GOLDEN ENTERTAINMENT, INC.
EX-10.4
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<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>ex104secondamendmenttosart.htm
<DESCRIPTION>EX-10.4
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<title>Document</title></head><body><div id="i9c75b055c35848b084d9e70f5418505c_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exhibit 10.4 </font></div></div><div style="margin-top:10pt;text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SECOND AMENDMENT TO AMENDED AND RESTATED<br>EMPLOYMENT AGREEMENT</font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This Second Amendment to Amended and Restated Employment Agreement (this &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Amendment</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;) is made and entered into as of May 3, 2022, by and between Blake L. Sartini II (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Employee</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), and Golden Entertainment, Inc., a Minnesota corporation, including its subsidiaries and Affiliates (collectively, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;).</font></div><div style="margin-top:10pt;text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">RECITALS</font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">WHEREAS, the Employee and the Company previously entered into that certain Amended and Restated Employment Agreement made and entered into as of March 10, 2017, as amended by the First Amendment to Amended and Restated Employment Agreement made and entered into as of March 14, 2018 (together, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), pursuant to which Employee currently is employed at-will by the Company&#59; and</font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">WHEREAS, the Company and the Employee wish to enter into this Amendment to modify certain terms of the Agreement.</font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">NOW, THEREFORE, in consideration of the mutual promises and covenants and the respective undertakings of the Company and the Employee set forth below, the Company and the Employee agree as follows&#58;</font></div><div style="margin-top:10pt;text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">AGREEMENT</font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:27pt;text-decoration:underline">Amendment to Section 2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.  Section 2 of the Agreement is hereby amended by deleting &#8220;Four Hundred Twenty-Five Thousand Dollars ($425,000)&#8221; and by replacing the same with &#8220;, effective April 4, 2022, Four Hundred Fifty Thousand Dollars ($450,000).&#8221;</font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:27pt;text-decoration:underline">Amendment to Section 3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.  Section 3 of the Agreement is hereby deleted in its entirety and such Section is hereby replaced with the following new Section 3&#58;</font></div><div style="margin-top:10pt;padding-left:36pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;3.&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Incentive Compensation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Employee shall participate in the Company's incentive compensation program from time-to-time established and approved by the Compensation Committee of the Company's Board of Directors, such participation to be on the same terms and conditions as from time-to-time apply to executive officers of the Company. The Employee&#8217;s target bonus under the Company&#8217;s annual incentive compensation plan shall be eighty-five percent (85%) of the Employee&#8217;s Base Salary.&#8221;  </font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:27pt;text-decoration:underline">Status of Agreement</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Except to the limited extent expressly amended hereby, the Agreement and its terms and conditions remain in full force and effect and unchanged by this Amendment.  Capitalized terms used herein but not defined herein shall have the meanings ascribed such terms in the Agreement.</font></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:27pt;text-decoration:underline">Counterparts and Facsimile Signatures</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. This Amendment may be executed in one or more counterparts hereof, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Facsimile signatures are permitted and shall be binding for purposes of this Amendment.  </font></div><div style="margin-top:10pt;text-align:center;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">&#91;Signature Page Follows&#93;</font></div><div style="margin-bottom:10pt;margin-top:10pt;text-indent:36pt"><font><br></font></div><div style="height:75.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1</font></div><div style="text-align:center"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-top:10pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IN WITNESS WHEREOF, the Employee has hereunto set the Employee&#8217;s hand and, pursuant to the due authorization of its Board, the Company has caused this Amendment to be executed in its name and on its behalf, all as of the day and year first written above.</font></div><div style="margin-bottom:0.12pt;text-align:justify;text-indent:0.36pt"><font><br></font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:6.432%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:41.367%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.432%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:41.369%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">GOLDEN ENTERTAINMENT, INC.&#58;</font></td><td colspan="6" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:133%">EXECUTIVE&#58;</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:12pt;padding-left:2.75pt;padding-right:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Charles H. Protell</font></div></td><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">By&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 3.75pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#47;s&#47; Blake L. Sartini II</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Name&#58;</font></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Charles H. Protell</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Blake L. Sartini II</font></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 3.77pt;text-align:left;vertical-align:bottom"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:133%">Its&#58;</font></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt;padding-left:38.75pt;padding-right:2.75pt;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">President and Chief Financial Officer</font></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div style="height:75.6pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2</font></div><div><font><br></font></div><div><font><br></font></div></div></div></body></html>
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