Document:

Employment Agreement, dated  February 13, 2006

 Exhibit 10.31 
 EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is made and is effective on February 13, 2006, by and
between The Sands Regent (“Sands”), a Nevada corporation, having an office at 345 North Arlington Avenue, Reno, Nevada 89501, and Cornelius T. Klerk (“Executive”), who resides at 2690 Strathmore Court, Reno, Nevada 89521.

 RECITALS 
 1. Sands is engaged
in providing entertainment through the development and management of hotels and casinos; 
 2. Sands desires to secure the services of
Executive, and Executive is willing to provide such services, each upon the terms and subject to the conditions set forth in this Agreement. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises, the parties agree as follows: 
 1. DEFINITIONS. For the purposes of this Agreement, the parties hereby adopt the following definitions: 
 (a) “Cause” means: 
 (i)
Executive’s material breach of a fiduciary obligation to Sands; 
 (ii) Executive’s material violation of the Sands Board Policy
Manual; 
 (iii) Executive’s material breach of this Agreement including, without limitation, continual failure to perform substantially
his duties with Sands, excessive absenteeism or dishonesty; 
 (iv) Executive’s arrest or indictment for, or written confession of, a
felony or any crime involving moral turpitude under the laws of the United States; 
 (vi) Death of Executive; 
 (vii) Declaration by a court that Executive is mentally incompetent to manage his business affairs; or 
 (viii) The filing of any petition or other proceeding seeking to find Executive bankrupt or insolvent. 
  

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 (b) “Change of Control” means and includes each of the following: 
 (i) The acquisition, directly or indirectly, by any “person” or “group” (as those terms are defined in Sections 3(a)(9), 13(d) and
14(d) of the Exchange Act and the rules thereunder) of “beneficial ownership” (as determined pursuant to Rule 13d-3 under the Exchange Act) of securities entitled to vote generally in the election of directors (“voting
securities”) of the Company that represent 25% or more of the combined voting power of the Company’s then outstanding voting securities, other than: 
 (A) an acquisition by a trustee or other fiduciary holding securities under any employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company or by any
employee benefit plan (or related trust) sponsored or maintained by the Company or any person controlled by the Company, or 
 (B) an
acquisition of voting securities by the Company or a corporation owned, directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the stock of the Company, or 
 (C) an acquisition of voting securities pursuant to a transaction described in clause (iii) below that would not be a Change of Control under
clause (iii); 
 Notwithstanding the foregoing, neither of the following events shall constitute an “acquisition” by any person or
group for purposes of this subsection (f): an acquisition of the Company’s securities by the Company which causes the Company’s voting securities beneficially owned by a person or group to represent 25% or more of the combined voting power
of the Company’s then outstanding voting securities; provided, however, that if a person or group shall become the beneficial owner of 25% or more of the combined voting power of the Company’s then outstanding voting securities by
reason of share acquisitions by the Company as described above and shall, after such share acquisitions by the Company, become the beneficial owner of any additional voting securities of the Company, then such acquisition shall constitute a Change
of Control; or 
 (ii) During any period of two consecutive years, individuals who, at the beginning of such period, constitute the Board,
together with any new director(s) (other than a director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in clauses (1) or (3) of this subsection (f)) whose election by the
Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the two-year period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority thereof; or 
  

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 (iii) the consummation by the Company (whether directly involving the Company or indirectly involving the
Company through one or more intermediaries of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company’s assets or (z) the acquisition of
assets or stock of another entity, in each case other than a transaction 
 (A) which results in the Company’s voting securities
outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly,
the Company or owns, directly or indirectly, all or substantially all of the Company’s assets or otherwise succeeds to the business of the Company (the Company or such person, the “Successor Entity”)) directly or indirectly, at least
a majority of the combined voting power of the Successor Entity’s outstanding voting securities immediately after the transaction; and, 
 (B) after which no person or group beneficially owns voting securities representing 25% or more of the combined voting power of the Successor Entity; provided, however, that no person or group shall be treated for purposes of this
clause (B) as beneficially owning 25% or more of combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction; or 
 (iv) The Company’s stockholders approve a liquidation or dissolution of the Company. 
 (c) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (d) “Executive” means Cornelius T. Klerk. 
 (e) “Sands” means The Sands Regent, a Nevada Corporation, and its subsidiaries. 
 (f) “Disability” occurs when
Executive shall become unable to perform his essential duties of his employment, with or without reasonable accommodation, because of physical or mental condition, illness, injury or other incapacity, for ninety (90) days in succession.

 2. EMPLOYMENT. 
 (a) Sands hereby
employs Executive and Executive hereby accepts employment by Sands to serve as Chief Financial Officer of Sands. All prior agreements for the employment of Executive are superceded. Executive shall perform services of an executive nature consistent
with his offices with Sands as may from time to time be assigned or delegated to him by the President and Chief Executive Officer or the Board of Directors of Sands. Such duties may be further defined by the Board of Directors in its Board Policy
Manual. 
  

