Document:

form10-32.htm

    Exhibit
10.32

    

    GENERAL RELEASE AND
SEVERANCE AGREEMENT

     

    THIS GENERAL RELEASE AND SEVERANCE
AGREEMENT (“Agreement”) by and between Jay Meilstrup (hereinafter referred to as
“Meilstrup” or “Employee”) and GameTech International, Inc., a Delaware
corporation (hereinafter referred to as “GameTech” or “the Company” or
“Employer”), is made and entered into this 26th day of February,
2010.  The Company and Meilstrup shall hereinafter be referred to
collectively as “the Parties.”

    

    WHEREAS,
Meilstrup has decided to resign from all of his positions with GameTech and its
subsidiaries, and the Parties desire to finally and forever settle any and all
claims which they may now have or which may arise in the future, against one
another, which arise out of the past dealings between them, including, but not
limited to, any claims either Party may have arising out of Meilstrup’s
employment with GameTech and its subsidiaries and the Severance
thereof.

    

    NOW THEREFORE, for and in consideration
of the acts, payments, covenants and mutual promises herein described and agreed
to be performed, the Parties agree as follows:

    

    
      	
              1.  

            	
              Resignation. Employee
      hereby resigns as the President and Chief Executive Officer of GameTech,
      effective February 23, 2010, and he resigns as a member of GameTech’s
      Board of Directors and any and all other positions that Employee holds
      with GameTech and its subsidiaries effective February 23, 2010 (the
      “Severance Date”).  From and after the Severance Date, Employee
      shall not hold himself out as an employee, officer, or director of the
      Company or any of its subsidiaries with respect to any
    matter.

            

    

    

    
      	
              2.  

            	
              Company
      Obligations: In
      consideration for Employee’s execution and compliance with this Agreement,
      and provided that Employee has not revoked this Agreement as set forth in
      Section 9 herein, the Company agrees as
follows:

            

    

     

    
      	
              A.  

            	
              Salary, PTO, Other:
      Within seven days from the Severance Date, Employer agrees
    to:

            

    

     

    
      	
              i.  

            	
              Pay
      Employee all salary earned through the Severance
  Date;

            

    

     

    
      	
              ii.  

            	
              Pay
      Employee $26,884.31 for his accrued but unused paid time off. This is the
      cash equivalent of the 176.96 hours he has accrued but not used, at
      Employee's current annual base
salary;

            

    

     

    
      	
              iii.  

            	
              Proper
      tax withholdings in accordance with Employee's Form W-4 form shall be
      deducted from the above amounts, thus reducing the above-referenced gross
      amounts to net figures; and,

            

    

     

    
      	
              iv.  

            	
              Pay
      Employee for any outstanding reasonable, ordinary and customary business
      expenses, as may be approved by GameTech. Employee agrees to immediately
      provide to GameTech any such expenses not previously submitted to GameTech
      for review and approval.

            

    

     

    
      	
              B.  

            	
              Severance. GameTech
      shall pay Employee a gross amount equal to Employee's annual base salary
      at the time of termination.  Proper tax withholdings shall be
      deducted, thus reducing the above referenced gross amount to a net figure.
      Severance pay will be payable in installment payments, less all usual and
      customary non-elective payroll deductions on regular pay
      dates.  Employer shall not render such payments until seven (7)
      days after Employee has executed this Agreement; to allow for this
      Agreement to become effective and binding on both parties as provided in
      Section 10. However, after the expiration of the 7-day period, Employer
      shall make up any payments that would have been paid otherwise during the
      period.

            

    

     

    
      	
              C.  

            	
              Health and Welfare
      Benefits.  Employee and his dependent’s health and
      welfare benefits will remain in effect until February 28, 2010. If
      Employee chooses to elect COBRA coverage, Employer will pay the COBRA
      premiums for Employee and his dependent’s health and welfare benefits from
      March 1, 2010 through August 31,
2011.

            

    

     

    
      	
              2.  

