Dear Renata,
I write on behalf of my client, Marcus J. Ellender, regarding the Executive Vice President & Chief Financial Officer opportunity at Redstone Gaming Corp. After careful and thorough deliberation, I must formally advise you that Mr. Ellender has decided to decline Redstone's offer for the position of EVP & CFO, including the enhanced offer package transmitted by your office on January 15, 2024, consisting of the third draft of the Executive Employment Agreement and the revised term sheet.
As you are aware from our prior correspondence, Mr. Ellender received a competing offer during the course of these negotiations. I can now confirm that Mr. Ellender has accepted the position of Executive Vice President & Chief Financial Officer at Pinnacle Crest Entertainment, Inc. I want to emphasize that this was a genuinely difficult decision for Mr. Ellender. His interest in Redstone Gaming Corp. was sincere throughout this process, and he recognized the considerable strength of the enhanced compensation package that Redstone put forward. Ultimately, however, he concluded that the Pinnacle Crest opportunity represents the best alignment with his professional objectives at this time.
Mr. Ellender has asked me to convey his personal and heartfelt thanks to the leadership team at Redstone Gaming Corp. — in particular to Ms. Narasimhan and Mr. Dean R. Fulbright — for the thoughtful, competitive, and genuinely engaging offer that was extended to him. I would also like to thank you and the Calderwood & Harkness team for the professionalism, responsiveness, and good-faith engagement that characterized every stage of our negotiations, dating back to the initial term sheet discussions in November 2023. The process was conducted with integrity on both sides, and Mr. Ellender holds Redstone Gaming Corp. and its leadership in the highest regard.
With the conclusion of this process, I respectfully request that all draft Executive Employment Agreements — including the first draft dated November 17, 2023, the second draft dated December 15, 2023, and the third enhanced draft dated January 15, 2024 — together with the initial term sheet, the revised term sheet, all redlines exchanged by Harlan & Mosley on Mr. Ellender's behalf, and all related correspondence between our offices, be treated as strictly confidential by both Calderwood & Harkness and Redstone Gaming Corp. We further request that each of the draft agreements be deemed withdrawn and that they not be used, disclosed, or referenced in connection with any other candidate, negotiation, or matter. For his part, Mr. Ellender will likewise treat all terms, drafts, and the substance of these negotiations as confidential.
Additionally, Mr. Ellender remains mindful of, and will continue to honor in full, his confidentiality obligations with respect to the substance of these negotiations, including all compensation terms, restrictive covenant provisions, and any proprietary or confidential information of Redstone Gaming Corp. that may have been shared with him or his counsel during the course of the recruitment and negotiation process.
It has been a pleasure working with you and your team, Renata, and I sincerely hope that our paths — and those of our respective clients — may cross again in the future under different circumstances. Should there be any administrative matters to address in connection with the closing of this process, please do not hesitate to reach out, and I will be happy to coordinate.
With best regards,
Victoria R. Saldana Partner Harlan & Mosley LLP 200 West Liberty Street, Suite 1400 Reno, NV 89501 T: (775) 614-2280 E: vsaldana@harlanmosley.com
---
CONFIDENTIALITY NOTICE: This email message and any attachments are intended solely for the use of the individual or entity to whom they are addressed and may contain information that is privileged, confidential, and exempt from disclosure under applicable law, including attorney-client privilege and attorney work product doctrine. If you are not the intended recipient, or the employee or agent responsible for delivering this message to the intended recipient, you are hereby notified that any dissemination, distribution, copying, or other use of this communication or its contents is strictly prohibited. If you have received this communication in error, please notify the sender immediately by reply email and permanently delete the original message and all copies. Thank you.