Document:

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                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

                                     BETWEEN

                                 AMEDISYS, INC.

                                       AND

                                   GREG BROWNE

                                  May 29, 2002

<PAGE>
                              EMPLOYMENT AGREEMENT

         THIS EMPLOYMENT AGREEMENT ("Agreement") entered into as of the 29th day
of May, 2002, and continuing for an indefinite duration, by and between
AMEDISYS, INC., a Delaware corporation (the "Company") and GREG BROWNE
("BROWNE"), an individual of the full age of majority residing at 1220 Octavia
St., New Orleans, LA 70115.

                                    RECITALS:

         A. The Company owns, manages and/or operates agencies and facilities
for the provision of home health nursing services (the "Business").

         B. BROWNE is employed by the Company as its Chief Financial Officer;

         NOW, THEREFORE, in consideration of the mutual promises and covenants
contained in this Agreement, the parties agree as follows:

         1. RECITATIONS. The above recitations are incorporated herein by this
reference.

         2. PERFORMANCE OF DUTIES. BROWNE shall perform such duties as are
usually performed by the Chief Financial Officer of health care companies of a
business similar in size and scope as the Company and such other reasonable
additional duties as may be prescribed from time to time by the Company's Chief
Executive Officer which are reasonable and consistent with the expectations of
the Company and the Company's operations, taking into account BROWNE's expertise
and job responsibilities, including but not limited to, adherence to internal
compliance and governmental and regulatory rules, regulations and applicable
laws. BROWNE shall report directly to the Chief Executive Officer of the Company
or his designee.

            2.1 Devotion of Time. BROWNE agrees to devote full time and
attention to the business and affairs of the Company to the extent necessary to
discharge the responsibilities assigned to BROWNE and to use reasonable best
efforts to perform faithfully and efficiently such responsibilities.

         3. TERMINATION OF EMPLOYMENT.

            3.1 Termination of Employment by the Company for Cause. The
Company may terminate BROWNE's employment for Cause, as defined herein, without
any obligation of severance payments to BROWNE. Cause shall be defined as
follows:

               (a) a material default or breach by BROWNE of any of the
provisions of this Agreement materially detrimental to the Company which is not
cured within thirty (30) days following written notice thereof;

               (b) actions by BROWNE constituting fraud, embezzlement or
dishonesty which result in a conviction of a criminal offense not overturned on
appeal;

               (c) intentionally furnishing materially false, misleading, or
omissive information to the Company's Chief Executive Officer, Board of
Directors or any committee of the Board of Directors, that is materially
detrimental to the Company;

                                      -2-
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               (d) actions constituting a breach of the confidentiality of the
Business and/or trade secrets of the Company which is materially detrimental to
the Company;

               (e) willful failure to follow reasonable and lawful directives of
the Company's Chief Executive Officer or Board of Directors, which are
consistent with BROWNE's job responsibilities and performance which is not cured
within thirty (30) days following written notice thereof; and

           3.2 Termination Without Cause. The Company shall have the right to
terminate BROWNE's employment without Cause, at any time and subject to the sole
discretion of the Company. In such event, BROWNE will cease to have any power of
his position as of the effective date of the termination.

           3.3 Termination by BROWNE. BROWNE may terminate his employment upon
thirty (30) days written notice to the Company. Such notice shall set forth in
sufficient detail for the Company to understand the nature of the facts
underlying said termination.

           3.4 Change of Control. Upon the occurrence of a "Change of
Control," if such occurs prior to BROWNE's receiving a notice of termination by
the Company for Cause, BROWNE shall be entitled to the Severance described
herein. "Change of Control" is defined as the following:

               (a) The acquisition by any person, entity or "group" within the
meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the
"Exchange Act") of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of fifty-one (51%) percent or more of either
the then outstanding shares of the Company's common stock or the combined voting
power of the Company's then outstanding voting securities entitled to vote
generally in the election of directors; provided however, purchase by
underwriters in a firm commitment public offering of the Company's securities or
any securities purchased for investment only by professional investors shall not
constitute a Change of Control; and

               (b) The individuals who serve on the Company's Board of Directors
as of the effective date of this Agreement (the "Incumbent Board") cease for any
reason to constitute at least a majority of the Board of Directors of the
Company; provided, however, any person who becomes a director subsequent to the
effective date of this Agreement, whose election or nomination for election by
the Company's shareholders was approved by a vote of at least a majority of the
directors then compiling the Incumbent Board, shall for purposes of this
Agreement be considered as if such person was a member of the Incumbent Board.

         4. COMPENSATION.

            4.1 Salary. Company shall pay to BROWNE a base salary at the annual
rate of $165,000.00 (the "Base Salary"). Notwithstanding anything herein to the
contrary, the Company shall have the sole discretion at any time and from time
to time to increase Base Salary, which increase shall be reflected in a written
amendment to this contract. Base Salary shall be payable in installments
consistent with the Company's normal payroll schedule, in effect from time to
time, subject to applicable withholding and other taxes.

