Galaxy Gaming Inc.
04/23/2024 | Press release | Distributed by Public on 04/23/2024 09:59
Management Change/Compensation - Form 8-K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 22, 2024, Galaxy Gaming, Inc. (the "Company") entered into Amendment No. 5 to Employment Agreement with Harry C. Hagerty, Chief Financial Officer, Secretary and Treasurer of the Company.
Amendment No. 5:
•
extends the expiration date of the Hagerty employment agreement from April 30, 2024 to April 30, 2025 (the "Extended Term"), at which time Mr. Hagerty intends to retire from the Company;
• provides that Mr. Hagerty will continue to serve as the Company's Chief Financial Officer during the Extended Term until a new Chief Financial Officer is hired, and that upon the hiring of a new Chief Financial Officer, Mr. Hagerty will serve as a Strategic Advisor of the Company for the remainder of the Extended Term; and
•
sets forth that during the period prior to hiring of the new Chief Financial Officer Mr. Hagerty's salary will remain at $200,000 per year, and that during the period after the hiring of a new Chief Financial Officer Mr. Hagerty's salary will be $12,000 per month for three (3) months and $6,000 per month for any months remaining in the Extended Term.
Amendment No. 5 to Employment Agreement with Mr. Hagerty is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.