Document:

Unassociated Document

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of November 10, 2010, by and between Asia Entertainment & Resources Ltd., a Cayman Islands corporation (the “Company”), and Wong Hon Meng, an individual (the “Executive”).

 

WHEREAS, the Board of Directors of the Company (the “Board”), has determined that it is in the best interests of the Company and its shareholders to assure that the Company will have the continued dedication of Executive; and

 

WHEREAS, in order to accomplish these objectives, the Board has caused the Company to enter into this Agreement.

 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

 

1.           Employment Period. The Company hereby agrees to continue Executive in its employ, and Executive hereby agrees to remain in the employ of the Company, for the period commencing on the date of the closing of the transactions contemplated by that certain Profit Interest Purchase Agreement dated November         ,2010 among the Company, King’s Gaming Promotion Limited and the other parties thereto (the “Purchase Agreement”) and ending on the fifth anniversary of such date (the “Employment Period”).

 

2.           Terms of Employment.

 

(a)          Position and Duties.

 

(i)          During the Employment Period, (A) Executive’s position, authority, duties and responsibilities shall be that of Operating Officer, and (B) Executive’s services shall be performed at Wen Zhou VIP Club, located at the Venetian Macao-Resort-Hotel (“Casino”) at Estrada da Baia de Nossa, Senhora da Esperanca, s/n, Taipa, Macao.

 

(ii)         During the Employment Period, and excluding any periods of vacation and sick leave to which Executive is entitled, Executive agrees to devote his full attention and time during normal business hours to the business and affairs of the Company and to use Executive’s best efforts to perform faithfully and efficiently such responsibilities. During the Employment Period it shall not be a violation of this Agreement for Executive to (A) serve on civic or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of Executive’s responsibilities as an employee of the Company in accordance with this Agreement.

 

(b)          Compensation.

 

(i)         Salary. During the Employment Period, Executive shall receive an annual base salary (“Salary”) at least equal to $4,800. Such Salary shall be payable monthly in cash, subject to withholding and deductions pursuant Section 10(d).

 

  

  

  

 

(ii)         Expenses. During the Employment Period, Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by Executive in accordance with the policies, practices and procedures of the Company and its subsidiaries provided to other key management employees of the Company and its subsidiaries.

 

(iii)        Automobile. During the Employment Period, Executive shall be entitled to the reasonable use of Company-owned automobiles made available by the Company for use by Executive and other key management employees, subject to the reasonable use by such other key management employees, and reimbursement by the Company for all reasonable expenses related to the use and operation of such automobile.

(iv)       Vacation. During the Employment Period, Executive shall be entitled to paid vacation in accordance with Company policies.

 

3.           Termination.

 

(a)          Death or Disability. This Agreement shall terminate automatically upon Executive’s death. If the Company determines in good faith that the Disability of Executive has occurred (pursuant to the definition of “Disability” set forth below), it will give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after the date of such notice (the “Disability Effective Date”), provided that, within such time period, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” means disability (either physical or mental) which (i) materially and adversely affects Executive’s ability to perform the duties required of his office, and (ii) is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to Executive or Executive’s legal representative (such agreement as to acceptability not to be withheld unreasonably).

 

(b)          Cause. The Company may terminate Executive’s employment for “Cause.” For purposes of this Agreement, termination of Executive’s employment by the Company for Cause shall mean termination for one of the following reasons: (i) the conviction of Executive of a felony by a court of competent jurisdiction; (ii) an act or acts of dishonesty taken by Executive and intended to result in substantial personal enrichment of Executive at the expense of the Company; or (iii) Executive’s failure to follow a direct, reasonable and lawful written order from the Board, within the reasonable scope of Executive’s duties, which failure is not cured within 5 days.

 

(d)         Notice of Termination. Any termination by the Company for Cause shall be communicated by Notice of Termination to Executive given in accordance with Section 10(b) of this Agreement. For purposes of this Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific termination provisions in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as defined below) is other than the date of receipt of such notice, specifies the termination date. The failure by the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Cause shall not waive any right of the Company hereunder or preclude the Company from asserting such fact or circumstance in enforcing its rights hereunder.