            4.2 Base Salary Increases. Commencing on the anniversary hereof,
BROWNE's Base Salary shall be automatically increased on each anniversary hereof
during the term hereof by an amount equal to at least 6% of BROWNE's then
effective salary. Notwithstanding anything herein to the contrary,

                                      -3-
<PAGE>

the Chief Executive Officer may grant a Base Salary Increase in excess of the
amount stipulated to within this Section 4.2.

         4.3 Bonus. At the end of each fiscal year of employment, the Company
shall pay BROWNE a bonus of an amount up to 50% of BROWNE's Base Salary related
to the year for which the bonus is being paid, payable in terms which shall be
at the Company's discretion, and only if the Company reaches certain performance
based criteria which shall, from time to time, be determined by the Company and
made known to BROWNE.

         4.4 Stock Options. Upon execution of this document, the Company shall
grant BROWNE 50,000 options to purchase Amedisys, Inc. common stock, which shall
be pursuant to the terms of a Stock Option Agreement. On the anniversary hereof,
the Company shall grant BROWNE 25,000 options to purchase Amedisys, Inc. common
stock, which shall be pursuant to the terms of a Stock Option Agreement issued
at the time of said grant. On the second anniversary hereof, the Company shall
grant BROWNE 25,000 options to purchase Amedisys, Inc. common stock, which shall
be pursuant to the terms of a Stock Option Agreement issued at the time of said
grant. On each anniversary date subsequent to the second anniversary hereof, and
so long as BROWNE is employed by the Company in the capacity of Chief Financial
Officer, the Company shall grant BROWNE 12,500 options to purchase Amedisys,
Inc. common stock, which shall be pursuant to the terms of a Stock Option
Agreement issued at the time of said grant.

         4.5 Severance.

             (a) Change of Control. Should a Change of Control, as defined
herein, occur during BROWNE's employment with Company, BROWNE shall be entitled
to severance compensation in an amount equal to twelve (12) months of BROWNE's
salary at the time of such Change of Control, payable at the discretion of the
Company, but at a minimum, payable by the Company via regularly scheduled
payroll distributions until the entire severance amount due BROWNE is paid in
full. Additionally, upon the occurrence of a Change of Control, all outstanding
non-vested options held by BROWNE shall immediately vest.

             (b) Termination Without Cause. Should BROWNE be terminated without
Cause, as defined herein, BROWNE shall be entitled to severance compensation in
an amount equal to six (6) months of BROWNE's salary at the time of such
termination, payable at the discretion of the Company, but at a minimum, payable
by the Company via regularly scheduled payroll distributions until the entire
severance amount due BROWNE is paid in full.

         4.6 Additional Benefits.

             (a) Vacation. BROWNE shall be entitled to the maximum amount of
paid time off for Company employees stipulated by the Company PTO policy during
each calender year of his employment with the Company. In addition, BROWNE shall
be entitled to paid time off for the same holidays as other employees of the
Company as established by the Company's Board of Directors.

             (b) Reimbursement of Expenses. BROWNE is authorized to incur
reasonable traveling and other expenses in connection with the Business and in
performance of his duties under this Agreement. BROWNE shall be reimbursed by
the Company for all Business expenses which are reasonably incurred by BROWNE.
All reimbursable travel expenses shall be in accordance with mutually agreeable
and reasonable policy.

                                      -4-
<PAGE>

             (c) Participation in Employee Benefit Plans. BROWNE shall be
entitled to participate, subject to eligibility and other terms generally
established by the Company's Board of Directors, in any employee benefit plan
(including but not limited to life insurance plans, long-and short-term
disability, stock option plans, group hospitalization, health, dental care
plans, (which health insurance plans shall also cover BROWNE's dependents)
profit sharing and pension, and other benefit plans), as may be adopted or
amended by the Company from time to time.

         5. REPRESENTATION BY BROWNE. BROWNE hereby represents to the Company
that he is physically and mentally capable of performing his duties hereunder
and he has no knowledge of present or past physical or mental conditions which
would cause him not to be able to perform his duties hereunder.

         6. CONFIDENTIALITY AND NON-DISCLOSURE OF INFORMATION.

            6.1 Confidentiality. BROWNE shall not, during his employment with
the Company or at any time thereafter, divulge, furnish or make accessible to
anyone, without the Company's prior written consent, any knowledge or
information with respect to any confidential or secret aspect of the Business
which is disclosed could reasonably be expected to have a material adverse
effect on the Business ("Confidential Information").

