Document:

Employment Agreement dated as of July 12, 2004

 EXHIBIT 10.23 
  
 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (this “Agreement”), by and between Global Cash Access, Inc., a Delaware corporation (the “Company”) and
wholly-owned subsidiary of GCA Holdings, Inc., a Delaware corporation (“GCA Holdings”), and Harry C. Hagerty III (“Executive”), is made as of July 12, 2004 (the “Effective Date”). 
  
 R E C I T A L S 
  
 A. The Company desires assurance of the association and services of
Executive in order to retain Executive’s experience, skills, abilities, background and knowledge, and is willing to engage Executive’s services on the terms and conditions set forth in this Agreement. 
  
 B. Executive desires to be in the employ of the Company, and is
willing to accept such employment on the terms and conditions set forth in this Agreement. 
  
 C. Company and Executive wish to enter into an employment relationship with a written employment agreement intended to supersede all other written and oral representations regarding Executive’s employment
with Company. 
  
 AGREEMENT 
  
 NOW, THEREFORE, based on the foregoing recitals and in consideration of the
commitments set forth below, Executive and the Company agree as follows: 
  
 1. Position, Duties, Responsibilities 
  
 1.1. Position. The Company hereby employs Executive to render services to the Company in the position of Executive Vice President and Chief Financial Officer, reporting directly to the Chief Executive
Officer of the Company, for the period commencing on the Effective Date and ending on the third anniversary of the Effective Date (the “Term”). The duties of this position shall include such duties and responsibilities as are reasonably
assigned to Executive by the Chief Executive Officer, including but not limited to those customarily performed by chief financial officers of similarly situated corporations. Executive agrees to serve in a similar capacity for the benefit of GCA
Holdings and any of the Company’s direct or indirect, wholly-owned or partially-owned subsidiaries or affiliates. Additionally, Executive shall serve in such other capacity or capacities as the Chief Executive Officer may from time to time
prescribe. During his employment by the Company, Executive shall, subject to Section 1.2, devote his full energies, interest, abilities and productive time to the proper and efficient performance of his duties under this Agreement.

  
 1.2. Other Activities. Except upon the prior
written consent of the Chief Executive Officer of the Company, Executive will not (i) accept any other employment, or (ii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that is or may
be in conflict with, or that might place Executive in a conflicting position to that of, the Company. Notwithstanding the foregoing, Executive shall be 

 permitted to engage in occasional professional or charitable activities outside the scope of his employment with the
Company so long as such activities (A) do not conflict with the actual or proposed business of the Company or any of its subsidiaries or affiliates, and (B) do not affect the performance of his duties hereunder. In addition, subject to the prior
written consent of the Chief Executive Officer and the Board of Directors of the Company and subject to Executive’s fiduciary duties to the Company, Executive shall be permitted to serve as a director of other corporations provided that their
businesses are not competitive with the actual or proposed business of the Company or any of its subsidiaries or affiliates and provided further that Executive’s service as a director of such other corporations does not interfere with his
performance of his duties hereunder. Any such prior written consent may be subsequently revoked in the event that the Board of Directors determines, in good faith, that Executive’s position as a director of any such other corporation has
developed into a conflict of interest. 
  
 1.3.
Proprietary Information. Executive recognizes that his employment with the Company will involve contact with information of substantial value to the Company, which is not generally known in the trade, and which gives the Company an
advantage over its competitors who do not know or use it. As a condition precedent to Executive’s employment by the Company, Executive agrees to execute and deliver to the Company, concurrent with his execution and delivery of this Agreement, a
copy of the “Employee Proprietary Information and Inventions Agreement” attached hereto as Exhibit A.  
  
 2. Compensation of Executive 
  
 2.1. Base Salary. In consideration of the services to be rendered under this Agreement, while employed by the Company, Company shall pay
Executive an initial base annual salary of three hundred thousand dollars ($300,000), less standard deductions and withholdings, payable in regular periodic payments in accordance with Company payroll policy. Such salary shall be prorated for any
partial month of employment on the basis of a 30-day fiscal month. Such base salary shall be subject to annual review by the Board of Directors in consultation with the Chief Executive Officer. 
  
 2.2. Bonus. Executive will be eligible to receive an annual
bonus of two-thirds (2/3) of his then-current base salary (the “Target Bonus”), the exact amount of such bonus to be determined by the Board of Directors in consultation with the Chief Executive Officer based upon Executive achieving
certain performance criteria and the Company achieving specific financial goals, in each case to be determined by the Board of Directors in consultation with the Chief Executive Officer. Any such bonus shall be payable after the end of each fiscal
year, and shall prorated for partial fiscal years. In addition, Executive shall be eligible for such additional bonuses as may be awarded by the Board of Directors in its sole discretion from time to time in consultation with the Chief Executive
Officer. 
  
 2.3. Stock Option. Subject to
approval by the Board of Directors of GCA Holdings, Executive will be granted a stock option to purchase 55,555 shares of GCA Holdings’ Class A Common Stock pursuant to a Stock Option Agreement to be entered into by and between Executive and
GCA Holdings in substantially the form attached hereto as Exhibit B (the “Stock Option Agreement”). 
  

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 2.4. Benefits. Executive shall be entitled to participate in the Company’s group
medical, dental, life insurance, 401(k), deferred compensation or other benefit plans and programs on the same terms and conditions as other members of the Company’s senior executive management. Executive shall be provided such perquisites of
employment, including four weeks of paid vacation per year, and all paid holidays and sick leave as are provided to all other members of the Company’s senior executive management. Executive shall be entitled to reimbursement of all reasonable
expenses incurred by Executive in the performance of his duties hereunder, in accordance with the policies and procedures established by the Company from time to time, and as may be amended from time to time. 
  
 2.5. Life Insurance Policy. In addition to the group life
insurance described above, the Company shall maintain a term life insurance policy on the life of Executive, with a carrier selected by the Company and reasonably acceptable to Executive, in the amount of $2,000,000 payable to the beneficiary of
Executive’s designation, subject to Executive’s eligibility for the same on commercially reasonable terms. Premium payments made by the Company for such policy shall be treated as compensation to Executive, subject to applicable
withholdings for federal and state income and FICA and FUTA taxes, which the Company may withhold from any payment of any salary or bonus to Executive. 
  

3. Employment At Will 
  
 Company or Executive may terminate Executive’s employment with Company at any time for any reason, including no reason at all, notwithstanding
anything to the contrary contained in or arising from any statements, policies, or practices of Company relating to the employment, discipline, or termination of its employees. This at-will employment relationship cannot be changed except in writing
signed by a duly authorized officer of the Company other than Executive. This Section 3 shall survive any termination or expiration of this Agreement. 
  
 4. Termination of Employment 
  
 4.1. Termination by Executive. Executive may terminate his employment upon notice to the Company. In the event that Executive elects to
terminate his employment other than for Good Reason (as defined below), the Company shall pay Executive all base salary due and owing and all other accrued but unpaid benefits (e.g., accrued vacation) through the last day actually worked and
thereafter the Company’s obligations under this Agreement shall terminate.  
  
 4.2. Termination by the Company for Cause. In the event that the Company terminates Executive’s employment for Cause, the Company shall pay Executive all base salary due and owing and all other
accrued but unpaid benefits (e.g., accrued vacation) through the last day actually worked and thereafter the Company’s obligations under this Agreement shall terminate. For the purposes of this Agreement, termination shall be for
“Cause” if (i) Executive refuses or fails to act in accordance with any lawful order or instruction of the Chief Executive Officer, and such refusal or failure to act has not been cured within thirty (30) days of notice of such
disobedience, (ii) Executive fails to devote reasonable attention and time during normal business hours to the business affairs of the Company or Executive is reasonably 
  

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 determined by the Board of Directors to have been unfit (e.g., denied any license, permit or qualification required by
any gaming regulator or found unsuitable by any gaming regulator) (other than as a result of an Incapacity), unavailable for service (other than as a result of an Incapacity) or grossly negligent in connection with the performance of his duties on
behalf of the Company, which unfitness, unavailability or gross negligence has not been cured within thirty (30) days of notice of the same; (iii) Executive is reasonably determined by the Board of Directors to have committed a material act of
dishonesty or willful misconduct or to have acted in bad faith to the material detriment of the Company in connection with the performance of his duties on behalf of the Company; (iv) Executive is convicted of a felony or other crime involving
dishonesty, breach of trust, moral turpitude or physical harm to any person, or (v) Executive materially breaches any agreement with the Company which breach has not been cured within thirty (30) days notice of the same. For purposes of this
Agreement, the term “without Cause” shall mean termination of Executive’s employment for reasons other than for “Cause.” 
  
