Document:

Secured Promissory Note

 Exhibit 10.1 
 HE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH,
THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE APPLICABLE SECURITIES LAWS OF ANY STATE. 
 SECURED PROMISSORY NOTE 

 

			
	$300,000.00	  	April 25, 2006
		  	Clearwater, Florida

 For value received, Digital Lightwave, Inc., a Delaware corporation (the
“Company”), promises to pay to Optel Capital, LLC, a Delaware limited liability company (the “Holder”), or its registered assigns, the principal sum of Two Hundred Thousand Dollars ($300,000.00). Interest shall
accrue from the date of this Note on the unpaid principal amount at a rate equal to 10.0% per annum, compounded annually. The interest rate shall be computed on the basis of the actual number of days elapsed and a year of 360 days. This Note is
subject to the following terms and conditions. 
 1. Maturity. 
 (a) Principal and any accrued but unpaid interest under this Note shall be due and payable upon demand by the Holder at any time after May 31, 2006.

 (b) Notwithstanding the foregoing, the entire unpaid principal sum of this Note, together with accrued and unpaid interest thereon, shall
become immediately due and payable upon demand by the Holder at any time on or following the occurrence of any of the following events: 
 (i) the sale of all or substantially all of the Company’s assets, or any merger or consolidation of the Company with or into another corporation; other than a merger or consolidation in which the holders of more than 50% of the shares
of capital stock of the Company outstanding immediately prior to such transaction continue to hold (either by the voting securities remaining outstanding or by their being converted into voting securities of the surviving entity) more than 50% of
the total voting power represented by the voting securities of the Company, or such surviving entity, outstanding immediately after such transaction; 
 (ii) the inability of the Company to pay its debts as they become due; 

 (iii) the dissolution, termination of existence, or appointment of a receiver, trustee or custodian, for
all or any material part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding by the Company under any reorganization, bankruptcy, arrangement, dissolution or liquidation law or statute of any
jurisdiction, now or in the future in effect; 
 (iv) the execution by the Company of a general assignment for the benefit of creditors;

 (v) the commencement of any proceeding against the Company under any reorganization, bankruptcy, arrangement, dissolution or liquidation
law or statute of any jurisdiction, now or in the future in effect, which is not cured by the dismissal thereof within ninety (90) days after the date commenced; or 
 (vi) the appointment of a receiver or trustee to take possession of the property or assets of the Company. 
 2. Payment; Prepayment. All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may from time to time designate in writing to the Company. Payment shall be credited first
to the accrued interest then due and payable and the remainder applied to principal. Prepayment of this Note may be made at any time without penalty. 
 3. Transfer; Successors and Assigns. The terms and conditions of this Note shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. This Note may be
transferred only upon surrender of the original Note for registration of transfer, duly endorsed, or accompanied by a duly executed written instrument of transfer in form satisfactory to the Company. Thereupon, a new note for the same principal
amount and accrued interest will be issued to, and registered in the name of, the transferee. Interest and principal are payable only to the registered holder of this Note. 
 4. Governing Law. This Note and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be
governed, construed and interpreted in accordance with the laws of the State of Florida, without giving effect to principles of conflicts of law. 
 5. Notices. Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon receipt, when delivered personally or by courier, overnight delivery service or confirmed facsimile, or 48
hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, if such notice is addressed to the party to be notified at such party’s address or facsimile number as set forth below or as subsequently
modified by written notice. 
 6. Amendments and Waivers. Any term of this Note may be amended only with the written consent of
the Company and the Holder. Any amendment or waiver effected in accordance with this Section 6 shall be binding upon the Company, each Holder and each transferee of this Note. 
  