            6.2 Ownership of Information. BROWNE recognizes that all
Confidential Information and copies or reproductions thereof, relating to the
Company's operations and activities made or received by BROWNE in the course of
his employment are the exclusive property of the Company, as the case may be,
and BROWNE holds and uses same as trustee for the Company and subject to the
Company's sole control and will deliver same to the Company at the termination
of his employment, or earlier if so requested by the Company in writing. All of
such Confidential Information, which if lost or used by BROWNE outside the scope
of his employment, could cause irreparable and continuing injury to the
Company's Business for which there may not be an adequate remedy at law. BROWNE
acknowledges that compliance with the provisions of this Section 6 is necessary
to protect the goodwill and other proprietary interests of the Company and is a
material condition of employment.

         7. RESTRICTIVE COVENANT. As an inducement to cause the Company to enter
into this Agreement, and in consideration of the Severance obligation of Company
herein, BROWNE covenants and agrees that during his employment and, for a period
of twelve (12) months after he ceases to be employed by Company, regardless of
the manner or cause of termination:

            7.1 Solicitation of Business. He will not initiate any contact
with, call upon, solicit Business from, sell or render services to any client or
patient of the Company or any Company affiliate, within any area which the
Company conducts business, a list of which is included in Schedule 7.1, which is
attached hereto and incorporated herein ("Restricted Area"), for or on behalf of
himself or any business, firm, proprietorship, corporation, partnership,
association, entity or venture primarily engaged in the business of providing
home health, alternate site infusion therapy or ambulatory surgery services,
which is a similar business as the Business ("Competing Business"), and BROWNE
shall not directly or indirectly aid or assist any other person, firm or
corporation to do any of the aforesaid acts.

            7.2 Solicitation of Employees. He will not directly or indirectly,
as principal, agent, owner, partner, stockholder, officer, director, employee,
independent contractor or consultant of any competing Business, or in any
individual or representative capacity hire, solicit, directly or indirectly
cause others to hire, or solicit the employment of, any officer, sales person,
agent, or other employee of the Company or any Company affiliate, for the
purpose of causing said officer, sales person, agent or other

                                      -5-
<PAGE>

person to terminate employment with the Company or any Company affiliate and be
employed by such competing Business.

            7.3 Material Violation. A proven material violation of this
Section 7 shall constitute a material and substantial breach of this Agreement
and shall result in the imposition of the Company's remedies contained in
Section 8 herein. BROWNE acknowledges and agrees that proof of such personal
solicitation by BROWNE of an employee shall constitute absolute and conclusive
evidence that BROWNE has substantially and materially breached the provisions of
this Agreement.

            7.4 Covenants. It is understood by and between the parties that
the foregoing covenants set forth in Sections 6 and 7 are essential elements of
this Agreement, and that but for the Agreement of BROWNE to comply with such
covenants, the Company would not have entered into this Agreement. Such
covenants by BROWNE shall be construed as agreements independent of any other
provision of this Agreement and the existence of any claim or cause of action
BROWNE may have against the Company whether predicated on this Agreement or
otherwise, shall not constitute a defense to the enforcement by Company of these
covenants.

            7.5 Defaults and Deferred Compensation.

               (a) BROWNE Breach. If BROWNE breaches any requirement of Section
7 herein, in addition to any other remedy to which the Company may be entitled,
BROWNE shall return to the Company any Severance already paid to BROWNE at the
time of said breach, and all of BROWNE's rights to receive any portion of his
Severance not already paid to him shall terminate. The right to receive unpaid
Severance will not be reinstated notwithstanding any cessation by BROWNE of his
breach of Section 7.

            7.6 Discontinued Operations. Notwithstanding anything in this
Section 7 to the contrary, this Section 7 shall not apply to any of the
Company's product or service divisions which at the time of BROWNE's employment
termination was considered by the Company to be a discontinued operation.

         8. REMEDIES. BROWNE hereby acknowledges, covenants and agrees that in
the event of a material default or breach under this Agreement, in addition to
any other remedy set forth herein:

            8.1 Company may suffer irreparable and continuing damages as a
result of such breach and its remedy at law will be inadequate. BROWNE agrees
that in the event of a violation or breach of this Agreement, in addition to any
other remedies available to it, Company shall be entitled to an injunction
restraining any such default or any other appropriate decree of specific
performance, with the requirement to prove actual damages or to post any bond or
any other security and to any other equitable relief the court deems proper; and

            8.2 Any and all of Company's remedies described in this Agreement
shall not be exclusive and shall be in addition to any other remedies which
Company may have at law or in equity including, but not limited to, the right to
monetary damages.

         9. SEVERABILITY. The invalidity of any one or more of the words,
phrases, sentences, clauses, sections, subdivisions, or subparagraphs contained
in this Agreement shall not affect the enforceability of the remaining portions
of this Agreement or any part thereof, all of which are inserted conditionally
on their being legally valid.

                                      -6-
<PAGE>
         10. SUCCESSORS AND ASSIGNS.

