Document:

Exhibit 10.2

      

       

      Execution version

      

      

      THIRD AMENDMENT TO CREDIT AGREEMENT

       

      This THIRD AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of August 16, 2019, is made between GALAXY GAMING, INC., a Nevada corporation (the “Borrower”), and ZIONS BANCORPORATION, N.A. dba
        NEVADA STATE BANK, a Nevada state banking corporation (the “Lender”).

       

      RECITALS

      

      

      A.          The Lender and the Borrower entered into a Credit Agreement, dated as of April 24, 2018, as amended by the First Amendment to Credit Agreement, dated as of April 22, 2019, and as further amended by the
        Waiver and Second Amendment to Credit Agreement, dated as of May 6, 2019 (as further amended, restated, or otherwise modified, the “Credit Agreement”), pursuant to which the Lender agreed to extend credit to the Borrower.

      

      

      B.          The parties desire to amend certain provisions of the Credit Agreement, subject to the terms of this Amendment.

       

      AGREEMENT

       

      NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows.

       

      Section 1.          Capitalized Terms. Capitalized terms not defined shall have the meanings assigned to them in the Credit
        Agreement, unless the context shall otherwise require.

       

      Section 2.          Amendment to Credit Agreement. Section 2.8 of the Credit Agreement is
        amended by adding the following sentence to the end of the paragraph: “Commencing with the fiscal quarter ending on June 30, 2019, and retroactive to April 22, 2019, an unused fee in the amount of 0.25% of the difference between the Revolving
        Commitment Amount and the average daily balance of the Revolving Loan during such fiscal quarter shall be due and payable on the last day of each fiscal quarter.”

       

      Section 3.          Effectiveness of Amendments. This Amendment shall become effective upon delivery by the Borrower of, and
        compliance by the Borrower with, the following:

       

      3.1        Documents. The Lender shall have received this
        Amendment executed by a duly authorized officer of the Borrower.

       

      3.2        Fees and Expenses. The Lender shall have received
        all fees and other amounts due and payable by the Borrower on or prior to the date hereof, including the reasonable fees and expenses of counsel to the Lender payable pursuant to Section 8.2 of the Credit Agreement.

       

      3.3        Other Matters. All corporate and legal proceedings
        relating to the Borrower and all instruments and agreements in connection with the transactions contemplated by this Amendment shall be satisfactory in scope, form and substance to the Lender and its counsel, and the Lender shall have received all
        information and copies of all documents including records of corporate proceedings, as the Lender or its counsel may reasonably have requested in connection therewith, such documents where appropriate to be certified by proper corporate or
        governmental authorities.

       

      

      
        
          

      

      
      Section 4.           Representations, Warranties, Authority.

       

      4.1         Reassertion of Representations and Warranties, No Default. The Borrower hereby represents
        that on and as of the date hereof and after giving effect to this Amendment all of the representations and warranties contained in the Credit Agreement and the other Loan Documents are true, correct and complete in all material respects as of the
        date hereof as though made on and as of such date, except (i) for changes permitted by the terms of the Credit Agreement as amended by this Amendment and (ii) to the extent such representation or warranty relates to an earlier specified date, in
        which case such representation or warranty is reaffirmed as true and correct in all material respects as to such date and there will exist no Default or Event of Default under the Credit Agreement as amended by this Amendment on such date which has
        not been cured or waived by the Lender.

       

      4.2         Authority, No Conflict, No Consent Required, Enforceability. The Borrower represents and
        warrants that the Borrower has the power and legal right and authority to enter into this Amendment and has duly authorized as appropriate the execution and delivery of the Amendment by proper corporate action, and neither the Amendment nor the
        agreements contained herein or therein contravenes or constitutes a default under any agreement, instrument or indenture to which the Borrower is a party or a signatory or a provision of the Borrower’s Articles of Incorporation, Bylaws or any other
        agreement or requirement of law, or results in the imposition of any lien on any of its property under any agreement binding on or applicable to the Borrower or any of its property except, if any, in favor of the Lender. The Borrower represents and
        warrants that no consent, approval or authorization of or registration or declaration with any Person, including but not limited to any governmental authority, is required in connection with the execution and delivery by the Borrower of the
        Amendment or other agreements and documents executed and delivered by the Borrower in connection therewith or the performance of obligations of the Borrower therein described, except (a) for those which the Borrower has obtained or provided and as
        to which the Borrower has delivered certified copies of documents evidencing each such action to the Lender and (b) for those which the Borrower will make, obtain or provide upon the consummation of this Amendment and as to which the Borrower will
        promptly deliver certified copies of documents evidencing each such action to the Lender. The Borrower represents and warrants that the Amendment constitutes the legal, valid and binding obligations of the Borrower, enforceable against the Borrower
        in accordance with their terms, subject to limitations as to enforceability which might result from bankruptcy, insolvency, moratorium and other similar laws affecting creditors’ rights generally and subject to limitations on the availability of
        equitable remedies.