            	
              Stock Options. GameTech
      and Employee acknowledge and agree that all of Employee’s Incentive Stock
      Options that GameTech has issued to him as an employee and as a director
      have vested as of the Severance Date.  Consistent with the stock
      option agreements between GameTech and Employee, Employee must exercise
      these Incentive Stock Options within 60 days after the Severance
      Date..

            

    

    

    
      	
              3.  

            	
              Stock Grants. GameTech
      and Employee acknowledge and agree that none of the restricted stock
      grants that GameTech has issued to him as an employee and as a director
      have vested as of the Severance Date.  The vesting period for
      those restricted stock grants representing 27,500 shares of common stock
      shall be accelerated so that they vest immediately as of the Severance
      Date.

            

    

    

    
      	
              4.  

            	
              Return of Equipment. On
      or before the Severance Date, Employee will return all Employer’s keys,
      credit cards, files, records, documents, plans, drawings, specifications,
      equipment, pictures, videotapes, and similar items concerning the business
      of Employer, its parent or subsidiary companies, or any related entity,
      whether prepared by Employee or otherwise coming into Employee’s
      possessions or control.  Within seven (7) days of Employee
      executing this Agreement, the Company shall return the personal computer
      and mobile phone previously provided to Employee along with all personal
      items currently in the Company’s
possession.

            

    

    

    
      	
              5.  

            	
              Release of Claims. In
      exchange for the mutual promises contained herein and payment and receipt
      of the sums referenced in Section 2, Employee, on his own behalf, and for
      Employee's heirs, executors, administrators, successors, and assigns, does
      hereby fully and forever release and discharge Employer, its subsidiary
      corporations and related entities, and their shareholders, employees and
      former employees, agents, directors, officers, attorneys, predecessors,
      successors, assigns, heirs, executors, administrators, and all other
      persons, firms, corporations, associations, partnerships, or entities
      having any legal relationship to any of them, and Employer, on its own
      behalf, and, to the full extent of its legal authority to do
      so,  for its subsidiary corporations and related entities, and
      their agents, directors, officers, attorneys, predecessors, successors,
      assigns, heirs, executors, administrators, and all other persons, firms,
      corporations, associations, partnerships, or entities having any legal
      relationship to any of them does hereby fully and forever release and
      discharge Employee and Employee's heirs, executors, administrators,
      successors, and assigns, of and from any and all claims, demands, causes
      of action, charges and grievances, of whatever kind or nature, whether
      known or unknown, suspected or unsuspected, which either now owns or holds
      or has at any time before the date of his termination owned or held
      against the other, including, but not limited to, any and all claims,
      charges, demands and causes of actions: (1) which are alleged in, set
      forth in, arise out of, of are in any way connected with any transactions,
      occurrences, act of omissions or claims; (2) which arise out of or are in
      any way connected with Employee's employment with Employer or the
      termination of Employee's employment with Employer; (3) which are related
      to or concern (i) violations of any local, state or federal law based on
      race, sex, age, disability, pregnancy or any other category protected by
      law, including, but not limited to, the federal Age Discrimination in
      Employment Act and the Older Worker's Benefit Protection Act; (ii)
      wrongful termination, breach of express and implied-in-fact contract,
      breach of the covenant of good faith and fair dealing, intentional and
      negligent infliction of emotional distress, defamation, invasion of
      privacy, breach of employment contract, fraud or negligent
      misrepresentation, intentional interference with contractual relations,
      and prospective economic advantage, and other torts; (4) any claim for
      wages, benefits, salary, commissions or bonuses; or (5) which arise out of
      or are in any way connected with any loss, damage or injury whatsoever
      resulting from any act committed or omission made on or prior to the
      Employee's last day of work.

            

    

    

    The terms
of this Agreement are made for the benefit of each person or entity named above.
It is the intention of the parties in executing this Agreement that it shall be
effective as a bar against each and every claim, demand, cause of action, charge
or grievance described above (whether known or unknown, suspected or
unsuspected, alleged or unalleged, actual or potential). Employee has had the
opportunity to speak with counsel of his choice regarding the effect of this
waiver.