             10.1 Successors. This Agreement shall be binding upon the parties
hereto and their successors and assigns. For purposes of this Agreement, the
term "successor" of Company shall include any person or entity, whether direct
or indirect, whether by purchase, merger, consolidation, operation of law,
assignment, or otherwise acquires or controls: (i) all or substantially all of
the assets of Company (ii) fifty-one percent (51%) or more of the total voting
capital stock, and was not affiliated with or in common control of Company as of
the date of this Agreement; or (iii) any other Business combination with or
without the consent of Company's shareholders.

             10.2 Assignment. This Agreement shall be non-assignable by either
Company or BROWNE without the written consent of the other party, it being
understood that the obligations and performance of this Agreement are personal
in nature.

         11. MISCELLANEOUS.

             11.1 Amendment. No amendment, waiver or modification of this
Agreement or any provisions of this Agreement shall be valid unless in writing
and duly executed by both parties.

             11.2 Binding Agreement. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective heirs, legal
representatives, successors and assigns.

             11.3 Waiver. Any waiver by any party of any breach of any
provision of this Agreement shall not be considered as or constitute a
continuing waiver or waiver of any other breach of any provision of this
Agreement.

             11.4 Captions. Captions contained in this Agreement are inserted
only as a matter of convenience or for reference and in no way define, limit,
extend, or describe the scope of this Agreement or the intent of any provisions
of this Agreement.

             11.5 Attorneys' Fees. In the event of any litigation arising out
of this Agreement the prevailing party shall be entitled to recover from the
other party its attorneys' fees and costs, including attorneys' fees and costs
incurred on appeal.

             11.6 Prior Agreements. This Agreement supersedes and replaces all
prior agreements between the parties hereto dealing with the subject matter
hereof.

             11.7 Governing Law. This Agreement shall be governed by the laws
of Louisiana.

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

                                         AMEDISYS, INC.

                                         By:     /s/ William F. Borne
                                            -----------------------------------
                                                WILLIAM F. BORNE, CEO

                                                 /s/ Gregory H. Browne
                                            -----------------------------------
                                                    GREG BROWNE
<PAGE>
                                  SCHEDULE 7.1

<Table>
<Caption>
ALABAMA COUNTIES   GEORGIA COUNTIES    TENNESSEE COUNTIES             NORTH CAROLINA COUNTIES    OKLAHOMA COUNTIES
----------------   ----------------    ----------------------------   -----------------------    -----------------
<S>                <C>                 <C>                            <C>                        <C>
Lowndes            Bibb                Anderson            Humphrey   Johnston                   Creek
Perry              Crawford            Bledsoe             Clay       Franklin                   Lincoln
Monroe             Jones               Blount              Jackson    Caswell                    Okmulgee
Wilcox             Monroe              Bradley             Overton    Alamance                   Pawnee
Chilton            Butts               Cumberland          Pickett    Tulsa                      Payne
Autauga            Jasper              Fentress Putnam     Chatam     Durham                     Washington
Choctaw            Walton              Grundy              White      Orange                     Kay
Clarke             Newton              Hamilton                       Person                     Noble
Hale               Bartow              Loudon                         Wake                       Ofuskee
Marengo            Carroll             Marion                         Harnett                    Hughes
Sumter             Cherokee            Meigs                          Randolph                   Osage
Madison            Clayton             Monroe                         Nash                       Rogers
Marshall           Cobb                Morgan                                                    Mayes
Morgan             Coweta              McMinn                                                    Wagoner
Jackson            Dekalb              Polk                    LOUISIANA PARISHES                Muskogee
Limestone          Douglas             Rhea                    ------------------                Cherokee
Montgomery         Fayette             Roane              St. John           Franklin            Craig
Bibb               Fulton              Scott              Ascension          Richland            Adair
Coosa              Gwinnett            Sequatchie         Jefferson          Ouachita            Delaware
Elmore             Henry               Van Buren          Plaquemine         Morehouse           Ottawa
Dallas             Paulding            Warren             Livingston         Claiborne           Nowata
Pike               Rockdale            Bedford            Caldwell           Orleans             Sequoyah
Macon              Spalding            Cannon             St. Martin         Jackson             Leflore
Crenshaw           Barrow              Coffee             Lafayette          St. Bernhard        McIntosh
Green              Dawson              Franklin           Vermillion         St. Charles         Haskell
Bullock            Forsyth             Giles              Iberia             Bienville
Tallapoosa         Hall                Lincoln            Acadia             Tensas              FLORIDA COUNTIES
Mobile             Jackson             Marshall           St. Landry         Catahoula           ----------------
Washington         Lumpkin             Moore              Evangeline         Madison
Escambia           Banks               Rutherford         St. Mary           East Carroll        Blount
Baldwin            Elbert              Cheatum            Jefferson Davis    West Carroll        Chilton
Calhoon            Franklin            Davidson           Allen              Union               Jefferson
Cherokee           Habersham           Macon              Pointe Coupee      Lincoln             Shelby
Clay               Hart                Maury              Terrebonne         Concordia           St. Clair
Cleburne           Madison             Montgomery         Assumption         St. Tammany         Talladega
Etowah             Rabun               Robertson          Beauregard         Bossier             Walker
Randolph           Stephens            Rutherford         Rapides            Caddo               Bibb
Talledega          Catoosa             Smith              Avoyelles          Calcasieu
St. Clair          Chatooga            Sumner             Winn               Cameron             VIRGINIA COUNTIES
Tuscaloosa         Dade                Trousdale          Vernon             St. Helena          -----------------
Pickens            Gordon              Wilson             Grant              Red River           Lee
Fayette            Murray              Williamson         Tangipahoa         Webster             Scott
Marion             Walker              Washington         Natchitoches                           Wise
                   Whitfield           Carter             LaSalle                                Dickinson
                   Floyd               Johnson            East Baton Rouge                       Russell
                   Polk                Unicoi             West Baton Rouge                       Tazewell
TEXAS COUNTIES                         Hawkins            East Feliciana                         Smyth
-----------------------------------    Greene             West Feliciana                         Washington
Bee                Refugio             Sullivan           St. James
Nueces             Duval               Dickson            Iberville                              SOUTH CAROLINA COUNTIES
Aransas            Jim Wells           Hickman            Lafourche                              -----------------------
San Patrico        Karnes              Houston                                                   Berkley
Kleberg            Goliad                                                                        Charleston
Kennedy            Live Oak                                                                      Dorchester
Jim Hogg

