

	 	(a)	to
    the extent that the Option has become exercisable but has not been exercised as of the date of the Participant’s termination
    of service due to Disability; and
	 	 	 
	 	(b)	in
    the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of the Participant’s
    termination of service due to Disability of any additional vesting rights that would have accrued on the next vesting date
    had the Participant not become Disabled. The proration shall be based upon the number of days accrued in the current vesting
    period prior to the date of the Participant’s termination of service due to Disability.

 

In
the event of the death of the Participant while an Employee, director or Consultant of the Company or of an Affiliate, the Option
shall be exercisable by the Participant’s Survivors within one year after the date of death of the Participant or, if earlier,
on or prior to the Option Expiration Date as specified in the Stock Option Grant Notice. In such event, the Option shall be exercisable:

 

	 	(x)	to
    the extent that the Option has become exercisable but has not been exercised as of the date of death; and
	 	 	 
	 	(y)	in
    the event rights to exercise the Option accrue periodically, to the extent of a pro rata portion through the date of death
    of any additional vesting rights that would have accrued on the next vesting date had the Participant not died. The proration
    shall be based upon the number of days accrued in the current vesting period prior to the Participant’s date of death.

 

    	4

    	 

    

 

5.
METHOD OF EXERCISING OPTION. Subject to the terms and conditions of this Agreement, the Option may be exercised by written
notice to the Company or its designee, in substantially the form of Exhibit A attached hereto (or in such other form acceptable
to the Company, which may include electronic notice). Such notice shall state the number of Shares with respect to which the Option
is being exercised and shall be signed by the person exercising the Option (which signature may be provided electronically in
a form acceptable to the Company). Payment of the Exercise Price for such Shares shall be made in accordance with Paragraph 7
of the Plan, except that Participant shall have the right to exercise by any method described in (b) or (c) of Paragraph 7 of
the Plan without Administrator approval. The Company shall deliver such Shares as soon as practicable after the notice shall be
received, provided, however, that the Company may delay issuance of such Shares until completion of any action or obtaining of
any consent, which the Company deems necessary under any applicable law (including, without limitation, state securities or “blue
sky” laws). The Shares as to which the Option shall have been so exercised shall be registered in the Company’s share
register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant and if the
Participant shall so request in the notice exercising the Option, shall be registered in the Company’s share register in
the name of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to
or upon the written order of the person exercising the Option. In the event the Option shall be exercised, pursuant to Section
4 hereof, by any person other than the Participant, such notice shall be accompanied by appropriate proof of the right of such
person to exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided herein shall be
fully paid and nonassessable.

 

6.
PARTIAL EXERCISE. Exercise of this Option to the extent above stated may be made in part at any time and from time to
time within the above limits, except that no fractional share shall be issued pursuant to this Option.

 

7.
NON-ASSIGNABILITY. The Option shall not be transferable by the Participant otherwise than by will, by the laws of descent
and distribution or pursuant to a qualified domestic relations order as defined by the Code or Title I of the Employee Retirement
Income Security Act or the rules thereunder. Such transferee shall remain subject to all the terms and conditions applicable to
the Option prior to such transfer and each such transferee shall so acknowledge in writing as a condition precedent to the effectiveness
of such transfer. The term “Immediate Family” shall mean the Participant’s spouse, former spouse, parents, children,
stepchildren, adoptive relationships, sisters, brothers, nieces, nephews and grandchildren (and, for this purpose, shall also
include the Participant). Except as provided above in this paragraph, the Option shall be exercisable, during the Participant’s
lifetime, only by the Participant (or, in the event of legal incapacity or incompetency, by the Participant’s guardian or
representative) and shall not be assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and shall
not be subject to execution, attachment or similar process. Any attempted transfer, assignment, pledge, hypothecation or other
disposition of the Option or of any rights granted hereunder contrary to the provisions of this Section 7, or the levy of any
attachment or similar process upon the Option shall be null and void.

 

    	5

    	 

    

 

8.
NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE. The Participant shall have no rights as a stockholder with respect to Shares
subject to this Agreement until registration of the Shares in the Company’s share register in the name of the Participant.
Except as is expressly provided in the Plan with respect to certain changes in the capitalization of the Company, no adjustment
shall be made for dividends or similar rights for which the record date is prior to the date of such registration.

