Document:

Unassociated Document

    

       

      EMPLOYMENT
        AGREEMENT

       

      THIS
        EMPLOYMENT AGREEMENT (“Agreement") is entered into this 31st day of August,
        2005, by and between JON A. ARNESEN (“Employee”) and NEVADA GOLD & CASINOS,
        INC., a Nevada corporation with headquarters in Houston, Texas
        (“Employer”).

      
      

       

      WHEREAS,
        Employer is in the business of developing, owning, and operating various
        gaming
        facilities and lodging and entertainment facilities in different parts of
        the
        United States; and

       

      WHEREAS,
        Employer desires to enter into an employment relationship with Employee and
        Employee desires to enter into an employment relationship with Employer;
        

       

      NOW,
        THEREFORE, in consideration of the mutual covenants and promises contained
        herein, the parties agree as follows:

       

      1. EMPLOYMENT.
        Employer hereby agrees to hire and employ Employee, and Employee hereby agrees
        to accept such employment, to work for and on behalf of Employer (or any
        of its
        affiliates, subsidiaries, co-venturers or other business entities as Employer
        shall from time to time determine), pursuant to the terms and conditions
        of this
        Agreement. The date Employee shall report for full-time duty with Employer
        (the
        "Employment Date") shall be on or before November 30, 2005. 

       

      2. TERM.
        This
        Agreement is effective immediately and shall continue until August 31, 2010,
        unless terminated earlier as provided herein (the "Initial Term"). Unless
        Employer gives written notice to Employee (on or before August 31, 2009)
        of its
        decision not
        to renew
        this Agreement for an additional five (5) year term, then this Agreement
        shall
        automatically renew for an additional five (5) year term (the "Second Term")
        under the same terms and conditions as set forth herein except that the salary
        at the beginning of the Second Term shall be the same as the ending salary
        at
        the conclusion of the Initial Term.

       

      
        
          
            	 Initials __________ 	
                     Initials
                      __________

                  

          

           

          
            
              
              

            

            
              -1-

              
                

              

            

            
              
              

            

          

        

      

       

      3. DUTIES
        AND TITLE.
        Employee’s title shall be that of President and Chief Operating Officer.
        Employee shall perform such duties as directed by the Chief Executive Officer
        of
        Employer. Such duties shall include, but not be limited to, overall
        responsibility for and authority over: casino, lodging, entertainment and
        other
        operations; finance and accounting; marketing and sales; human resources;
        supporting property acquisition and management; and implementation of Employer’s
        long range and strategic goals. Employee shall perform his duties to the
        best of
        his abilities and shall devote substantially all of his working time to such
        duties.

       

      
      

      4. COMPENSATION.
        Employer hereby agrees to provide Employee with the following compensation
        package (the “Compensation Package”), which shall be reviewed annually by
        Employer’s Compensation Committee:

      
      

      
      

       

      (a) Salary.
        Commencing on the Employment Date, Employer shall pay Employee an annual
        salary
        in the amount of Three Hundred Twenty-five Thousand Dollars ($325,000.00),
        payable in the same manner as Employer pays its other executive employees,
        less
        required state and federal withholdings.

       

      (b) Auto
        Allowance.
        Commencing on the Employment Date, Employer shall provide Employee with a
        monthly auto allowance of Seven Hundred Fifty Dollars ($750.00).

       

      (c) Vacation
        and Fringe Benefits.
        Commencing on the Employment Date, Employee shall be entitled to one (1)
        month
        paid vacation each year. In addition, and subject to the terms of any plans
        or
        policies governing such matters, Employee shall be entitled to receive (i)
        contributions to Employer’s 401(k) and other retirement plans at a rate at least
        as great as Employer contributes for its other senior executive employees;
        (ii)
        major medical and health insurance; (iii) customary reimbursement for travel
        and
        entertainment; and (iv) actual reimbursement for Employee’s moving and
        relocation expenses, to include temporary housing in Employer's corporate
        apartment in Houston and furniture storage.