</Table><PAGE>
                                                                     EXHIBIT 4.1

THIS WARRANT AND THE SECURITIES ISSUABLE UPON ITS EXERCISE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY
STATE SECURITIES STATUTES OR REGULATIONS. NEITHER THIS WARRANT NOR THE
SECURITIES ISSUABLE UPON ITS EXERCISE MAY BE OFFERED, SOLD OR TRANSFERRED EXCEPT
IN COMPLIANCE WITH APPLICABLE STATE SECURITIES STATUTES AND REGULATIONS, AND
PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT OR IN A TRANSACTION WHICH
QUALIFIES AS AN EXEMPT TRANSACTION UNDER THE ACT, AND THE RULES AND REGULATIONS
PROMULGATED THEREUNDER.

                        WARRANT TO PURCHASE COMMON STOCK

                                       OF

                           CONCORDE GAMING CORPORATION

                                                                   July 30, 2002

                  This certifies that, for value received, BHL Capital
Corporation, a South Dakota corporation, or its registered assigns ("Holder") is
entitled, subject to the terms set forth below, to purchase from Concorde Gaming
Corporation, a Colorado corporation (the "Company"), Two Million (2,000,000)
shares (the "Underlying Shares") of the $.01 par value per share common stock of
the Company (the "Common Stock"). The term "Warrant" shall include this Warrant
and any warrants delivered as provided under this Warrant in substitution or
exchange therefor.

                  1. Term of Warrant. Subject to the terms and conditions set
forth in this Warrant, this Warrant shall be exercisable, in whole but not in
part, at any time following the date hereof and prior to January 30, 2004 (the
"Term").

                  2. Exercise Price. The price per share of Common Stock at
which this Warrant may be exercised shall be Twenty Cents ($.20), subject to
adjustment pursuant to Section 9 below (the "Exercise Price").

                  3. Exercise of Warrant.

                        a. Method. The purchase rights represented by this
Warrant are exercisable by the Holder in whole but not in part, at any time
during the Term, by the surrender of this Warrant and delivery of a Notice of
Exercise in the form attached hereto as Exhibit A duly completed and executed on
behalf of the Holder, at the office of the Company located at 3290 Lien Street,
Rapid City, South Dakota 57702 (or such other office or agency of the Company as
it may designate by notice in writing to the Holder at the address of the Holder
appearing on the books of the Company), together with payment in immediately
available funds to the Company in an amount equal to the product of the Exercise
Price multiplied by the number of shares of Common Stock being purchased upon
such exercise. Any amount required to be paid under this Warrant may be paid (i)
by certified check payable to the order of the

<PAGE>

Company, (ii) with the Company's prior written consent, by cancellation of
indebtedness owed by the Company to the Holder hereof at the time of exercise,
(iii) by wire transfer to the account of the Company, (iv) by cancellation as of
the date of exercise of a portion of this Warrant valued at an amount equal to
the amount to be paid under this Warrant, based on the fair market value of a
share of Common Stock (as determined by the Company's board of directors in good
faith), or (v) by any combination of the foregoing.

