Settlement Agreement between Hard Rock Hotel, Inc. and Peter A. Morton Regarding Supervisory Fees
Hard Rock Hotel, Inc. and Peter A. Morton have agreed that the company will pay Mr. Morton $536,464 as a final settlement for all supervisory fees owed under their previous agreement for periods up to December 31, 2005. This payment fully satisfies any claims for supervisory fees for those periods, and both parties acknowledge this resolution by signing the letter.
Exhibit 10.21
April 12, 2006
VIA FACSIMILE
Mr. Peter Morton
510 North Robertson Boulevard
Los Angeles, California 90048
Mr. Morton:
Reference is made to that certain Amended and Restated Supervisory Agreement, dated as of October 21, 1997 (the “Agreement”), between Hard Rock Hotel, Inc., a Nevada corporation (the “Company”), and you.
This letter confirms our agreement that, due to the Company’s application of EITF 99-19 and the resulting reclassification of certain revenues of the Company on a gross basis, the Company agrees to pay you an aggregate amount of $536,464 as final settlement and full satisfaction of the Supervisory Fees (as defined in the Agreement) payable to you under the Agreement for any and all periods ended prior to, and including, December 31, 2005.
After reviewing this letter, please indicate your agreement and acknowledgment of the foregoing by signing and returning a copy of this letter by facsimile to the undersigned at ###-###-####.
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| Very truly yours, | ||
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| HARD ROCK HOTEL, INC. | ||
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| By: | /s/ James D. Bowen |
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| Name: | James D. Bowen | |
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| Title: | Chief Financial Officer | |
Agreed and acknowledged as of
the date first written above:
| /s/ Peter A. Morton |
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| Peter A. Morton | |
