Agreement for Cancellation of Employment Agreement between T. Wesley Elam and Full House Resorts, Inc.

Summary

This agreement confirms that T. Wesley Elam and Full House Resorts, Inc. have mutually agreed to cancel Mr. Elam's Employment Agreement as of November 12, 2012. Mr. Elam will continue working for the company as an at-will employee. His base salary will remain unchanged, he will not receive any further bonus for 2012, and his 2013 bonus will be set at 50% of his base salary. The agreement is acknowledged and accepted by both parties.

EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm

EXHIBIT 10.1

T. Wesley Elam		November 12, 2012
3750 Royer Ct.

Reno, NV 89509

Re.: Cancellation of Employment Agreement

Dear Wes:

This letter will confirm the agreements between yourself and Full House Resorts, Inc. (the “Company”). In our discussions, we have agreed to cancel your Employment Agreement with the Company as of November 12, 2012 and to realign some of your responsibilities. You will continue as an at-will employee of the Company. In connection with the cancellation, we have agreed that your base salary shall remain the same, there will be no further bonus payments for the 2012 year and your bonus for 2013 will be 50% of your base salary.

Please sign the acknowledgement below indicating your agreement to the foregoing.

			Best

			Andre M. Hilliou
			Chairmen and CEO

Acknowledgment

I acknowledge and agree to the cancellation of my Employment Agreement with the Company and the reduction of bonus as outlined above.


		T. Wesley Elam

4670 South Fort Apache Road Suite 190 ♦ Las Vegas Nevada 89147 ♦ (702 ###-###-#### ♦ Fax ###-###-####