Document:

sup-ex1034_1391.htm

 

Exhibit 10.34

 

 

September 17, 2019

 

Mr. Kevin Burke

3590 Roland Drive

Bloomfield Hills, Michigan  48301

 

 

Dear Kevin,

 

I am pleased to extend the following offer of employment to you as Senior Vice President and Chief Human Resources Officer for Superior Industries International, Inc (the “Company”).  In this position, you will be based out of our corporate headquarters in Southfield, Michigan, and will report directly to me.  

 

Compensation and Benefits

You will be paid, effective from your date of hire, a base salary in the amount of $335,000 per annum (less the required withholding taxes and other statutory deductions) on a semi-monthly basis.  This salary will be the basis for all benefit purposes.  

 

You will receive a car allowance of $9,600 per annum (less the required withholding taxes and other statutory deductions) on a semi-monthly basis.  The car allowance is payable on the first pay period of each month.  The car allowance will be treated as taxable income.

 

You will also be provided a sign-on bonus award of $35,000 (less applicable taxes) payable in November 2019 and must remain with the company for 12 months following payment.  Should you voluntarily terminate your employment prior to the 12 months following payment, you will be required to repay the sign-on bonus to Superior.     

In addition, you will be eligible to participate in the following Superior Industries Incentive Compensation Programs:

 

	
 
	
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Under our Annual Incentive Performance Program (AIPP), you will be eligible for a discretionary performance bonus with an annual on-target bonus opportunity of 50% of your base salary.  For 2019, the annual on-target value will be $170,000 and will be prorated based on six months of eligibility. All earned bonuses are typically paid before March 15th of the following year and are based on the company’s performance as well as your individual performance.

 

	
 
	
-
	
Subject to final approval by the Compensation Committee, as Senior Vice President and Chief Human Resources Officer, you are eligible to participate in the Company’s Long-Term Incentive program as administered by Superior’s Compensation and Benefits Committee of the Board of Directors (“Committee”) with a target opportunity of 75% of your base salary, beginning with the 2019-2021 Long-Term Incentive grant.  

 

You will be eligible to participate in the Company’s benefit program, such as medical, dental, vision, life and long-term disability insurance plans, with eligibility beginning on the first day of the calendar month following your date of hire.   A 401(K) plan with a company match is also offered to assist you in your long-term financial planning on 

 

 

the first day of the calendar month following 60 days of employment.  The benefit programs are reviewed annually and subject to change at the discretion of the Company.

 

 

Page 2

Kevin Burke

 

As a Named Executive Officer of the Company, and subject to final approval by the Compensation Committee, you will participate in the Executive Change in Control Severance Plan.  Under the plan, if your employment is terminated within two years following a change in control, you will receive a two-times multiple of the sum of both your annual base salary and your target annual bonus, paid in a lump sum within 60 days after termination.

 

Vacation

You will accrue four weeks of paid vacation per year.  For 2019, you will be eligible for two weeks of paid vacation.

 

Start date

Your start date of employment will be no later than October 7, 2019.

 

Policies

You will be provided with the Company policies relating to your employment, and you agree to abide by all policies in place throughout your employment and to execute any and all documents related to the Company’s policies as may be presented to you from time to time throughout your employment. The Company may, in its sole discretion, choose to change any of what is contained in its policies.

 

Contingencies

This offer is contingent upon the successful completion of the pre-employment drug screen; satisfactory results being obtained from the verifications of work history and criminal background and credit checks.

 

The Immigration Reform and Control Act of 1986 requires Superior to verify the identity of every new employee and their legal right to work in the United States. Your continued employment is conditional upon your ability to provide the necessary proof as indicated on the backside of the Employment Eligibility Verification Form (I-9).

 

This offer will be withdrawn if any of the above conditions are not satisfied.

 

Employment

Employment with the Company is at-will and is not for any fixed period of time. Employees may terminate their employment at any time for any reason. Similarly, the Company may terminate any individual’s employment at any time for any reason. Your employment will be conditional upon your signing an agreement to your at-will employment status. 

 

If you find the terms of our offer acceptable, please acknowledge by signing and returning one copy of this letter to me. This letter represents all terms associated with this offer of employment.

 

Kevin, I want you to know that the directors and employees that met with you at Superior are very excited about you joining the company.

 

Sincerely,

 

/s/ Majdi Abulaban

 

Majdi Abulaban

President and Chief Executive Officer

 

 

Exhibit 10

 

 

I hereby accept this offer of employment:

 

 

	
/s/ Kevin M. Burke
	
 
	
9/18/19

	
Kevin Burke
	
 
	
Dateeri-ex417_84.htm

 

EXHIBIT 4.17

DESCRIPTION OF CAPITAL STOCK

 

We have one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended:  our common stock, par value $0.00001 per share.  The following is a general description of the terms and provisions of our capital stock and related provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, in each case as currently in effect on the date of filing this Annual Report on Form 10-K of which this Exhibit 4.17 is a part. The following description is only a summary of the material provisions of our capital stock, our amended and restated certificate of incorporation and our amended and restated bylaws and does not purport to be complete and is qualified in its entirety by reference to the provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, which are filed as exhibits to our Annual Report on Form 10-K, of which this Exhibit 4.17 is a part, and are incorporated by herein by reference.

General

Our authorized capital stock consists of 200,000,000 shares of common stock, par value $0.00001 per share. 