 4.3. Termination by the Company without Cause or Termination by Executive for Good Reason. In the event that the Company terminates
Executive’s employment without Cause or Executive terminates his employment for Good Reason other than within twelve (12) months following a Change of Control (as defined in Section 4.6), the Company shall pay Executive all base salary due and
owing and all other accrued but unpaid benefits (e.g., accrued vacation) through the last day actually worked, and Executive shall be entitled to receive the severance payments and benefits set forth below in this Section 4.3; provided, however,
that such severance and benefits are conditioned on Executive’s execution and non-revocation of a release agreement, the form of which is attached hereto as Exhibit C, and thereafter the Company’s obligations under this Agreement
shall terminate. For the purposes of this Agreement, termination shall be for “Good Reason” if (i) there is a material diminution of Executive’s responsibilities with the Company, or a material change in the Executive’s reporting
responsibilities or title, in each case without Executive’s consent; (ii) there is a reduction by the Company in the Executive’s annual base salary then in effect without Executive’s consent; or (iii) Executive’s principal work
location is relocated outside of the Las Vegas, Nevada metropolitan area without Executive’s consent. Executive agrees that he may be required to travel from time to time as required by the Company’s business and that such travel shall not
constitute grounds for Executive to terminate his employment for Good Reason. 
  
 4.3.1. Pro Rata Target Bonus for Current Year. Within ten (10) days of the termination of Executive’s employment, the Company shall pay to Executive, in a single lump-sum payment, subject to
standard deductions and withholdings, a bonus in the amount of two-thirds (2/3) of his then-current base salary, pro rated based on the number of days actually elapsed through the date of termination in the year in which such termination
occurs. 
  
 4.3.2. Base Salary Continuation.
The Company shall continue to pay to Executive his then-current base annual salary for a period of twelve (12) months. Such salary continuation shall be subject to standard deductions and withholdings and shall be payable in regular periodic
payments in accordance with Company payroll policy. The Company may discontinue such salary continuation in the event that Executive breaches any of the provisions of Sections 6 or 7. 
  

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 4.3.3. Target Bonus on Base Salary Continuation. The Company shall pay to
Executive, subject to standard deductions and withholdings, a bonus in the amount of two-thirds (2/3) of his then-current base salary, payable in equal installments concurrent with the salary continuation payments pursuant to Section 4.3.2.

  
 4.3.4. Acceleration of Vesting of Stock Option.
In the event that the Company terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason in either case on or prior to the first anniversary of the Effective Date, a number of shares subject to
the option described in Section 2.3 equal to the product of 1/48th of the number of shares subject to the option multiplied by the number of monthly anniversaries of the Effective Date that have elapsed, together with an additional 25% of the number
of shares subject to the option, shall immediately vest. In the event that the Company terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason after the first anniversary of the Effective Date, all
of the shares subject to the stock option described in Section 2.3 shall immediately vest. 
  
 4.3.5. Group Medical Coverage. The Company shall provide the Executive with continued coverage for the remainder of the Term under the Company’s group health insurance plans in effect upon
termination of Executive’s employment without Cause or for Good Reason to the extent permitted under the terms of such plans then in effect, at no cost to Executive. If such continued coverage is not permitted under the terms of such plans,
then the Company shall, subject to Executive making an election under the Federal COBRA law within the time prescribed by law, reimburse Executive for his payment of premiums for such benefits for the remainder of the Term. If COBRA or similar
benefits are not available by law during any portion of the remainder of the Term, then the Company shall pay Executive each month during which COBRA or similar benefits are not available by law an amount equal to the premium paid by Executive for
the last month during which such COBRA or similar benefits were available. 
  
 4.4. Termination for Incapacity. In the event that Executive suffers an Incapacity during the Term, the Company may elect to terminate Executive’s employment pursuant to this Section 4.4. In such
event, the Company shall pay Executive all base salary due and owing and all other accrued but unpaid benefits (e.g., accrued vacation) through the date on which an Incapacity is determined to exist (the “Determination Date”). In addition,
within ten (10) days of such termination of Executive’s employment, the Company shall pay to Executive, in a single lump-sum payment, subject to standard deductions and withholdings, a bonus in the amount of two-thirds (2/3) of his then-current
base salary, pro rated based on the number of days through the Determination Date in the year in which such termination occurs. Thereafter the Company’s obligations under this Agreement shall terminate; provided, however, that nothing contained
in this Agreement shall limit Executive’s rights to payments or other benefits under any long-term disability plans of the Company in which Executive participates, if any. For the purposes of this Agreement, Executive shall be deemed to have
suffered an “Incapacity” if Executive shall, due to illness or mental or physical incapacity, be unable to perform the duties and responsibilities required to be performed by him on behalf of the Company for a period of at least 180 days.

  

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 4.5. Termination upon Death. In the event that Executive dies during the Term,
Executive’s employment shall be deemed to have terminated upon the date of death. In such event, the Company shall pay Executive’s estate all base salary due and owing and all other accrued but unpaid benefits (e.g., accrued vacation)
through the date of death. In addition, within ten (10) days of such termination of Executive’s employment, the Company shall pay to Executive’s estate, in a single lump-sum payment, subject to standard deductions and withholdings, a bonus
in the amount of two-thirds (2/3) of his then-current base salary, pro rated based on the number of days actually elapsed during the year in which such termination occurs. Thereafter the Company’s obligations under this Agreement shall
terminate; provided, however, that nothing contained in this Agreement shall limit Executive’s estate’s or beneficiaries’ rights to payments or other benefits under any life insurance plan or policy in which Executive participates or
with respect to which Executive has designated a beneficiary, if any. 
  
 4.6. Termination following Change of Control. In the event that (i) the Company or the resulting or surviving entity in a Change in Control (as defined in the Stock Option Agreement) or Corporate
Transaction (as defined in the Stock Option Agreement) (Change in Control and Corporate Transaction collectively referred to herein as “Change of Control”) terminates Executive’s employment without Cause within twelve (12) months
following the occurrence of such Change of Control, or (ii) there is a material diminution of Executive’s responsibilities with the Company or the resulting or surviving entity in a Change of Control, or a material change in the
Executive’s reporting responsibilities or title, in each case without Executive’s consent and within twelve (12) months following the occurrence of such Change of Control (which diminution or change the parties hereby agree shall
constitute a constructive termination of Executive’s employment without Cause), then (A) the Company shall pay Executive all base salary due and owing and all other accrued but unpaid benefits (e.g., accrued vacation) through the last day
actually worked, (B) within ten (10) days of the termination of Executive’s employment, the Company shall pay to Executive, in a single lump-sum payment, subject to standard deductions and withholdings, an amount equal to one and forty-nine one
hundredths (1.49) times the sum of his then-current base salary and the Target Bonus as severance, and (C) within ten (10) days of the termination of Executive’s employment, the Company shall pay to Executive, in a single lump-sum payment,
subject to standard deductions and withholdings, an amount equal to one and one-half (1.50) times the sum of his then-current base salary and the Target Bonus as consideration for Executive’s obligations under Sections 6 and 7; provided,
however, that such payments and benefits are conditioned on Executive’s execution and non-revocation of a release agreement, the form of which is attached hereto as Exhibit C, and thereafter the Company’s or the resulting or
surviving entity’s obligations under this Agreement shall terminate. The parties’ obligations under this Section 4.6 shall survive the expiration of this Agreement for a period of twelve (12) months and ten (10) days following the
occurrence of a Change of Control. 
  