    

    This
Agreement, and its performance, does not constitute and shall not be construed
as an admission by either Employee or Employer, or any of the entities or
individuals referred to above, of the truth of any contested matter or of any
liability, any wrongful act, or any omission.

    

    Except as
stated in this Agreement, Employee confirms that there are no other sums due or
owing him for wages, commissions, bonuses, accrued personal time off (PTO),
severance, or otherwise.

    

    
      	
              6.  

            	
              Litigation. Employee
      will not, unless required by law, engage in or assist in any litigation
      against Employer, or any of the persons or entities named in Section 5,
      relating to anything occurring on or before the Severance
      Date.

            

    

    

    
      	
              7.  

            	
              Non-compete.  Employee
      agrees that he shall not, either directly or indirectly, work for or
      assist a Competitor, meaning any company, person or entity that competes
      directly with the Company in any way, including as an employee, officer,
      director, owner, or greater than 10% shareholder, for a period of twelve
      months after the Severance Date.  For purposes of this
      Agreement, the term Competitor shall mean an entity licensed in the state
      of Texas as a supplier of electronic bingo equipment or any entity that
      currently markets, supplies or sells Video Lottery Terminals in the states
      of Louisiana or Montana.

            

    

    

    
      	
              8.  

            	
              Reinstatement.  Employee
      will not seek reinstatement or re-employment by
  Employer.

            

    

    

    
      	
              9.  

            	
              Right to
      Review.  Employee, by signing this Agreement,
      acknowledges that he has had a full and fair opportunity to review,
      consider and negotiate the terms of this Agreement as directed by the Age
      Discrimination in Employment Act (“ADEA”), as many as 45 days if he so
      chooses; that he has been advised to seek and has had the opportunity to
      seek the advice of an attorney in connection with his decision whether to
      accept the benefits that have been offered to him under this Agreement;
      that he has reviewed this Agreement with full and free understanding of
      its terms and without duress, coercion or undue influence; and, that he
      has the authority and capacity to execute the Agreement on his own
      behalf.  Employee will have an additional seven (7) days after
      signing this Agreement to reconsider Employee’s acceptance of this
      severance offer.  Employee may revoke his acceptance at any time
      during that 7 day period by delivering a written revocation to Employer’s
      General Counsel.  Thereafter, the terms and conditions of this
      agreement will be in force.  Employee has read the foregoing and
      agrees to be bound by its terms.  Employee acknowledges that
      Employee has had the opportunity to speak with counsel of Employee’s
      choice.  Employee acknowledges that the benefits provided herein
      constitute greater consideration than Employee would otherwise have
      received as wages or as any other compensation to which Employee is
      otherwise entitled.  No promise, inducement, or agreement not
      expressed in this Agreement has been made to
  Employee.

            

    

    

    
      	
              10.  

            	
              Confidentiality;
      Nondisclosure.  Employee acknowledges that, by virtue of
      Employee’s employment at the Company, Employee has been exposed to
      confidential and proprietary information (“Confidential
      Information”).  Employee will not at
      any time after termination of employment, in any fashion, form, or
      manner, either directly or indirectly, divulge, disclose, or communicate
      to any person, firm, or corporation in any manner whatsoever any
      information of any kind, nature, or description concerning any
      Confidential Information relating to the business of Employer, including,
      without limitation, the names of any of its customers, customer lists, the
      prices it obtains or has obtained, or at which it sells or has sold its
      products, the names of its suppliers, methods of obtaining new business,
      or any other Confidential Information concerning the business of Employer,
      its manner of operation or its plans, processes, or other data of any
      kind, nature, or description.  The parties hereby stipulate
      that, as between them, the foregoing matters are important, material, and
      confidential, and gravely affect the effective and successful conduct of
      the business of Employer, and its good will, and that any breach of the
      terms of this section is a material breach of this
      Agreement.  Additionally, Employee acknowledges and agrees that
      any confidentiality or invention of assignment agreements, if any, that he
      signed during the course of his employment at the Company, shall survive
      this Agreement, and that he will continue to be bound by such
      agreements.