                        b. Shares. This Warrant shall be deemed to have been
exercised immediately prior to the close of business on the date of its
surrender for exercise as provided above, and the person entitled to receive the
shares of Common Stock issuable upon such exercise shall be treated for all
purposes as the holder of record of such shares as of the close of business on
such date. As promptly as practicable on or after such date and in any event
within 10 business days thereafter, the Company at its expense shall issue and
deliver to the person or persons entitled to receive the same a certificate or
certificates representing the number of shares of Common Stock issuable upon
such exercise.

                  4. Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction, or mutilation of
this Warrant and, in the case of loss, theft, or destruction, on delivery of an
indemnity agreement reasonably satisfactory in form and substance to the Company
or, in the case of mutilation, on surrender and cancellation of this Warrant,
the Company, at its expense, shall execute and deliver, in lieu of this Warrant,
a new warrant substantially similar in form to this Warrant and exercisable for
the number of shares of Common Stock set forth in this Warrant.

                  5. Rights of Stockholders. This Warrant shall not entitle the
Holder to any of the rights of a stockholder of the Company.

                  6. Transfer of Warrant.

                        a. Warrant Register. The Company will maintain a
register (the "Warrant Register") containing the name and address of the Holder.
Any Holder of this Warrant or any portion thereof may change its address as
shown on the Warrant Register by written notice to the Company requesting such
change. Any notice or written communication required or permitted to be given to
the Holder may be delivered or given to such Holder in the name as shown on the
Warrant Register and at the address shown on the Warrant Register. Until this
Warrant is transferred on the Warrant Register of the Company, the Company may
treat the Holder as shown on the Warrant Register as the absolute owner of this
Warrant for all purposes, notwithstanding any notice to the contrary.

                        b. Transferability of Warrant. This Warrant may not be
transferred or assigned in whole or in part without the express written consent
of the Company and compliance with all applicable federal and state securities
laws by the transferor and the transferee (including the delivery of investment
representation letters and legal opinions reasonably satisfactory to the
Company, if such are requested by the Company). Subject to the foregoing, title
to this Warrant may be transferred by endorsement (by the Holder executing an
assignment in the form annexed hereto as Exhibit B (the "Assignment Form")) and
delivery in the same manner as a negotiable instrument transferable by
endorsement and delivery. The Common Stock issued upon exercise

                                       2
<PAGE>

of this Warrant may not be transferred or assigned in whole or in part without
compliance with all applicable federal and state securities laws by the
transferor and the transferee (including the delivery of investment
representation letters and legal opinions reasonably satisfactory to the
Company, if such are requested by the Company).

                        c. Exchange of Warrant Upon a Transfer. On surrender of
this Warrant for exchange, properly endorsed for transfer on the Assignment
Form, and subject to the provisions of this Warrant with respect to compliance
with the Act, and with the limitations on assignments and transfers contained in
this Section 6, the Company, at its expense, shall issue to or on the order of
the Holder a new warrant or warrants of like tenor, in the name of the Holder or
as the Holder (on payment by the Holder of any applicable transfer taxes) may
direct, for in aggregate the number of shares issuable upon exercise of this
Warrant.

                        d. Compliance with Securities Laws.

                           (i) The Holder of this Warrant, by acceptance hereof,
acknowledges that this Warrant and the shares of Common Stock to be issued upon
exercise of this Warrant are being acquired solely for the Holder's own account
and not as a nominee for any other party and for investment and that the Holder
will not offer, sell, assign, transfer or otherwise dispose of this Warrant or
any shares of Common Stock to be issued upon exercise of this Warrant except
under circumstances that will not result in a violation of the Act or any state
securities laws. Upon exercise of this Warrant, the Holder shall, if requested
by the Company, confirm in writing in a form satisfactory to the Company that
the shares of Common Stock so purchased are being acquired solely for the
Holder's own account and not as a nominee for any other party, for investment
and not with a view toward distribution or resale, except under circumstances
that will not result in a violation of the Act or any state securities laws.

                           (ii) The certificate(s) representing any shares of
Common Stock issued upon exercise of this Warrant shall be stamped or imprinted
with a legend in substantially the following form (in addition to any legend
required by state securities laws):

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), OR UNDER ANY STATE SECURITIES LAWS. THESE SECURITIES ARE
SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED, SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A
REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THESE SECURITIES UNDER THE ACT
OR APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
COMPANY THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND
ANY APPLICABLE STATE SECURITIES LAWS.

                  7. Required Notices.

                        a. Adjustment. Whenever the Exercise Price or number of
shares purchasable hereunder shall be adjusted pursuant to Section 9 hereof, the
Company shall issue a certificate signed by an officer setting forth, in
reasonable detail, the event requiring the

                                       3
<PAGE>

adjustment, the amount of the adjustment, the method by which such adjustment
was calculated and the Exercise Price and number of shares purchasable under
this Warrant after giving effect to such adjustment, and shall cause a copy of
such certificate to be delivered to the Holder as provided in Section 12(a).

