Document:

exv10w32

 

Exhibit 10.32

SETTLEMENT AND RELEASE AGREEMENT

     This Agreement (“Agreement”) is made by and between John Furman (“Executive”) and GameTech
International, Inc. (“GameTech” or the “Company”) (collectively, the “Parties”), effective July 1,
2005, on the terms set forth below.

     WHEREAS:

          a. The Parties entered into a mutually binding Employment Agreement dated September 2, 2004
(the “Employment Agreement”). Unless otherwise defined herein, the capitalized terms in the
Agreement have the same meanings as those in the Employment Agreement, the terms of which are
incorporated herein by reference;

          b. GameTech and Executive each desire to exercise the termination rights pursuant to Paragraph
5. of the Employment Agreement; and

          c. The Parties further desire to resolve any disputes between them that have arisen or may
arise in the future.

     In consideration of the mutual promises and provisions set forth below, and other valuable
consideration, the sufficiency of which is hereby acknowledged, Executive and GameTech agree as
follows:

     1. Effective Date. The date of termination of Executive’s employment shall be
July 1, 2005 (the “Effective Date”).

     2. Compensation. Upon the full execution of this Agreement and upon the Effective
Date, the Executive, or the Executive’s beneficiaries if the Executive dies while benefits remain
due under this Agreement, shall receive, pursuant to and in full compliance with and in
satisfaction of the terms of Paragraph 6.a. of the Employment Agreement, the following:

	 	A.	 	Payment of all previously unpaid Base Salary and any Bonus
granted and previously unpaid or the pro-rata portion of any bonus earned by
Executive pursuant to any plan through the Effective Date;
	 
	 	B.	 	Vesting of all stock options or other rights previously
provided to Executive under any Company Long-Term Incentive Plan; and
	 
	 	C.	 	Payment of a severance amount equal to Executive’s Base Salary
at the time of termination together with continued reimbursement of Executive’s
family health insurance and disability insurance payable over an 18 month
period from the Effective Date.

          Executive acknowledges that the above-referenced payments are in accordance with, and being
provided pursuant to, the provisions of his Employment Agreement. GameTech acknowledges its
obligation to make timely and full payment to Executive of its obligations under Paragraph 6.a. of
the Employment Agreement and this Paragraph 2. Executive further acknowledges that he is entitled
to no other benefits, stock, stock options, severance, or any other form or amount of compensation
from GameTech except as provided herein, under the

 

 

Employment Agreement or pursuant to stock option grants issued prior to the Effective Date.
All stock options previously granted to Executive under the Employment Agreement shall remain in
full force and effect and Executive shall retain all exercise rights therein.

     2. Board Resignation; Termination. Executive resigns from the Company’s Board of
Directors. Executive shall provide the Company’s General Counsel with a letter of resignation in
which his resignation from the Board is effective as of the Effective Date. Employee acknowledges
that his employment as Chief Executive Officer and President of the Company, as well as his other
positions with Company subsidiaries, shall terminate on the Effective Date.

     3. Mutual Releases.

	 	A.	 	Executive. Executive voluntarily and knowingly releases, waives
and discharges GameTech and its affiliates, successors, subrogees, assigns,
agents, employees, shareholders, officers, attorneys, trustees, and directors
(“Released Parties”) from any and all claims, actions, causes of action,
liabilities, demands, administrative charges, complaints, suits, rights,
damages, costs, attorney’s fees (including, without limitation, any claim of
entitlement for attorney’s fees under any statute or rule of law allowing a
prevailing party or plaintiff to recover attorney’s fees), expenses and
controversies of every kind and description, known or unknown, arising up to
and including the Effective Date arising out of the Employment Agreement,
Executive’s employment with GameTech or the termination thereof prior to the
Effective Date (“Claims”).

