EXHIBIT 10.56
THIRD AMENDMENT TO EMPLOYMENT AGREEMENT
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THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT, is made and entered into
as of the 16th day of November, 2001, by and between MIKOHN GAMING CORPORATION
("MIKOHN") and XXXXXX X. XXXXXX ("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 January 1, 2000, 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. The term of employment specified in Section 1 shall be
extended to December 31, 2006.
2. The following shall be added as Section 6.10:
f. Compensation After Termination of Employment. Except as
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set forth in this Section 6.10, this Agreement may not be terminated by
MIKOHN without good cause. Upon termination of employment by Employee
or for good cause, Employee's compensation provided herein shall cease
and terminate without any further right of Employee to any further
compensation or consideration by reason of his employment with MIKOHN
hereunder. Employee may be terminated without good cause only with the
approval of the President and the Chairman of the Board of Directors.
In the event Employee is terminated without good cause, Employee's
stock option rights shall remain in full force and effect and, in
addition, MIKOHN shall pay to Employee 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. For purposes of this Agreement, "Base Salary"
means Base Annual Salary plus Draw. 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. Except as provided, in this Section 6.10 Employee
expressly waives all rights and remedies, legal and equitable, arising
from or related to any alleged breach of this Agreement by MIKOHN.
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IN WITNESS WHEREOF, the parties hereto have read, understood,
and voluntarily executed this Third Amendment to Employment Agreement as of the
day and year first above written.
EMPLOYEE MIKOHN GAMING CORPORATION
/s/ Xxxxxx X. Xxxxxx By: /s/ Xxxxxxx X. XxXxxx
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XXXXXX X. XXXXXX
Title: Secretary
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