 

  

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(e)          Date of Termination. “Date of Termination” means the date of receipt of the Notice of Termination by Executive or any later date specified therein; provided, however, that if Executive’s employment is terminated by reason of death or Disability, the Date of Termination shall be the date of death of Executive or the Disability Effective Date, as the case may be.

 

4.           Obligations of the Company upon Termination.

 

(a)           Death. If Executive’s employment is terminated by reason of Executive’s death, this Agreement shall terminate without further obligations to Executive’s legal representatives under this Agreement, other than those obligations accrued or earned and vested (if applicable) by Executive as of the Date of Termination, which shall be paid to Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of Termination.

 

(b)           Disability. If Executive’s employment is terminated by reason of Executive’s Disability, this Agreement shall terminate without further obligations to Executive, other than those obligations accrued or earned and vested (if applicable) by Executive as of the Date of Termination, which shall be paid to Executive in a lump sum in cash within 30 days of the Date of Termination.

 

(c)           Cause. If Executive’s employment shall be terminated by the Company for Cause, this Agreement shall terminate without further obligations to Executive other than the obligation to pay to Executive the Salary accrued through the Date of Termination.

 

5.           Transfer; Forfeiture of Shares. During the Employment Term, transfer of the Incentive Shares and Additional Incentive Shares (each as defined in the Purchase Agreement) (the “Shares”) that Executive receives as a result of the transactions contemplated by the Purchase Agreement shall be in accordance with the provisions of the US Securities Act.

 

6.           Confidential Information. Executive shall hold in a fiduciary capacity for the benefit of the Company all secret or confidential information, knowledge or data relating to the Company or any of its subsidiaries, and their respective businesses, which shall have been obtained by Executive during Executive’s employment by the Company or any of its subsidiaries and which shall not be or become public knowledge (other than by acts by Executive or his representatives in violation of this Agreement). After termination of Executive’s employment with the Company, Executive shall not, without the prior written consent of the Company, communicate or divulge any such information, knowledge or data to anyone other than the Company and those designated by it.

 

7.           Non-competition and Non-solicitation.

 

(a)           Executive agrees that during his employment by the Company, and during the ten (10) year period following the termination of Executive’s employment with the Company, regardless of the reason for termination (collectively the “Restricted Period”), Executive shall not, directly or indirectly:

 

(i)          whether as an individual, partner, joint venturer, owner, manager, stockholder, employee, partner, officer, director, consultant, independent contractor, or other such role, render services to, become employed by, own, or have a financial or other interest in any Competitive Business (as defined in Section 7(b)); or

 

(ii)         solicit, recruit, induce, offer, assist, encourage or suggest (A) that another business or enterprise offer employment to or enter into a business affiliation with any Company employee, agent, contractor, or representative, or (B) that any Company employee, agent or representative terminate or modify his or her employment or business affiliation with the Company.

  

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(b)           For purposes of this Agreement, the term “Competitive Business” means any person, business or enterprise engaged in the operation or management of casinos or gaming activities in any jurisdiction in which the Company is engaged in the management of casinos or gaming or junket activities or in which the Company has profit interests in casinos or gaming or junket activities.

 

8.           Remedy for Breach. Executive acknowledges and agrees that his breach of any of the covenants contained in Section 6 and Section 7 (the “Restrictive Covenants”) of this Agreement will cause irreparable injury to the Company and that remedies at law available to the Company for any actual or threatened breach by Executive of such covenants will be inadequate and that the Company shall be entitled to specific performance of the covenants contained herein or injunctive relief against activities in violation of the Restrictive Covenants by temporary or permanent injunction or other appropriate judicial remedy, writ or order, without the necessity of proving actual damages. This provision with respect to injunctive relief shall not diminish the right of the Company to claim and recover monetary damages against Executive for any breach of this Agreement, in addition to injunctive relief. Executive acknowledges and agrees that the Restrictive Covenants shall be construed as agreements independent of any other provision of this or any other contract between the parties hereto, and that the existence of any claim or cause of action by Executive against the Company, whether predicated upon this or any other contract, shall not constitute a defense to the enforcement by the Company of said covenants.