 4.7. Gross-Up
Payment. Anything in this Agreement to the contrary notwithstanding, in the event that it shall be determined that any payment or distribution by the Company to or for the benefit of Executive, whether paid or payable or distributed or
distributable pursuant to the terms of this Agreement or otherwise (the “Payment”), would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the
“Code”), Executive shall be paid an additional amount 
  

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 (the “Gross-Up Payment”) such that the net amount retained by Executive after deduction of any excise tax
imposed under Section 4999 of the Code, and any federal, state and local income and employment tax and excise tax imposed upon the Gross-Up Payment shall be equal to the Payment. For purposes of determining the amount of the Gross-Up Payment,
Executive shall be deemed to pay federal income tax and employment taxes at the highest marginal rate of federal income and employment taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the
highest marginal rate of taxation in the state and locality of Executive’s residence (or, if greater, the state and locality in which Executive is required to file a nonresident income tax return with respect to the Payment) on the date on
which the Executive’s employment terminates, net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes. 
  
 4.7.1. All determinations to be made under this Section 4.7 shall be made by a nationally-recognized independent
public accountant (the “Accounting Firm”), which firm shall provide its determinations and any supporting calculations both to the Company and Executive within thirty (30) days of each of a Change of Control and the termination of
Executive’s employment. Any such determination by the Accounting Firm shall be binding upon the Company and Executive. Within five (5) days after the Accounting Firm’s determination, the Company shall pay (or cause to be paid) or
distribute (or cause to be distributed) to or for the benefit of Executive such amounts as are then due to Executive pursuant to this Section 4.7. 
  
 4.7.2. Executive shall notify the Company in writing of any claim by the Internal Revenue Service or any other taxing authority that, if
successful, would require the payment by the Company of the Gross-Up Payment (taking into account any amounts theretofore already paid by the Company). Such notification shall be given as soon as practicable but no later than ten (10) business days
after Executive knows of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the thirty (30) day period
following the date on which he gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies Executive in writing prior to the expiration of such
period that it desires to contest such claim, Executive shall: 
  
 (a) give the Company any information reasonably request by the Company relating to such claim; 
  
 (b) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to time, including,
without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company; 
  
 (c) cooperate with the Company in good faith in order to effectively contest such claim; and 
  
 (d) permit the Company to participate in any proceedings relating to
such claim; 
  

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 provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and
penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any excise tax, income tax or employment tax, including interest and penalties, with respect thereto, imposed as a result
of such representation and payment of costs and expenses. Without limiting the foregoing provisions of this Section 4.7.2, the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego
any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any
permissible manner, and Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided further,
however, that if the Company directs Executive to pay such claim and sue for a refund the Company shall advance the amount of such payment to Executive, on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax
basis, from any excise tax, income tax or employment tax, including interest or penalties with respect thereto, imposed with respect to such advance or with respect to any imputed income with respect to such advance; and provided further that any
extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claim to be due is limited solely to such contested amount. Furthermore, the Company’s control
of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any
other taxing authority. 
  
 4.7.3. If, after the receipt
by Executive of an amount advanced by the Company pursuant to this Section 4.7, Executive becomes entitled to receive any refund with respect to such claim, Executive shall promptly pay to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by the Company pursuant to this Section 4.7, a determination is made that Executive shall not be entitled to any refund with
respect to such claim and the Company does not notify Executive in writing of its intent to contest such denial of refund prior to the expiration of thirty (30) days after such determination, then such advance shall be forgiven and shall not be
required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 4.7.4. All of the fees and expenses of the Accounting Firm in performing determinations referred to in subsections 4.7.1 and 4.7.2 above shall be
borne solely by the Company. 
  
 4.8. No Other
Compensation or Benefits. Executive acknowledges that except as expressly provided in this Agreement, he will not be entitled to any additional compensation, severance payments or benefits after the termination of his employment.

  
 5. Termination Obligations 
  
 5.1. Return of Company’s Property. Without in any way
limiting Executive’s obligations and the Company’s rights under the Employee Proprietary Information 
  

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 and Inventions Agreement described in Section 1.3, Executive hereby acknowledges and agrees that all books, manuals,
records, reports, notes, contracts, lists, spreadsheets and other documents or materials, or copies thereof, and equipment furnished to or prepared by Executive in the course of or incident to Executive’s employment, belong to Company and shall
be promptly returned to Company upon termination of Executive’s employment.  
  
 5.2. Cooperation in Pending Work. Following any termination of Executive’s employment, Executive shall, at the Company’s request, reasonably cooperate with the Company in all matters relating
to the winding up of pending work on behalf of the Company and the orderly transfer of work to other employees of the Company. Executive shall also cooperate, at the Company’s request, in the defense of any action brought by any third party
against the Company that relates in any way to Executive’s acts or omissions while employed by the Company. In consideration of Executive’s cooperation under this Section 5.2, the Company shall reimburse Executive for his reasonable
out-of-pocket costs incurred to cooperate and the Company shall pay Executive an hourly consulting fee equal to the hourly rate that results from dividing his then-current base annual salary by 2,080. 
  
 5.3. Resignation. Upon the termination of Executive’s
employment for any reason, Executive shall be deemed to have resigned from all offices and directorships then held with the Company, GCA Holdings or any of their respective subsidiaries or affiliates. Executive agrees to execute and delivery such
documents or instruments as are reasonably requested by the Company, GCA Holdings or any such subsidiary or affiliate to evidence such resignations. 
  
 5.4. Survival. The representations and warranties contained herein and Executive’s obligations under Sections 5, 6, 7 and 8 and under
the Employee Proprietary Information and Inventions Agreement shall survive termination of Executive’s employment and the expiration of this Agreement. 
  
 6. Restrictions on Competition after Termination. 
  
 6.1. Reasons for Restrictions. Executive acknowledges that the nature of the Company’s business is such
that it would be extremely difficult for Executive to honor and comply with Executive’s obligation under the Employee Proprietary and Inventions Agreement described in Section 1.3 to keep secret and confidential the Company’s trade secrets
if Executive were to become employed by or substantially interested in the business of a competitor of the Company soon following the termination of Executive’s employment with the Company, and it would also be extremely difficult to determine
in any reasonably available forum the extent to which Executive was or was not complying with Executive’s obligations under such circumstances. 
  
 6.2. Duration of Restriction. In consideration for the severance payments and benefits under Section 4, Executive agrees that during the
Noncompete Term, Executive will not directly or indirectly engage in (whether as an employee, consultant, proprietor, partner, director or otherwise), or have any ownership interest in, or participate in the financing, operation, management or
control of, any person, firm, corporation or business that engages in any line of business in which the Company engages at the time of such termination, in the 
  

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 United States, Canada, the United Kingdom or such other countries in which the Company conducts business at the time of
such termination (“Restricted Territory”). For purposes of this Agreement, the “Noncompete Term” shall be the period of two (2) years after the termination of Executive’s employment hereunder. The parties agree that
ownership of no more than 1% of the outstanding voting stock of a publicly-traded corporation or other entity shall not constitute a violation of this provision. The parties intend that the covenants contained in this section shall be construed as a
series of separate covenants, one for each county, city, state and other political subdivision of the Restricted Territory. Except for geographic coverage, each such separate covenant shall be deemed identical in terms to the covenant contained in
this section. If, in any judicial proceeding, a court shall refuse to enforce any of the separate covenants (or any part thereof) deemed included in this section, then such unenforceable covenant (or such part) shall be deemed eliminated from this
Agreement for the purpose of those proceedings to the extent necessary to permit the remaining separate covenants (or portions thereof) to be enforced by such court. It is the intent of the parties that the covenants set forth herein be enforced to
the maximum degree permitted by applicable law. 
  
 7.
Restrictions on Solicitation after Termination. 
  
 For a
period of one (1) year following the termination of Executive’s employment hereunder for any reason, Executive shall not, without the prior written consent of the Company, directly or indirectly, as a sole proprietor, member of a partnership,
stockholder or investor, officer or director of a corporation, or as an executive, associate, consultant, independent contractor or agent of any person, partnership, corporation or other business organization or entity other than the Company solicit
or endeavor to entice away from the Company any person or entity who is, or, during the then most recent three-month period, was, employed by, or had served as an agent or key consultant of the Company, provided, however, that Executive shall not be
prohibited from receiving and responding to unsolicited requests for employment or career advice from Company’s employees. 
  