                        b. Corporate Transaction. In case (i) the Company shall
consummate any reorganization, reclassification, combination, exchange or
subdivision of the capital stock of the Company, any consolidation or merger of
the Company with or into another corporation, or any conveyance of all or
substantially all of the assets of the Company to another person or entity, or
(ii) of any voluntary dissolution, liquidation or winding-up of the Company,
then, and in each such case, the Company will give the Holder or Holders a
notice specifying the date on which such reorganization, reclassification,
combination, exchange, subdivision, consolidation, merger, conveyance,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or such stock or
securities at the time receivable upon the exercise of this Warrant) shall be
entitled to exchange their shares of Common Stock (or such other stock or
securities) for securities or other property deliverable upon such
reorganization, reclassification, combination, exchange, subdivision,
consolidation, merger, conveyance, dissolution, liquidation or winding-up. Such
notice shall be given at least 10 days prior to the date therein specified.

                  8. Amendments; Waiver.

                        a. Amendment. This Warrant may be amended only in a
writing executed by the Holder and the Company.

                        b. Waiver. No waivers of or exceptions to any term,
condition or provision of this Warrant, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such term,
condition or provision.

                  9. Adjustments. The number of shares purchasable under this
Warrant, and the Exercise Price are subject to adjustment from time to time as
follows:

                        a. Merger, Sale of Assets, Etc. If at any time, while
this Warrant remains outstanding and unexpired there shall be (i) a
reorganization (other than a combination, reclassification, exchange or
subdivision of shares otherwise provided for herein), (ii) a merger or
consolidation of the Company with or into another corporation in which the
Company is not the surviving entity, or a reverse triangular merger in which the
Company is the surviving entity but the shares of the Company's capital stock
outstanding immediately prior to the merger are converted by virtue of the
merger into other property, whether in the form of securities, cash, or
otherwise, or (iii) a sale or transfer of all or substantially all of the
Company's properties and assets to any other person, then, as a part of such
reorganization, merger, consolidation, sale or transfer, lawful provision shall
be made so that the holder of this Warrant shall thereafter be entitled to
receive upon exercise of this Warrant, during the Term and upon payment of the
Exercise Price in the manner set forth in Section 3, the number of shares of
stock or other securities or property of the successor corporation resulting
from such reorganization, merger, consolidation, sale or transfer that a holder
of the shares deliverable upon exercise of this Warrant would have been entitled
to receive in such reorganization, merger, consolidation, sale

                                       4
<PAGE>

or transfer if this Warrant had been exercised immediately before such
reorganization, merger, consolidation, sale or transfer, all subject to further
adjustment as provided in this Section 9.

                        b. Reclassification, etc. If the Company at any time
while this Warrant remains outstanding and unexpired shall, by reclassification
of securities or otherwise, change any of the securities as to which purchase
rights under this Warrant exist into the same or a different number of
securities of any other class or classes, this Warrant shall thereafter
represent the right to acquire such number and kind of securities as would have
been issuable as the result of such change with respect to the securities which
were subject to the purchase rights under this Warrant immediately prior to such
reclassification or other change, and the Exercise Price therefor shall be
appropriately adjusted, all subject to further adjustment as provided in this
Section 9.

                        c. Split, Subdivision or Combination of Shares. If the
Company at any time while this Warrant remains outstanding and unexpired shall
split, subdivide or combine the securities as to which purchase rights under
this Warrant exist, into a different number of securities of the same class, the
number of shares of such securities available for purchase in effect immediately
prior to such subdivision, combination, or dividend or other distribution and
the Exercise Price per share for such securities shall be proportionately
adjusted.

                        d. Adjustments for Dividends in Stock or Other
Securities or Property. If while this Warrant remains outstanding and unexpired
the holders of the securities as to which purchase rights under this Warrant
exist at the time shall have received, or, on or after the record date fixed for
the determination of eligible stockholders, shall have become entitled to
receive, without payment therefor, other or additional stock or other securities
or property (other than cash) of the Company by way of dividend, then, and in
each case, this Warrant shall represent the right to acquire, in addition to the
Underlying Shares, and without payment of any additional consideration therefor,
the amount of such other or additional stock or other securities or property
(other than cash) of the Company which such holder would hold on the date of
such exercise had it been the holder of record of the security receivable upon
exercise of this Warrant on the date hereof and had thereafter, during the
period from the date hereof to and including the date of such exercise, retained
such shares and/or all other additional stock available to it as aforesaid
during such period, giving effect to all adjustments called for during such
period by the provisions of this Section 9.

                        e. No Impairment. The Company will not, by any voluntary
action, avoid or seek to avoid the observance or performance of any of the terms
to be observed or performed under this Warrant by the Company, but will at all
times in good faith assist in the carrying out of all the provisions of this
Section 9 and in the taking of all such action as may be necessary or
appropriate in order to protect the rights of the holders of this Warrant
against impairment.

