Everi Holdings Inc. (NYSE:EVRI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Settlement Agreement with Former President and Chief Executive Officer
On March 15, 2017, Everi Holdings Inc. (the “Company”) entered into a Settlement Agreement and Mutual Release with its former President and Chief Executive Officer, Ram V. Chary, whose last day with the Company was February 13, 2016, to resolve a dispute regarding Mr. Chary’s employment agreement with the Company (the “Settlement Agreement”). to the Settlement Agreement, the parties agreed that the Company shall pay Mr. Chary, as full and complete satisfaction of all monetary obligations of the Company under the Settlement Agreement, an amount equal to $4.6 million, inclusive of $0.9 million as reimbursement for attorneys’ fees and costs. In connection with the settlement and subject to certain exceptions, the Company and Mr. Chary agreed to release all claims they may have had against each other, including, without limitation, relating to Mr. Chary’s employment and termination of employment.
The foregoing description of the Settlement Agreement is not complete and is qualified in its entirety by reference to the Settlement Agreement, a copy of which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2017.