Exhibit 10.1
AMENDMENT TO EMPLOYMENT AGREEMENT
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This Amendment to Employment Agreement (this "Amendment") is entered into
as of September 1, 2005, by and between OpBiz, L.L.C. ("Employer"), and Xxxxx
Xxxxxxx ("Employee").
Whereas, the Employer and Employee are parties to an Employment Agreement
dated September 1, 2004 (the "Agreement");
Whereas, Employer and Employee wish to make certain amendments to the
Agreement as set forth below;
Now, therefore, for good and valuable consideration, the Employer and
Employee agree to amend the Agreement as follows:
1. The parties wish to delete Section 2 of the Agreement in its entirety and
replace with the following:
Effective Date; Specified Term. This Agreement shall be effective as of
Employee's commencement date. Subject to earlier termination as provided
herein, the term of the Employee's employment hereunder shall commence on
September 1, 2004 and terminate on the third anniversary thereof (the
"Specified Term"). If Employee remains employed by Employer following the
Specified Term, any such employment shall be on an at-will basis, unless
the parties agree in writing to extend the Specified Term.
2. The parties wish to delete the third sentence of Section (8)(a) of the
Agreement in its entirety and replace with the following:
In recognition of their heightened need for protection from abuse of
relationships formed or information garnered before and during the
Specified Term of the Employee's employment hereunder, Employee covenants
and agrees for the Specific Term of the Employee's employment hereunder and
for three (3) months following expiration or termination of Employee's
employment, not to directly or indirectly be employed by, provide
consultation or other services to, engage or participate in, provide
advice, information or assistance to, fund or invest in, or otherwise be
connected or associated in any way or manner with, any firm, person,
corporation or other entity which is either directly, indirectly or through
an affiliated company or entity, engaged in gaming or proposes to engage in
gaming in Xxxxx County, Nevada.
3. The parties wish to delete Section 11 (b) in its entirety and replace with
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the following:
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Termination by Employer without Cause. Employer may terminate Employee "at
will" at any time upon fifteen (15) days prior written notice, or, in the
Employer's sole discretion, the equivalent of two weeks of Base Salary in
lieu of notice. If Employer terminates Employee at will under this
paragraph, Employee shall have no right to receive any compensation or
benefit hereunder or otherwise from Employer or any member of the Employer
Group on and after the effective date of termination of employment other
than (1) unpaid Base Salary and accrued paid time off earned to the date of
termination of employment (which shall be paid on Employer's next scheduled
payroll date), (2) expense reimbursement pursuant to Section 3(d), (3)
benefits provided pursuant to Section 3(c), subject to the terms and
conditions applicable thereto, and (4) twelve (12) months of Base Salary.
4. The parties wish to delete Section 12 of the Agreement in its entirety and
replace with the following:
Termination by Employee. Employee may terminate Employee's employment
hereunder upon thirty (30) days' prior written notice to Employer. If
Employee shall terminate her employment other than for (a) death, (b)
Disability, (c) failure of Employer to pay Employee's compensation when
due, or (d) material reductions in Employee's duties and responsibilities
without her consent, Employee shall have no right to receive any
compensation or benefit hereunder or otherwise from Employer or any member
of the Employer Group on and after the effective date of termination of
employment other than (1) unpaid Base Salary and accrued paid time off
earned to the date of termination of employment (which shall be paid on
Employer's next scheduled payroll date), (2) any earned but unpaid bonus
then payable to Employee (which shall be paid on Employer's next scheduled
payroll date), (3) business expense reimbursement pursuant to Section 3(d),
and (4) benefits provided pursuant to Section 3(c), subject to the terms
and conditions applicable thereto.
5. Effect. This Amendment shall act to amend the terms as conditions set forth
in the Agreement as set forth herein and all other terms and conditions of
the Agreement shall remain in full force and effect. The Agreement, as so
amended, shall supersede and replace any and all other prior discussions
and negotiations as well as any and all agreements and arrangements that
may have been entered into by and between Employee or any predecessor
thereof, on the one hand, and Employee, on the other hand, prior to the
date first written above relating to the subject matter hereof. Employee
acknowledges that all rights under such prior agreements and arrangements
shall be extinguished.
IN WITNESS WHEREOF, Employer and Employee have entered into this Amendment
in Las Vegas, Nevada, as of the date first written above.
"EMPLOYEE"
XXXXX XXXXXXX
/S/ Xxxxx Xxxxxxx
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Signature
"EMPLOYER"
OpBiz, L.L.C.
By: /S/ Xxxxxxx X. Xxxxx
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Its: Chief Executive Officer
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