Sample Business Contracts

Employment Agreement [Amendment No. 1] - Mikohn Gaming Corp. and Olaf Vancura

Employment Forms

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  • 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.
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         THIS FIRST AMENDMENT TO EMPLOYMENT AGREEMENT, is made and entered into
as of the 15th day of November 2001, by and between MIKOHN GAMING CORPORATION
("MIKOHN") and OLAF VANCURA ("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 August
31, 1998, 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 1 of the Agreement  shall be amended to extend the
term of the Agreement by one (3) years reading as follows:

                           Term. The term of this Agreement shall commence on
                  the date hereof and extend to October 15, 2004 ("Term").
                  Unless MIKOHN or Employee gives written notice that this
                  Agreement shall be allowed to expire and the employment
                  relationship thereby terminated at least thirty (30) days
                  prior to the expiration of the Term, this Agreement shall
                  continue in effect from month to month after the expiration of
                  the Term and shall be terminable by either party upon thirty
                  (30) days' written notice.

         2.       The first sentence of Section 2 of the Agreement shall be
deleted and replaced with the following: "Employee's position with MIKOHN will
be Vice President - Games Development."

         3.       Section 5.1 of the Agreement shall be amended to read as

                           Base Annual Salary. Subject to other specific
                  provisions in this Agreement, as compensation for services
                  hereunder, Employee shall receive a Base Annual Salary at the
                  rate of not less than $185,000 per annum.

         4.       Section 5.2 of the Agreement shall be deleted.

         5.       MIKOHN hereby acknowledges that the royalties payable under
Sections 5.6 and/or 12 of the Agreement will extend beyond the termination or
expiration of the Agreement for so long as the game to which they are
attributable is used by MIKOHN.


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

EMPLOYEE                                         MIKOHN GAMING CORPORATION

/s/ Olaf Vancura                                 By: /s/ Charles H. McCrea
-----------------------------                       ------------------------
                                                 Title: Secretary

Date:________________________                    Date:______________________