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CK Contract

CK Contract

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Published by jodato
Terms of Mr. Kay's deal
Terms of Mr. Kay's deal

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Published by: jodato on May 12, 2014
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05/14/2014

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EMPLOYMENTAGREEMENTThisEmploymentAgreement( Agreement )isenteredintoas
o
June18,2013,byandbetweenTHENEWYORKRACINGASSOCIATION,INC.,aNewYorknot-for-profitcorporation( Employer ),includingitsassignsandsuccessors,andChristopherKay( Employee ).
 
Employment.EmployerherebyemploysEmployee,andEmployeeherebyacceptsemploymentbyEmployer,asChiefExecutiveOfficer,toperformsuchdutiesassociatedwiththepositionandasdirectedbytheReorganizationBoard
o
TheNewYorkRacingAssociation,Inc.(the Board ).
 
construingtheprovisions
o
thisAgreement,theterm Employer shallincludeall
o
Employer'ssubsidiary,parentandaffiliatedcorporationsandentities(currentlyexistingorhereinaftercreated),includinganyassignsorsuccessors,andEmployerherebycovenantsandagreestoassignthisagreementtoanysuccessorcorporation
o
Employer.DuringtheSpecifiedTerm,asthattermisdefinedinthisAgreement,EmployeeshallreportdirectlytotheBoard.
2
Term.ThisAgreementisconsideredtohavecommencedonJuly1,2013(the CommencementDate or EffectiveDate )andwillcontinuethroughandincludingOctober17,2015(the SpecifiedTerm ).EmployershallnotifyEmployee
o
itsintentionstorenewEmployee'semployment,uponsuchtermsasthePartiesmaynegotiateandagreeinwriting,nolaterthanthirty(30)dayspriortotheendingdate
o
thisAgreement.
 
theeventthatthePartiesareunabletoreachagreementonthetermsunderwhichEmployee'semploymentwillcontinueaftertheSpecifiedTerm,EmployerandEmployeeagreethat:(i)thisAgreementwillnotberenewed;(ii)theAgreementterminatesupontheconclusion
o
theSpecifiedTerm;and(iii)EmployeeshallbeentitledtoreceivetheTerminationBenefitssetforthinParagraph10(B)
o
thisAgreement.
3
Compensation.(A)CommencingontheEffectiveDate,Employeeshallreceiveanannualsalary
o
300,000.00,payableinaccordancewithEmployer'sstandardpayrollpractices.(B)Employee'sperformancewillbereviewedbytheBoardonthetwelvemonthanniversary
o
hisemployment,andanupwardadjustmenttohisbasesalarymaybemadeatthediscretion
o
theBoardoritsdesigneeconsistentwithEmployee'sperformanceandthecompany'sfinancialperformance.(C)Employeeshallbeentitledtoreceive,baseduponthesuccessfulsatisfactionandachievement
o
certaingoalsestablishedbytheBoard,annualManagementIncentivecompensation(the ManagementIncentiveBonus ).Employee'stargetManagementIncentiveBonusunderthisAgreementis 250,000peryear.EmployermayatitsdiscretionpayEmployeeaManagementIncentiveBonusthatislessthanorgreaterthanthetargetManagementIncentiveBonus.ManagementIncentivegoalswillbeestablishedbytheBoard;apreliminarydrafthasalreadybeenprovidedtoEmployee.Employee'sperformanceagainstthesegoalswillbereviewedbytheBoardonthetwelvemonthanniversary
o
hisemployment,atwhichtimetheManagementIncentiveBonus,
 
any,willbecalculatedandgoalsforthesubsequenttwelvemonthperiodwillbeestablished.TheManagementIncentiveBonusshallbepaidtoEmployee
L1BNY 5265449 3
 
withinthirty(30)days
o
thetwelvemonthanniversary
o this
Agreementandwithinthirty(30)daysaftersubsequentone-yearanniversarydates,asapplicable.(D)EmployeeshallalsobeentitledtoreceivereimbursementforactualandreasonablebusinessandtravelexpensesincurredbyEmployeeintheperformance
o
hisdutieshereunder,asprovidedtootherexecutiveofficerlevelemployees,payableinaccordancewithEmployer spractice,policies,andprocedures,asamendedfromtimetotime.Employeeshallbepermittedtotravelbusinessclasson(i)allinternationalairtravel;and(ii)allairtravelwherethescheduledtimefromtheflight sdeparturetolanding
is
inexcess
o
five(5)hours.AstipendwillbeprovidedtoEmployeeforlivinginSaratogaSprings,NewYorkduringtheSaratogaracemeeting,consistentwiththatprovidedtootherOfficers
o
Employer.
 
Extent
o
Services.EmployeeagreesthatthedutiesandservicestobeperformedbyEmployeeshallbeperformedexclusivelyforEmployer.Employeefurtheragreestoperformsuchdutiesinanefficient,trustworthyandbusinesslikemanner.Employeeagreesnottorendertoothersanyservice
o
anykindwhetherornotforcompensation,ortoengageinanyotherbusinessactivitywhetherornotforcompensation,thatissimilartoorconflictswiththeperformance
o
Employee sdutiesunderthisAgreement.EmployeracknowledgesthatEmployeehasdevelopedaconceptforanon-linelotterygamethatpotentiallywillatsometimeinthefuturebelicensedtoathirdpartyinthosemarketswheresuchgameshavebeenlegalized(the On-LineLotteryGameConcept )andthatExecutive sinvolvementwiththeOn-LineLotteryGameConceptshallnotbeinbreach
o
thisAgreement,providedthatsuchinvolvementdoesnotconflictwithEmployer sbusinessortheperformance
o
Employee sdutiesunderthisAgreement.
5
PoliciesandProcedures.Inadditiontothetermscontainedherein,EmployeeagreestobeboundbyEmployer swrittenpoliciesandprocedures,asamendedbyEmployerfromtimetotime.Intheeventtheterms
o
thisAgreementconflictwithEmployer swrittenpoliciesandprocedures,theterms
o
thisAgreementshalltakeprecedence.
6
LicensingRequirements.EmployeeacknowledgesthatEmployerisengagedinabusinessthatis,maybesubjectto,and/orexistsbecause
o
privilegedlicensesissuedbygovernmentalauthoritiesinNewYorkandotherjurisdictionsinwhichEmployerisengagedinthegamingbusiness.
 
