Document:

EXHIBIT 10.2

	
  CONTRACT

  	
   

  	
  Scott Petroleum Corporation

  	
   

  	
  Biosource America, Inc.

  
	
   

  	
   

  	
  Owner

  	
   

  	
  Design/Builder

  
	
  CHANGE

  	
   

  	
  102 Main Street

  	
   

  	
  600 Dewey Boulevard

  
	
   

  	
   

  	
  Address

  	
   

  	
  Address

  
	
  ORDER

  	
   

  	
  Ima Bena, MS 38941

  	
   

  	
  Butte, MT 59701

  

 

	
  CONTRACT CHANGE ORDER NO.

  	
   

  	
  Two

  	
   

  	
  CONTRACT CHANGE ORDER
  DATE

  	
   

  	
  6/21/2007

  

 

In accordance with Articles 9, 10 and 11 of
the Standard General Conditions of the Contract between Owner and
Design/Builder, Owner and Design Builder have agreed to amending the Agreement
dated March 31, 2006 as follows:

 

Consider
this Change Order as Authority to perform the following:

1.  Heat Trace Process Tank Farm Lines within
boundary limits of Process Tank Farm (PTF) only.

2.  Design of Concrete Pad and Placement
of Four Pump Pedestals in Terminal Tank Farm (TTF).

3.  Design, Fabricate, and Install piping
for Feedstock Tank Recirculation and Feedstock Tank and Methanol Tank Suction
Lines in TTF.

4.  Modifications to Process Tank Farm:
      a. 
Nozzle Relocations
      b. 
Modifications to Spool Pieces
      c. 
Repairs to Tank T-404

Exclusion #1:  This change order does not hurt tracing and
insulation for any piping beyond the PTF Boundary Limit.

The Contract Time with respect to the forecasted
Substantial Completion Date is based upon Owner completing all required
Terminal Tank Farm Construction such that feedstock, methanol, and acid
deliveries and first fills are completed by July 20th, 2007.

The SubContract Price as stated in Article 4.01 of the
Agreement shall be adjusted as follows:

Owner agrees to pay Design/Builder 50% of Change Order
Two ($185,953.03) and Design/Builder agrees to absorb 50% of Change Order One
($185,953.03) upon execution of Change Order Two.  Neither of these costs will be applied to the
Tolling Fee per the Tolling and Offtake Agreement.

	
  Contract Price

  	
   

  	
  $

  	
  14,123,458.14

  	
   

  
	
  Amount of Contract Price Adjusted This Change Order

  	
   

  	
  $

  	
  371,906.06

  	
   

  
	
  Revised
  Contract Price

  	
   

  	
  $

  	
  14,495,364.20

  	
   

  

 

The Contract Time as stated in Article 3.02 of the Agreement shall be
adjusted as follows:

	
  Contract Substantial Completion Date

  	
   

  	
  30-Sept-07

  	
   

  
	
  Amount of Contract Time Adjusted This Change Order

  	
   

  	
  0 days

  	
   

  
	
  Revised
  Contract Substantial Completion Date

  	
   

  	
  30-Sep-07

  	
   

  

 

	
  Submitted for Approval By:

  	
   

  	
  Approved and Accepted By:

  
	
  Scott Petroleum Corporation

  	
   

  	
  Biosource America, Inc.

  
	
  Owner

  	
   

  	
  Design/Builder

  
	
  /s/

  	
   

  	
  /s/ Dick Talley

  
	
  Project Manager

  	
   

  	
  Project Manager

  
	
  7/2/07

  	
   

  	
  6/21/07

  
	
  Date

  	
   

  	
  DateExhibit
10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS EMPLOYMENT
AGREEMENT (this “Agreement”) is made and entered into effective this 7th
day of September 2007, by and between Jonathan Swain (hereinafter referred to
as “Employee”) and Peninsula Gaming, LLC, a Delaware limited liability
company (hereinafter referred to as “Employer”).

WHEREAS, Employer
and Employee are parties to an Employment Agreement, dated July 14, 2004 (the “Original
Agreement”), and desire to enter into this amended and restated employment
agreement on the terms and conditions set forth herein.