 

9.
ADJUSTMENTS. The Plan contains provisions covering the treatment of Options in a number of contingencies such as stock
splits and mergers. Provisions in the Plan for adjustment with respect to stock subject to Options and the related provisions
with respect to successors to the business of the Company are hereby made applicable hereunder and are incorporated herein by
reference.

 

10.
TAXES. The Participant acknowledges and agrees that (i) any income or other taxes due from the Participant with respect
to this Option or the Shares issuable pursuant to this Option shall be the Participant’s responsibility; (ii) the Participant
was free to use professional advisors of his or her choice in connection with this Agreement, has received advice from his or
her professional advisors in connection with this Agreement, understands its meaning and import, and is entering into this Agreement
freely and without coercion or duress; (iii) the Participant has not received and is not relying upon any advice, representations
or assurances made by or on behalf of the Company or any Affiliate or any employee of or counsel to the Company or any Affiliate
regarding any tax or other effects or implications of the Option, the Shares or other matters contemplated by this Agreement;
and (iv) neither the Administrator, the Company, its Affiliates, nor any of its officers or directors, shall be held liable for
any applicable costs, taxes, or penalties associated with the Option if, in fact, the Internal Revenue Service were to determine
that the Option constitutes deferred compensation under Section 409A of the Code.

 

The
Participant agrees that the Company may withhold from the Participant’s remuneration, if any, the minimum statutory amount
of federal, state and local withholding taxes attributable to such amount that is considered compensation includable in such person’s
gross income. At the Company’s discretion, the amount required to be withheld may be withheld in cash from such remuneration,
or in kind from the Shares otherwise deliverable to the Participant on exercise of the Option. The Participant further agrees
that, if the Company does not withhold an amount from the Participant’s remuneration sufficient to satisfy the Company’s
income tax withholding obligation, the Participant will reimburse the Company on demand, in cash, for the amount under-withheld.

 

    	6

    	 

    

 

11.
PURCHASE FOR INVESTMENT. Unless the offering and sale of the Shares to be issued upon the particular exercise of the Option
shall have been effectively registered under the Securities Act, the Company shall be under no obligation to issue the Shares
covered by such exercise unless the Company has determined that such exercise and issuance would be exempt from the registration
requirements of the Securities Act and until the following conditions have been fulfilled:

 

	 	(a)	The
    person(s) who exercise the Option shall warrant to the Company, at the time of such exercise, that such person(s) are acquiring
    such Shares for their own respective accounts, for investment, and not with a view to, or for sale in connection with, the
    distribution of any such Shares, in which event the person(s) acquiring such Shares shall be bound by the provisions of the
    following legend which shall be endorsed upon any certificate(s) evidencing the Shares issued pursuant to such exercise:
	 	 	 
	 	 	“The
    shares represented by this certificate have been taken for investment and they may not be sold or otherwise transferred by
    any person, including a pledgee, unless (1) either (a) a Registration Statement with respect to such shares shall be effective
    under the Securities Act of 1933, as amended, or (b) the Company shall have received an opinion of counsel satisfactory to
    it that an exemption from registration under such Act is then available, and (2) there shall have been compliance with all
    applicable state securities laws;” and
	 	 	 
	 	(b)	If
    the Company so requires, the Company shall have received an opinion of its counsel that the Shares may be issued upon such
    particular exercise in compliance with the Securities Act without registration thereunder. Without limiting the generality
    of the foregoing, the Company may delay issuance of the Shares until completion of any action or obtaining of any consent,
    which the Company deems necessary under any applicable law (including without limitation state securities or “blue sky”
    laws).

 

12.
RESTRICTIONS ON TRANSFER OF SHARES.

 

	 	(a)	The
    Participant agrees that in the event the Company proposes to offer for sale to the public any of its equity securities and
    such Participant is requested by the Company and any underwriter engaged by the Company in connection with such offering to
    sign an agreement restricting the sale or other transfer of Shares, then it will promptly sign such agreement and will not
    transfer, whether in privately negotiated transactions or to the public in open market transactions or otherwise, any Shares
    or other securities of the Company held by him or her during such period as is determined by the Company and the underwriters,
    not to exceed 180 days following the closing of the offering, plus such additional period of time as may be required to comply
    with FINRA rules or similar rules thereto promulgated by another regulatory authority (such period, the “Lock-Up Period”).
    Such agreement shall be in writing and in form and substance reasonably satisfactory to the Company and such underwriter and
    pursuant to customary and prevailing terms and conditions. Notwithstanding whether the Participant has signed such an agreement,
    the Company may impose stop-transfer instructions with respect to the Shares or other securities of the Company subject to
    the foregoing restrictions until the end of the Lock-Up Period.
	 	 	 