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 (b) Executive will devote his full business time and attention to his duties under this Agreement.

 (c) It is contemplated Executive will travel to carry out his duties under this Agreement. Air travel and other travel arrangements will
comply with current Sands policies respecting class and terms of travel. 
 (d) Sands will provide Executive with medical and dental
benefits, life insurance and all other benefit programs as provided to other officers of Sands. 
 (e) Executive shall have twenty two
(22) days’ paid personal time off (PTO) during each year of this Agreement taken at such times as mutually convenient to Executive and Sands. 
 3. TERM OF EMPLOYMENT. 
 The term of Executive’s employment will cease only as provided and as more fully described in
the following Paragraph 4. This Agreement shall remain in effect until Executive’s employment is terminated, or until mutually agreed by the Parties. 
 4. TERMINATION OF EMPLOYMENT 
 This Agreement and Executive’s employment with Sands shall terminate in accordance with
the following terms: 
 (a) Death of Executive. This agreement and Executive’s employment shall automatically terminate
immediately upon the death of Executive. If Executive dies during the term of this Agreement, Sands shall pay to the estate of Executive the compensation that would otherwise be payable to Executive through the end of the month in which death
occurs. 
 (b) Disability of Executive. If during the term of this Agreement Executive becomes Disabled, Sands may terminate this
Agreement and Executive’s employment immediately, in which case, Sands shall pay to Executive or his estate the compensation that would otherwise be payable to Executive for an additional twelve months following the end of the month in which
notice of termination for Disability is provided to Executive or his representative. 
 (c) By Sands for Cause. Sands may, by written
notice to Executive, terminate this Agreement and Executive’s employment for Cause. In the event of a termination for Cause, Sands shall pay to Executive or his estate the compensation that would otherwise be payable to Executive through the
end of the month in which notice of termination for Cause is provided to Executive. 
 (d) By Executive. Executive may terminate his
employment at any time upon 90 days’ written notice to Sands. 
  

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 (e) Upon Change of Control. In the event of a Change of Control, the term of Executive’s
employment and this Agreement shall be two years from the date the Change of Control becomes effective, provided that Executive is employed on the effective date of the Change of Control. During the two year period following a Change of Control,
this contract shall not be amended or cancelled without the express, written consent of both Sands or its successors or assigns, and Executive. 
 (f) If not terminated pursuant to subparagraphs (a) through (d), and except as provided in subparagraph (e) of this Paragraph 4, this Agreement may be terminated by Sands for any reason or for no reason, upon written notice of
termination, in which case termination will become effective no sooner than twelve months following such notice, after which all obligation for payment of compensation to Executive shall cease. 
 5. BUSINESS EXPENSE REIMBURSEMENT. 
 Executive will be
entitled to reimbursement by Sands for the reasonable business expenses paid by him on behalf of Sands in the course of his employment hereunder on presentation to Sands of appropriate vouchers (accompanied by receipts or paid bills) setting forth
information sufficient to establish: 
 (a) The amount, date, and place of each such expense; 
 (b) the business reason for each such expense and the nature of the business benefit derived or expected to be derived as a result thereof; and,

 (c) the names, occupations, addresses, and other information sufficient to establish the business relationship to Sands of any person who
was entertained by Executive. 
 6. COMPENSATION. Sands agrees to pay Executive, and Executive agrees to accept from Sands, during the first year
commencing July 1, 2005, and ending June 30, 2006, for the services to be rendered by him hereunder, the following: 
 (a) Base
Salary. Executive shall receive a base salary at the rate of $170,000 per annum payable in monthly installments in arrears. Executive shall thereafter receive annual salary reviews by the Board of Directors, provided that the base salary will
not fall below $170,000. 
 (b) Bonus. Executive shall be considered for annual bonuses pursuant to the Sands Bonus Program as set
annually and approved by the Board Compensation and Governance Committee. 
 (c) Executive Benefits. Executive shall be entitled to
participate in any retirement, bonus or other benefit plan which applies generally to executive officers of Sands, except that there shall be no duplication of benefits between this Agreement and other executive benefits. 
  

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 (d) Stock Incentive Plan. Executive will be entitled to participate, in the discretion of the
Board of Directors, in The Sands Regent 2004 Equity Incentive Plan, as amended or continued, pursuant to the terms of such Plan and any Award Agreement provided thereunder. 
 (e) Withholding. All payments by Sands shall be subject to required withholdings including taxes at the time such payments are actually made.