      

      

      4.3         No Adverse Claim. The Borrower warrants, acknowledges and agrees that no events have taken
        place and no circumstances exist at the date hereof which would give the Borrower a basis to assert a defense, offset or counterclaim to any claim of the Lender with respect to the obligations.

       

      

      
        2

        
          

      

      Section 5.          Affirmation of Credit Agreement, Further References, Affirmation of Security Interest. The Lender and the Borrower each acknowledge and affirm that the Credit Agreement, as amended hereby, is hereby ratified and confirmed in all respects and all terms, conditions and
        provisions of the Credit Agreement and the other Loan Documents, except as amended by this Amendment, shall remain unmodified and in full force and effect. All references in any document or instrument to the Credit Agreement are hereby amended and
        shall refer to the Credit Agreement as amended hereby. The Borrower confirms to the Lender that the Obligations are and continue to be secured by the security interest granted by the Borrower in favor of the Lender under the Security Agreement and
        all of the terms, conditions, provisions, agreements, requirements, promises, obligations, duties, covenants and representations of the Borrower under such document and any and all other documents and agreements entered into with respect to the
        obligations under the Credit Agreement are incorporated herein by reference and are hereby ratified and affirmed in all respects by the Borrower.

       

      Section 6.          Merger and Integration, Superseding Effect. This Amendment, from and after the date hereof, embodies the entire
        agreement and understanding between the parties hereto and supersedes and has merged into this Amendment all prior oral and written agreements on the same subjects by and between the parties hereto with the effect that this Amendment shall control
        with respect to the specific subjects hereof and thereof.

       

      Section 7.          Severability. Whenever possible, each provision of this Amendment and any other statement, instrument or
        transaction contemplated hereby or thereby or relating hereto or thereto shall be interpreted in such manner as to be effective, valid and enforceable under the applicable law of any jurisdiction, but, if any provision of this Amendment or any
        other statement, instrument or transaction contemplated hereby or thereby or relating hereto or thereto shall be held to be prohibited, invalid or unenforceable under the applicable law, such provision shall be ineffective in such jurisdiction only
        to the extent of such prohibition, invalidity or unenforceability, without invalidating or rendering unenforceable the remainder of such provision or the remaining provisions of this Amendment or any other statement, instrument or transaction
        contemplated hereby or thereby or relating hereto or thereto in such jurisdiction, or affecting the effectiveness, validity or enforceability of such provision in any other jurisdiction.

       

      Section 8.          Successors. This Amendment shall be binding upon the Borrower, the Lender and their respective successors and
        assigns, and shall inure to the benefit of the Borrower, and the Lender and their successors and assigns.

       

      Section 9.          Legal Expenses. As provided in Section 8.2 of the Credit Agreement, the Borrower agrees to reimburse the Lender
        upon demand for all reasonable out-of-pocket expenses (including filing and recording costs and fees, charges and disbursements of outside counsel to the Lender) incurred in connection with the negotiation, preparation, enforcement and collection
        of this Amendment and all other documents negotiated and prepared in connection with this Amendment.

      

      

      
        3

        
          

      

      Section 10.        Headings. The headings of various sections of this Amendment have been inserted for reference only and shall
        not be deemed to be a part of this Amendment.

       

      Section 11.        Counterparts. This Amendment may be executed in several counterparts as deemed necessary or convenient, each of
        which, when so executed, shall be deemed an original, provided that all such counterparts shall be regarded as one and the same document, and any party to this Amendment may execute any such agreement by executing a counterpart of such agreement.