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 7. Officers and Directors Not Liable. In no event shall any officer or director of the
Company be liable for any amounts due or payable pursuant to this Note. 
 8. Security Interest. This Note is secured by all of
the assets of the Company in accordance with the Twenty Second Amended and Restated Security Agreement by and between the Company and the Holder dated as of September 16, 2004 (the “Security Agreement”). In case of an Event of
Default (as defined in the Security Agreement), the Holder shall have the rights set forth in the Security Agreement. 
 9.
Counterparts. This Note may be executed in any number of counterparts, each of which will be deemed to be an original and all of which together will constitute a single agreement. 
 10. Action to Collect on Note. If action is instituted to collect on this Note, the Company promises to pay all costs and expenses,
including reasonable attorney’s fees, incurred in connection with such action. 
 11. Loss of Note. Upon receipt by the
Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note or any Note exchanged for it, and indemnity satisfactory to the Company (in case of loss, theft or destruction) or surrender and cancellation of such
Note (in the case of mutilation), the Company will make and deliver in lieu of such Note a new Note of like tenor. 
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page intentionally left blank.] 
  

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 This Note was entered into as of the date set forth above. 
  

			
	COMPANY:
	
	DIGITAL LIGHTWAVE, INC.
		
	By:	 	 /s/ Kenneth T. Myers

		 	Kenneth T. Myers
		 	President and Chief Executive Officer

  

			
	AGREED TO AND ACCEPTED:
	
	OPTEL CAPITAL, LLC
		
	By:	 	 /s/ Paul Ragaini

	Name:	 	Paul Ragaini
		 	    (print)
	Title:	 	Chief Financial OfficerForm of stock option agreement

 EXHIBIT 10.6(A) 
 INCENTIVE STOCK OPTION AGREEMENT OF 
 AMERICAN WAGERING, INC. 
 A Nevada Corporation 
 This AGREEMENT is made by and
between American Wagering, Inc., having its principal place of business at 675 Grier Drive, Las Vegas, Nevada 89119 (hereinafter referred to as “Employer”), and
            <NAME>             (hereinafter referred to as “Employee”). 
 1. Option Granted 
 Employer hereby grants Employee an option to
purchase     <NUMBER>     shares of American Wagering, Inc. Common Stock at a purchase price of     <AMOUNT>     per share. Notwithstanding
anything to the contrary contained herein, Employee shall be entitled to exercise this option only as follows: 
 Vesting Schedule:

  

							
	        <NUMBER>        	  	shares after	  	<DATE>	  	but before termination pursuant to paragraph 7
				
	        <NUMBER>        	  	shares after	  	<DATE>	  	but before termination pursuant to paragraph 7
				
	        <NUMBER>        	  	shares after	  	<DATE>	  	but before termination pursuant to paragraph 7
				
	        <NUMBER>        	  	shares after	  	<DATE>	  	but before termination pursuant to paragraph 7
				
	        <NUMBER>        	  	shares after	  	<DATE>	  	but before termination pursuant to paragraph 7

 Upon termination of employment for any reason, any unexercised portion of this option, other than shares that
Employee would have been entitled to purchase at the time of such termination, shall be cancelled and not available for purchase by Employee. 
 2. Time
of Exercise of Option 
 Employee may exercise the option granted herein at any time, and from time to time, until termination of the option as provided
herein, so long as at all times, beginning with the date of the grant of this option and ending 3 months prior to the date of exercise, or 12 months prior to the date of exercise if the employee is disabled within the meaning of Internal Revenue
Code Section 22(e)(3), Employee remains employed. For purposes of this agreement, “employment” means that Employee is employed by Employer, a parent or subsidiary corporation of Employer, or a corporation, or a parent or subsidiary
corporation of such a corporation issuing or assuming a stock option in a transaction to which Internal Revenue Code Section 425(a) applies. 
  

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 3. Method of Exercise 
 This option shall be exercised by written notice delivered to Employer at its principal place of business, stating the number of shares for which the option is being exercised. The notice must be accompanied by a check or other method of
payment acceptable to the Plan Administrator for the amount of the purchase price, and comply with all the requirements of the Stock Option Plan of Employer dated August 9, 2001, attached hereto and made a part hereof by this reference.

