SEC Contract Filing

Filing Date: 2016-11-17

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>gden-ex101_9.htm
<DESCRIPTION>EX-10.1
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<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_DV_M20"></a><a name="KItmp"></a><a name="_DV_C14"></a><a name="_DV_M21"></a><font style="text-decoration:underline;"><a name="_DV_C14"></a>SEPARATION </font><font style="text-decoration:underline;color:#auto;letter-spacing:0pt;"><a name="_DV_M21"></a>AND GENERAL RELEASE </font><font style="text-decoration:underline;color:#000000;">AGREEMENT</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_DV_M22"></a>This Separation and General Release Agreement (&#8220;Agreement&#8221;) effects an agreeable separation of the employment relationship between<font style="font-weight:bold;"> Matthew Flandermeyer </font>(&#8220;EXECUTIVE&#8221;) and <font style="font-weight:bold;">Golden Entertainment, Inc.</font>,&nbsp;&nbsp;(&#8220;COMPANY&#8221;), as well as a resolution of any claims, known and unknown, now existing between the parties.&nbsp;&nbsp;The terms of the agreement are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_DV_M24"></a><a name="_DV_M25"></a><a name="_DV_M26"></a><a name="_DV_C18"></a><a name="_DV_M27"></a>1.&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-weight:bold;text-decoration:underline;"><a name="_DV_M25"></a><a name="_DV_M26"></a>Separation of Employment:</font><a name="_DV_C18"></a>&nbsp;&nbsp;EXECUTIVE&#8217;s employment with COMPANY <a name="_DV_M27"></a>terminates pursuant to Section 7(d) of EXECUTIVE&#8217;s Employment Agreement, effective November 28, 2016 (&#8220;Separation Date&#8221;), and COMPANY and EXECUTIVE hereby waive the prior written notice requirement thereunder.&nbsp;&nbsp;Notwithstanding, EXECUTIVE remains bound by COMPANY&#8217;S nondisclosure and confidentiality policies and procedures in place during EXECUTIVE&#8217;S employment with COMPANY, as well as any other contractual or non-contractual obligations that continue and/or survive the separation of EXECUTIVE&#8217;s employment, all of which are incorporated herein by reference.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:15.38%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_DV_M29"></a><a name="_DV_M30"></a>1.1&#160;&#160;&#160;&#160;&#160;<font style="font-weight:bold;text-decoration:underline;"><a name="_DV_M30"></a>Consideration:</font>&nbsp;&nbsp;In consideration for the terms of this Agreement and assuming EXECUTIVE is and continues to be in compliance with the terms of this Agreement, COMPANY agrees to (i) pay EXECUTIVE Four Hundred and Fifty Thousand Dollars ($450,000) (&#8220;Separation Payment&#8221;), after the expiration of the revocation period set forth in Section 2.2 below, (ii) pay EXECUTIVE a monthly payment equal to Twenty Thousand Dollars ($20,000) for providing post-separation financial consulting services as an independent contractor to COMPANY for a timeframe to be determined by the COMPANY for up to six (6) months (&#8220;Consulting Period &#8221;), (iii) pay EXECUTIVE a monthly payment equal to the actual monthly premium of COBRA continuation coverage of COMPANY provided health care insurance and ArmadaCare until EXECUTIVE secures alternative employment which provides health care insurance or for up to eighteen (18) months after the Separation Date, whichever occurs first, assuming EXECUTIVE is eligible for and in fact elects COBRA continuation coverage (&#8220;Continuation Reimbursements&#8221;), (iv) provide a laptop computer to EXECUTIVE for personal use, and (v) accelerate the vesting of 55,000 of EXECUTIVE&#8217;s outstanding unvested stock options effective the Separation Date, after the expiration of the revocation period set forth in Section 2.2 below.&nbsp;&nbsp;Notwithstanding the foregoing, with regard to COBRA Continuation Reimbursements, if the Company determines in its sole discretion that it cannot provide the foregoing benefit without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall in lieu thereof provide to the EXECUTIVE the foregoing monthly amount as a taxable monthly payment for the remainder of the applicable period.&nbsp;&nbsp;The Separation Payment will be made within ten (10) days of the Separation Date and will be subject to normal payroll withholdings as required by applicable state or federal law.&nbsp;&nbsp;The first 1099 Consulting Payment and Continuation Reimbursement will be made on December 1, 2016.&nbsp;&nbsp;EXECUTIVE&#8217;s receipt of all consideration referenced herein is contingent upon the expiration of the revocation period set forth in Section 2.2 below.&nbsp;&nbsp;</p>
<p style="margin-top:12pt;text-align:justify;margin-bottom:12pt;margin-left:15.38%;text-indent:0%;font-weight:normal;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">EXECUTIVE acknowled