      

      

      Section 12.        Governing Law. THE AMENDMENT SHALL BE GOVERNED BY THE
          INTERNAL LAWS OF THE STATE OF NEVADA, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES THEREOF.

       

      Section 13.        Acknowledgement and Release. IN ORDER TO INDUCE THE LENDER TO ENTER INTO THIS AMENDMENT, THE BORROWER: (A)
        REPRESENTS AND WARRANTS TO THE LENDER THAT NO EVENTS HAVE TAKEN PLACE AND NO CIRCUMSTANCES EXIST AT THE DATE HEREOF WHICH WOULD GIVE THE BORROWER THE RIGHT TO ASSERT A DEFENSE, OFFSET OR COUNTERCLAIM TO ANY CLAIM BY THE LENDER FOR PAYMENT OF THE
        OBLIGATIONS; AND (B) HEREBY RELEASES AND FOREVER DISCHARGES THE LENDER AND ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES AND PARTICIPANTS FROM ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, PROCEEDINGS, DEBTS, SUMS OF MONEY,
        COVENANTS, CONTRACTS, CONTROVERSIES, CLAIMS AND DEMANDS, AT LAW OR IN EQUITY, WHICH THE BORROWER EVER HAD OR NOW HAS AGAINST THE LENDER OR ANY OF ITS SUCCESSORS, ASSIGNS, DIRECTORS, OFFICERS, AGENTS, EMPLOYEES OR PARTICIPANTS BY VIRTUE OF THEIR
        RELATIONSHIP TO THE BORROWER IN CONNECTION WITH THIS AMENDMENT, THE CREDIT AGREEMENT, THE LOAN DOCUMENTS AND TRANSACTIONS RELATED THERETO. 

       

      ***

      
        4

        
          

      

      IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date and year first above written.

      

      

      	 	
              BORROWER:

            
	 	 	 
	 	
              GALAXY GAMING, INC.

            
	 	 	 
	 	
              By:

            	/s/ Harry Hagerty
	 	
              Name: 

              

            	Harry Hagerty
	 	
              Title: 

              

            	Chief Financial Officer

      
        

        

        Third Amendment to Credit Agreement

         

        

      

      
        
          

      

      	 	
              LENDER:

            
	 	 	 
	 	
              ZIONS BANCORPORATION, N.A. DBA NEVADA STATE BANK

            
	 	 	 
	 	
              By:

            	/s/ Jamie Gazza
	 	Name: 	Jamie Gazza
	 	Title: 	Vice President

            

       
        Third Amendment to Credit AgreementExhibit 10.1

 

THIRD AMENDMENT TO LEASE

 

THIS THIRD AMENDMENT TO LEASE (this “Third
Amendment”), dated as of the 18th day of July, 2019, is entered into by and between BOEING EMPLOYEES’ CREDIT UNION,
a Washington state chartered credit union (“Landlord”), and CLEARSIGN COMBUSTION CORPORATION, a Washington corporation
(“Tenant”).

 

RECITALS

 

A.       RREEF
America REIT II Corp. MMMM7 Washington (“RREEF”) and Tenant entered into that certain Lease dated August 19, 2011,
as amended by that certain Commencement Date Memorandum dated November 1, 2011, that certain First Amendment to Lease dated
December 17, 2013, and that certain Second Amendment to Lease dated October 18, 2016 (collectively, the “Lease”).
Landlord is the successor-in-interest to RREEF.

 

B.       The
Lease pertains to approximately 9,200 square feet of space located in Building 1 of Gateway Corporate Center, having an address
of 12870 Interurban Avenue South, Tukwila, Washington 98168 (the “Premises”), as more fully described in the Lease.

 

C.       Landlord
and Tenant desire to extend the Term of the Lease, change the rent schedule and otherwise modify the terms and conditions of the
Lease, as more fully set forth below.

 

AMENDMENT

 

NOW, THEREFORE, in consideration of the
mutual covenants and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

 

		1.	Definitions. Unless otherwise specifically set forth herein, all capitalized terms used
shall have the meanings attributed to them in the Lease.

