EXHIBIT 10.1
WAIVER
I, Xxxxxxx Xxxxxx ("Employee"), in consideration of the Stock
Purchase Agreement By and Among PB Gaming Inc., Post Financial Group, Inc.,
LSRI Holdings, Inc., and Xxxxxx'x Restaurant, Inc. hereby unconditionally and
irrevocably waive and concede all rights related to certain provisions of my
Employment Agreement with Poster Financial Group, Inc. ("Employer"), entered
into as of October 13, 2003, (the "Employment Agreement"), pursuant to the
terms and conditions set forth in this Waiver (the "Waiver") and Section 28 of
the Employment Agreement.
1. Reduction of Base Salary. I hereby waive the right to receive
annual base salary as defined in Section 5 of the Employment Agreement ("Base
Salary") in excess of $100,000 effective December 19, 2004.
2. Severance Payments. I hereby waive the right to (a) receive
continued Base Salary payments for three (3) months from the date of
termination of employment for death or Disability as set forth in Section
14(5) of the Employment Agreement and (b) receive continued Base Salary
payments to the Third Anniversary of the Closing Date as a result of
termination of employment by Employer other than for Cause or termination of
employment by Employer for Good Reason as set forth in Section 16(1). This
paragraph shall be effective as of the date hereof.
3. Terms. All Terms not specifically defined in this Waiver shall
have the meaning(s) set forth in the Employment Agreement.
4. Governing Law. The laws of the State of Nevada shall govern the
validity, construction interpretation of this Waiver, without regard to
conflict of interest principles.
I hereby agree that this Waiver shall be legally binding and
enforceable and agree to execute any additional documents necessary to
effectuate this Waiver.
2/3/05 /s/ Xxxxxxx Xxxxxx
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Date Xxxxxxx Xxxxxx
Employee
Accepted this 3rd day of Feb, 2005
By: /s/ Xxxxxx Xxxxxxxxx
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Xxxxxx Xxxxxxxxx
Board Member
