GALAXY GAMING, INC. (OTCMKTS:GLXZ) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
GALAXY GAMING, INC. (OTCMKTS:GLXZ) Files An 8-K Entry into a Material Definitive Agreement
On February 17, 2020, Galaxy Gaming, Inc. (the “Company”), entered into Amendment Number 2 to the Employment Agreement, dated July 27, 2017 (and previously amended by Amendment No. 1), between the Company and Todd P. Cravens, the Company’s President and Chief Executive Officer. Amendment Number 2 (i) extends the term of the agreement from July 27, 2020 to July 26, 2022; (ii) provides for a grant of 225,000 nonqualified options to purchase shares of the Company’s common stock at a strike price equal to the closing price of the Company’s common stock on the date that Amendment Number 2 was approved by the Board of Directors of the Company, with the options vesting (x) 88,000 shares on July 26, 2021, (y) 87,000 shares on July 26, 2022 and (z) 50,000 shares on July 26, 2023; and (iii) increases Mr. Cravens annual compensation to $275,000 effective as of January 1, 2020.
The balance of the Employment Agreement, as previously amended, remains in full force and effect.
On February 17, 2020, the Company and Todd P. Cravens, the Company’s President and Chief Executive Officer, entered into an agreement to amend his Employment Agreements in the manner described in Item 1.01. The terms and conditions of the amendment are described under Item 1.01.
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Galaxy Gaming, Inc. Exhibit
EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 Amendment No. 2 to Employment Agreement WHEREAS Galaxy Gaming,…
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EX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 Amendment No. 2 to Employment Agreement WHEREAS Galaxy Gaming,…
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About GALAXY GAMING, INC. (OTCMKTS:GLXZ)
Galaxy Gaming, Inc. is engaged in the business of designing, developing, manufacturing and/or acquiring casino table games and associated technology, platforms and systems for the global gaming industry. The Company markets its products to land-based, riverboat and cruise ship gaming establishments and to Internet gaming companies. It groups its products into four product categories: Proprietary Table Games, Enhanced Table Systems, e-Tables and Ancillary Equipment. The Company has an installed base of its products on over 5,000 gaming tables located in over 600 casinos. The Company owns over 20 different table games, including 21+3, Two-way Hold’em and Three Card Poker, which are played in over 250 casinos. The Company’s Proprietary Table Games are grouped into two product types: Side Bets and Premium Games. Enhanced Table Systems are electronic enhancements used on casino table games to add to player appeal and to enhance game security.