 8. Arbitration. 
  
 8.1. Agreement to Arbitrate Claims. The Company and Executive hereby agree that, to the fullest extent permitted by law, any and all claims
or controversies between them (or between Executive and any present or former officer, director, agent, or employee of the Company or any parent, subsidiary, or other entity affiliated with the Company) relating in any manner to the employment or
the termination of employment of Executive shall be resolved by final and binding arbitration. Except as specifically provided herein, any arbitration proceeding shall be conducted in accordance with the National Rules for the Resolution of
Employment Disputes of the American Arbitration Association (“the AAA Rules”). Claims subject to arbitration shall include contract claims, tort claims, claims relating to compensation and stock options, as well as claims based on any
federal, state, or local law, statute, or regulation, including but not limited to any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and the California
Fair Employment and Housing Act. However, claims for unemployment compensation, workers’ compensation, and claims under the National Labor Relations Act shall not be subject to arbitration. 
  

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 8.2. Arbitrator. A neutral and impartial arbitrator shall be chosen by mutual agreement of
Executive and the Company; however, if Executive and the Company are unable to agree upon an arbitrator within a reasonable period of time, then a neutral and impartial arbitrator shall be appointed in accordance with the arbitrator nomination and
selection procedure set forth in the AAA Rules. The arbitrator shall prepare a written decision containing the essential findings and conclusions on which the award is based so as to ensure meaningful judicial review of the decision. The arbitrator
shall apply the same substantive law, with the same statutes of limitations and same remedies, that would apply if the claims were brought in a court of law. The arbitrator shall have the authority to consider and decide pre-hearing motions,
including dispositive motions. 
  
 8.3. Enforcement
Actions. Either the Company or Executive may bring an action in court to compel arbitration under this Agreement and to enforce an arbitration award. Except as otherwise provided in this Agreement, neither party shall initiate or prosecute
any lawsuit in any way related to any arbitrable claim, including without limitation any claim as to the making, existence, validity, or enforceability of the agreement to arbitrate. All arbitration hearings under this Agreement shall be conducted
in Las Vegas, Nevada.  
  
 8.4. Exceptions.
Nothing in this Agreement precludes a party from filing an administrative charge before an agency that has jurisdiction over an arbitrable claim. In addition, either party may, at its option, seek injunctive relief in a court of competent
jurisdiction for any claim or controversy arising out of or related to the unauthorized use, disclosure, or misappropriation of the confidential and/or proprietary information of either party. By way of example, the Company may choose to use the
court system to seek injunctive relief to prevent disclosure of its proprietary information or trade secrets; similarly, Executive may elect to use the court system to seek injunctive relief to protect Executive’s own inventions or trade
secrets. 
  
 8.5. Governing Law. The
agreement to arbitrate under this Section 8 shall be governed by the Uniform Arbitration Act of 2000 (Nevada Revised Statutes 38.206 et seq). In ruling on procedural and substantive issues raised in the arbitration itself, the
Arbitrator shall in all cases apply the substantive law of the State of Nevada. 
  
 8.6. Attorneys’ Fees. Each party shall pay its own costs and attorney’s fees, unless a party prevails on a statutory claim, and the statute provides that the prevailing party is entitled to
payment of its attorneys’ fees. In that case, the arbitrator may award reasonable attorneys’ fees and costs to the prevailing party as provided by law. The costs and fees of the arbitrator shall be borne equally by Executive and the
Company. 
  
 8.7. Survival. The parties’
obligations under this Section 8 shall survive the termination of Executive’s employment with the Company and the expiration of this Agreement. 
  
 8.8. Acknowledgements. THE PARTIES UNDERSTAND AND AGREE THAT THIS SECTION 8 CONSTITUTES A WAIVER OF THEIR RIGHT TO A TRIAL BY JURY OF ANY
CLAIMS OR CONTROVERSIES COVERED BY THIS SECTION 8. THE PARTIES AGREE THAT NONE OF THOSE CLAIMS OR CONTROVERSIES SHALL BE 
  

 11 

 RESOLVED BY A JURY TRIAL. THE PARTIES FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN GIVEN THE OPPORTUNITY TO DISCUSS THIS
SECTION 8 WITH THEIR LEGAL COUNSEL AND HAVE AVAILED THEMSELVES OF THAT OPPORTUNITY TO THE EXTENT THEY WISH TO DO SO.  
  
 9. Expiration of Term 
  
 The terms of this Agreement are intended by the parties to govern Executive’s employment with the Company during the Term. Upon the expiration of the
Term, this Agreement shall terminate and be of no further force or effect, except to the extent of provisions hereof which expressly survive the expiration or termination of this Agreement. 
  
 10. Entire Agreement 
  
 The terms of this Agreement are intended by the parties to be the final and
exclusive expression of their agreement with respect to the employment of Executive by Company and may not be contradicted by evidence of any prior or contemporaneous statements or agreements. The parties further intend that this Agreement shall
constitute the complete and exclusive statement of its terms and that no extrinsic evidence whatsoever may be introduced in any judicial, administrative, or other legal proceeding involving this Agreement. To the extent any provisions in this
Agreement are inconsistent with any provisions of the Exhibits, the provisions of the Exhibits shall supersede and be controlling. 
  
 11. Amendments, Waivers 
  
 This Agreement may not be modified, amended, or terminated except by an instrument in writing, signed by Executive and by a duly authorized representative
of the Company other than Executive. No failure to exercise and no delay in exercising any right, remedy, or power under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, or power under
this Agreement preclude any other or further exercise thereof, or the exercise of any other right, remedy, or power provided herein or by law or in equity. 
  
 12. Assignment; Successors and Assigns 
  
 Executive agrees that Executive may not assign, sell, transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, or by operation of
law, any rights or obligations under this Agreement, nor shall Executive’s rights be subject to encumbrance or the claims of creditors. Any purported assignment, transfer, or delegation shall be null and void. Nothing in this Agreement shall
prevent the consolidation of the Company with, or its merger into, any other corporation, or the sale by the Company of all or substantially all of its properties or assets, or the assignment by the Company of this Agreement and the performance of
its obligations hereunder to any successor in interest. 
  
 13.
Entire Agreement; Severability; Enforcement 
  
 This
Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes in its entirety all prior undertakings and agreements of the Company 
  

 12 

 and Executive with respect to the subject matter hereof; provided, however, that to the extent of any conflict between
the provisions of this Agreement, on the one hand, and either the Employee Proprietary Information and Inventions Agreement attached hereto as Exhibit A or the Stock Option Agreement attached hereto as Exhibit B, on the other hand, the
provisions of such Employee Proprietary Information and Inventions Agreement or Stock Option Agreement shall govern. If any provision of this Agreement, or the application thereof to any person, place, or circumstance, shall be held by a court of
competent jurisdiction to be invalid, unenforceable, or void, the remainder of this Agreement and such provisions as applied to other persons, places, and circumstances shall remain in full force and effect. Such court shall have the authority to
modify or replace the invalid or unenforceable term or provision with one which most accurately represents the parties’ intention with respect to the invalid or unenforceable term or provision. 
  
 14. Governing Law 
  
 The validity, interpretation, enforceability, and performance of this
Agreement shall be governed by and construed in accordance with the law of the State of Nevada. 
  
 15. Acknowledgment 
  
 The parties acknowledge (a) that they have consulted with or have had the opportunity to consult with independent counsel of their own choice concerning
this Agreement, and (b) that they have read and understand the Agreement, are fully aware of its legal effect, and have entered into it freely based on their own judgment and not on any representations or promises other than those contained in this
Agreement. 
  
 16. Notices 
  
 All notices or demands of any kind required or permitted to be given by the
Company or Executive under this Agreement shall be given in writing and shall be personally delivered (and receipted for) or mailed by certified mail, return receipt requested, postage prepaid, addressed as follows: 
  

			
	 If to Company:
	 	 Global Cash Access, Inc.
 Attn: Chief Executive
Officer
 3525 East Post Road, Suite 120
 Las Vegas, NV
89120

		
	 If to Executive:
	 	Harry C. Hagerty III
	 	 	  

	 	 	  

  
 Any such written notice shall be
deemed received when personally delivered or three (3) days after its deposit in the United States mail as specified above. Either party may change its address for notices by giving notice to the other party in the name specified in this section.

  

 13 

 17. Representations and Warranties. 
  
 Executive represents and warrants that he is not restricted or prohibited, contractually or otherwise, from entering into
and performing each of the terms and covenants contained in this Agreement, and that his execution and performance of this Agreement will not violate or breach any other agreements between Executive and any other person or entity. 
  