	 	(b)	The
    Participant acknowledges and agrees that neither the Company, its stockholders nor its directors and officers, has any duty
    or obligation to disclose to the Participant any material information regarding the business of the Company or affecting the
    value of the Shares before, at the time of, or following a termination of the service of the Participant by the Company, including,
    without limitation, any information concerning plans for the Company to make a public offering of its securities or to be
    acquired by or merged with or into another firm or entity.

 

    	7

    	 

    

 

13.
NO OBLIGATION TO MAINTAIN RELATIONSHIP. The Participant acknowledges that: (i) the Company is not by the Plan or this
Option obligated to continue the Participant as an employee, director or Consultant of the Company or an Affiliate; (ii) the Plan
is discretionary in nature and may be suspended or terminated by the Company at any time; (iii) the grant of the Option is a one-time
benefit which does not create any contractual or other right to receive future grants of options, or benefits in lieu of options;
(iv) all determinations with respect to any such future grants, including, but not limited to, the times when options shall be
granted, the number of shares subject to each option, the option price, and the time or times when each option shall be exercisable,
will be at the sole discretion of the Company; (v) the Participant’s participation in the Plan is voluntary; (vi) the value
of the Option is an extraordinary item of compensation which is outside the scope of the Participant’s employment or consulting
contract, if any; and (vii) the Option is not part of normal or expected compensation for purposes of calculating any severance,
resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments.

 

14.
NOTICES. Any notices required or permitted by the terms of this Agreement or the Plan shall be given by recognized courier
service, facsimile, registered or certified mail, return receipt requested, addressed as follows:

 

If
to the Company:

 

USA
Equities Corp

901
Northpoint Parkway, Suite 302

West
Palm Beach, Florida 33407

Attention:
President

 

If
to the Participant at the address set forth on the Stock Option Grant Notice

 

or
to such other address or addresses of which notice in the same manner has previously been given. Any such notice shall be deemed
to have been given upon the earlier of receipt, one business day following delivery to a recognized courier service or three business
days following mailing by registered or certified mail.

 

15.
GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without giving effect to the conflict of law principles thereof. For the purpose of litigating any dispute that arises under this
Agreement, the parties hereby consent to exclusive jurisdiction in Florida and agree that such litigation shall be conducted in
the state courts of Palm Beach County, Florida or the federal courts of the United States for the District of Florida.

 

    	8

    	 

    

 

16.
BENEFIT OF AGREEMENT. Subject to the provisions of the Plan and the other provisions hereof, this Agreement shall be for
the benefit of and shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto.

 

17.
ENTIRE AGREEMENT. This Agreement, together with the Plan, embodies the entire agreement and understanding between the
parties hereto with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings
relating to the subject matter hereof (with the exception of acceleration of vesting provisions contained in any other agreement
with the Company). No statement, representation, warranty, covenant or agreement not expressly set forth in this Agreement shall
affect or be used to interpret, change or restrict, the express terms and provisions of this Agreement. Notwithstanding the foregoing
in all events, this Agreement shall be subject to and governed by the Plan.

 

18.
MODIFICATIONS AND AMENDMENTS. The terms and provisions of this Agreement may be modified or amended as provided in the
Plan.

 

19.
WAIVERS AND CONSENTS. Except as provided in the Plan, the terms and provisions of this Agreement may be waived, or consent
for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or
provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other
terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific
instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

 

20.
DATA PRIVACY. By entering into this Agreement, the Participant: (i) authorizes the Company and each Affiliate, and any
agent of the Company or any Affiliate administering the Plan or providing Plan recordkeeping services, to disclose to the Company
or any of its Affiliates such information and data as the Company or any such Affiliate shall request in order to facilitate the
grant of options and the administration of the Plan; (ii) to the extent permitted by applicable law waives any data privacy rights
he or she may have with respect to such information, and (iii) authorizes the Company and each Affiliate to store and transmit
such information in electronic form for the purposes set forth in this Agreement.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    	9

    	 

    

 

Exhibit
A

 

NOTICE
OF EXERCISE OF STOCK OPTION

 

	To:	USA
    Equities Corp

 

IMPORTANT
NOTICE: This form of Notice of Exercise may only be used at such time as the Company has filed a Registration Statement with the
Securities and Exchange Commission under which the issuance of the Shares for which this exercise is being made is registered
and such Registration Statement remains effective.