(i). Executive understands and agrees that the Claims released, waived and
discharged in the foregoing include, but are not limited to

a. All claims or charges of wrongful discharge; breach of an express
or implied contract for employment, including the Employment
Agreement; harassment or discrimination on the basis of race,
national origin, religion, sex, handicap, disability, sexual
orientation or age; alleged violations of Title VII of the Civil
Rights Act of 1964, 42 U.S.C. Sections 1981-1986, the Civil Rights
Act of 1991, the Americans with Disabilities Act, the Age
Discrimination in Employment Act, the Older Worker Benefit Protection
Act, the Equal Pay Act, the Family and Medical Leave Act, the Fair
Labor Standards Act, workers compensation laws, or any other federal,
state or local statute or ordinance; any tort claim; any claim for
emotional distress with respect to Executive’s employment with
GameTech; and

b. All claims of every nature and kind, known or unknown, suspected
or unsuspected, arising up to and including the Effective Date with
respect to Executive’s employment with GameTech. Executive
acknowledges that Executive may hereafter discover facts different
from, or in addition to, those which he now knows or believes to be
true with respect to his employment with

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GameTech, this Agreement, the Employment Agreement and agrees that
this Agreement and the release contained herein shall be and remain
effective and binding in all respects notwithstanding such different
or additional facts or the discovery thereof.

(ii). Executive waives all right to seek any known or unknown damages,
payments or remedies in a lawsuit initiated by the Equal Employment
Opportunity Commission or other federal or state governmental agency with
respect to Executive’s employment, and Executive hereby consents to the
dismissal of any pending charge or action.

	 	B.	 	GameTech. GameTech voluntarily and knowingly releases, waives
and discharges Executive from any and all claims, actions, causes of action,
liabilities, demands, administrative charges, complaints, suits, rights,
damages, costs, attorney’s fees (including, without limitation, any claim of
entitlement for attorney’s fees under any statute or rule of law allowing a
prevailing party or plaintiff to recover attorney’s fees), expenses and
controversies of every kind and description, known or unknown, arising up to
and including the Effective Date or arising out of the Employment Agreement,
Executive’s employment with GameTech or the termination thereof prior to the
Effective Date (“GameTech Claims”).
	 
	 	 	 	GameTech understands and agrees that the GameTech Claims released, waived
and discharged in the foregoing include, but are not limited to all claims
of every nature and kind, known or unknown, suspected or unsuspected,
arising up to and including the Effective Date. GameTech acknowledges that
it may hereafter discover facts different from, or in addition to, those
which it now knows or believes to be true with respect to Executive’s
employment with GameTech, this Agreement, the Employment Agreement, and
agrees that this Agreement and the release contained herein shall be and
remain effective and binding in all respects notwithstanding such different
or additional facts or the discovery thereof.

     4. Mutual Non – Disparagement.

	 	A.	 	Executive. Executive agrees that neither he nor anyone acting
on his behalf shall make any derogatory or disparaging statement about the
Company and/or any of the other Released Parties and/or the business or any of
the products of the Company and/or any of the other Released Parties, or take
any action which is intended to embarrass any of them.
	 
	 	B.	 	GameTech. The Company agrees that none of its current
executive officers or directors, during their employment with the Company,
shall make any derogatory or disparaging statement about Executive, or take any
action which is intended to embarrass him.

     5. Agreement Not An Admission. Nothing contained in this Agreement, and no action
taken by any party to this Agreement, shall be construed as an admission by any party of liability
of any kind, and any action taken by any party in effectuating this Agreement may not

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be used or referenced in any future or pending litigation involving any of the parties to this
Agreement, or any other party.

     6. Beneficiaries of Releases. The releases contained herein shall bind and inure to
the benefit of the affiliates, successors, subrogees, assigns, agents, employees, shareholders,
officers, trustees, attorneys and directors of the parties to this Agreement.

     7. Entire Agreement. This Agreement, the Employment Agreement and all stock option
agreements involving stock option grants to Executive constitute the entire agreement between the
Parties and no other representations, warranties, or other statements or promises have been made by
any party in connection with any such agreements. This Agreement, the Employment Agreement and all
stock option agreements involving stock option grants to Executive supersede all prior written
agreements, understandings and commitments between the Company and Executive. Any modifications to
this Agreement can only be made in writing and signed by Executive and the Chairman of the Board of
Directors of GameTech; notwithstanding any contrary representations contained in any other
agreement between the Parties, including but not limited to the terms of any stock option grant
agreement.

     8. Applicable Law. To the full extent controllable by stipulation of the Company and
Executive, this Agreement shall be interpreted and enforced under Nevada law, without regard to
conflict of law principles. Executive consents to the personal jurisdiction of the state and
federal courts located in Clark County in the State of Nevada. In any action or effort to enforce
any of the provisions or rights under this Agreement, the unsuccessful party to such litigation or
effort shall pay the successful party or parties all reasonable attorneys’ fees and costs incurred
by such party.

