EXHIBIT 10.59
EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT
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THIS EIGHTH AMENDMENT TO EMPLOYMENT AGREEMENT, is made and entered into
as of the 19th day of November, 2001, by and between MIKOHN GAMING CORPORATION
("MIKOHN") and XXXXX X. XXXXXXXX ("Employee").
W I T N E S S E T H:
WHEREAS, MIKOHN and Employee deem it to be in their respective best
interests to amend that certain Employment Agreement, as amended, entered into
as of October 17, 1988, between MIKOHN and Employee (the "Agreement").
NOW, THEREFORE, in consideration of the premises and the mutual
promises and agreements contained herein, it is hereby agreed as follows:
1. Section 4 of the Agreement shall be deleted in its entirety
and replaced with the following:
4. Term. This Agreement shall commence on the effective
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date and shall expire on December 31, 2006.
2. The schedule set forth in Section 5 shall be amended to show:
Calendar Year Base Salary
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2002 $435,000
2003 $455,000
2004 $475,000
2005 $495,000
2006 $515,000
3. The last sentence of Section 11 shall be deleted and replaced
with the following:
Upon the termination of this Agreement by MIKOHN without good cause,
MIKOHN shall pay to Employee the sum of $1,000,000 plus the greater of
[1] a sum equal to Employee's Base Salary for the most recent calendar
year or [2] a sum equal to the Base Salary payable to Employee over the
remaining term of this Agreement. Any sum payable under this Section
shall be paid in full upon the effective date of the termination of the
employment relationship between MIKOHN and Employee. Upon the
expiration of this Agreement without renewal by MIKOHN, MIKOHN shall
pay to Employee a sum equal to Employee's Base Salary for the most
recent calendar year. Said sum shall be paid in full upon the effective
date of the termination of the employment relationship between MIKOHN
and Employee.
IN WITNESS WHEREOF, the parties hereto have read, understood, and
voluntarily executed this Eighth Amendment to Employment Agreement as of the day
and year first above written.
EMPLOYEE MIKOHN GAMING CORPORATION
/s/ Xxxxx X. Xxxxxxxx By: /s/ Xxxxxxx X. XxXxxx
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XXXXX X. XXXXXXXX
Title: Secretary
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Date:________________________ Date:_____________________
