Exhibit
10.03


 





EMPLOYMENT AGREEMENT AMENDMENT OF 2017


 


This EMPLOYMENT AGREEMENT AMENDMENT OF
2017, dated 22 March 2017, shall amend the EMPLOYMENT AGREEMENT, dated as of October 28, 2008 between Gaming Partners
International Corporation, a Nevada corporation (the “Company”), and Gregory Gronau (“Executive”), as follows:


 


3.         Compensation; Expenses.


(a)       Executive shall
be paid an annual salary (the “Salary”) in the amount of Three Hundred and Fifty Thousand Dollars ($350,000.00), in
accordance with the executive payroll schedule in effect at the Company’s principal office from time to time. 


 


(b)       As Chief Executive Officer, Executive may receive a bonus determined by the Board of Directors in its sole discretion based on
Executive’s achieving objectives for that year to be specified by the Board of Directors prior to the start of each calendar
year after consultation with Executive. Payment of the bonus, if any, shall be made on March 31 following the end of each such
calendar year; provided that if the Company’s audited financial statements for that calendar year are not yet final on that
date, then the payment shall be made within ten (10) days of the date such audited financial statements become final. Executive
shall only be entitled to a bonus pursuant to this Section 3(b) if Executive remains in the Company’s employ on the last
day of the calendar year in question; provided that if Executive’s employment with the Company terminates for any reason
other than Cause or Voluntary Termination (each as hereinafter defined), Executive or Executive’s estate shall be entitled
to receive a prorated portion of the bonus. Amounts payable pursuant to this Section 3(b) shall be subject to appropriate
tax withholding, at the rate applicable to payments of more than two weeks of Salary.


 


(f)        All compensation under Section 3 is subject to increases at the sole discretion of the Board of Directors. 


 


6.         Compensation
Upon Termination or During Incapacity.


(c)       If Executive’s
employment with the Company is terminated by the Company pursuant to Section 5(e), the Company shall pay to the Executive
the Salary through the Date of Termination.  In addition, if termination pursuant to Section 5(e) occurs, the Company
shall continue to pay the Executive the Salary at the rate in effect on the Date of Termination for a period equal to twelve
(12) months.  The obligations of the Company under this Section 6(c) are subject to execution and delivery by the
Executive of a severance agreement and release in form and substance satisfactory to the Company.


 


The parties agree that, except as expressly amended above, the
Employment Agreement remains in full force and effect in accordance with its terms. This Employment Agreement Amendment of 2017,
together with the Employment Agreement, reflects the entire agreement of the parties with respect to such subject matter.


 


IN WITNESS, the Company has caused this
Agreement to be executed by its duly authorized officer or representative, and Executive has signed this Agreement, as of the day
and year first written above.




 


	 	GAMING PARTNERS INTERNATIONAL
	 	CORPORATION
	 	/s/ Alain Thieffry
	 	Alain Thieffry
	 	Chief Financial Officer, and Chairperson of the Board
	 	
        

         

	 	/s/ Gregory S. Gronau
	 	
        Gregory S. Gronau

        President, Chief Executive Officer, and Director