       

      
        
          	 Initials __________ 	
                   Initials
                    __________

                

        

      

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      (d) Performance
        Bonuses.
        Each
        year Employee and Employer shall develop and create a Target Plan for Employer’s
        upcoming fiscal year. The Target Plan shall include both financial and strategic
        components. Once the proposed Target Plan has been approved and accepted
        by
        Employer’s Board of Directors, Employee shall oversee its implementation,
        subject to Employer’s general oversight by its Board of Directors. Following the
        end of each fiscal year, the Board of Directors shall determine whether and
        to
        what extent the Target Plan has been achieved. Employee shall be entitled
        to
        receive an annual Performance Bonus in an amount equal to:

       

      
        	·  	
                40%
                  of Employee’s then current annual salary if 95% of Target Plan
                  achieved;

              

      

      
        
        

        
          	·  	
                  50%
                    of Employee’s then current annual salary if 100% of Target Plan
                    achieved;

                

        

      

      
        	·  	
                75%
                  of Employee’s then current annual salary if 115% of Target Plan
                  achieved;

              

      

      
        	·  	
                100%
                  of Employee’s then current annual salary if 125% of Target Plan
                  achieved.

              

      

       

      (e) Stock
        Options.
        Simultaneously with the execution of this Agreement, Employee shall be awarded,
        and immediately vested in, an option to purchase twenty thousand (20,000)
        shares
        of stock in Employer with an exercise price equal to the fair market value
        of
        the stock determined as of the date of this Agreement, adjusted for future
        stock
        splits, stock dividends, etc. in accordance with the terms of any applicable
        plan. In addition, Employee is also hereby granted an option to purchase
        an
        additional eighty thousand (80,000) shares of stock in Employer also with
        an
        exercise price equal to the fair market value of the stock determined as
        of the
        date of this Agreement, adjusted if appropriate. The option on these eighty
        thousand (80,000) shares shall vest in Employee at the rate of twenty thousand
        shares (20,000) on each annual anniversary of this Agreement through the
        Initial
        Term, provided Employee is still employed by Employer on such date. On the
        first
        day of the Second Term, if any, Employee shall be granted an option to purchase
        an additional one hundred thousand (100,000) shares of stock (adjusted for
        stock
        splits, stock dividends, etc. occurring after the date of this Agreement)
        with
        an exercise price equal to the fair market value of the stock determined
        as of
        the date of the grant. The option on these shares granted at the beginning
        of
        the Second Term shall vest in Employee at the rate of twenty percent (20%)
        on
        the date of grant and twenty percent (20%) on each annual anniversary of
        the
        Second Term, provided Employee is still employed by Employer on such date.
        All
        options granted pursuant to this Agreement are subject to the terms and
        conditions of Employer's stock option plan and stock option
        agreement.

       

      
        
          	 Initials __________ 	
                   Initials
                    __________

                

        

      

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

      5. TERMINATION
        AND COMPENSATION UPON TERMINATION.
        

       

      (a) Employer
        may terminate Employee's employment at any time without Cause (as defined
        in
        Section 5(c) below) by giving prior, written notice to Employee. In such
        case,
        Employer shall pay to Employee in a lump sum an amount equal to the unpaid
        balance of Employee's salary, Performance Bonus, accrued vacation and fringe
        benefits remaining during the Initial Term of the Agreement if the termination
        takes place during the Initial Term or during the Second Term if the termination
        takes place during the Second Term. For purposes of calculating the Performance
        Bonus, if any due to Employee in the event of such a termination, Employer
        shall
        apply the Target Plan achievement as of the end of the fiscal year preceding
        the
        fiscal year during which the termination becomes effective. All stock options
        granted but not vested at such time shall immediately become fully vested
        in
        Employee. Otherwise, the stock options will be treated as prescribed under
        Employer's Stock Option Plan and the Stock Option Agreement.

       

      (b) Employee
        may terminate Employee's employment in the event of a "Change of Control"
        defined as its sale, acquisition, merger or buyout to an unaffiliated person
        that has significant effect or a reduction in the responsibilities, position
        or
        compensation of Employee or that requires Employee to move the location of
        his
        principal residence a distance of more than 35 miles prior to or during the
        initial 12 months of the Change of Control. In the event of such a termination,
        Employer shall pay to Employee in a lump sum an amount equal to the unpaid
        balance of Employee's salary, Performance Bonus, accrued vacation, and fringe
        benefits remaining during the Initial Term of the Agreement if the Change
        of
        Control takes place during the Initial Term or during the Second Term if
        the
        Change of Control takes place during the Second Term. For purposes of
        calculating the Performance Bonus, if any due to Employee in the event of
        such a
        termination, Employer shall apply the Target Plan achievement as of the end
        of
        the fiscal year preceding the fiscal year during which the termination becomes
        effective. All stock options granted but not vested at such time shall
        immediately become fully vested in Employee. Otherwise, the stock options
        will
        be treated as prescribed under Employer's Stock Option Plan and the Stock
        Option
        Agreement. Employee must give notice of any termination under this subsection
        within thirty (30) days of the occurrence of the event he believes gives
        rise to
        a Change of Control.