 18. Counterparts 
  
 This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, all of which together shall contribute one and the same instrument. 
  

 14 

 IN WITNESS WHEREOF, each of the undersigned has executed this Agreement as of the date first set forth
above. 
  

					
	GLOBAL CASH ACCESS, INC.	 	HARRY C. HAGERTY III
			
	By:	 	 /s/ Kirk Sanford

	 	 /s/ Harry C. Hagerty III

	 	 	Kirk Sanford, Chief Executive Officer	 	Harry C. Hagerty III

  

 15 

 EXHIBIT A 
 EMPLOYEE PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT 
  

 16 

 EXHIBIT B 
 STOCK OPTION AGREEMENT 
  

 17 

 EXHIBIT C 
 RELEASE AND WAIVER OF CLAIMS 
  
 In exchange for the severance payments and other benefits to which I would not otherwise be entitled, I hereby furnish GCA Holdings, Inc., Global Cash Access, Inc. and each of their respective subsidiaries and affiliates (collectively, the
“Company”) with the following release and waiver. 
  
 I
hereby release, and forever discharge the Company, its officers, directors, agents, employees, stockholders, attorneys, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses,
attorneys fees, damages, indemnities and obligations of every kid and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising at any time prior to and including the date I sign this
Release with respect to any claims relating to my employment and the termination of my employment, including but not limited to: any and all such claims and demands directly or indirectly arising out of or in any way connected with my employment
with the Company or the termination of that employment; claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements,
sabbatical benefits, severance benefits, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age
Discrimination Act of 1990; the Delaware Fair Employment Practices Act, as amended; tort law; contract law; wrongful discharge; discrimination; harassment; fraud; emotional distress; and breach of the implied covenant of good faith and fair dealing,
provided, however, that this Release shall not apply to claims or causes of action for defamation, libel, or invasion of privacy. 
  
 In granting the releases herein, I acknowledge that I understand that I am waiving any and all rights and benefits conferred by the provisions of Section
1542 of the Civil Code of the State of California and any similar provision of law of any other state or territory of the United States or other jurisdiction to the following effect: “A general release does not extend to claims which the
creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” I hereby expressly waive and relinquish all rights and
benefits under that section and any law or legal principle of similar effect in any jurisdiction with respect to the release of unknown and unsuspected claims granted in this Agreement. 
  
 I acknowledge that, among other rights, I am waiving and releasing any rights I may have under ADEA, that this waiver and
release is knowing and voluntary, and that the consideration given for this waiver and release is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised, as required by the Older Workers
Benefit Protection Act, that: (a) the waiver and release granted herein does not relate to claims which may arise after this agreement is executed; (b) I have the right to consult with an attorney prior to executing this agreement (although I may
choose voluntarily not to do so); (c) I have twenty-one (21) days from the date I receive this agreement, in which to consider this agreement (although I may choose voluntarily to execute this agreement earlier); (d) I have seven (7) days following
the 
  

 18 

 execution of this agreement to revoke my consent to the agreement; and (e) this agreement shall not be effective until
the seven (7) day revocation period has expired. 
  

					
	 Date:
	 	  

	 	

	 	 	 	 	Harry C. Hagerty III

  

 19Notice of Stock Option Award and Stock Option Award Agreement

 EXHIBIT 10.24 
  
 GCA HOLDINGS, INC. 
  
 NOTICE OF STOCK OPTION AWARD 
  
  

			
	 Grantee’s Name and Address:
	 	Harry C. Hagerty III
		
	 	 	9612 Coral Rose Court
		
	 	 	Las Vegas, NV 89134

  
 You (the
“Grantee”) have been granted an option to purchase shares of Class A Common Stock, subject to the terms and conditions of this Notice of Stock Option Award (the “Notice”) and the Stock Option Award Agreement (the “Option
Agreement”) attached hereto, as follows. Unless otherwise defined herein, the terms defined in the Option Agreement shall have the same defined meanings in this Notice. 
  

			
	 Award Number
	 	001
		
	 Date of Award
	 	September 1, 2004
		
	 Vesting Commencement Date
	 	July 12, 2004
		
	 Exercise Price per Share
	 	$104.60
		
	 Total Number of Shares Subject
	 	 
	 to the Option (the “Shares”)
	 	55,555 shares of Class A Common Stock
		
	 Total Exercise Price
	 	$5,811,053.00
		
	 Type of Option
	 	Non-Qualified Stock Option
		
	 Expiration Date:
	 	September 1, 2014
		
	 Post-Termination Exercise Period:
	 	one hundred eighty (180) days following (X) the date upon which the Grantee’s Continuous Service terminates, if the class of securities for which the Option is exercisable are traded on a
national securities exchange or quotation system at the time of the termination of the Grantee’s Continuous Service, or (Y) the date upon which the class of securities for which the Option is exercisable first become traded on a national
securities exchange or quotation system if such class of securities are not traded on a national securities exchange or quotation system at the time of the termination of the Grantee’s Continuous Service.

  
 Vesting Schedule: 

 
 Subject to the Grantee’s Continuous Service and other limitations
set forth in this Notice and the Option Agreement, the Option may be exercised, in whole or in part, in accordance with the following schedule: 
  
 25% of the Shares subject to the Option shall vest twelve months after the Vesting Commencement Date, and 1/48 of the Shares subject to the Option shall
vest on each monthly anniversary of the Vesting Commencement Date thereafter. 
  

 1 

 Notwithstanding the vesting schedule set forth above, in the event of termination of the Grantee’s
Continuous Service without Cause or for Good Reason on or prior to the first anniversary of the Vesting Commencement Date, a number of Shares subject to the Option equal to the sum of (A) the product of 1/48th of the total number of Shares subject
to the Option multiplied by the number of monthly anniversaries of the Vesting Commencement Date that have elapsed, plus (B) an additional 25% of the Shares subject to the Option, shall immediately vest. 
  
 Notwithstanding the vesting schedule set forth above, in the event of
termination of the Grantee’s Continuous Service without Cause or for Good Reason after to the first anniversary of the Vesting Commencement Date, all Shares subject to the Option shall immediately vest. 
  
 Notwithstanding the vesting schedule set forth above, Shares subject to the
Option shall vest in connection with Corporate Transactions or Changes in Control pursuant to the provisions of Section 23 of the Option Agreement. 
  
 During any authorized leave of absence, the vesting of the Option as provided in this schedule shall be suspended after the leave of absence exceeds a
period of ninety (90) days. Vesting of the Option shall resume upon the Grantee’s termination of the leave of absence and return to service to the Company or a Related Entity. The Vesting Schedule of the Option shall be extended by the length
of the suspension. 
  
 In the event of the Grantee’s change
in status from Employee to Consultant or from an Employee whose customary employment is 20 hours or more per week to an Employee whose customary employment is fewer than 20 hours per week, vesting of the Option shall continue only to the extent
determined by the Board as of such change in status. 
  
 IN
WITNESS WHEREOF, the Company and the Grantee have executed this Notice and agree that the Option is to be governed by the terms and conditions of this Notice and the Option Agreement. 
  

			
	 GCA Holdings, Inc.,

	 a Delaware corporation

		
	 By:
	 	 /s/ Kirk Sanford

	 	 	Kirk Sanford, Chief Executive Officer

  
 THE GRANTEE ACKNOWLEDGES AND
AGREES THAT THE SHARES SUBJECT TO THE OPTION SHALL VEST, IF AT ALL, ONLY DURING THE PERIOD OF THE GRANTEE’S CONTINUOUS SERVICE (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER). THE GRANTEE FURTHER
ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS NOTICE OR THE OPTION AGREEMENT SHALL CONFER UPON THE GRANTEE ANY RIGHT WITH RESPECT TO FUTURE AWARDS OR CONTINUATION OF THE 
  

 2 

 GRANTEE’S CONTINUOUS SERVICE, NOR SHALL IT INTERFERE IN ANY WAY WITH THE GRANTEE’S RIGHT OR THE RIGHT OF THE
COMPANY OR RELATED ENTITY TO WHICH THE GRANTEE PROVIDES SERVICES TO TERMINATE THE GRANTEE’S CONTINUOUS SERVICE, WITH OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE. THE GRANTEE ACKNOWLEDGES THAT UNLESS THE GRANTEE HAS A WRITTEN EMPLOYMENT
AGREEMENT WITH THE COMPANY TO THE CONTRARY, THE GRANTEE’S STATUS IS AT WILL. 
  