 

Ladies
and Gentlemen:

 

I
hereby exercise my Stock Option to purchase _________ shares (the “Shares”) of the common stock, $.0001 par value,
of USA Equities Corp (the “Company”), at the exercise price of $________ per share, pursuant to and subject to the
terms of that Stock Option Grant Notice dated _______________, 20__.

 

I
understand the nature of the investment I am making and the financial risks thereof. I am aware that it is my responsibility to
have consulted with competent tax and legal advisors about the relevant national, state and local income tax and securities laws
affecting the exercise of the Option and the purchase and subsequent sale of the Shares.

 

I
am paying the option exercise price for the Shares as follows:

_________________________________________

 

Please
issue the Shares (check one):

 

[  ]
to me; or

 

[  ]
to me and ____________________________, as joint tenants with right of survivorship,

 

at
the following address:

 

________________________________________

 

________________________________________

 

________________________________________

 

    	Exhibit A-1

    	 

    

 

My
mailing address for stockholder communications, if different from the address listed above, is:

 

________________________________________

 

________________________________________

 

________________________________________

 

	 	Very
    truly yours,	 
	 	 	 
	 	 	 
	 	Participant
    (signature)	 
	 	 	 
	 	 	 
	 	Print
    Name	 
	 	 	 
	 	 	 
	 	Date	 

 

    	Exhibit A-2Exhibit 41

		

			Exhibit 4.1

		

		
			CENTURY CASINOS, INC.
		

		
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			DESCRIPTION OF SECURITIES
		

		
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			The following is a summary of the terms of the common stock, par value $0.01, of Century Casinos, Inc. It is based upon our Certificate of Incorporation (the “Certificate”) and our Amended and Restated Bylaws (the “Bylaws”) currently in effect. This summary is not complete and is subject to, and qualified in its entirety by reference to, the Certificate and Bylaws. For a complete description of the terms and provisions of the Common Stock, refer to the Certificate and the Bylaws. Throughout this exhibit, references to the “Company,” “we,” “our,” and “us” refer to Century Casinos, Inc. We encourage you to carefully read these exhibits and the applicable portions of the General Corporation Law of Delaware (the “DGCL”).
		

		
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			Capital Stock 
		

		
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			Our authorized capital stock consists of 50,000,000 shares of common stock, par value $0.01 per share, and 20,000,000 shares of preferred stock, par value $0.01 per share. The Company’s board of directors has the power and authority to fix by resolution the designations, powers, preferences, rights, qualifications, limitations and restrictions for any series of preferred stock, including, without limitation, the designation of each series and the number of shares constituting each series; dividend rights and rates and whether any dividends are cumulative, partially cumulative or non-cumulative; rights and terms of redemption, including sinking fund provisions and redemption prices; liquidation preferences; voting rights; conversion rights and terms; and terms concerning the distribution of assets.  No shares of preferred stock are currently outstanding.
		

		
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			Common Stock
		

		
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			        Holders of our common stock are entitled to one vote per share in the election of directors and on all other matters on which stockholders are entitled or permitted to vote. Holders of common stock are not entitled to cumulative voting rights. Therefore, holders of a majority of the shares voting for the election of directors can elect all the directors. Subject to the terms of any outstanding series of preferred stock, the holders of common stock are entitled to dividends in amounts and at times as may be declared by our board of directors out of funds legally available. Upon our liquidation or dissolution, holders of common stock are entitled to share ratably in all net assets available for distribution to stockholders after payment of any liquidation preferences to holders of preferred stock. Holders of common stock have no conversion or preemptive rights and no redemption rights except as described under the heading “—Business Combinations with Interested Stockholder; Redemption Provisions” below.  Our common stock trades on the Nasdaq Capital Market under the symbol “CNTY.” 
		

		
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			Redemption Provisions
		

		
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			        Our Certificate provides that our shares of capital stock are subject to repurchase if in the judgment of our board of directors such repurchase is necessary to obtain or maintain a license or franchise to conduct any portion of our business. We must provide such security holders with 30 days’ written notice of our intent to redeem the securities held by them, subject to certain exceptions. Following the expiration of a 30-day notice period, any securities selected for redemption by our board of directors cease to entitle the holder thereof to any rights other than the right to receive the redemption price for such securities. The redemption price will generally be the average closing price of the securities to be redeemed for the 45 trading days preceding the redemption date.
		