       

      (c) Employer
        may terminate Employee's employment for "Cause" at any time. Such a termination
        shall be effective as specified by Employer. In the event of a termination
        by
        Employer for "Cause," Employee shall be entitled only to his salary, accrued
        vacation, and fringe benefits through the effective date of termination.
        Any
        unvested stock options shall be forfeited. All stock options granted which
        have
        vested will be treated as prescribed under Employer’s Stock Option Plan and the
        Stock Option Agreement. "Cause" means: (a) the Employee's conviction of,
        or
        entry of a plea agreement or consent decree or similar arrangement with respect
        to, a felony, other serious criminal offense or offense involving moral
        turpitude, or any violation of federal or state securities laws, (b) Employee's
        material violation of Employer's written policies; (c) Employee's material
        breach of this Agreement, (d) the final revocation, suspension, or impairment
        (after all applicable appeals) of Employee's gaming license in any jurisdiction
        in which Employer is required to have a gaming license, or a finding (after
        all
        applicable appeals) by any authority in any such jurisdiction that Employee
        is
        unsuitable to hold a gaming license; or (e) Employee's gross misconduct
        in
        the performance of Employee's duties hereunder. Any termination of the
        Employee's employment by Employer pursuant to this Section 5(c) shall be
        communicated by a notice of termination which shall set forth in reasonable
        detail the facts and circumstances claimed to provide a basis for termination
        of
        the Employee's employment under the provision invoked. To exercise its right
        to
        terminate the Employee pursuant to provisions (b), (c) or (e) of the definition
        of Cause, Employer must first provide the Employee with 30 days' time to
        correct
        the circumstances or events that Employer contends give rise to the existence
        of
        Cause under those provisions. The 30-day time period shall not begin to run
        until the Board of Directors of Employer has given the Employee the opportunity
        to meet with the Board (at which meeting at least a quorum of the Board is
        present either personally or telephonically) to hear a specific explanation
        from
        the Board of the circumstances or events the Board believes may fall within
        provisions (b), (c) or (e) of the definition of Cause. 

      
         

        
          	 Initials __________ 	
                   Initials
                    __________

                

        

      

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      (d)
        Employer may terminate Employee's employment if Employee becomes unable to
        perform the essential functions of his position despite any reasonable
        accommodation required by law. In the event of a termination under this
        subsection, Employee shall be entitled only to his salary, accrued vacation,
        and
        fringe benefits for a period of one (1) year following the effective date
        of
        termination. In the case of granted but unvested stock options, those unvested
        stock options which would become vested within such one (1) year period shall
        become vested and the remaining granted but unvested stock options shall
        be
        forfeited. Otherwise, the stock options will be treated as prescribed under
        Employer's Stock Option Plan and the Stock Option Agreement. 

       

      6. CONFIDENTIALITY,
        PROPERTY, COMPETITION, SOLICITATION.
         

       

      (a) Ownership.
        Employee agrees that all inventions, copyrightable material, business and/or
        technical information, marketing plans, customer lists and trade secrets
        which
        arise out of the performance of this Agreement are the property of
        Employer.

       

      (b) Confidentiality.
        Except
        as is consistent with Employee's duties and responsibilities within the scope
        of
        his employment with Employer, Employee agrees to keep confidential indefinitely,
        and not to use or disclose to any unauthorized person, information which
        is not
        generally known and which is proprietary to Employer, including all information
        that Employer treats as confidential, ("Confidential Information"). Upon
        termination of Employee's employment, Employee will promptly turn over to
        Employer all software, records, manuals, books, forms, documents, notes,
        letters, memoranda, reports, data, tables, compositions, articles, devices,
        apparatus, marketing plans, customer lists and other items that disclose,
        describe or embody Confidential Information including all copies of the
        Confidential Information in his possession, regardless of who prepared them.
        In
        exchange for Employee's agreement set out in this subsection, Employer hereby
        promises to provide Employee with Confidential Information.