Common Stock 

Dividend rights

We will be permitted to pay dividends if, as and when declared by our board of directors, subject to compliance with limitations imposed by the Nevada Revised Statutes. The holders of our common stock are entitled to receive and share equally in these dividends as they may be declared by our board of directors out of funds legally available for such purpose.  We do not currently expect to pay dividends on our common stock.

Voting rights

Our common stock votes as a single class on all matters on which stockholders are entitled to vote, and each share of our common stock is entitled to cast one vote in person or by proxy on such matters. Holders of our common stock do not have the right to cumulate votes in the election of directors. Directors are elected by a plurality of the shares actually voting on the matter at each annual meeting or special meeting called for the purpose of electing such directors at which a quorum is present.

Liquidation rights

Upon our liquidation, dissolution or winding-up, whether voluntary or involuntary, the holders of our common stock will be entitled to receive, after payment or provision for payment of all its debts and liabilities, all of our assets available for distribution.

Preemptive rights

Holders of our common stock are not entitled to any preemptive rights to subscribe for additional shares of our common stock, nor are they liable to further capital calls or to assessments by us. Therefore, if we issue additional shares without the opportunity for existing stockholders to purchase more shares, a stockholder’s ownership interest in our Company may be subject to dilution.

Other Rights or Preferences

Our common stock has no sinking fund, redemption provisions, or conversion or exchange rights.

Transfer agent and registrar

The transfer agent and registrar for our common stock is Continental Stock Transfer & Trust Company.

39337.00400

 

Limitation of liability and indemnification matters

We have entered into indemnification agreements with certain of our executive officers and each of our directors pursuant to which we have agreed to indemnify such executive officers and directors against liability incurred by them by reason of their services as an executive officer or director to the fullest extent allowable under applicable law. We also provide liability insurance for each officer and director for certain losses arising from claims or charges made against them while acting in their capacities as our officer or director.

To the extent that indemnification for liabilities arising under the Securities Act may be permitted to our executive officers and directors pursuant to the foregoing, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

National market listing

Our common stock is listed on the NASDAQ Global Select Market under the symbol “ERI.”

 

 

39337.00400eri-ex1018_83.htm

 

Exhibit 10.18

 

FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT

THIS FIRST AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of February __, 2020, by and between ELDORADO RESORTS, INC., a Nevada corporation (“Eldorado”), having an office at 100 West Liberty Street, Suite 1150, Reno, Nevada 89501, and VICI PROPERTIES L.P., a Delaware limited partnership (“Buyer”), having an office at c/o VICI Properties Inc., 535 Madison Avenue, 20th Floor, New York, New York 10022.

RECITALS:

A.Pursuant to the Purchase and Sale Agreement dated as of September 26, 2019 (the “Purchase Agreement”), Eldorado agreed to sell to Buyer and Buyer agreed to purchase from Eldorado certain Property as more particularly described in the Purchase Agreement.  The Purchase Agreement and the Property are referred to in the Master Transaction Agreement as the “Subject Property PSA (New Orleans)” and the “HNO Property”, respectively. 

B.Eldorado and Buyer each desire to amend the Purchase Agreement as more particularly set forth in this Amendment.

NOW, THEREFORE, in consideration of the mutual promises, covenants and conditions hereinafter set forth and other consideration, the mutual receipt and legal sufficiency of which is hereby acknowledged, Eldorado and Buyer agree as follows: 

1.Definitions.  Capitalized terms used but not defined in this Amendment have the meanings given those terms in the Purchase Agreement.

2.Purchase Price.  The second sentence of the first paragraph of Article 2 of the Purchase Agreement is hereby amended and restated in its entirety as follows: 

“In consideration therefor, Buyer shall pay to Eldorado an aggregate amount of Seven Hundred Eighty Nine Million Five Hundred Thousand and No/100 Dollars ($789,500,000.00) (the “Purchase Price”).”

3.Miscellaneous.  The parties hereto further agree that Section 11.1 (Buyer’s Assignment), Section 11.3 (Integration; Waiver), Section 11.4 (Governing Law), Section 11.6 (Binding Effect), Section 11.7 (Severability), Section 11.8 (Notices), Section 11.9 (Counterparts; Electronic Signatures), Section 11.12 (Construction), Section 11.14 (Jurisdiction) and Section 11.15 (Waiver of Jury Trial) of the Purchase Agreement are hereby incorporated into this Amendment, mutatis mutandis, and except as expressly set forth herein, the Purchase Agreement is hereby ratified and affirmed and remains unmodified and in full force and effect.  All future references to the Purchase Agreement shall mean the Purchase Agreement, as amended by this Amendment.

[Remainder of page intentionally left blank; signatures on next page.]

 

 

KL3 3288076.1

 

IN WITNESS WHEREOF, each party hereto, intending to be legally bound, has caused this Amendment to be duly executed to be effective as of the day and year first above written.

 

	
ELDORADO:

	
 

	
ELDORADO RESORTS, INC.,

	
a Nevada corporation

	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

 

	
BUYER:

	
 

	
VICI PROPERTIES L.P.,

	
a Delaware limited partnership

	
 

	
By:
	
 
	
 

	
Name:
	
 
	
 

	
Title:
	
 

 

[Signature Page to First Amendment to Purchase and Sale Agreement (HNO)]

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