Document:

Exhibit

Exhibit 10.6

PERSONAL AND CONFIDENTIAL

May 9, 2018

Ms. Darcie Karol

Dear Darcie:

I am pleased to confirm our offer for the position of Senior Vice President, Human Resources with Invacare Corporation, reporting directly to me and overseeing the company’s global human resources function.

The following represents the terms and conditions of your employment:

COMPENSATION

Salary – Your starting base salary for this position will be $295,000.00 when calculated on an annual basis.  This rate is calculated for convenience purposes only and is not intended to be construed as a contract of employment for any fixed period of time.

Annual Bonus – You are eligible to participate in the Key Management Incentive Plan at the 50% level.  Evaluation of your performance will be made on a pro-rata basis, determined by your length of service in 2018.  Payment of any 2018 bonus earned under this plan will be made in 2019. 

Restricted Stock – Upon acceptance of our offer and commencement of employment, you will be eligible to receive a restricted stock grant in the amount of 5,000 restricted shares.  The restricted stock will vest 100% after three years.  Restricted Shares are granted, subject to approval of the Compensation and Management Development Committee (the “Compensation Committee”), on your start date.  Once granted, you will receive an Award Agreement with additional details about the restricted shares.  Subject to review and approval by the Compensation Committee of the Board of Directors of Invacare Corporation, you will be eligible to receive restricted stock grants on an annual basis pursuant to the Equity Compensation Plan.

Severance Benefit – In the event that your employment is terminated by Invacare for any reason other than for cause, you will be entitled to receive a severance benefit in the amount equal to twelve months of your base salary in effect at the time of termination.  For purposes of this paragraph, termination by Invacare for cause shall mean termination by Invacare due to your (a) fraud, (b) embezzlement of company assets, (c) intentional violation of law, (d) violation of company policy, (e) substantial failure to perform the duties and responsibilities of your position, (f) conduct which adversely affects Invacare’s business reputation or which is otherwise contrary to the best interests of Invacare or (g) a breach of the terms of this letter or the Technical Information and Non-

INVACARE CORPORATION

One Invacare Way, P. O. Box 4028, Elyria, Ohio 44036-2125   USA
440-329-6000    www.invacare.com

Competition Agreement and conflict of interest documents referred to below.  Termination by Invacare for any of the reasons set forth in (a)-(g) of the preceding sentence shall be termination for cause.  Your entitlement to severance benefits described in this paragraph are conditioned upon your signing a separation and release agreement in a form reasonably acceptable to Invacare.

Change of Control – As an executive officer, you will be given a Change of Control Agreement which includes provisions for a lump sum amount, as more fully described in the Change in Control Agreement. 

BENEFITS

Health Benefits – You will be eligible to participate in Invacare’s comprehensive benefits program which includes medical, prescription, dental, vision coverage, life insurance, short- and long-term disability.  This program will be available to you on the first day of the month following employment and is described in the attached Benefits Overview.

Retirement Plan – The Invacare Retirement Savings Plan includes a 401(k) program, Employer Match and a Discretionary Invacare Quarterly Contribution (IQC).  You may begin contributing to the 401(k) program immediately and will be eligible to receive the Employer Contributions after six months of service.  Should you choose to participate in the 401(k) program, Invacare will make matching contributions equal to 100% of the first 1% of your salary deferrals, plus 50% of the next 2% of your salary deferrals after you have completed six months of service.  

Enhanced Retirement Plan – Additionally, because your annual income meets or exceeds the IRS Highly Compensated Limit, you will be eligible to participate in our non-qualified retirement savings plan, the Deferred Compensation Plan (“dcPlus Plan) effective January 1 of next year.  This plan allows you to maximize salary deferrals and employer contributions on compensation that exceeds annual limits.  

Vacation – You are eligible for four weeks of vacation. 

EXECUTIVE BENEFITS 

Health Management Program – You will be eligible to participate in the Executive Health Management Program at the Cleveland Clinic Department of Preventative Medicine.

Relocation & Related Taxes – You will be eligible for the company’s relocation program.  Per the guidelines in the attached relocation policy, if you voluntarily terminate employment or are terminated for cause within twenty-four (24) months from the effective date of relocation or hire, relocation benefits will cease immediately and you must repay all or a prorated amount of the relocation expenses previously reimbursed or paid by the Company.  Details of the package are provided in the attached Relocation Policy and Benefit Package.  To participate in the company’s program, please contact Ann Wilgor, Invacare’s Relocation Administrator, at (440) 329-6006 to begin the process.  Please do not contact a realtor or related party prior to contacting Ann.

