Exhibit 10.4
AMENDMENT NO.
1
TO
SEPARATION AND RELEASE
AGREEMENT
THIS AMENDMENT NO. 1 TO SEPARATION AND RELEASE
AGREEMENT (the “Amendment”) is entered into as of the
12 th
day of August 2009, by and between
EMPIRE RESORTS, INC. (the “Company”) and RONALD
RADCLIFFE, former Chief Financial Officer of the Company
(“Mr. Radcliffe”).
WHEREAS , Mr. Radcliffe and the Company entered into
that certain Separation and Release Agreement, dated as of April
14, 2009 (the “Agreement”).
WHEREAS , Exhibit A to the Agreement contained errors
which misstated the amount of shares underlying options held by Mr.
Radcliffe.
WHEREAS , Mr. Radcliffe and the Company wish to amend
the Agreement as provided herein to correct such errors.
NOW, THEREFORE , Mr. Radcliffe and the Company hereby agree as
follows:
1. Exhibit
A to the Agreement, entitled “Options Outstanding” is
hereby deleted in its entirety and replaced with the
following:
Exhibit A
Options Outstanding
1. Options
to purchase 120,000 shares of common stock of Empire Resorts, Inc.
at $3.99 per share granted on August 17, 2005. These
shall remain exercisable through June 30, 2012.
2. Options
to purchase 60,000 shares of common st
