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) Employment Agreement Amendments
On January 3, 2017, Everi Payments Inc. (the “Company”), a wholly owned subsidiary of Everi Holdings Inc. (“Everi Holdings”), entered into amendments to the existing employment agreements with each of Juliet A. Lim, its Executive Vice President, Payments, General Counsel and Corporate Secretary (the “Lim Amendment”), and David Lucchese, its Executive Vice President, Games (the “Lucchese Amendment” and, together with the Lim Amendment, the “Employment Agreement Amendments”). Except as set forth in the Employment Agreement Amendments, the terms of the existing employment agreements for each of Ms. Lim and Mr. Lucchese are unchanged and remain in full force and effect.
Juliet A. Lim
The Lim Amendment (a) amends Ms. Lim’s title to Executive Vice President, Payments Business Leader, reporting directly to the Chief Executive Officer of the Company, and Chief Legal Officer, performing such duties and responsibilities as are reasonably assigned by the Chief Executive Officer or Board of Directors of the Company, and (b) provides that if Ms. Lim gives the Company at least ninety (90) days’ prior written notice of her intent to voluntarily resign from the Company on or prior to December 31, 2017, then such resignation shall be deemed a termination by Ms. Lim for Good Reason (as defined in her existing employment agreement) and shall entitle Ms. Lim to the severance payments and benefits set forth in Sections 4.3.1 through 4.3.4 of her existing employment agreement and, subject to the terms set forth in the Lim Amendment, an additional bonus, pro-rated based on the date of termination.
David Lucchese
The Lucchese Amendment (a) reflects a change in Mr. Lucchese’s title to Executive Vice President, Digital and Interactive Business Leader, reporting directly to the Executive Vice President and Games Business Leader, and the associated reduction in his annual base salary, and (b) provides that if Mr. Lucchese gives the Company at least ninety (90) days’ prior written notice of his intent to voluntarily resign from the Company on or prior to December 31, 2017, then such resignation shall be deemed a termination by Mr. Lucchese for Good Reason (as defined in his existing employment agreement) and shall entitle Mr. Lucchese to the severance payments and benefits set forth in Sections 4.3.1 through 4.3.4 of his existing employment agreement and, subject to the terms set forth in the Lucchese Amendment, a base salary continuation and target bonus based upon his prior annual salary rate of $425,000 and an additional bonus, pro-rated based on the date of termination.
The foregoing descriptions of the Employment Agreement Amendments are not complete and are qualified in their entirety by reference to the Employment Agreement Amendments, copies of which will be filed as exhibits to Everi Holdings’ Annual Report on Form 10-K for the fiscal year ended December 31, 2016.