NOW, THEREFORE, in
consideration of the promises made in this Agreement and for other good and
valuable consideration, the receipt and sufficiency of which are acknowledged
by the parties, and intending to be legally bound hereby, the parties hereby
agree that, effective as of the date hereof, the Original Agreement be, and
hereby is, amended and restated in its entirety as set forth below:

1.  TERM OF AGREEMENT.  The term of this Agreement shall be for an
initial three (3) year period commencing July 14, 2004 through July 13, 2007
(the “Initial Term”) and shall be renewed for an additional three (3)
year period commencing July 14, 2007 through July 13, 2010 (the “Renewal
Term”).  No later than ninety (90)
days prior to the expiration of the Term, Employer shall notify Employee
whether this Agreement will be extended beyond the Renewal Term.  In the event Employer requests that Employee
continue his employment after the expiration date of any applicable term (the “Extended
Term”), the parties agree to immediately negotiate the provisions of the
Extended Term in good faith; provided, however, that if the
negotiations for the Extended Term are not completed by the expiration date of
the Renewal Term, Employee may elect to continue his employment during the
completion of the negotiations under the same terms and conditions as contained
in this Agreement.  The minimum period
for any Extension Term shall be one (1) year (the Initial Term, the Renewal
Term, the Extended Term, together with any subsequent renewal period,
hereinafter referred to as the “Term”).

2.  TERMINATION.  This Agreement may be terminated at any time
before any expiration date by the agreement of the parties, and may be
terminated by Employee upon ninety (90) days advance written notice to the
Chief Executive Officer of Employer (the “CEO”).  In the event that this Agreement is
terminated by Employee upon ninety (90) days advance written notice, Employee
shall be entitled to continue receiving his base salary for so long as Employee
is permitted to and actually continues to render services to Employer during
the ninety (90) day period following such notice.  If Employee is directed by Employer to cease
work prior to expiration of the ninety (90) day period (a “Mutual
Termination”), Employee shall nevertheless be entitled to receive his
regular salary for the ninety (90) day period. 
In addition, this Agreement may be terminated by Employer immediately
upon the occurrence of any of the following events: (a) Employee’s death,
(b) Employee becoming physically or mentally disabled (a “Disability”),
which Disability renders Employee unable to perform, as certified by a mutually
agreeable competent medical physician, a substantial portion of Employee’s
duties hereunder for a continuous period of sixty (60) days or a total of
ninety (90) days in any three hundred sixty-

five (365) day period, (c) Employee’s commission
of an act of embezzlement, fraud, misappropriation against Employer,
(d) Employee’s conviction of, or entry of a plea of guilty or nolo contendere or its equivalent of, a
felony, (e) Employee’s continued negligence or failure to discharge
Employee’s duties or responsibilities or the repeated taking of any action
prohibited by Employee’s immediate supervisor, the managing member or the board
of managers of Employer, (f) Employee’s being under the influence of illegal
drugs or chronic alcohol abuse  while
performing his duties hereunder, (g) the revocation, suspension for more
than thirty (30) days or voluntary relinquishment of any gaming license
necessary for the performance of Employee’s duties hereunder, or
(h) Employee’s breach or violation of any material term or material
provision of this Agreement (clauses (a) through (h) collectively,
“Cause”); provided, however, that, in the case of clauses (e),
(f), (g) or (h) above, Employee shall be entitled to a
detailed explanation of the offense. 
Employer shall provide thirty (30) days notice of termination, during
which thirty (30) day period Employee shall have the right to remedy any such
breach or default, but in no event will Employee be entitled to more than one
thirty (30) day notice for breach of violation of the same offense; subsequent
commission of the same offense shall warrant immediate termination.  In the event of a termination of this
Agreement by Employer without Cause (other than in connection with a Mutual
Termination or a termination of employment upon a Change of Control (as defined
below)), during the Term of this Agreement, Employee shall be entitled to
receive (A) as severance pay the greater of (a) the balance of base
compensation due to Employee for the remainder of the Term or (b) twelve
month’s base compensation, which payments shall be made as they would otherwise
have become due under the payroll schedule of Employer, (B) the immediate
payment for the value of all Granted Units (as defined below) previously
vested, as described in paragraph 4(b) below and (C) a prorated share of
the cash bonus to which Employee otherwise would be entitled had Employee’s
employment continued to the end of the then current calendar, as provided in paragraph 4(a);
provided, however, that as a condition of receiving any severance
payments under this Agreement, Employee will be required to execute a
settlement and general release of claims against Employer, its officers,
managers, members, agents, employees, successors and assigns, for matters
arising out of or relating to Employee’s employment with Employer, in form and
substance reasonably satisfactory to the Employer.