       

      (c) Non-competition.
        If
        Employee’s employment hereunder is terminated as a result of the application of
        paragraph 5(c), then for a period of one (1) year after the effective date
        of
        termination (or if Employee's employment is terminated as a result of the
        application of paragraph 5(a) or 5(b), then for a period of the shorter of
        (i)
        one (1) year after the effective date of termination or (ii) the remainder
        of
        the 5-year term of the Agreement) Employee agrees not to compete, directly
        or
        indirectly (including as an officer, director, partner, employee, consultant,
        independent contractor, or more than 5% equity holder of any equity) with
        Employer in any way concerning the ownership, development or management of
        any
        gaming operation or facility within a 75-mile radius of any gaming operation
        or
        facility with respect to which Employer (or any of its affiliates) owns or
        renders consulting or management services at the time of
        termination.

       

      (d) Non-solicitation.
        Employee agrees not to solicit or recruit, directly or indirectly, any
        management employee of Employer for employment during the one (1) year period
        after termination of his employment relationship with Employer.

       

      7. NOTICES. All
        notices and communications shall be sent by certified mail, return receipt
        requested, or by hand delivery, to the following parties

      
         

        
          	 Initials __________ 	
                   Initials
                    __________

                

        

      

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

       

       

      
        
          	
                  If
                    to Employee:

                	
                  Jon
                    A. Arnesen

                
	 	
                  ________________________

                
	 	
                  ________________________

                
	 	 
	
                  With
                    a copy to:

                	
                  R.
                    Lawrence Heinkel, Esq.

                
	 	
                  111
                    - 2nd
                    Avenue N.E., Suite 510

                
	 	
                  St.
                    Petersburg, FL 33701

                
	 	 
	
                  If
                    to Employer:

                	
                  Nevada
                    Gold & Casinos, Inc.

                
	 	
                  C/o
                    H. Thomas Winn

                
	 	
                  Chief
                    Executive Officer

                
	
                   
                    

                	
                  3040
                    Post Oak Boulevard

                
	
                   
                    

                	
                  Suite
                    675

                
	
                   
                    

                	
                  Houston,
                    Texas  77056

                
	
                  With
                    a copy to:

                	 
	
                   
                    

                	
                  Nevada
                    Gold & Casinos, Inc.

                
	 	
                  C/o
                    Cathy Porter

                
	 	
                  General
                    Counsel

                
	 	
                  3040
                    Post Oak Boulevard

                
	 	
                  Suite
                    675

                
	 	
                  Houston,
                    Texas  77056

                

        

      

       

       

      8. COMPLIANCE
        WITH CODE SECTION 409A.
        Any
        provision of this Agreement to the contrary notwithstanding, all compensation
        payable pursuant to this Agreement that is determined by Employer in its
        sole
        but reasonable judgment to be subject to Section 409A of the Code shall be
        paid
        in a manner that Employer in its sole but reasonable judgment determines
        meets
        the requirements of Section 409A of the Code and any related rules, regulations
        or other guidance, even if meeting such requirements would result in a delay
        in
        the time of payment of such compensation. Any payments pursuant to Section
        4 and
        Section 5(a) and (b) of this Agreement shall be made no later than two and
        one-half months after the year in which the right to receive such amounts
        vest.

       

      9. GOVERNING
        LAW AND VENUE.
        This
        Agreement herein shall be construed, regulated and administered under the
        laws
        of the State of Texas and of the United States of America. Any lawsuit or
        other
        civil action brought arising from or related to Employee's employment with
        Employer or this Agreement shall be brought and maintained in a state or
        federal
        court in Harris County, Texas, except that this provision does not preclude
        Employer from removing to federal court any action filed by Employee and,
        to the
        extent permissible, Employee hereby consents to such removal. 

       

      
        
          	 Initials __________ 	
                   Initials
                    __________

                

        

         

      

      
        
          
          

        

        
          -6-

          
            

          

        

        
          
          

        

      

      10. BINDING
        EFFECT AND ASSIGNMENT.
        This
        Agreement shall be binding on and inure to the benefit of the respective
        parties
        hereto, their heirs, successors and assigns. Subject to the provisions of
        Section 5(b), Employer may assign this Agreement in connection with a merger,
        consolidation, assignment, sale or other disposition of substantially all
        of its
        assets or business. This Agreement may not be assigned by Employee.