requestedtodosobyEmployer,Employeeshallapplyforandobtainanylicense,qualification,clearanceorthelikewhichshallberequestedorrequired
o
EmployeebyanyregulatoryauthorityhavingjurisdictionoverEmployer.
 
Employeefailstosatisfysuchrequirement,or
i
Employerisdirectedbyanysuchauthoritytoceaseemployment
o
Employee,or
i
Employershalldetermine,inEmployer ssoleandexclusivejudgment,thatEmployeewas,isormightbeinvolvedin,orisabouttobeinvolvedin,anyactivity,relationship(s)orcircumstanceswhichcouldordoesjeopardizeEmployer sbusiness,reputation,orsuchlicenses
o
Employer,or
i
anysuchlicenseisthreatenedtobe,oris,denied,curtailed,suspendedorrevokedasaresult
o
Employer scontinuedemployment
o
Employee,thisAgreementmaybeterminatedbyEmployerandtheparties obligationsandresponsibilitiesshallbedeterminedbytheprovisions
o
Paragraph10(A).
-2-
L1BNY 5265449 3
 
7
AdditionalConsideration.(A)Employeeshallbeentitledtoparticipateinallbenefitprograms(e.g.,healthcare,401(k),disability,etc.)affordedtootherseniorexecutiveemployees
o
EmployerandEmployeeshallbecoveredbytheEmployer'sDirectorsandOfficersInsurancePolicytothefullextentpermitted
by
theEmployer'spolicy,consistentwiththeEmployer'sCertificateofIncorporationandBylaws,andanyamendmentsorsuccessorsthereto.(B)Employeeshallbeentitledtofour(4)weeks'paidvacationduringeachcalendaryear
o
theSpecifiedTerm,exceptthathisentitlementtopaidvacationduringtheperiodfromtheEffectiveDatethroughandincludingDecember31,2013shallbeproratedbasedupontheEffectiveDate
o
thisAgreement.Employeeshallbepermittedtocarryovertoasubsequentcalendaryearuptoten(10)days
o
accruedandunusedvacation;provided,however,thatEmployeemaynothavemorethanthirty(30)days
o
accruedvacationatanytimeduringhisemploymentunderthisAgreement.EmployershallpayEmployeeforanyaccruedandunusedvacationthatEmployeemayhaveupontheseparation
o
Employee'semploymentwithEmployer.(C)DuringtheSpecifiedTerm,Employeeshallreceiveanautomobileallowanceinanamountequalto 1,650.00permonth.Employeeshallalsoreceiveacreditordebitcard,orsomeotherportablemeansbywhichtoeffectuatefinancialtransactions,tobeusedsolelyforEmployee'spurchase
o
upto 400permonth
o
gasoline.(D)Intheeventthat(i)theParties
do
notreachagreementonthetermsunderwhichEmployee'semploymentwillcontinueaftertheSpecifiedTerm(the Non-Renewal );or(ii)Employee'semploymentisterminatedbyEmployerWithoutCause,asdefinedinParagraph
1
below;or(iii)Employee'semploymentisterminatedbyEmployeeforGoodReason,asdefinedinParagraph
1
below,Employeeshallbeentitledtoreceiveseverancecompensationfromthedate
o
theNon-Renewalortermination
o
employmentinthefollowingamount:(x)
i
theNon-Renewalortermination
o
employmentoccurswithinthefirst365days
o
Employee'semploymentwithEmployer,Employeeshallreceivesalarycontinuationinanamountequaltonine(9)months
o
Employee'sAnnualRate
o
Compensationatthetime
o
separation;and(y)
i
theNon-Renewalortermination
o
employmentoccursafterthefirst365days
o
Employee'semploymentwithEmployer,Employeeshallreceivesalarycontinuationinanamountequaltotwelve(12)months'
o
Employee'sAnnualRate
o
Compensationatthetime
o
separation;providedthat,asusedinthisAgreementandinordertocalculateEmployee'sentitlementtoseverancepay,theterm AnnualRate
o
Compensation shallrefertoEmployee'sbasesalaryatthetime
o
separationplusthefullamount
o
Employee'stargetManagementIncentiveBonus;providedfurther,however,thatEmployeeshallnotreceiveanyseverancecompensation
i th
Non-Renewalortermination
o
thisAgreementisforCauseasdefinedandcontainedinParagraph
1
o
thisAgreement;andprovidedfurther,inordertobeeligibleforseverancecompensation,Employeemustsign(andnotrevoke)awaiverandrelease
o
anyandallclaimsagainstEmployer(includingitsofficersanddirectors).EmployershallpaytoEmployeetheseverancecompensationcontemplatedunderthisAgreementinsubstantiallyequalpaymentsnoless
 r q~ ntly
thanmonthly.
-3-
L BNY 52654493

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