		
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			Anti-Takeover Effects
		

		
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			        Provisions of the DGCL, our Certificate and our Bylaws could have the effect of delaying, deferring or preventing a third party from acquiring us, even if the acquisition would benefit our stockholders. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by our board, and to discourage types of transactions that may involve an actual or threatened change of control. These provisions are designed to reduce our vulnerability to an unsolicited proposal for a takeover that does not contemplate the acquisition of all of our outstanding shares, or an unsolicited proposal for the restructuring or sale of all or part of us. They may delay, defer or prevent a tender offer or takeover attempt of our Company that a stockholder might consider in his or her best interest, including those attempts that might result in a premium over the market price for the shares held by our stockholders. The following summarizes these provisions.
		

		
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			Business Combinations with Interested Stockholder; Redemption Provisions
		

		
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			        Our Certificate prohibits us from engaging in a “business combination” with an “interested stockholder” without the approval by affirmative vote of the holders of at least 80% of our outstanding voting stock, unless:
		

		
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			Prior to completion of the business combination, a majority (but not fewer than two) of the “continuing directors” approve such business combination. “Continuing directors” means directors other than the relevant interested stockholder or an affiliate, associate, employee, agent or nominee of such interested stockholder, or a relative of the foregoing, who were either (i) directors prior to the time such interested stockholder became an interested stockholder, or (ii) successors of such a continuing director who are recommended or elected to succeed such continuing director by a majority of the continuing directors then on our board; or

		
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			Stockholders other than the interested stockholder are entitled to receive consideration in such business combination that exceeds certain thresholds set forth in our Certificate.

		
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			        For purposes of this provision of our Certificate, a “business combination” includes mergers, asset sales or other transactions with or suggested by an interested stockholder, with an “interested stockholder” being defined as (i) a person who, together with affiliates and associates, owns, or within two years prior to the date of determination that the person is an “interested stockholder,” did own, 5% or more of the Company’s voting stock, or (ii) an assignee, in any transaction not involving a public offering during the preceding two years, of shares of stock held by an interested stockholder.
		

		
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			        In addition, if an interested stockholder becomes the beneficial owner of more than 50% of our voting stock as a result of transactions not involving our issuance of capital stock to such interested stockholder or an affiliate or associate thereof, stockholders other than the interested stockholder and its affiliates and associates will have the option to have us redeem their shares of our voting stock. Such option will not be available if, within ten days after commencement of a tender offer by an interested stockholder for shares of our common stock, a majority of the continuing directors recommend that stockholders accept the tender offer, or if, within 30 days of our receipt of notice of the interested stockholder becoming the beneficial owner of more than 50% of our voting stock, the continuing directors determine that such redemption would not be in our best interests.
		

		
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			        The provisions of our Certificate relating to business combinations with an interested stockholder and related redemption rights may only be amended by an affirmative vote of the holders of 80% of our outstanding voting stock.
		

		
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			Delaware Anti-Takeover Statute
		

		
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			        Transactions that are not governed by the business combination provision in our Certificate, as described above, are subject to the provisions of Section 203 of the DGCL. Subject to exceptions, the statute prohibits a publicly-held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder, unless:
		

		
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			Prior to such date, our board of directors approved either the business combination or the transaction which resulted in the stockholder becoming an interested stockholder;

		

		

		 

		

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			Upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares of voting stock outstanding, those shares owned (i) by persons who are directors and also officers and (ii) by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

		
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			On or after such date, the business combination is approved by our board of directors and authorized at an annual or special meeting of stockholders and not by written consent, by the affirmative vote of at least 66 1/2% of the outstanding voting stock which is not owned by the interested stockholder.

		
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			        For purposes of Section 203, a “business combination” includes a merger, asset sale or other transaction resulting in a financial benefit to the interested stockholder, with an “interested stockholder” being defined as a person who, together with affiliates and associates, owns, or within three years prior to the date of determination whether the person is an “interested stockholder,” did own, 15% or more of the corporation’s voting stock.
		