       

      11. REPRESENTATION.
        Employee represents, and understands that Employer is relying on his
        representation, that Employee's entering into or performance of this Agreement
        is not in breach or violation of any other Agreement or obligation of
        Employee.

       

      12. MODIFICATION. This
        Agreement may not be amended in any manner without the express, written consent
        of the parties hereto.

       

      13. ENTIRE
        AGREEMENT.
        This
        Agreement supersedes all previous and contemporaneous oral negotiations,
        commitments, writings and understandings between the parties concerning the
        matters herein or therein.

       

      
         

        
          	 Initials __________ 	
                   Initials
                    __________

                

        

      

       

      
        
          
          

        

        
          -7-

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties hereto have signed, sealed and delivered this
        Agreement on this 31st day of August, 2005.

       

      
        
          
            	
                    Signed,
                      sealed and delivered in the presence of:

                  	
                    EMPLOYEE

                  
	 	 
	
                    _________________________

                  	
                    _________________________

                    Jon
                      A. Arnesen

                  
	
                    _________________________

                  	
                     

                  
	 	
                    EMPLOYER

                  
	 	 
	
                    _________________________

                  	
                    NEVADA
                      GOLD & CASINOS, INC

                  
	 	 
	
                    _________________________
                      

                  	
                    By:_________________________

                    H.
                      Thomas Winn, CEO

                  
	 	 

          

        

      

       

      
        
           

          
            	 Initials __________ 	
                     Initials
                      __________

                  

          

        

         

         

        
          
            
            

          

          
            -8-Unassociated Document

    

      RESIGNATION
        AGREEMENT

      

      This
        Resignation Agreement (this “Agreement”) by and between Nevada Gold &
        Casinos, Inc., a Nevada corporation (the “Company”) and Christopher C. Domijan
        (the "Executive”), is dated as of September 6, 2005 (the “Execution
        Date").

      

      WHEREAS,
        the Executive has been employed by the Company as its Chief Financial Officer;
        and 

      

      WHEREAS,
        the Executive has tendered his resignation from the Company and the Company
        and
        Executive wish to set forth their mutual agreement as to the terms and
        conditions of such resignation;

      

      NOW
        THEREFORE, the Company and the Executive hereby agree as follows:

      

      1. Resignation.
        Effective as of October 31, 2005 (the “Resignation Date”), the Executive will
        resign from his employment with the Company, and from all other positions
        the
        Executive then holds as an officer or member of the board of directors of
        any of
        the Company’s subsidiaries or affiliates (the Company and all of its
        subsidiaries and all of its affiliates are hereinafter referred to as the
        “Affiliate Entities”).

      

      2. Consulting
        Payments. (a) The Company agrees to and does hereby engage Executive, and
        Executive hereby agrees, to provide the consulting services to the Company
        for a
        twelve-month period following October 31, 2005. In consideration for such
        services, the Company shall pay to the Executive in twelve (12) equal monthly
        installments of $14,200 each, commencing November 15, 2005. Executive shall
        make
        himself available at times mutually acceptable to the Executive and the Company
        to consult with the Company on such matters concerning the affairs of the
        Company as the Company may request from time to time; provided, however,
        that
        Executive shall not be required to devote more than 8 hours per month in
        the
        performance of his services. During the consulting term, Executive shall
        be free
        to pursue and enter into other consulting or employment arrangements with
        third
        parties. Executive's obligation to perform services hereunder shall not preclude
        Executive from engaging for compensation or otherwise in any business,
        employment, occupation, profession or other activity (either as an employee
        or
        on his own behalf). No amounts due Executive hereunder shall be reduced or
        offset by any compensation whatsoever received by Executive from any other
        employment or consulting of Executive. The Company shall pay Executive whether
        or not the Company has called upon Executive for Services. During the consulting
        term, Executive shall perform his services as an independent contractor and
        shall not be an employee of the Company for any purpose.

