Sample Business Contracts

Employment Agreement [Amendment No. 6] - Mikohn Gaming Corp. and Charles H. McCrea Jr.

Employment Forms

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Commission Agreement. Employers who compensate their sales employees based on commissions can prepare an agreement to reduce misunderstandings by specifying the base salary and how commissions are calculated.
Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
Sales Representative Contract. Independent sales representatives offer companies the potential to increase the sale of products or services without the burden of increasing headcount. Both parties should understand how commissions are calculated, when commissions will be paid, as well as how the representative will treat confidential information from the company and whether the representative may also sell a competing line of products or services.
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                     SIXTH AMENDMENT TO EMPLOYMENT AGREEMENT
                     ---------------------------------------

         THIS SIXTH 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 CHARLES H. McCREA, JR. ("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 entered into as of May 1,
1994, as amended, 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.       Section 5(a) shall be amended to add the following:

                            Calendar Year   Base Salary
                            -------------   -----------

                            2002            $335,000
                            2003            $355,000
                            2004            $375,000
                            2005            $395,000
                            2006            $415,000

         3.       Section 6(g) shall be amended to read:

                  g.     Compensation After Termination of Employment. Except as
                         --------------------------------------------
         set forth in this Section 6(g), 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. 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.

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<PAGE>

         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(g) Employee expressly
         waives all rights and remedies, legal and equitable, arising from or
         related to any alleged breach of this Agreement by MIKOHN.

         IN WITNESS WHEREOF, the parties hereto have read, understood, and
voluntarily executed this Sixth Amendment to Employment Agreement as of the day
and year first above written.

EMPLOYEE                                         MIKOHN GAMING CORPORATION

/s/ Charles H. McCrea                            By: /s/ David J. Thompson
------------------------------                      ------------------------
CHARLES H. McCREA, JR.
                                                 Its: Chairman of the Board,
                                                      President
                                                      ----------------------

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