3.  DUTIES.  Employee shall carry out the duties and
responsibilities as the Chief Operating Officer of Employer (the “COO”).  Employee shall have a direct reporting
relationship to the CEO.  Employee’s
duties shall include the authority to hire, supervise, discipline and terminate
employees of Employer, provided, however, terminations of
department head level employees shall be with the consent of the CEO.  Employee shall devote Employee’s full
business time, attention and ability to the business and affairs of Employer
and shall comply with all of Employer’s policies and codes of conduct, a copy
of which has been provided to Employee. 
Employee shall use his best efforts to carry out Employee’s
responsibilities as the COO faithfully and efficiently in a professional
manner.  Employer acknowledges and agrees
that Employee, in his sole discretion, shall set Las Vegas, Nevada or Iowa as the
location that Employee works in for carrying out his duties as the COO under
this Agreement, provided, however, it is understood that the
headquarters and the executive offices of Employer shall be located in Dubuque,
Iowa.

 2
 

Employee shall not
provide any consulting or other services to third parties, that are related to
the gaming industry without Employer’s prior consent, which consent shall not
be unreasonably withheld or delayed; provided, that such consent may be
withheld in Employer’s sole discretion in the event that such consulting or
other services would interfere with the performance of Employee’s duties as the
COO under this Agreement or would result in a breach by Employee of the
non-competition or non-disclosure agreements set forth in Section 8
of this Agreement.

4.  COMPENSATION AND BENEFITS.

a.             Employee
shall be paid by Employer as compensation for his services for the twelve (12) month
period commencing on the date hereof the base annual salary of four hundred and
forty thousand dollars ($440,000), payable in accordance with the payroll
policy of Employer, less such deductions or amounts to be withheld as shall be
required by applicable law and regulations or as elected by Employer for any
employee benefit plans of Employer.  Employee’s
base annual salary shall be reviewed on January 1st of each year and adjusted
upward annually by not less than five percent (5%) of the prior year’s
compensation.  In addition to the base
salary, upon January 1st of each year of service with the Employer, Employee
shall be entitled to receive a cash bonus payable by the Employer based on Employee’s
performance during the previous calendar year, which bonus shall be consistent
with past practices and/or the bonus plan in place for similarly situated
executive officers of the Employer and, in any event, no less than $100,000 per
year.

b.             During the Initial Term, Employee
was issued profits interests of Peninsula Gaming Partners, LLC, a Delaware
limited liability company (“PGP”), representing 6% of PGP’s outstanding
units on a fully diluted basis (the “Granted Units”).  Upon any termination of this Agreement or of
Employee’s employment with Employer hereunder for any reason, all Granted Units
that shall have vested in accordance with their terms shall, upon the request
of Employee, and subject to any financing arrangements of Employer or any of its
direct and indirect subsidiaries, be redeemed by PGP for cash at the fair
market value thereof (as determined below), within ninety (90) days of the date
of such request.  For the purpose of
determining “fair market value” in connection with any redemption hereunder, “fair
market value” shall be determined by the Board of Managers of PGP (the “Board”)
in its reasonable discretion, provided, however, that if Employee
in good faith disagrees with the determination of the Board and communicates
such disagreement in writing to the Board not later than three (3) business
days after receipt of such determination, and during the following ten (10)
business day period Employee and the Board are unable to mutually agree on a
fair market value, Employee shall be entitled to select an independent
appraiser, reasonably acceptable to Employer to determine such fair market
value, which determination shall be final and binding on the parties.  If the determination of the independent
appraiser selected by the parties differs in an amount greater than 10% of the
initial determination of the Board, then the cost of such appraisal shall be
borne by Employer, otherwise such cost shall be borne by Employee.

 3
 

c.             To the extent not inconsistent with
Employee’s status as a salaried employee under a continuing contract, Employee
shall, during the continuation of Employee’s employment by Employer hereunder,
be entitled to all benefits accorded executive officers of Employer in
accordance with the terms of Employer’s personnel policies, including a
deferred compensation plan to be implemented by Employer.  At a minimum, benefits shall include health
insurance and a life insurance policy from an AM Best A rated company for the
face amount of one million dollars ($1,000,000).

d.             Employer shall promptly reimburse
Employee for reasonable out-of-pocket housing and lodging expenses in Iowa
incurred in connection with the fulfillment of Employee’s obligations to
Employer hereunder.  Further, Employee
shall be entitled to three (3) weeks of paid vacation for each year of the Term.

e.             If Employee’s employment hereunder
is terminated for any reason, then, promptly after such termination, Employer
shall pay to Employee, in addition to any other amounts payable to Employee
hereunder, a cash bonus in an amount equal to a total of one hundred eighty
thousand dollars ($180,000); provided, however, that as a condition
of receiving such payment, Employee will be required to execute a settlement
and a general release of claims against Employer in form and substance
reasonably satisfactory to the Employer.