      

      (b)
        The
        Company agrees to pay as incurred (within 10 days following the Company’s
        receipt of an invoice from the Executive), all legal fees and expenses that
        the
        Executive incurs in connection with entering into this Agreement; provided,
        that
        in no event shall the Company pay any such legal fees and expenses in excess
        of
        $2,000.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (c)
        The
        Executive shall retain his laptop computer; provided, that the Company shall
        arrange for removal from the hard drive of said computer any of its proprietary
        software and confidential and proprietary information.

      

      (d) The
        Company's payment obligations as set forth in this Section 2 are contingent
        upon
        the Executive signing and providing to the Company no earlier than on the
        Resignation Date a statement ratifying the terms of this Agreement, including
        the waivers and releases contained in this Agreement, as of the Resignation
        Date. 

      

      3.  Mutual
        Nondisparagement. (a) The Executive shall not make, participate in the making
        of
        or encourage any other person to make, any statements, written or oral, which
        criticize, disparage, or defame the goodwill or reputation of, or which are
        intended to embarrass or adversely affect the morale of, any of the Affiliated
        Entities or any of their respective present, former or future directors,
        officers, executives, employees and/or shareholders. The Executive further
        agrees not to make any negative statements, written or oral, relating to
        his
        employment, the termination of his employment, or any aspect of the business
        of
        the Affiliated Entities. 

      

      (b)
        The
        Company’s executive officers shall not make, participate in the making of, or
        encourage any employees or any other person to make, any statements, written
        or
        oral, which criticize, disparage or defame the reputation of, or which are
        intended to embarrass, the Executive. The Company’s executive officers shall not
        make any negative statements, written or oral, relating to the Executive’s
        employment or the termination of his employment. Notwithstanding the foregoing,
        nothing in this Section 3(b) shall prohibit any of the Company’s employees or
        executive officers nor any member of the Company’s Board of Directors from
        making non-public statements to one another in the course of carrying out
        their
        duties as such. 

      

      (c)
        Notwithstanding the foregoing, nothing in this Section 3 shall prohibit any
        person from making truthful statements when required by order of a court
        or
        other body having jurisdiction, or as otherwise may be required by law or
        legal
        process. 

      

      4.  Mutual
        Confidentiality. The existence of and terms and conditions of this Agreement
        shall be held confidential by the parties hereto, except for disclosure (i)
        by
        the Company as may be required by applicable securities laws, as determined
        by
        the Company upon the advice of counsel, (ii) by the Executive to his legal
        and
        financial advisors and his spouse, each of whom shall be instructed by the
        Executive to maintain the terms of this Agreement in strict confidence in
        accordance with the terms hereof, (iii) by either party if required by order
        of
        a court or other body having jurisdiction over such matter or as otherwise
        may
        be required by law or legal process, and (iv) by either party with the written
        consent of the other. In addition, the Executive shall hold in utmost confidence
        for the benefit of the Company all secret or confidential information, knowledge
        or data relating to the Affiliated Entities and their respective businesses
        that
        he has obtained during his employment by the Company and the other Affiliated
        Entities that is not public knowledge (other than as a result of the Executive’s
        violation of this Section 4) (“Confidential Information”) for a period of four
        (4) years following this Agreement. The Executive shall not communicate,
        divulge
        or disseminate Confidential Information at any time, except with the prior
        written consent of the Company or as otherwise required by law or legal
        process.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      5.  The
        Executive’s Covenants. The Executive shall make himself available to
the
        Company following the Resignation Date to assist the Affiliated Entities,
        as may
        be requested by the Company at mutually convenient times and places, with
        respect to pending and future litigations, arbitrations, governmental
        investigations or other dispute resolutions relating to matters that arose
        during the Executive’s employment with the Company. The Company will reimburse
        the Executive for all reasonable expenses and costs he may incur as a result
        of
        providing assistance under this Section 5, upon receipt of proper documentation
        thereof.