            

    

    

    Confidential
Information does not include, however, information which (a) is or becomes
generally available to the public other than as a result of a disclosure
by Employee, (b) was available to Employee on a non-confidential basis
prior to its disclosure to Employee, (c) becomes available to you on a
non-confidential basis from a party other than Employer or
any Employer Representative who is not otherwise bound by a confidentiality
agreement with or other contractual, legal or fiduciary obligation of
confidentiality to Employer, or (d) is requested or required by any
government agency, court, or licensing body by subpoena or
otherwise.

    

    
      	
              11.  

            	
              Non-Solicitation.  Employee
      agrees that, for a period of twelve (12) months from the Severance Date,
      Employee will not directly or indirectly, for or on behalf of any
      individual, partnership, corporation, or other legal entity, as principal,
      agent, or otherwise, solicit or induce any person employed by Employer or
      any of its subsidiaries or affiliates to leave such employment, whether or
      not such employment is pursuant to a written contract and whether or not
      such employment is at-will, or hire any person who has been employed by
      the Company or any of its subsidiaries or
  affiliates.

            

    

    

    
      	
              12.  

            	
              Continued Cooperation Regarding
      Litigation and Regulatory Matters.  Employee agrees to
      continue to reasonably cooperate with the Company and its counsel in the
      Company’s handling and defense of any current and future litigation,
      arbitration proceedings, and regulatory matters.  Such
      reasonable cooperation shall include but not be limited to the
      following:  reviewing documents; conferring with counsel;
      meeting with counsel to prepare for interviews, depositions and trial;
      attending interviews, depositions, hearings and trial; and providing
      truthful testimony at interviews, depositions, hearings and
      trials.  The Company shall reimburse Employee for reasonable
      travel, lodging and other costs that he incurs pursuant to this
      provision.

            

    

    

    
      	
              13.  

            	
              Mutual
      Non-Disparagement.  The parties agree that they,
      including anyone acting on their behalf, will not disparage each other,
      their employees, officers, directors or agents, or act in any manner which
      may damage the business of each other or which may adversely affect the
      goodwill, reputation, or business relationships of each other, including
      but not limited to posting messages on the internet chat rooms or message
      boards that in any way disparage, embarrass, or harm each other or any of
      their employees, officers, directors, or agents.  This
      non-disparagement provision shall not apply to any truthful statements, or
      any statements that are reasonably believed by the maker to be true, that
      are made (a) in response to a subpoena or other legal process, (b) to a
      governmental or regulatory entity, or (c) in any legal, arbitral, or
      mediation proceeding

            

    

    

    
      	
              14.  

            	
              Severability.  If
      any term or provision of this Agreement is held to be invalid or
      unenforceable, the remaining terms or provisions of this Agreement shall
      continue to be valid and will be performed, construed and enforced to the
      fullest extent permitted by law.  The invalid or unenforceable
      term or provision shall be deemed amended and limited in accordance with
      the intent of the parties, as determined from the face of the Agreement,
      to the extent necessary to permit the maximum enforceability or validation
      of the term or provision.

            

    

    

    
      	
              15.  

            	
              Entire Agreement. This
      Agreement constitutes and contains the entire agreement and understanding
      between the parties and supersedes and replaces all prior negotiations and
      agreements proposed or otherwise, whether written or oral, concerning the
      subject matter of this Agreement.

            

    

    

    
      	
              16.  

            	
              Governing Law. This
      Agreement shall be governed in all respects by the laws of the State of
      Nevada, without regard to conflict of law principles.  Any
      dispute or controversy arising out of this Agreement shall be brought in
      any court of competent jurisdiction located in the County of Washoe in the
      State of Nevada, and Employee hereby consents to the jurisdiction of
      Nevada courts over him.

            

    

    

    

    Employee’s
signature below acknowledges Employee’s review, understanding and full, knowing
and voluntary acceptance of the terms and conditions set forth in this
Agreement.