 (f) Deferred Compensation. Executive may elect to defer up to forty percent (40%) of his base salary and/or bonus upon
agreement with the Board of Directors upon such conditions as the parties may agree, and subject to any limitations established by law. 
 7. BENEFIT AND
BINDING EFFECT; ASSIGNMENT. This Agreement shall inure to the benefit of and be binding upon Sands, its successors and assigns, including but not limited to any corporation, person or other entity which may acquire a controlling interest in
Sands or any corporation with or into which Sands may be consolidated or merged. Neither Sands nor Executive may assign its or his rights or obligations to any other person or entity without the express written consent of the other. 
 8. GOVERNING LAW. This agreement shall be governed by and construed in accordance with the laws of the State of Nevada without reference to the choice of law
principles thereof. 
 9. ENTIRE AGREEMENT. This Agreement sets forth and is an integration of all of the promises, agreements, conditions and
understandings among the parties hereto with respect to all matters contained or referred to herein, and all prior promises, agreements, conditions, understandings, warranties or representations, oral, written, express or implied, are hereby
superseded and merged herein. 
 10. VALIDITY OF PROVISIONS. Should any provision(s) of this Agreement be found to be void or unenforceable in whole
or in part, the remainder of this Agreement shall not be affected thereby, and such provisions shall be modified or amended so as to provide for the accomplishment of the intentions of this Agreement to the maximum extent possible. 
 11. MODIFICATIONS OR DISCHARGE. This Agreement shall not be deemed waived, changed, modified, discharged or terminated in whole or in part, except as expressly
provided for herein or by written instrument signed by all parties hereto. 
 12. NOTICES. Any notice which either party may wish to give to the other
parties hereunder shall be deemed to have been given when actually received by the party to whom it is addressed. Notices hereunder may be sent by courier, mail, telefax, telegram or telex, to the following addresses, or to such other addresses as
the parties may from time to time furnish to each other by like notice: 
  

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 To Sands: 
 Chairman of the Board of Directors 
 The Sands Regent 
 345 North Arlington Avenue 
 Reno, Nevada
89501 
 Telefax: (775) 348-6241 
 To Executive: 
 Cornelius T. Klerk, 
 Chief Financial Officer 
 The Sands Regent

 345 North Arlington Avenue 
 Reno, Nevada 89501 
 Telefax: (775) 348-6241 
 THIS AGREEMENT is effective on the first date set forth above. 
  

							
	The Sands Regent	 		 	Cornelius T. Klerk
				
	By:	 	/s/ Jon N. Bengtson	 		 	/s/ Cornelius T. Klerk
		 	Chairman of the Board	 		 	
			
	Date: February 13, 2006	 		 	Date: February 8, 2006

  

 Page 7 of 7Form of Director Nonqualified Stock Option

 Exhibit 10.3 
 Form of Director Nonqualified Stock Option Agreement 
 _-_-20     GRANT 
 SYBRON DENTAL SPECIALTIES, INC. 
 DIRECTOR NONQUALIFIED STOCK OPTION AGREEMENT 
 Option granted this         
day of                 ,         , by SYBRON DENTAL SPECIALTIES, INC., a Delaware corporation (hereinafter
called the “Company”), to                  (hereinafter called the “Grantee”) pursuant to the Sybron Dental Specialties, Inc. 2005
Outside Directors’ Stock Option Plan (the “Plan”). Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Plan. 
 NOW, THEREFORE, it is agreed as follows: 
  

	 	1.	Number of Shares Optioned; Purchased Price. The Company grants to the Grantee the right and option to purchase, on the terms and conditions hereof, all or any part of an
aggregate of              shares of Company common stock, par value $0.01 per share (“Company Stock”), at the purchase price of
$             per share. 

  

	 	2.	Period for Exercise. This Option shall become exercisable immediately upon the date of grant (            
  , 20    ). All rights to exercise this Option shall terminate upon the earlier of (a) ten (10) years from the date the Option is granted
(               , 20    ), or (b) two (2) years from the date the Grantee ceases to be a Director. 

  

	 	3.	Method of Exercising Option. Subject to Section 2, above, this Option may be exercised in whole or in part from time to time by the Grantee through written notice of the
exercise given to the Company specifying the number of shares to be purchased and accompanied by payment in full of the exercise price therefor. The exercise price may be paid in cash, by check, or by delivering shares of Company Stock which have
been beneficially owed by the Grantee, the Grantee’s spouse or both of them for a period of at least six months prior to the time of exercise (“Delivered Stock”), or a combination of cash and Delivered Stock. Delivered Stock shall be
valued at its Fair Market Value determined as of the date of exercise of this Option. The Grantee shall not be under any obligation to exercise this Option at any time. 

  

	 	4.	Method of Valuation. For all purposes of this Agreement, the Fair Market Value of shares of Company Stock on any date shall mean the average of the highest and lowest quoted
selling prices for the Company Stock on the relevant date, or (if there were no sales on such date) the average of the means between the highest and lowest quoted selling prices on the nearest day before and the nearest day after the relevant date,
as reported in The Wall Street Journal or a similar publication selected by the Committee. 