 The Grantee acknowledges receipt of a copy of the Option Agreement, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Option subject to all of the terms and
provisions hereof and thereof. The Grantee has reviewed this Notice and the Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Notice, and fully understands all provisions of this
Notice and the Option Agreement. The Grantee hereby agrees that all questions of interpretation and administration relating to this Notice and the Option Agreement shall be resolved by the Board in accordance with Section 19 of the Option Agreement.
The Grantee further agrees to the venue selection and waiver of a jury trial in accordance with Section 20 of the Option Agreement. The Grantee further agrees to notify the Company upon any change in the residence address indicated in this Notice.

  

					
	 Dated: September 1, 2004
	 	Signed:	 	 /s/ Harry C. Hagerty III

	 	 	 	 	Harry C. Hagerty III

  

 3 

 Award Number: 001 
  
 GCA HOLDINGS, INC. 
  
 STOCK OPTION AWARD AGREEMENT 
  
 1. Grant of Option. GCA Holdings, Inc., a Delaware corporation (the “Company”), hereby grants to the Grantee (the “Grantee”)
named in the Notice of Stock Option Award (the “Notice”), an option (the “Option”) to purchase the Total Number of Shares of Common Stock subject to the Option (the “Shares”) set forth in the Notice, at the Exercise
Price per Share set forth in the Notice (the “Exercise Price”) subject to the terms and provisions of this Stock Option Award Agreement (the “Option Agreement”) and the Notice which are incorporated herein by reference.

  
 2. Exercise of Option. 
  
 (a) Right to Exercise. The Option shall be exercisable during its
term in accordance with the Vesting Schedule set out in the Notice and with the applicable provisions of this Option Agreement. The Option shall be subject to the provisions of Section 23 of this Option Agreement relating to the exercisability or
termination of the Option in the event of a Corporate Transaction or Change in Control. The Grantee shall be subject to reasonable limitations on the number of requested exercises during any monthly or weekly period as determined by the Board. In no
event shall the Company issue fractional Shares. 
  
 (b) Method
of Exercise. The Option shall be exercisable by delivery of an exercise notice (a form of which is attached as Exhibit A) or by such other procedure as specified from time to time by the Board which shall state the election to exercise the
Option, the whole number of Shares in respect of which the Option is being exercised, and such other provisions as may be required by the Board. The exercise notice shall be delivered in person, by certified mail, or by such other method (including
electronic transmission) as determined from time to time by the Board to the Company accompanied by payment of the Exercise Price. The Option shall be deemed to be exercised upon receipt by the Company of such notice accompanied by the Exercise
Price, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price provided in Section 4(d), below. 
  
 (c) Taxes. No Shares will be delivered to the Grantee or other person pursuant to the exercise of the Option until
the Grantee or other person has made arrangements acceptable to the Board for the satisfaction of applicable income tax and employment tax withholding obligations, including, without limitation, obligations incident to the receipt of Shares. Upon
exercise of the Option, the Company or the Grantee’s employer may offset or withhold (from any amount owed by the Company or the Grantee’s employer to the Grantee) or collect from the Grantee or other person an amount sufficient to satisfy
such tax withholding obligations. 
  
 3. Grantee’s
Representations. The Grantee understands that neither the Option nor the Shares exercisable pursuant to the Option have been registered under the Securities Act of 1933, as amended, or any United States securities laws. In the event the Shares
purchasable 
  

 1 

 pursuant to the exercise of the Option have not been registered under the Securities Act of 1933, as amended, at the time
the Option is exercised, the Grantee shall, if requested by the Company, concurrently with the exercise of all or any portion of the Option, deliver to the Company his or her Investment Representation Statement in the form attached hereto as
Exhibit B. 
  
 4. Method of Payment. Payment of the
Exercise Price shall be made by any of the following, or a combination thereof, at the election of the Grantee; provided, however, that such exercise method does not then violate any Applicable Law and, provided further, that the portion of the
Exercise Price equal to the par value of the Shares must be paid in cash or other legal consideration permitted by the Delaware General Corporation Law: 
  
 (a) cash; 
  
 (b) check; 
  
 (c) if the exercise occurs on or after the Registration Date, surrender of Shares or delivery of a properly executed form of attestation of ownership of
Shares as the Board may require which have a Fair Market Value on the date of surrender or attestation equal to the aggregate Exercise Price of the Shares as to which the Option is being exercised, provided, however, that Shares acquired under the
Option or any other equity compensation plan or agreement of the Company must have been held by the Grantee for a period of more than six (6) months (and not used for another award exercise by attestation during such period); or 

 
 (d) if the exercise occurs on or after the Registration Date, payment
through a broker-dealer sale and remittance procedure pursuant to which the Grantee (i) shall provide written instructions to a Company-designated brokerage firm to effect the immediate sale of some or all of the purchased Shares and remit to the
Company sufficient funds to cover the aggregate exercise price payable for the purchased Shares and (ii) shall provide written directives to the Company to deliver the certificates for the purchased Shares directly to such brokerage firm in order to
complete the sale transaction. 
  
 5. Restrictions on
Exercise. The Option may not be exercised if the issuance of the Shares subject to the Option upon such exercise would constitute a violation of any Applicable Laws. If the exercise of the Option within the applicable time periods set forth in
Section 6, 7 and 8 of this Option Agreement is prevented by the provisions of this Section 5, the Option shall remain exercisable until one (1) month after the date the Grantee is notified by the Company that the Option is exercisable, but in any
event no later than the Expiration Date set forth in the Notice. 
  
 6. Termination or Change of Continuous Service. In the event the Grantee’s Continuous Service terminates, the Grantee may, but only during the Post-Termination Exercise Period, exercise the portion of the Option that was vested
at the date of such termination (the “Termination Date”). In no event shall the Option be exercised later than the Expiration Date set forth in the Notice. In the event of the Grantee’s change in status from Employee, Director or
Consultant to any other status of Employee, Director or Consultant, the Option shall remain in effect. In the event of the Grantee’s change in status from Employee to Director or Consultant, vesting of the Option shall continue only to the
extent determined by the Administrator as of 
  

 2 

 such change in status. Except as provided in Sections 7 and 8 below, to the extent that the Option was unvested on the
Termination Date, or if the Grantee does not exercise the vested portion of the Option within the Post-Termination Exercise Period, the Option shall terminate. 
  

7. Disability of Grantee. In the event the Grantee’s Continuous Service terminates as a result of his or her Disability, the Grantee may,
but only within twelve (12) months commencing on the Termination Date (but in no event later than the Expiration Date), exercise the portion of the Option that was vested on the Termination Date. To the extent that the Option was unvested on the
Termination Date, or if the Grantee does not exercise the vested portion of the Option within the time specified herein, the Option shall terminate. 
  
 8. Death of Grantee. In the event of the termination of the Grantee’s Continuous Service as a result of his or her death, or in the event of
the Grantee’s death during the Post-Termination Exercise Period or during the twelve (12) month period following the Grantee’s termination of Continuous Service as a result of his or her Disability, the person who acquired the right to
exercise the Option pursuant to Section 9 may exercise the portion of the Option that was vested at the date of termination within twelve (12) months commencing on the date of death (but in no event later than the Expiration Date). To the extent
that the Option was unvested on the date of death, or if the vested portion of the Option is not exercised within the time specified herein, the Option shall terminate. 
  
 9. Transferability of Option. The Option may not be transferred in any manner other than by will or by the laws of
descent and distribution, provided, however, that the Option may be transferred during the lifetime of the Grantee to the extent and in the manner authorized by the Board. Notwithstanding the foregoing, the Grantee may designate one or more
beneficiaries of the Grantee’s Option in the event of the Grantee’s death on a beneficiary designation form provided by the Board. Following the death of the Grantee, the Option, to the extent provided in Section 8, may be exercised (a) by
the person or persons designated under the deceased Grantee’s beneficiary designation or (b) in the absence of an effectively designated beneficiary, by the Grantee’s legal representative or by any person empowered to do so under the
deceased Grantee’s will or under the then applicable laws of descent and distribution. The terms of the Option shall be binding upon the executors, administrators, heirs and successors of the Grantee. 
  