 

9.           Successors.

 

(a)           This Agreement is personal to Executive and without the prior written consent of the Company shall not be assignable by Executive. This Agreement shall inure to the benefit of and be enforceable by Executive’s legal representatives.

 

(b)           This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

10.         Miscellaneous.

 

(a)           This Agreement shall be governed by and construed in accordance with the law of Hong Kong,1 without reference to principles of conflicts of law. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified and no consent may be given hereunder otherwise than by a written agreement executed by the parties hereto or their respective successors and legal representatives that is approved by at least a majority of the directors of the Company then in office.

 

(b)           All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to Executive:

 

Rua de Chiu Chau, No. 53

Edificio Wui Keng Garden, Torre 1, 14 Andar B

Taipa, Macau

 

1 Insert jurisdiction in which employment is located.

  

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If to the Company:

 

Asia Entertainment & Resources Ltd.

Unit 1004, East Town Building

16 Fenwick Street

Wanchai, Hong Kong

Attention: Raymond Li

 

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

 

(c)           The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

 

(d)           The Company may withhold from any amounts payable under this Agreement such taxes and other deductions as shall be required to be withheld pursuant to any applicable law or regulation.

 

(e)           This Agreement contains the entire understanding of the Company and Executive with respect to the subject matter hereof.

 

11.         No Trust. No obligation of the Company under this Agreement shall be construed as creating a trust, escrow or other secured or segregated fund, in favor of Executive or his beneficiary. The status of Executive and Executive’s beneficiary with respect to any liabilities assumed by the Company hereunder shall be solely those of unsecured creditors of the Company. Any asset acquired or held by the Company in connection with liabilities assumed by it hereunder shall not be deemed to be held under any trust, escrow or other secured or segregated fund for the benefit of Executive or Executive’s beneficiary or to be security for the performance of the obligations of the Company, but shall be, and remain a general, unhypothecated, unrestricted asset of the Company at all times subject to the claims of general creditors of the Company.

 

  

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IN WITNESS WHEREOF, Executive has hereunto set his hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

 

	
EXECUTIVE:

	 
	

/s/ Wong Hon Meng

	
Wong Hon Meng

	  
	
COMPANY:

	  
	
Asia Entertainment & Resources Ltd.

	 
	
By

	

/s/ Lam Man Pou

	  	
Lam Man Pou

	  	
Chairman

  

6Unassociated Document

Exhibit 10.1

 

 

THE OFFER, SALE AND ISSUANCE OF THIS AMENDED AND RESTATED GRID NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.  THIS SECURITY HAS BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE DISTRIBUTION THEREOF.  THIS NOTE (AS DEFINED BELOW) MAY NOT BE OFFERED, SOLD, PLEDGED, OR TRANSFERRED UNLESS (I) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO THIS SECURITY AND SUCH OFFER, SALE, PLEDGE, OR TRANSFER IS IN COMPLIANCE WITH APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION OR (II) THERE IS AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE BORROWER (AS DEFINED BELOW), THAT AN EXEMPTION THEREFROM IS AVAILABLE AND THAT SUCH OFFER, SALE, PLEDGE, OR TRANSFER IS IN COMPLIANCE WITH APPLICABLE SECURITIES LAW OF ANY STATE OR OTHER JURISDICTION.

 

AMENDED AND RESTATED GRID NOTE

Up to $250,000.00                                                                                     Dated as of: April 6, 2011

FOR VALUE RECEIVED, the undersigned BLUEDATA CORPORATION, a Delaware corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of KENNETH BLOOM AND DEBORAH BLOOM (collectively, the “Lender”), on June 30, 2012 (the “Maturity Date”), the entire aggregate principal amount of all sums advanced by the Lender to the Borrower pursuant to this Amended and Restated Grid Note, and as more specifically set forth on Schedule A attached hereto (each an “Advance” outstanding), together with accrued interest thereon.  This Amended and Restated Grid Note amends and restates that certain Demand Grid Promissory Note, dated as of January 11, 2011, made by the Borrower in favor of the Lender (as amended and restated, the “Note”).