5.  SALE OF EMPLOYER’S BUSINESS.  In the event a Change of Control is
consummated at any time during the Term of this Agreement, Employee shall be
entitled to receive an amount equal to (i) twelve (12) months’ pay based on the
annual compensation provided to Employee pursuant to Section 4(a),
including all benefits accrued as of such date and (ii) the average of the
bonuses received in the two calendar years immediately preceding the calendar
year in which the Change of Control occurred.

For purposes of this Agreement, a “Change of Control” of
Employer shall be deemed to occur when (i) any “person” as defined in Section
3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), and as used in Section 13(d) and 14(d) thereof, including a “group”
as defined in Section 13(d) of the Exchange Act (but excluding Employee or any
affiliate of Employee, PGP, any affiliate (as defined in Rule 405 promulgated
under the Securities Act of 1933 (an “Affiliate”) of PGP or any employee
benefit plan sponsored or maintained by PGP or any Affiliate of PGP (including
any trustee of such plan acting as trustee)) becomes the “beneficial owner” (as
defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of
equity interests of Employer representing 25% or more of the combined voting
power of Employer’s then outstanding equity interests; or (ii) any merger or
consolidation of Employer with or into any person or entity or any sale,
transfer or other conveyance, whether direct or indirect, of all or
substantially all of the assets of Employer and/or its subsidiaries, on a
consolidated basis, in one transaction or a series of related transactions, if,
immediately after giving effect to such transaction(s), any “person” or “group”
(as such terms are used for purposes of Sections 13(d) and 14(d) of the
Exchange Act, whether or not applicable) is or becomes the “beneficial owner,”
directly or indirectly, of more than 50% of the total voting power in the aggregate
of the outstanding voting equity interests of the transferee(s) or surviving
entity or entities.

 4
 

6.  INDEMNIFICATION.  Employer shall indemnify, defend, hold and
save Employee, his heirs, administrators or executors and each of them harmless
from any and all actions and causes of action, claims, demand, liabilities,
losses, damages or expenses, of whatsoever kind and nature, including
judgments, interest and reasonable attorney’s fees and all other reasonable
costs, expenses and charges which Employee, his heirs, administrators or
executors and each of them shall or may at any time or from time to time,
subsequent to the effective date of this Agreement, sustain or incur, or become
subject to by reason of any claim or claims against Employee, his heirs,
administrators or executors and each of them while acting within the scope of
his employment, except for gross negligence, misconduct or criminal acts or
omissions on the part of Employee, and provided that Employee, his heirs,
administrators or executors or one of them properly and promptly notifies
Employer of adverse claims or threatened or actual lawsuits.  Employee, his heirs, administrators or
executors as appropriate, shall provide complete cooperation to Employer, its
attorneys and agents in such case to the extent possible.  This indemnity shall extend to any potential
claim by Station Casinos, Inc., the former employer of Employee, based upon
Employee’s early termination of his employment relationship with that company
or the covenants contained in that employment agreement.

7.  CONFIDENTIALITY, NON-COMPETITION AND
NON-SOLICITATION.

a.  Both parties acknowledge that Employee’s
position is one of considerable responsibility and requires considerable
training, relationships and contacts with customers, clients and potential
customers and clients, and experience that it will take a substantial amount of
Employer’s time to replace an employee who has received such training,
relationships, contacts and experience as are typically afforded by Employer.

b.  As a condition of employment and continued
employment of Employee by Employer, the parties mutually agree that
confidentiality is required in connection with the business of Employer and in
connection with the operations and the names of Employer’s customers and
clients, and that accordingly, it is vital that Employer be protected from
direct or indirect competition from key employees whose employment might be
terminated by or from Employer, said protection required during employment and
for a reasonable period of time after termination thereof.

c.  It is hereby agreed by and between the
parties that, as a part of the valuable consideration of the employment and
continued employment of Employee by Employer:

(1)  That Employee shall treat and keep secret all
matters relating directly or indirectly to the business of Employer, including
but not limited to, the content of all manuals, memoranda, production,
marketing, promotional and training materials, financial statements, sales and
operations records, business methods, systems and forms, production records,
billing rates, cost rates, employee salaries and work histories, customer and
client lists, mailing lists, processes, inventions, formulas, job production
and cost records, special terms with customers and clients or any other
information relative to the past, present or prospective customers and
operations as completely confidential information entrusted to him solely for
use in his capacity as an employee of Employer. 
Employee further agrees not to keep and/or use any papers, records, or
any information whatsoever

 5
 

relative to any of the
matters referred to in the preceding sentence, nor shall Employee furnish, make
available or otherwise divulge such information to any person during or after
his employment by Employer, unless specifically instructed to do so in writing
signed by the CEO.