This offer is contingent upon verification of your eligibility for employment under the provisions of the Immigration Reform and Control Act of 1986.  Prior to the first day you report for work, you will receive an email directing you to complete Section I of the Federal I-9 form on-line.  On the first day you report for work, please bring with you a valid driver’s license and original Social Security card, or other identification acceptable for employment identification, and present it to your Human Resources representative.

You will be required to review and sign a Technical Information and Non-Competition agreement, and a conflict of interest document as a condition of your employment.

This offer is also contingent upon you successfully completing a pre-employment drug screen, background investigation and reference-checking process.  Upon accepting this offer, you will receive an email instructing you how to initiate the background investigation through our on-line vendor.  You will receive a second email with instructions for completing your pre-employment drug screen at a local drug screening facility.

To facilitate your understanding of the Cleveland area, we will engage you with Executive Arrangements to introduce you to the various communities in Northeast Ohio.

Darcie, we are excited about having you join the Invacare team and would appreciate a response no later than Friday, May 11.  Upon signing this offer letter, your tentative start date will be June 4, 2018, although we would like to have you join us as soon as practical.  In the interim, please contact Kevin DeLury at (440) 329-6706 or me if you have questions.

Sincerely,

/s/ Matthew E. Monaghan

Matthew E. Monaghan
Chairman, President and CEO

MEM:dlw
Attachments:  5

To acknowledge acceptance of this offer, please sign below and return a copy of this letter to me. 

/s/ Darcie Karol                        5/9/2018
_________________________________            ________________________
Signature                            Dateeri-ex41_408.htm

Exhibit 4.1

FIFTH SUPPLEMENTAL INDENTURE

Fifth Supplemental Indenture (this “Supplemental Indenture”), dated as of June 18, 2018, among Elgin Holdings I LLC, a Delaware limited liability company, Elgin Holdings II LLC, a Delaware limited liability company, PPI Development Holdings LLC, a Delaware limited liability company and PPI Development LLC, a Delaware limited liability company (each, a “Guaranteeing Subsidiary” and, collectively, the “Guaranteeing Subsidiaries”), each a subsidiary of Eldorado Resorts, Inc. (or its permitted successor), a Nevada corporation (the “Company”), the Company and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (as amended by that certain First Supplemental Indenture dated as of December 16, 2015, that certain Second Supplemental Indenture dated as of May 26, 2016, that certain Third Supplemental Indenture, dated as of March 16, 2017 and that certain Fourth Supplemental Indenture, dated as of May 1, 2017 and as may be further amended, supplemented, or otherwise modified, the “Indenture”), dated as of July 23, 2015 providing for the issuance of 7% Senior Notes due 2023 (the “Notes”);

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the benefit of each other and the equal and ratable benefit of the Holders of the Notes as follows:

1.Capitalized Terms.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

2.Agreement to Guarantee.  Each Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof.

3.No Recourse Against Others.  No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes.  The waiver may not be effective to waive liabilities under the federal securities laws.

 

 

 

 

4.NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

5.Counterparts.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.

The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

6.Effect of Headings.  The Section headings herein are for convenience only and shall not affect the construction hereof.

7.The Trustee.  The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Company.

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	
elgin holdings i llc

	
elgin holding ii llc

	
 

	
By:
	
 
	
/s/ Thomas R. Reeg

	
Name:
	
 
	
Thomas R. Reeg

	
Title:
	
 
	
President and Chief Financial Officer

 

	
PPI DEVELOPMENT holdings llc

	
PPI DEVELOPMENT llc

	
 

	
By:
	
 
	
/s/ Thomas R. Reeg

	
Name:
	
 
	
Thomas R. Reeg

	
Title:
	
 
	
President and Chief Financial Officer

 

	
ELDORADO RESORTS, INC.

	
 

	
By:
	
 
	
/s/ Thomas R. Reeg

	
Name:
	
 
	
Thomas R. Reeg

	
Title:
	
 
	
President and Chief Financial Officer

 

 

[Signature Page to Fifth Supplemental Indenture]

 

	
U.S. BANK NATIONAL ASSOCIATION
as Trustee

	
 

	
By:
	
 
	
/s/ Laurel A. Melody-Casasania

	
Name:
	
 
	
Laurel A. Melody-Casasania

	
Title:
	
 
	
Vice President

 

[Signature Page to Supplemental Indenture]

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