      

      6.  
        Release.
        General Release; Time to Consider and Cancel the Agreement; Age Discrimination
        in Employment Act Waiver. (a) The Executive, on behalf of himself and his
        successors, assigns, heirs and any and all other persons claiming through
        the
        Executive, if any, and each of them, shall and does hereby forever relieve,
        release, and discharge the Company and the other Affiliated Entities and
        their
        respective predecessors, successors, assigns, owners, attorneys,
        representatives, affiliates, parent corporations, subsidiaries (whether or
        not
        wholly-owned), divisions, partners and their officers, directors, agents,
        employees, servants, executors, administrators accountants, investigators,
        insurers, and any and all other related individuals and entities, if any,
        and
        each of them, in any and all capacities, from any and all claims, debts,
        liabilities, demands, obligations, liens, promises, acts, agreements, costs,
        and
        expenses (including, but not limited to, attorneys’ fees), damages, actions and
        causes of action, of whatever kind or nature, including, without limitation,
        any
        statutory, civil or administrative claim, or any claim, arising out of acts
        or
        omissions occurring before the execution of this Agreement, whether known
        or
        unknown, suspected or unsuspected, fixed or contingent, apparent or concealed
        (collectively referred to as “claims”), including, but not limited to, any
        claims based on, arising out of, related to or connected with this Agreement,
        the Executive’s employment or his resignation, and any and all facts in any
        manner arising out of, related to or connected with the Executive's employment
        with, or resignation of employment from, the Company and its subsidiaries
        and
        affiliates. 

      

      (b)
        The
        Executive expressly waives any and all rights under any applicable law with
        respect to claims that he does not know or suspect to exist in his favor
        at the
        time of executing this release, even though if known by him, such claims
        must
        have materially affected his settlement with the Company. 

       

      (c)
        In
        addition to the release set forth above in this Section 6, the Executive
        hereby
        voluntarily and knowingly waives all rights or claims arising under the Federal
        Age Discrimination in Employment Act. This waiver is given only in exchange
        for
        consideration in addition to anything of value to which the Executive would
        have
        been entitled absent this Agreement. Such waiver does not waive rights or
        claims
        which may arise after the date of execution of this Agreement. The Executive
        acknowledges that: (i) this entire Agreement is written in a manner calculated
        to be understood by him; (ii) he has been advised and the Company hereby
        advises
        him to consult with an attorney before executing this Agreement; (iii) he
        was
        given a period of twenty-one days within which to consider this Agreement;
        and
        (iv) to the extent he executes this Agreement before the expiration of the
        twenty-one-day period, he does so knowingly and voluntarily and only after
        consulting his attorney. The Executive shall have the right to cancel and
        revoke
        this Agreement during a period of seven days following his execution of this
        Agreement, and this Agreement shall not become effective or enforceable,
        and no
        money shall be paid hereunder, until the day after the expiration of such
        seven-day period (if the Executive has not exercised his right to revoke
        the
        Agreement). The seven-day period of revocation shall commence upon the date
        of
        execution of this Agreement. In order to revoke this Agreement, the Executive
        shall deliver to the Company, prior to the expiration of said seven-day period,
        a written notice of revocation. Upon such revocation, this Agreement shall
        be
        null and void and of no further force or effect.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (d)
        Nothing herein shall be deemed to release the Company in respect of the
        Executive’s rights under this Agreement, including without limitation, those
        rights granted to Executive pursuant to paragraph 2.

      

      (e)
        The
        Company, on behalf of itself and the other Affiliated Entities, their respective
        successors and assigns, and any and all other persons claiming through any
        Affiliated Entity, and each of them, shall and does hereby forever relieve,
        release and discharge the Executive and his successors, assigns, and heirs,
        from
        any and all claims, debts, liabilities, demands, obligations, liens, promises,
        acts, agreements, costs and expenses (including, but not limited to, attorneys’
        fees), damages, actions and causes of action, of whatever kind or nature,
        including, without limitation, any statutory, civil or administrative claim,
        or
        any claim, arising out of acts or omissions occurring before the execution
        of
        this Agreement, whether known or unknown, suspected or unsuspected, fixed
        or
        contingent, apparent or concealed (collectively referred to as “claims”),
        including, but not limited to, any claims based on, arising out of, related
        to
        or connected with this Agreement, the Executive’s employment or the termination
        thereof, and any and all facts in any manner arising out of, related to or
        connected with the Executive’s employment with, or termination of employment
        from, the Company and its subsidiaries and affiliates, including, but not
        limited to, statutory and common law claims of any kind, including, but not
        limited to, contract, tort, and property rights including, but not limited
        to,
        breach of contract, breach of the implied covenant of good faith and fair
        dealing, tortious interference with contract or current or prospective economic
        advantage, fraud, deceit, misrepresentation, defamation, wrongful termination,
        infliction of emotion distress, breach of fiduciary duty, and any other common
        law claim of any kind whatever.