 

1. Interest Rate.  Borrower shall pay interest, annually (on each anniversary of the date of the issuance of this Note) in arrears, on the unpaid principal balance hereof outstanding from time to time at a rate equal to Five Percent (5%) per annum, computed on the basis of the actual number of days elapsed and a year of 365 days.  Interest shall commence to accrue on the date hereof and shall continue to accrue on the unpaid principal balance hereof until the principal hereof is paid in full (whether before or after maturity or judgment).

 

Anything contained in this Note to the contrary notwithstanding, the Lender does not intend to charge and the Borrower shall not be required to pay interest or other charges in excess of the maximum rate permitted by applicable law.  Any payments in excess of such maximum rate shall be refunded to Borrower or credited against principal.

 

2. Payment.  The outstanding principal amount of all Advances made under this Note and all accrued but unpaid interest hereunder shall be due and payable on the Maturity Date.

 

 

 

 

 

 

3. Pre-Payment.  The outstanding principal amount of all Advances made under this Note may be prepaid at any time, in whole or in part, without premium or penalty.

 

4. Advances; Schedule A.

 

	
  

	
(a)

	
All Advances made by the Lender to the Borrower and all payments made on account of the outstanding principal balance hereof shall be recorded and endorsed by the Lender on Schedule A attached hereto, which is made a part of this Note.  All such recordations by the Lender shall be final and binding upon the Borrower absent manifest error demonstrated by the Borrower.

 

	
  

	
(b)

	
In the event the Borrower, in its reasonable discretion, shall determine that it requires an Advance in order to pay operating expenses actually incurred by the Borrower, the Borrower shall deliver to the Lender a written notice of borrowing on any business day prior to the Maturity Date specifying, without limitation, the amount of the requested Advance and the date upon which such Advance is required to be paid to the Borrower (such notice, a “Borrowing Notice”).

 

	
  

	
(c)

	
Within 10 business days of receipt of a Borrowing Notice, the Lender shall make available to the Borrower, at the address or to the bank account provided in the Borrowing Notice, an amount in immediately available funds equal to the amount requested pursuant to the Borrowing Notice.

 

5. Default.  Upon the occurrence of an Event of Default, as hereinafter defined: this Note shall become forthwith due and payable, to the Lender, without presentment, demand or protest or notice of any kind, all of which are being hereby expressly waived by the Borrower.  An “Event of Default” is defined as: (i) a default in the payment when due of any amount under this Note, (ii) the dissolution (either voluntary or involuntary) of the Borrower, (iii) the Borrower becoming bankrupt, either on a voluntary or involuntary basis, (iv) the Borrower making a general assignment for the benefit of its creditors, or (v) the Borrower terminating its registration under Section 12(g) of the Securities Exchange Act of 1934 by making a filing on Form 15.  Any costs incurred by the Lender in the enforcement of this Note and the collection of the amounts due hereunder upon an Event of Default shall be payable by the Borrower to the Lender immediately upon demand therefor.

 

6. WAIVER, JURY TRIAL WAIVER.  THE BORROWER ACKNOWLEDGES THAT THIS NOTE EVIDENCES A COMMERCIAL TRANSACTION AS THAT TERM IS DEFINED IN CONNECTICUT GENERAL STATUTES SECTION 52-278a(a) AND PURSUANT TO CONNECTICUT GENERAL STATUTES SECTIONS 52-278b AND 52-278f, THE BORROWER DOES HEREBY WAIVE ITS RIGHTS TO NOTICE AND HEARING PRIOR TO THE ISSUANCE BY THE PAYEE OF ANY PREJUDGMENT REMEDY, AND THE BORROWER HEREBY FURTHER WAIVES ANY RIGHTS AS MAY EXIST UNDER FEDERAL LAW TO ANY NOTICE AND OR HEARING PRIOR TO THE PAYEE’S OBTAINING AND EXERCISING ANY PREJUDGMENT REMEDY.  ADDITIONALLY, THE BORROWER HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS NOTE AND IN ANY ACTION DIRECTLY OR INDIRECTLY RELATED TO OR CONNECTED WITH THE OBLIGATIONS PROVIDED FOR HEREIN, OR ANY CONDUCT RELATING TO THE ADMINISTRATION OR ENFORCEMENT OF SUCH OBLIGATIONS OR ARISING FROM THE DEBTOR AND CREDITOR RELATIONSHIP OF THE PARTIES HERETO.  THE BORROWER ACKNOWLEDGES THAT THIS WAIVER MAY DEPRIVE IT OF AN IMPORTANT RIGHT AND THAT SUCH WAIVER HAS KNOWINGLY AND VOLUNTARILY BEEN AGREED TO BY THE BORROWER.

