UNITED STATES
SECURITITES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 1, 2005
BH/RE, L.L.C.
(Exact name of registrant as specified in its charter)
Nevada 000-50689 84-1622334
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
885 Third Avenue, 34th Floor New York, New York 10022
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 371-2211
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
On November 1, 2005, OpBiz, L.L.C., an indirect subsidiary of the
Registrant doing business as the Aladdin Resort and Casino ("OpBiz"), entered
into an Employment Agreement with Darby Davies, Senior Vice President of Casino
Marketing of OpBiz, effective as of January 2, 2006. The term of the agreement
is for three (3) years, terminating on December 31, 2008. OpBiz may terminate
Ms. Davies's employment at any time upon 15 days' prior written notice, in which
case she will be entitled to receive severance pay equal to eighteen months'
salary plus any earned but not paid bonus. Ms. Davies may terminate her
employment at any time upon 30 days' prior written notice.
OpBiz pays Ms. Davies a salary of $250,000 per year, and she is eligible to
participate in OpBiz's bonus program. She will receive a minimum bonus of
$50,000 on January 2, 2007, $75,000 on January 2, 2008 and $100,000 on December
31, 2008.
The agreement also provides Ms. Davies with an option to purchase up to
0.25% of the equity of MezzCo, L.L.C., the parent of OpBiz, at an exercise price
based on a $100 million equity value, vesting 40% on January 2, 2007, 40% on
January 2, 2008 and 20% on December 31, 2008.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits
10.1 Employment Agreement dated November 1, 2005, by and between OpBiz, L.L.C.
and Darby Davies.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BH/RE, L.L.C.
February 9, 2006 By: /S/ Donna Lehmann
-----------------------
Donna Lehmann
Treasurer
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EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
10.1 Employment Agreement dated November 1, 2005, by and
between OpBiz, L.L.C. and Darby Davies.