  

	 	5.	 Deferral of Exercise. If at any time the Board of Directors of the Company shall determine, in its discretion, that the listing, registration, or
qualification of securities upon any securities exchange or under any state or federal law, or the consent or approval of any government regulatory body, is necessary or desirable as a condition of, or in connection with, the granting of this Option
or the issue or purchase of securities hereunder, this Option may not be exercised in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of any conditions not acceptable
to the 

	 	 
Board. In particular, without limitation, although the Company intends to exert its best efforts so that the shares purchasable upon the exercise of the
Option will be registered under, or exempt from the registration requirements of, the federal Securities Act of 1933 (the “Act”) and any applicable state securities law, if the exercise of this Option or any part of it would otherwise
result in the violation by the Company of any provision of the Act or of any state securities law, the Company may require that such exercise be deferred until the Company has taken appropriate action to avoid any such violation.

  

	 	6.	Nontransferability. This Option shall not be transferable or assignable by the Grantee except by last will and testament or the laws of descent and distribution and shall be
exercisable during the Grantee’s lifetime only by the Grantee or by the Grantee’s guardian or legal representative; provided, however, that this option shall be transferable in whole or in part to a “family member” as defined in
General Instruction A.1(a)(5) of Form S-8 under the Securities Act of 1933. In the event of Grantee’s death, the Grantee’s beneficiary designated pursuant to Section 14 of this Option or, in the absence of any such designation, the
personal representative of the Grantee’s estate or the person or persons to whom this Option is transferred by will or the laws of descent and distribution may exercise this Option in accordance with its terms. 

  

	 	7.	Rights as Shareholder. The Grantee shall not be deemed the holder of any shares covered by this Option until such shares are fully paid and issued to him/her upon exercise of
this Option. 

  

	 	8.	Changes in Stock. In the event any stock dividend is declared upon the Company Stock, or if there is any stock split, stock distribution or other recapitalization of the
Company with respect to the Company Stock, resulting in a split or combination or exchange of shares, the number and kind of shares then subject to this Option and the per share purchase price therefor shall be proportionately and appropriately
adjusted without any change in the aggregate purchase price to be paid therefor. 

  

	 	9.	Notices. Any notice to be given to the Company under the terms of this Option shall be addressed to the Company, in care of its Secretary, at 100 Bayview Circle, Newport
Beach, CA 92660. Any notice to be given to the Grantee may be addressed to the Grantee at his/her address as it appears on the Company’s records, or at such other address as either party may hereafter designate in writing to the other. Any such
notice shall be deemed to have been duly given if and when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, certified and deposited, postage prepaid, in a post office or branch post office regularly maintained by the United
States Government. 

  

	 	10.	Provisions of the Plan Controlling. This Option is subject in all respects to the provisions of the Plan. In the event any conflict between any provision of this Option and
the provisions of the Plan, the provisions of the Plan shall control. Grantee hereby acknowledges receipt of a copy of the Plan. 

  

	 	11.	Successors. All obligations of the Company under the Plan shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct
or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

  

	 	12.	 Government and Other Regulations. The obligation of the Company to sell and deliver shares of stock pursuant to an exercise of this Option shall be subject
to all applicable laws, rules and regulations and the obtaining of all such approvals by governmental agencies as may be deemed necessary or desirable by the Board of Directors of the Company, including 

  

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(without limitation) the satisfaction of any applicable federal, state and local tax withholding requirements (subject to the provisions of Section 6.05
of the Plan). 

  

	 	13.	Construction. Except as otherwise required by applicable federal laws, this Option shall be governed by, and construed in accordance with, the laws of the state of the
Company’s incorporation. 

  

	 	14.	Beneficiary Designation. The Grantee may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) who shall be entitled to
exercise this Option in accordance with its terms in the event of Grantee’s death before he or she exercises (or transfers, if permitted by this Option) all of his or her outstanding options. Each such designation shall revoke all prior
designations, shall be in a form prescribed by the Company, and will be effective only when filed by the Grantee in writing with the Human Resources Department of the Company. 

 IN WITNESS WHEREOF, the Company has caused these presents to be executed in its behalf by its President and attested by its Secretary or one of
its Assistant Secretaries, and the Grantee has hereunto set his/her hand and seal, all as of the day and year first above written, which is the date of the granting of the Option evidenced hereby. 
  

									
	ATTEST:	 		 	SYBRON DENTAL SPECIALTIES, INC.
				
	___________________________________	 		 	By:	 	  
		 		 		 		 	President
				
		 		 		 	___________________________________________(Seal)
		 		 		 	Grantee

  

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