 

 

 

 

 

7. Certain Waivers.  The Borrower and any endorser or guarantor hereof (collectively, the “Obligors”) and each of them: (i) waive(s) presentment, diligence, protest, demand, notice of demand, notice of acceptance or reliance, notice of non-payment, notice of dishonor, notice of protest and all other notices to parties in connection with the delivery, acceptance, performance, default or enforcement of this Note, any endorsement or guaranty of this Note, or any collateral or other security; (ii) consent(s) to any and all delays, extensions, renewals or other modifications with respect to this Note, any related document or the debt(s) or collateral evidenced hereby or thereby or any waivers of any term hereof or thereof, any release, surrender, taking of additional, substitution, exchange, failure to perfect, record, preserve, realize upon, or lawfully dispose of, or any other impairment of, any collateral or other security, or any other failure to act by the Lender or any other forbearance or indulgence shown by the Lender, from time to time and in one or more instances (without notice to or assent from any of the Obligors) and agree(s) that none of the foregoing shall release, discharge or otherwise impair any of their liabilities; (iii) agree(s) that the full or partial release or discharge of any Obligor(s) shall not release, discharge or otherwise impair the liabilities of any other Obligor(s); and (iv) otherwise waive(s) any other defenses based on suretyship or impairment of collateral.

 

8. Governing Law.  This Note shall be governed by and construed in accordance with the laws of the State of Connecticut without regard to its conflicts of laws principles.

 

9. NON-NEGOTIABLE; BINDING NATURE.  THIS NOTE IS NOT NEGOTIABLE WITHOUT THE PRIOR WRITTEN CONSENT OF THE LENDER (WHICH MAY BE WITHHELD IN THE SOLE DISCRETION OF THE LENDER).  This Note shall bind the Borrower and shall inure to the benefit of the Lender and its heirs, representatives, successors and permitted assigns.

 

10. Specific Performance.  The Borrower acknowledges that its breach or threatened or attempted breach of any provision of this Note would cause irreparable harm to the Lender not compensable in money damages and that the Lender shall be entitled, in addition to all other applicable remedies, to a temporary and permanent injunction and a decree for specific performance of the terms of this Note, without being required to prove damages or furnish any bond or other security.

 

11. General.  No failure or delay on the part of the Lender in exercising any right, power, or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, or remedy preclude any other or further exercise thereof or the exercise of any other right, power, or remedy hereunder.  No waiver of any provision hereof shall be effective unless the same shall be in writing and signed by the Borrower and the Lender.  This Note may only be amended by a written instrument referring to this Note and executed by the Borrower and the Lender.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The remedies herein provided are cumulative and not exclusive of any remedies provided by law or equity.

 

	 	

BLUEDATA CORPORATION

	 
	 	 	 	 
	
 

	
By: 

	/s/ Kenneth A. Bloom	 
	 	 	Name:  Kenneth A. Bloom	 
	 	 	Title:    President & CEO	 
	 	 	 	 

 

 

 

 

 

 

SCHEDULE A

ADVANCES AND PAYMENTS OF PRINCIPAL

 

	
 

 

 

Date

	
 

 

Amount of

Advance

	
 

Amount of

Principal Paid

or Prepaid

	
 

 

Unpaid Principal

Balance

	
 

 

Notation

Made By

	
12/31/2010

	
$24,761.00

 

	  	
$24,761.00

 

	
Deborah Bloom

 

	
1/19/2011

	
$4,300.00

 

	  	
$4,300.00

 

	
Deborah Bloom

 

	
2/24/2011

 

	
$650.00

 

	  	
$650.00

 

	
Deborah Bloom

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