		
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			Classified Board of Directors
		

		
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			        Our board of directors is divided into three classes of directors as nearly equal in number as possible. Presently, our board of directors consists of five directors. Each director who is elected at an annual meeting of stockholders is elected for a three-year term expiring at the third annual meeting of stockholders after such director’s election. Accordingly, under most circumstances, directors of one class only are elected at each year’s annual meeting of stockholders. If elected, all nominees are expected to serve until the expiration of their respective terms and until their successors are duly elected and qualified.
		

		
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			Removal of Directors
		

		
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			        Our Certificate provides that directors may only be removed from office without cause by an affirmative vote of the holders of 80% of our outstanding voting stock, and may only be removed with cause by an affirmative vote of the holders of a majority of our outstanding voting stock. Only our board of directors is authorized to fill vacant directorships or change the size of our board. The provisions of our Certificate relating to removal of directors, the size of our board, filling vacancies on the board and related matters may only be amended by an affirmative vote of the holders of 80% of our outstanding voting stock.
		

		
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			Stockholder Action; Special Meetings of Stockholders
		

		
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			        Our Certificate eliminates the ability of stockholders to act by written consent. Our Certificate and Bylaws provide that special meetings of our stockholders may be called only by a majority of our board of directors, or by the Chairman or Vice Chairman of the board or by our President.
		

		
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			Advance Notice of Stockholder Business Proposals and Nominations
		

		
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			The Bylaws provide an advance written notice procedure with respect to stockholder proposals of business and stockholder nominations of candidates for election as directors.  Stockholders at an annual meeting are only able to consider the proposals and nominations specified in the notice of meeting or otherwise brought before the meeting by or at the direction of the board of directors or by a stockholder that has delivered timely written notice in proper form to the Company’s secretary of the business to be brought before the meeting.
		

		
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			Authorized But Unissued Shares
		

		
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			        Our authorized but unissued shares of common stock and preferred stock are generally available for our board to issue without stockholder approval. We may use these additional shares for a variety of corporate purposes, including future offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of our authorized but unissued shares of common stock and preferred stock could render more difficult or discourage an attempt to obtain control of our company by means of a proxy contest, tender offer, merger or other transaction.
		

		

		

		 

		

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			Limitations of Director Liability
		

		
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			        Our Certificate limits personal liability of our directors for breaches by the directors of their fiduciary duties to the fullest extent provided by Delaware law. Such provisions eliminate the personal liability of directors for damages occasioned by breach of fiduciary duty, except for liability based on the director's duty of loyalty to us or our stockholders, liability for acts or omissions not made in good faith, liability for acts or omissions involving intentional misconduct or knowing violation of law, liability based on payments of improper dividends and liability based on a transaction from which the director derives an improper personal benefit. Any amendment to or repeal of such provisions will not adversely affect any right or protection of a director for or with respect to any acts or omissions of such director occurring prior to such amendment or repeal.
		

		
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			Regulatory Restrictions
		

		
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			        We may not issue any voting securities except in accordance with the provisions of the Colorado Limited Gaming Act (the “Gaming Act”) and the regulations promulgated thereunder. The issuance of any voting securities in violation of the Gaming Act will be void, and the voting securities will be deemed not to be issued and outstanding. No voting securities may be transferred, except in accordance with the provisions of the Gaming Act and the regulations promulgated thereunder. Any transfer in violation of these provisions will be void. If the Colorado Limited Gaming Control Commission (the “Gaming Commission”) at any time determines that a holder in excess of 5% of our voting securities is unsuitable to hold the securities, then we may, within sixty (60) days after the finding of unsuitability, purchase the voting securities of the unsuitable person at the lesser of (i) the cash equivalent of such person’s investment, or (ii) the current market price as of the date of the finding of unsuitability, unless such voting securities are transferred to a suitable person within sixty (60) days after the finding of unsuitability. Until our voting securities are owned by persons found by the Gaming Commission to be suitable to own them, (i) we are not permitted to pay any dividends or interest with regard to the voting securities, (ii) the holder of such voting securities will not be entitled to vote, and the voting securities will not for any purposes be included in the voting securities entitled to vote, and (iii) we may not pay any remuneration in any form to the holder of the voting securities, except in exchange for the voting securities.
		

		
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			Amendment of Bylaws
		

		
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			Our Certificate provides that our board of directors has the power to make, adopt, alter, amend, change or repeal the Bylaws by the affirmative vote of a majority of the board of directors.  The Certificate provides that stockholders may make, adopt, alter, amend, change or repeal the Bylaws only by an affirmative vote of the holders of 80% of our outstanding voting stock.
		

		
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