     

    IN
WITNESS HEREOF, the parties have executed this Agreement on the dates written
below

     

     

    

     

    Dated:
February 26,
2010                                                                           __/s/ Jay
Meilstrup Jay Meilstrup

     

    Dated:
February 26,
2010                                                                           By:
_/s/ Marcia
Martin                                           Marcia Martin Chief Financial
Officerform10-33.htm

    Exhibit
10.33

     

    

     

     

     

    February
24, 2010

    

    

    

    Floyd
“Bud” Glisson

    8850
Double Diamond Parkway

    Reno, NV
89512

    

    

    Re:  Offer of
Employment

     
 

    Dear
Bud,

    

    This
correspondence serves as confirmation of our offer of employment to you as a
President and Chief Executive Officer of GameTech International,
Inc.  We look forward to the leadership and drive you will bring to
GameTech and its executive team.  We anticipate your hire date to be
March 15, 2010.

    

     

    We are
prepared to offer you an annual salary of $350,000.  With this
position, you will also be eligible to receive an annual bonus, which will be
based upon and determined in accordance with flowing parameters:

    

     

    Actual Profit as % of Plan
Profit                                                                           Bonus

     

    Below
75%                                                                   None

     

    75%                                                                      50%
of annual salary

     

    100%                                                                     66.67%

     

    150%                                                                      100% of
annual salary

     

    

     

    "Actual
Profits" meaning Net Income before income taxes as reported on the Company's
financial statements, subject to audit, and as adjusted to add back any bonus
paid pursuant to this bonus plan.  "Plan Profits" meaning Net Income
before income taxes in the business plan adopted by the Board of Directors for
the applicable fiscal year.  The above bonus awards shall be earned
upon completion of each fiscal year and payable within 30 days of the Company
filing its Form 10K for each year with respect to the preceding fiscal
year.  In the event that you are terminated from the Company for
anything other than for “Cause”, you will earn a prorated bonus for the portion
of the current fiscal year based on month-to-date Actual Profit as a percent of
month-to-date Plan Profit.

    

     

    In
consideration for your service as a director of the Company and your acceptance
of this offer to serve as our President and Chief Executive Officer, the Company
hereby grants to you options to purchase 300,000 shares of our common stock,
subject to approval of a new stock option plan by the Company’s
stockholders.  The options shall vest in three equal increments, with
100,000 options vesting on the first anniversary of your acceptance of this
offer, 100,000 vesting on the second anniversary of your acceptance of this
offer, and the remaining 100,000 shares vesting on August 13,
2012.   The strike price for your stock options will be the
trading price of the stock as of market close on the date of your acceptance of
this offer.

    

     

    GameTech
also offers a rich benefits package including Medical, Dental, Vision, 401K,
Disability and Life insurance.  You will be eligible for these
benefits the first calendar day of the month following your date of hire. You
are also eligible for extensive and flexible moving expenses, up to $50,000, for
reasonable expenses associated with your relocation.  You will also be
afforded discretionary paid vacation time as needed.

     

    

     

    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 earned to date, on a prorated basis,
as well as immediate 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 any material violation of the company’s established
policies.  "Change of control" means, or shall have occurred, if 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.  “Person”, “group” and “beneficial owner” are defined in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934.

     

    

     

    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.

    

    By your
acceptance of this offer, you agree that the terms set forth above will be
incorporated into a final definitive agreement and each party commits and agrees
to work diligently to quickly reach such a final agreement.

    

    

    Kind
Regards,

    

    /s/ Rich
Fedor

    

    Rich
Fedor, Chairman

    

     

    

     

    THE ABOVE
OFFER IS ACCEPTED AND AGREED TO THIS 24th DAY OF FEBRUARY, 2010.

     

    

    /s/ Floyd
Glisson 

    Floyd
“Bud” Glisson

    

    

    

    

    cc:    James
Robertson

             Employee
File

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00169-of-00352.parquet"}]]