      

      (f)
        The
        Company expressly waives any and all rights under any applicable law with
        respect to claims that it does not know or suspect to exist in its favor
        at the
        time of executing this release, even though if known by it, such claims must
        have materially affected its settlement with the Executive.

      

      (g)
        The
        Company expressly releases the Executive from any noncompetition covenants
        or
        agreements with the Company. 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      7.  Indemnification
        Agreement; Stock Option Agreements. The Company and the Executive agree that
        the
        terms and provisions of that certain Indemnification Agreement between Company
        and Executive, dated June 11, 2001 shall survive the execution of this Agreement
        and shall continue in force and effect. The Company and the Executive agree
        and
        confirm that the Company's 1999 Stock Option Plan, as amended, and the Stock
        Option Agreements between the Company and the Executive dated December 3,
        2001,
        March 31, 2003, February 26, 2004 and September 9, 2004, respectively, shall
        govern and control the exercise of the stock options granted in such Stock
        Option Agreements. In particular, the Company and Executive agree and confirm
        that the stock options granted in each Stock Option Agreement may be exercised
        until the earlier of (A) the expiration of one day less than three months
        from
        the Resignation Date, or (B) the expiration of the Option term set forth
        in such
        Stock Option Agreement.

      

      8.  Entire
        Agreement; Other Benefits. This Agreement and any other agreement or writing
        specifically referenced in this Agreement sets forth the entire agreement
        of the
        Company and the Executive with respect to the subject matter hereof. Without
        limiting the generality of the foregoing, the Executive expressly acknowledges
        and agrees that except as specifically set forth in this Agreement, he is
        not
        entitled to receive any severance pay, severance benefits, compensation or
        employee benefits of any kind whatsoever from any of the Affiliated Entities.
        

      

      9.  Successors.
        This Agreement is personal to the Executive and without the prior written
        consent to the Company shall not be assignable by the Executive other than
        by
        will or the laws of descent and distribution. This Agreement shall inure
        to the
        benefit of and be enforceable by the Executive’s legal representatives. This
        Agreement shall inure to the benefit of and be binding upon the Company and
        its
        successors.

      

      10.  Amendment.
        This Agreement may be amended, modified or changed only by a written instrument
        executed by the Executive and the Company.

      

      11.  Governing
        Law. This Agreement shall be governed by and construed in accordance with
        the
        laws of the State of Texas without reference to principles of conflict of
        laws.
        The captions of this Agreement are not part of the provisions hereof and
        shall
        have no force or affect. 

      

      12.  Notices.
        All notices and other communications hereunder shall be in writing; shall
        be
        delivered by hand delivery to the other party or mailed by registered or
        certified mail, return receipt requested, postage prepaid; shall be deemed
        delivered upon actual receipt; and shall be addressed as follows:

      

      If
        to the
        Executive:

      

      Christopher
        C. Domijan

      4914
        Linden Street

      Bellaire,
        Texas 77401

      

      If
        to the
        Company:

      

      Nevada
        Gold & Casinos, Inc.

      3040
        Post
        Oak Blvd., Suite
        675

      Houston,
        Texas, 77056

      Attn:
        H.
        Thomas Winn

      

      or
        to
        such other address as either party shall have furnished to the other in writing
        in  accordance
        herewith. 

      

      13.  Tax
        Witholding. Notwithstanding any other provision of this Agreement, the Company
        may withhold from any amounts payable under this Agreement, or any other
        benefits received pursuant hereto, such minimum Federal state and/or local
        taxes
        as shall be required to be withheld under any applicable law or
        regulation.

      

      14.  Counterparts.
        This Agreement may be executed in several counterparts, each of which shall
        be
        deemed an original and said counterparts shall constitute but one and the
        same
        instrument.

      

      IN
        WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement
        as
        of the date first set forth above. 

      

      

      NEVADA
        GOLD & CASINOS, INC.

      

      

      By:______________________________

      H.
        Thomas
        Winn

        
        President & CEO

      

      

      CHRISTOPHER
        C. DOMIJAN

      

      _____________________________

      Christopher
        C. Domijan

      (Individual)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]