 10. Term of Option. The Option must be exercised no later than the
Expiration Date set forth in the Notice or such earlier date as otherwise provided herein. After the Expiration Date or such earlier date, the Option shall be of no further force or effect and may not be exercised. 
  
 11. Company’s Right of First Refusal. 
  
 (a) Transfer Notice. Neither the Grantee nor a transferee (either
being sometimes referred to herein as the “Holder”) shall sell, hypothecate, encumber or otherwise transfer any Shares or any right or interest therein without first complying with the provisions of this Section 11 or obtaining the prior
written consent of the Company. In the event the Holder desires to accept a bona fide third-party offer for any or all of the Shares, the Holder shall provide the Company with written notice (the “Transfer Notice”) of: 
  
 (i) The Holder’s intention to transfer; 
  

 3 

 (ii) The name of the proposed transferee; 
  
 (iii) The number of Shares to be transferred; and 
  
 (iv) The proposed transfer price or value and terms thereof. 
  
 If the Grantee proposes to transfer any Shares to more than one transferee, the Grantee shall provide a separate Transfer Notice for the
proposed transfer to each transferee. The Transfer Notice shall be signed by both the Grantee and the proposed transferee and must constitute a binding commitment of the Grantee and the proposed transferee for the transfer of the Shares to the
proposed transferee subject to the terms and conditions of this Option Agreement. 
  
 (b) Bona Fide Transfer. If the Company determines that the information provided by the Grantee in the Transfer Notice is insufficient to establish the bona fide nature of a proposed voluntary transfer,
the Company shall give the Grantee written notice of the Grantee’s failure to comply with the procedure described in this Section 11, and the Grantee shall have no right to transfer the Shares without first complying with the procedure
described in this Section 11. The Grantee shall not be permitted to transfer the Shares if the proposed transfer is not bona fide. 
  
 (c) First Refusal Exercise Notice. The Company shall have the right to purchase (the “Right of First Refusal”) all but not less than all,
of the Shares which are described in the Transfer Notice (the “Offered Shares”) at any time within forty-five (45) days after receipt of the Transfer Notice (the “Option Period”), provided, however, that if the Offered Shares are
not Mature Shares (as defined below) then the Option Period shall be extended by the number of days necessary for the Offered Shares to become Mature Shares. The Offered Shares shall be repurchased at (i) the per share price or value and in
accordance with the terms stated in the Transfer Notice (subject to Section 11(d) below) or (ii) the Fair Market Value of the Shares on the date on which the purchase is to be effected if no consideration is paid pursuant to the terms stated in the
Transfer Notice, which Right of First Refusal shall be exercised by written notice (the “First Refusal Exercise Notice”) to the Holder. “Mature Shares” shall mean vested Shares that have been held by the Holder (and any successor
Holder) for a period of more than six (6) months after the Shares have vested. 
  
 (d) Payment Terms. The Company shall consummate the purchase of the Offered Shares on the terms set forth in the Transfer Notice within 30 days after delivery of the First Refusal Exercise Notice; provided,
however, that in the event the Transfer Notice provides for the payment for the Offered Shares other than in cash, the Company and/or its assigns shall have the right to pay for the Offered Shares by the discounted cash equivalent of the
consideration described in the Transfer Notice as reasonably determined by the Board. Upon payment for the Offered Shares to the Holder or into escrow for the benefit of the Holder, the Company or its assigns shall become the legal and beneficial
owner of the Offered Shares and all rights and interest therein or related thereto, and the Company shall have the right to transfer the Offered Shares to its own name or its assigns without further action by the Holder. 
  

 4 

 (e) Assignment. Whenever the Company shall have the right to purchase Shares under this Right of
First Refusal, the Company may designate and assign one or more employees, officers, directors or stockholders of the Company or other persons or organizations, to exercise all or a part of the Company’s Right of First Refusal. 
  
 (f) Non-Exercise. If the Company and/or its assigns do not
collectively elect to exercise the Right of First Refusal within the Option Period or such earlier time if the Company and/or its assigns notifies the Holder that it will not exercise the Right of First Refusal, then the Holder may transfer the
Shares upon the terms and conditions stated in the Transfer Notice, provided that: 
  
 (i) The transfer is made within 90 days of the earlier of (A) the date the Company and/or its assigns notify the Holder that the Right of
First Refusal will not be exercised or (B) the expiration of the Option Period; and 
  
 (ii) The transferee agrees in writing that such Shares shall be held subject to the provisions of this Option Agreement. 
  
 The Company shall have the right to demand further assurances from the Grantee and the
transferee (in a form satisfactory to the Company) that the transfer of the Offered Shares was actually carried out on the terms and conditions described in the Transfer Notice. No Offered Shares shall be transferred on the books of the Company
until the Company has received such assurances, if so demanded, and has approved the proposed transfer as bona fide. 
  
 (g) Expiration of Transfer Period. Following such 90 day period, no transfer of the Offered Shares and no change in the terms of the transfer as
stated in the Transfer Notice (including the name of the proposed transferee) shall be permitted without a new written Transfer Notice prepared and submitted in accordance with the requirements of this Right of First Refusal. 
  
 (h) Termination of Right of First Refusal. The provisions of this
Right of First Refusal shall terminate as to all Shares upon the Registration Date. 
  
 (i) Additional Shares or Substituted Securities. In the event of any transaction described in Sections 22 or 23, any new, substituted or additional securities or other property which is by reason of any such
transaction distributed with respect to the Shares shall be immediately subject to the Right of First Refusal, but only to the extent the Shares are at the time covered by such right. 
  
 12. Intentionally omitted. 
  

13. Stop-Transfer Notices. In order to ensure compliance with the restrictions on transfer set forth in this Option Agreement or the Notice, the
Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 
  
 14. Refusal to Transfer. The Company shall not be required (i) to
transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the 
  

 5 

 provisions of this Option Agreement or (ii) to treat as owner of such Shares or to accord the right to vote or pay
dividends to any purchaser or other transferee to whom such Shares shall have been so transferred. 
  
 15. Tax Consequences. Set forth below is a brief summary as of the date of this Option Agreement of some of the federal tax consequences of
exercise of the Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. THE GRANTEE SHOULD CONSULT A TAX ADVISER BEFORE EXERCISING THE OPTION OR DISPOSING OF THE SHARES.

  
 (a) Exercise of Non-Qualified Stock Option. On exercise
of the Option, the Grantee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if any, of the Fair Market Value of the Shares on the date of exercise over the Exercise Price. If the
Grantee is an Employee or a former Employee, the Company will be required to withhold from the Grantee’s compensation or collect from the Grantee and pay to the applicable taxing authorities an amount in cash equal to a percentage of this
compensation income at the time of exercise, and may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. 
  
 (b) Disposition of Shares. If Shares are held for more than one year, any gain realized on disposition of the Shares
will be treated as long-term capital gain for federal income tax purposes. 
  
 16. Lock-Up Agreement. 
  
 (a) Agreement. The Grantee, if requested by the Company and the lead underwriter of any public offering of any class or series of common stock (the “Lead Underwriter”), hereby irrevocably agrees not to sell, contract to
sell, grant any option to purchase, transfer the economic risk of ownership in, make any short sale of, pledge or otherwise transfer or dispose of any interest in any common stock or any securities convertible into or exchangeable or exercisable for
or any other rights to purchase or acquire common stock (except common stock included in such public offering or acquired on the public market after such offering) during the 180-day period following the effective date of a registration statement of
the Company filed under the Securities Act of 1933, as amended, or such shorter or longer period of time as the Lead Underwriter shall specify. The Grantee further agrees to sign such documents as may be requested by the Lead Underwriter to effect
the foregoing and agrees that the Company may impose stop-transfer instructions with respect to such common stock subject to the lock-up period until the end of such period. The Company and the Grantee acknowledge that each Lead Underwriter of a
public offering of the Company’s stock, during the period of such offering and for the lock-up period thereafter, is an intended beneficiary of this Section 16. 
  