 

		2.	Term. The Term of the Lease is hereby extended for a period of three (3) years and
two (2) months, commencing on April 1, 2020, and terminating on May 31, 2023.

 

		3.	Rent Schedule. The rent schedule for the period from April 1, 2020, through May 31,
2023, shall be as follows:

 

	Period	Rentable Square Footage	Annual Rent Per Square Foot	Annual Rent	Monthly Installment of Rent
	from	through
	4/1/2020	5/31/2020	9,200	$0.00	$0.00	$0.00*
	6/1/2020	3/31/2021	9,200	$17.64	$162,288.00	$13,524.00
	4/1/2021	3/31/2022	9,200	$18.17	$167,160.00	$13,930.00
	4/1/2022	3/31/2023	9,200	$18.71	$172,176.00	$14,348.00
	4/1/2023	5/31/2023	9,200	$19.28	$177,336.00	$14,778.00

 

		*	Tenant shall be responsible for the payment of Tenant’s Proportionate
Share of Expenses and Taxes during the period that the Monthly Installment of Rent is abated.

 

    -1-

     

    

 

		4.	Counterparts. This Third Amendment may be executed in counterparts, each of which shall
be deemed an original but all of which together shall be deemed to be one and the same agreement.

 

		5.	Effect of Amendment; Incorporation. Except as expressly modified herein, all terms and conditions
of the Lease remain in full force and effect and are hereby ratified and confirmed.

 

[signature page and
notary acknowledgments follow]

 

    -2-

     

    

 

IN WITNESS WHEREOF, Landlord
and Tenant have executed this Third Amendment as of the day and year first written above.

 

	LANDLORD:	 	TENANT:
	 	 	 
	BOEING EMPLOYEES’ CREDIT UNION, 	 	CLEARSIGN COMBUSTION CORPORATION,
	a Washington state chartered credit union	 	a Washington corporation
	 	 	 	 	 
	By:  	/s/
    Gregg Kats	 	By:  	/s/ Brian G. Fike
	 	 	 	 	 
	Name:  	Gregg Kats	 	Name:  	Brian G. Fike
	 	 	 	 	 
	Title:  	SVP Administration & Operation	 	Title:  	Interim Chief Financial
    Officer
	 	 	 	 	 
	Date:  	8/26/2019	 	Date:  	8/09/2019

 

    -3-

     

    

 

CORPORATE ACKNOWLEDGMENT

 

	STATE OF WASHINGTON	)
	 	)  ss.
	COUNTY OF KING	)

  

On this 09 day
of August, 2019, before me, the undersigned, a Notary Public in and for the State of Washington, personally appeared Brian Fike,
to me known or shown through satisfactory evidence to be the Tenant of CLEARSIGN COMBUSTION CORPORATION, a Washington state chartered credit union, and
acknowledged to me that ____ executed the foregoing instrument on behalf of said party freely and voluntarily for the uses and
purposes therein mentioned.

 

Witness my hand and
official seal the day and year in this certificate first above written.

 

	 	Olga
    Stryzheus
	 	(Signature)
	 	 
	 	Olga
    Stryzheus
	 	(Please print name legibly)
	 	 
	 	Notary Public in and for the State of Washington,
	 	My commission expires 09/15/2021

 

CORPORATE ACKNOWLEDGMENT

 

	STATE OF WASHINGTON	)
	 	)  ss.
	COUNTY OF KING	)

 

On this 26 day of
August, 2019, before me, the undersigned, a Notary Public in and for the State of Washington, personally appeared Gregg Kats,
to me known or shown through satisfactory evidence to be the SVP Administration & Operation of BOEING EMPLOYEES’ CREDIT UNION, a
Washington corporation, and acknowledged to me that ____ executed the same on behalf of said corporation freely and
voluntarily for the uses and purposes therein mentioned.

 

Witness my hand and
official seal the day and year in this certificate first above written.

 

	 	Katie
    Vereechen
	 	(Signature)
	 	 
	 	Katie
    Vereechen
	 	(Please print name legibly)
	 	 
	 	Notary Public in and for the State of Washington,
	 	My commission expires 11/25/2020

 

    -4-

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