     9. Severability. If any provision of this Agreement shall be held invalid, void or
unenforceable in any respect whatsoever, such shall not affect any other provision of this
Agreement that can be given effect without the invalid, void or unenforceable provision, and, to
this end, the provisions hereof are severable.

     10. Counterparts. This Agreement may be executed in counterparts, and by facsimile,
each of which, when so executed, shall be deemed an original and all of which, taken together,
shall constitute one and the same agreement.

     11. Conflicts between this Agreement and the Employment Agreement. Notwithstanding
anything to the contrary contained herein, all terms and conditions of the Employment Agreement
shall remain in full force and effect unless expressly modified herein. The terms, definitions and
obligations set forth in this Agreement shall prevail to the extent, in interpreting and enforcing
this Agreement, they conflict with the terms, definitions and obligations of the Employment
Agreement.

[Signature Page Follows]

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     IN WITNESS WHEREOF the parties have executed this Agreement on the dates written below.

	 	 	 	 	 	 	 	 	 
	Dated:	 	6-28-05	 	/s/ John B. Furman
	 	 	 	 	 	 	 
	 	 	 	 	JOHN FURMAN
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	GAMETECH INTERNATIONAL, INC.
	 
	 	 	 	 	 	 	 	 
	Dated:

	 	6-28-05
	 	By:
	 	/s/ Richard T. Fedor	 	 
	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Chairman
	 	(Title)

5exv10w33

 

Exhibit 10.33

July 1, 2005

Jay Meilstrup

900 South Meadows Parkway, #2213

Reno, NV 89521

Re: Offer of Employment

Dear Jay,

Congratulations! This correspondence serves as confirmation of our offer of employment to you as a
President and Chief Executive Officer. We look forward to leadership and drive you will bring to
GameTech and its Executive Team. We anticipate your start date to be July 1, 2005.

We are prepared to offer you a salary of $250k per year. With this position, you will be able to
participate in the Executive Team Bonus Plan. At the outset, we will offer a stock option grant of
250,000 shares, all shares vesting immediately. The strike price for your stock options will be set
as of market close on July 1, 2005. You will also be provided with a signing bonus of $5,000.

In the event that your employment is terminated within twelve months of a “Change of Control”
without “Cause”, or if your compensation is reduced during the twelve months following a “Change of
Control” you will be entitled to receive a twelve month’s salary continuation, reasonable
reimbursement for health care costs for an eighteen month period, all bonus money you may be
entitled to, as well as vesting of all stock options. “Cause” means any conduct that may
jeopardize any license in any jurisdiction that the company does or seeks to do business;
performance of work in a manner that is not professional, including dishonesty or insubordination;
conviction for any felony; or other conduct injurious to the company or its reputation. “Change of
control” means that any “person” or “group” becomes the “beneficial owner” of more than fifty
percent (50%) of the total voting power entitled to vote in the election of the Board of Directors,
excluding any person or group that is the beneficial owner of more than five percent (5%) of the
total voting power as of the date of this letter. “Person”, “group” and “beneficial owner” are
defined in Sections 13(d) and 14(d) and Rule 13(d) of the Securities Exchange Act of 1934.

GameTech also offers a rich benefits package including Medical, Dental, Vision, 401K, Disability
and Life insurance for you. You will be eligible for these benefits 30 days after your hire.
Many more benefits will be described in the Plan Package.

You will be provided with a home office computer as well as a cell phone and/or PDA.

We do let all new employees know that we are an “at will” employer and either the employee or the
employer may terminate the employment relationship at any time with or without prior notice.

 

 

We are so pleased to have the opportunity to work with you and look forward to your participation
with us. We wish you the best for success in your new position. Please sign in the space provided
below as acceptance of this offer. A copy will be made for your own personal file.

Kind Regards,

	 	 	 	 	 	 	 
	/s/ Richard T. Fedor

	 	 	 	/s/ Jay Meilstrup
	 	07-01-05
	 	 	 	 	 
	Richard T. Fedor

	 	 	 	Jay Meilstrup
	 	Date
	Chairman of the Board
	 	 	 	 	 	 

	 	 	 
	cc:

	 	Kay O’Brien
	 

	 	Andrejs K. Bunkse
	 

	 	Employee File

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