                  10. Lockup Agreement. The Holder hereby agrees that if
requested by the Company or any representative of the underwriters in connection
with any registration of the offering of any securities of the Company under the
Act, Holder shall not sell or otherwise transfer any securities of the Company
during the 180-day period following the effective date of a registration
statement of the Company filed under the Act (the "Market Standoff Period"). The

                                       5
<PAGE>

Company may impose stop-transfer instructions with respect to securities subject
to the foregoing restrictions until the end of such Market Standoff Period.

                  11. Underlying Shares Reserved. The Company shall at all times
have reserved and available for issuance upon the exercise of this Warrant such
number of its authorized but unissued shares of Common Stock as will be
sufficient to permit the exercise in full of this Warrant, and when issued upon
such exercise and assuming payment of the Exercise Price with respect thereto,
such shares shall be validly issued, fully paid and nonassessable.

                  12. Miscellaneous.

                        a. Notices. Any notices required to be sent to a Holder
will be delivered to the address of such Holder shown on the Warrant Register.
All notices referred to in this Warrant will be delivered in person or sent by
first class mail, postage prepaid, or nationally recognized express courier
service, and will be deemed to have been given in the case of (i) personal
delivery or delivery by courier, on the date of such delivery, and (ii) sending
by mail, on the third day following such mailing.

                        b. Descriptive Headings; Governing Law. The descriptive
headings of the paragraphs of this Warrant are inserted for convenience only and
do not constitute a part of this Warrant. The construction, validity and
interpretation of this Warrant will be governed by the laws of the State of
Delaware, without regard to principles of conflicts or choice of law.

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed as of the day and year first above written.

                                        CONCORDE GAMING CORPORATION

                                        By: /s/ Jerry L. Baum
                                            ------------------------------------
                                        Name:  Jerry L. Baum
                                        Title: President and Chief Executive
                                               Officer

                                       6
<PAGE>

                                    EXHIBIT A

                             FORM NOTICE OF EXERCISE

                  [To be signed only upon exercise of Warrant]

To: CONCORDE GAMING CORPORATION

The undersigned, the Holder of the enclosed Warrant, hereby elects to exercise
the purchase right represented by such Warrant for, and to purchase thereunder,
__________ shares of Common Stock par value $.01 per share of Concorde Gaming
Corporation, and herewith makes payment of $_________ therefor as follows:
[DESCRIBE METHOD OF PAYMENT CONSISTENT WITH SECTION 3A. OF WARRANT]

In exercising this Warrant, the undersigned hereby confirms and acknowledges
that the shares of Common Stock to be issued pursuant to such exercise are being
acquired solely for the Holder's own account and not as a nominee for any other
party, and for investment, and that the Holder will not offer, sell or otherwise
dispose of any such securities except under circumstances that will not result
in a violation of applicable federal and state securities laws.

Please issue a certificate or certificates representing said shares of Common
Stock in the name of the undersigned.

[NAME]

By
  ----------------------------------
Date
    --------------------------------

------------------------------------
[SIGNATURE]
Address

                                      A-1
<PAGE>

                                    EXHIBIT B

                               FORM OF ASSIGNMENT

                  FOR VALUE RECEIVED, the undersigned Holder of the Warrant
attached hereto (the "Warrant") hereby sells, assigns and transfers unto the
Assignee named below all of the rights of the undersigned under the Warrant,
with respect to the number of shares of Common Stock set forth below:

<Table>
<Caption>
Name of Assignee ("Assignee")           Address                   No. of Shares
-----------------------------           -------                   -------------
<S>                                     <C>                       <C>

</Table>

and does hereby irrevocably constitute and appoint ___________________________
to make such transfer on the books of Concorde Gaming Corporation (the
"Company") with full power of substitution in the premises.

                  Each of the undersigned also represents that, by this
assignment, the Assignee acknowledges that this Warrant and the shares of stock
to be issued upon exercise of this Warrant are being acquired for investment and
that the Assignee will not offer, sell or otherwise dispose of this Warrant or
any shares of stock to be issued upon exercise hereof except under circumstances
which will not result in a violation of the Securities Act of 1933, as amended,
or any state securities laws. Further, the Assignee hereby acknowledges that
upon exercise of this Warrant, the Assignee shall, if requested by the Company,
confirm in writing, in a form satisfactory to the Company, that the shares of
stock so purchased are being acquired for investment and not with a view toward
distribution or resale. The Assignee hereby agrees to be bound by the terms and
conditions of the Warrant.

DATED:
        --------------------

                                             -----------------------------------
                                             Signature of Holder

                                             -----------------------------------
                                             (Witness)

                                             -----------------------------------
                                             Signature of Assignee

                                             -----------------------------------
                                             (Witness)

                                      B-1

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