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TMCNet:  EMPIRE RESORTS INC FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits

[August 26, 2014]

EMPIRE RESORTS INC FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits

(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 24, 2014, Empire Resorts, Inc. (the "Company") and Charles A.

Degliomini entered into an Amendment No. 1 to Employment Agreement (the "Employment Agreement Amendment"), to amend certain terms of the Employment Agreement entered into on December 7, 2012 between the Company and Mr. Degliomini (the "Employment Agreement"). The Employment Agreement was amended to: (i) extend the term of employment from December 31, 2014 to December 31, 2015 and (ii) increase Mr. Degliomini's base salary from $250,000 to $257,500. In addition, the Employment Agreement was amended to supplement the definition of "Change in Control" such that the following will also constitute a Change in Control: "The individuals who, as of the date hereof, constitute the members of the Board (the 'Current Board Members') cease, by reason of a financing, merger, combination, acquisition, takeover or other non-ordinary course transaction affecting the Company, to constitute at least a majority of the members of the Board unless such change is approved by the Current Board Members." This summary description is qualified in its entirety by reference to the actual Employment Agreement Amendment, which is filed as exhibit 10.1 to this Form 8-K and is incorporated herein by reference.


Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

10.1 Amendment No. 1 to Employment Agreement, dated as of August 24, 2014, by and between Empire Resorts, Inc. and Charles A. Degliomini 2 --------------------------------------------------------------------------------

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