(2)  That if for any reason Employee shall
voluntarily, or involuntarily, terminate his employment or Employer shall
terminate Employee, it is specifically agreed and understood that Employee, for
a period of one (1) year from the date of termination, shall not, within a
radius of fifty (50) miles of Dubuque, Iowa, Opelousas, Louisiana, Northwood,
Iowa and/or any other gaming entities  operated by
the Employer (the “Territories”), directly or indirectly engage in, be
interested in, or in any manner whatsoever be connected with any casino or
racino located within the Territories. 
The Territories shall not include the State of Nevada.  To the contrary notwithstanding, this
covenant against non-competition shall not extend beyond the normal expiration
of the Term or Extended Term, as may be applicable, of this Agreement.

(3)  That if for any reason Employee shall
voluntarily or involuntarily terminate his employment or Employer shall
terminate Employee, it is specifically agreed and understood that Employee, for
a period of one (1) year from the date of termination, shall not, directly or
indirectly, in any capacity whatsoever, hire or solicit for employment any
current employee of Employer.

8.  ENTIRE AGREEMENT; SUCCESSORS AND ASSIGNS.  This Agreement contains the entire agreement
of the parties and there are no other promises or conditions in any other
agreement whether oral or written.  This
Agreement supersedes any prior written or oral agreement between the parties.

9.  AMENDMENTS.  This Agreement may be modified or amended, if
the amendment is made in writing and is signed by both parties.

10.  SEVERABILITY.  If any provision of this Agreement shall be
held to be invalid or unenforceable for any reason, the remaining provisions
shall continue to be valid and enforceable. 
If a court finds that any provision of this Agreement is invalid or
unenforceable, but that by limiting such provision it would become valid and
enforceable, then such provision shall be deemed to be written, construed and
enforced as so limited.

11.  WAIVER OF CONTRACTUAL RIGHT.  The failure of either party to enforce any
provision of this Agreement shall not be construed as a waiver or limitation of
that party’s right to subsequently enforce and compel strict compliance with
every provision of this Agreement.

12.  APPLICABLE LAW.  This Agreement shall be governed by the laws
of the State of Iowa.  Any dispute
arising out of this Agreement, or the interpretation of is terms, whether
monetary or otherwise, shall be decided by binding arbitration pursuant to the
Commercial Arbitration Rules of the American Arbitration Association (“AAA”).  The arbitration shall be heard before a
single arbitrator in Las Vegas, Nevada, under the expedited rules of the AAA.

 6
 

The costs of the arbitration shall be borne equally by
Employer and Employee with each side to bear their own attorneys’ fees and
costs.

13.  NOTICES.  Any notice or communication required or
permitted hereunder shall be in writing and shall be delivered by certified,
registered or express mail, postage prepaid. 
Any such notice shall be deemed given when so delivered, as follows:

	
   

  	
  (i)

  	
  If to Employer, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  M. Brent Stevens

  
	
   

  	
   

  	
  Peninsula Gaming, LLC

  
	
   

  	
   

  	
  c/o Jefferies & Company

  
	
   

  	
   

  	
  11100 Santa Monica Blvd, 10th Floor

  
	
   

  	
   

  	
  Los Angeles, CA 90025

  
	
   

  	
   

  	
   

  
	
   

  	
  (ii)

  	
  If to Employee, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Jonathan Swain

  
	
   

  	
   

  	
  [                                                ]

  
	
   

  	
   

  	
  [                                                ]

  
	
   

  	
   

  	
  [                                                ]

  

 

Any party may change its
address for notices hereunder by notice to the other party in accordance with
this Section 13.

 7
 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement effective the
day and year first above written.

 

	
   

  	
  EMPLOYER:

  
	
   

  	
   

  
	
   

  	
  Peninsula
  Gaming, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Jonathan Swain

  

 

 8

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