 4. Capital Adjustments 
  

	(a)	The existence of this option shall not affect in any way the right or power of Employer or its stockholders to: (1) make or authorize any or all adjustments, recapitalizations,
reorganizations, or other changes in Employer’s capital structure or its business; (2) enter into any merger or consolidation; (3) issue any bonds, debentures, preferred or prior preference stocks ahead of or affecting the common
stock or the rights thereof, (4) issue any securities convertible into any common stock, (5) issue any rights, options, or warrants to purchase any common stock, (6) dissolve or liquidate Employer, (7) sell or transfer all or any
part of its assets or business, or (8) take any other corporate act or proceedings, whether of a similar character or otherwise. 

  

	(b)	The shares with respect to which this option is granted are shares of the common stock of Employer as presently constituted, but if and whenever, prior to the delivery by Employer
of all the shares of the stock with respect to which this option is granted, Employer shall effect a subdivision or consolidation of shares or other capital readjustment, the payment of a stock dividend, or other increase or reduction of the number
of shares of the stock outstanding without receiving compensation therefor in money, services, or property, the number of shares of stock then remaining subject to this option shall: (1) in the event of an increase in the number of outstanding
shares, be proportionately increased, and the cash consideration payable per share shall be proportionately reduced; or (2) in the event of a reduction in the number of outstanding shares, be proportionately reduced, and the cash consideration
payable per share shall be proportionately increased. 

 5. Merger and Consolidation 
  

	(a)	Following the merger of one or more corporations into Employer or any consolidation of Employer and one or more corporations in which Employer is the surviving corporation, the
exercise of this option shall apply to the shares of the surviving corporation. 

  

	(b)	Notwithstanding any other provision of this agreement, this option shall terminate on the dissolution or liquidation of Employer, or on any merger or consolidation in which Employer
is not the surviving corporation. 

  

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 6. Transfer of this Option 
 During Employee’s lifetime, this option shall be exercisable only by Employee. This option shall not be transferable by Employee other than by the laws of descent and distribution upon Employee’s death. In the event of
Employee’s death during employment or during the applicable period after termination of employment specified in Paragraph 2 above, Employee’s personal representatives may exercise any portion of this option that remains unexercised at the
time of Employee’s death, provided that any such exercise must be made, if at all, during the period within one year after Employee’s death, and subject to the option termination date specified in Paragraph 7(c) below. 
 7. Termination of Option 
 This
option shall terminate on the earliest of the following dates: 
  

	(a)	The expiration of three months from the date of Employee’s termination of employment, as defined in Paragraph 2 above, except for termination due to death or permanent and
total disability; 

  

	(b)	The expiration of 12 months from the date on which Employee’s employment, as defined in Paragraph 2 above, is terminated due to permanent and total disability, as defined in
Internal Revenue Code Section 22(e)(3); or 

  

	(c)	10 years from the date hereof. 

 8. Rights as Shareholder

 Employee will not be deemed to be a holder of any shares pursuant to the exercise of this option until he or she pays the option price and a stock
certificate is delivered to him or her for those shares. No adjustment shall be made for dividends or other rights for which the record date is prior to the date the stock certificate is delivered. 
 9. Integration with Employer’s Stock Option Plan and Employment Agreement 
 All of the terms and conditions of Employer’s Stock Option Plan and Employee’s Employment Agreement, attached hereto and made a part hereof by this reference, are specifically made a part of this agreement
and shall control with regard to the interpretation or construction of any provision that is inconsistent herewith. In the event that Employee breaches any term in Employee’s Employment Agreement, Employer may, at its option, terminate this
option agreement and any Employee rights to any un-exercised option shares (whether vested or not) shall be null and void. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement this
    <DAY>     day of     <MONTH>    , <YEAR>. 
  

			
	EMPLOYER:
	AMERICAN WAGERING, INC.
	  
  

	By:	 	<NAME>
	Its:	 	Plan Administrator
	
	EMPLOYEE:
	  
  

	<NAME>

  

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