 (b) No Amendment Without Consent of Underwriter. During the period from identification of a Lead Underwriter in
connection with any public offering of the Company’s common stock until the earlier of (i) the expiration of the lock-up period specified in Section 16(a) in connection with such offering or (ii) the abandonment of such offering by the Company
and the Lead Underwriter, the provisions of this Section 16 may not be amended or waived except with the consent of the Lead Underwriter. 
  

 6 

 17. Entire Agreement: Governing Law. The Notice and this Option Agreement constitute the entire
agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to
the Grantee’s interest except by means of a writing signed by the Company and the Grantee. Nothing in the Notice and this Option Agreement (except as expressly provided therein) is intended to confer any rights or remedies on any persons other
than the parties. The Notice and this Option Agreement are to be construed in accordance with and governed by the internal laws of the State of Nevada without giving effect to any choice of law rule that would cause the application of the laws of
any jurisdiction other than the internal laws of the State of Nevada to the rights and duties of the parties. Should any provision of the Notice or this Option Agreement be determined to be illegal or unenforceable, such provision shall be enforced
to the fullest extent allowed by law and the other provisions shall nevertheless remain effective and shall remain enforceable. 
  
 18. Construction. The captions used in the Notice and this Option Agreement are inserted for convenience and shall not be deemed a part of the
Option for construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the
context clearly requires otherwise. 
  
 19. Administration and
Interpretation. Any question or dispute regarding the administration or interpretation of the Notice or this Option Agreement shall be submitted by the Grantee or by the Company to the Board. The resolution of such question or dispute by the
Board shall be final and binding on all persons. 
  
 20. Venue
and Waiver of Jury Trial. The Company, the Grantee, and the Grantee’s assignees pursuant to Section 9 (the “parties”) agree that any suit, action, or proceeding arising out of or relating to the Notice or this Option Agreement
shall be brought in the United States District Court for the District of Nevada (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Nevada state court in Clark County) and that the parties shall submit to the
jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court. THE PARTIES ALSO EXPRESSLY
WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING. If any one or more provisions of this Section 20 shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such
provisions shall be modified to the minimum extent necessary to make it or its application valid and enforceable. 
  
 21. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery,
upon deposit for delivery by an internationally recognized express mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other
party at its address as shown in these instruments, or to such other address as such party may designate in writing from time to time to the other party. 
  

 7 

 22. Adjustments Upon Changes in Capitalization. Subject to any required action by the stockholders
of the Company, the number of Shares covered by the Option, the exercise price of the Option, as well as any other terms that the Board determines require adjustment shall be proportionately adjusted for (i) any increase or decrease in the number of
issued Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Shares, or similar transaction affecting the Shares, (ii) any other increase or decrease in the number of issued Shares effected
without receipt of consideration by the Company, or (iii) as the Board may determine in its discretion, any other transaction with respect to Common Stock including a corporate merger, consolidation, acquisition of property or stock, separation
(including a spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or complete) or any similar transaction; provided, however that conversion of any convertible securities of the Company shall not be
deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board and its determination shall be final, binding and conclusive. Except as the Board determines, no issuance by the Company of shares
of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason hereof shall be made with respect to, the number or price of Shares subject to the Option. 
  
 23. Corporate Transactions or Changes in Control. 
  
 (a) Termination of Option to Extent Not Assumed in Corporate
Transaction. Effective upon the consummation of a Corporate Transaction, the Option shall terminate. However, the Option shall not terminate to the extent it is Assumed in connection with the Corporate Transaction. 
  
 (b) Acceleration of Option Upon Corporate Transaction or Change in
Control. 
  
 (i) Corporate Transaction. In the event
of a Corporate Transaction and irrespective of whether the Option is Assumed or Replaced, the Option automatically shall become fully vested and exercisable immediately prior to the specified effective date of such Corporate Transaction, for all of
the Shares at the time represented by the Option, provided that the Grantee’s Continuous Service has not terminated prior to such date. 
  
 (ii) Change in Control. In the event of a Change in Control (other than a Change in Control which also is a Corporate Transaction), the Option
automatically shall become fully vested and exercisable immediately prior to the specified effective date of such Change in Control, for all of the Shares at the time represented by the Option, provided that the Grantee’s Continuous Service has
not terminated prior to such date. 
  
 24. Definitions. As
used herein, the following definitions shall apply: 
  
 (a)
“Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 promulgated under the Exchange Act. 
  

 8 

 (b) “Applicable Laws” means the legal requirements applicable to the Option under
applicable provisions of federal securities laws, state corporate and securities laws, the Code, the rules of any applicable stock exchange or national market system, and the rules of any non-U.S. jurisdiction applicable to Options granted to
residents therein. 
  
 (c) “Assumed” means that
pursuant to a Corporate Transaction either (i) the Option is expressly affirmed by the Company or (ii) the contractual obligations represented by the Option are expressly assumed (and not simply by operation of law) by the successor entity or its
Parent in connection with the Corporate Transaction with appropriate adjustments to the number and type of securities of the successor entity or its Parent subject to the Option and the exercise or purchase price thereof which at least preserves the
compensation element of the Option existing at the time of the Corporate Transaction as determined in accordance with the instruments evidencing the agreement to assume the Option. 
  
 (d) “Board” means the Board of Directors of the Company and shall include any committee of the Board or
Officer of the Company to which the Board has delegated its authority under this Agreement. 
  
 (e) “Cause” shall have the meaning ascribed to it in the Employment Agreement, dated as of July 12, 2004, by and between Global Cash Access, Inc. and the Grantee. 
  
 (f) “Change in Control” means a change in ownership or
control of the Company after the Registration Date effected through either of the following transactions: 
  
 (i) the direct or indirect acquisition by any person or related group of persons (other than an acquisition from or by the Company or by a
Company-sponsored employee benefit plan or by a person that directly or indirectly controls, is controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities
possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s stockholders which a majority of the Continuing
Directors who are not Affiliates or Associates of the offeror do not recommend such stockholders accept, or 
  
 (ii) a change in the composition of the Board over a period of thirty-six (36) months or less such that a majority of the Board members (rounded up to
the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who are Continuing Directors. 
  

(g) “Code” means the Internal Revenue Code of 1986, as amended. 
  
 (h) “Common Stock” means the Class A Common Stock of the Company. 
  
 (i) “Company” means GCA Holdings, Inc., a Delaware
corporation. 
  
 (j) “Consultant” means any
person (other than an Employee or a Director, solely with respect to rendering services in such person’s capacity as a Director) who is engaged by the Company or any Related Entity to render consulting or advisory services to the Company or
such Related Entity. 
  

 9 

 (k) “Continuing Directors” means members of the Board who either (i) have been Board
members continuously for a period of at least thirty-six (36) months or (ii) have been Board members for less than thirty-six (36) months and were elected or nominated for election as Board members by at least a majority of the Board members
described in clause (i) who were still in office at the time such election or nomination was approved by the Board. 
  
 (l) “Continuous Service” means that the provision of services to the Company or a Related Entity in any capacity of Employee, Director or
Consultant is not interrupted or terminated. In jurisdictions requiring notice in advance of an effective termination as an Employee, Director or Consultant, Continuous Service shall be deemed terminated upon the actual cessation of providing
services to the Company or a Related Entity notwithstanding any required notice period that must be fulfilled before a termination as an Employee, Director or Consultant can be effective under Applicable Laws. The Grantee’s Continuous Service
shall be deemed to have terminated either upon an actual termination of Continuous Service or upon the entity for which the Grantee provides services ceasing to be a Related Entity. Continuous Service shall not be considered interrupted in the case
of (i) any approved leave of absence, (ii) transfers among the Company, any Related Entity, or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as long as the individual remains in the service of the
Company or a Related Entity in any capacity of Employee, Director or Consultant (except as otherwise provided in the Option Agreement). An approved leave of absence shall include sick leave, military leave, or any other authorized personal leave.

  
 (m) “Corporate Transaction” means any of the
following transactions, provided, however, that the Board shall determine under parts (iv) and (v) whether multiple transactions are related, and its determination shall be final, binding and conclusive: 
  
 (i) a merger or consolidation in which the Company is not the surviving
entity, except for any transaction the principal purpose of which is to change the state in which the Company is incorporated; 
  
 (ii) the sale, transfer or other disposition of all or substantially all of the assets of the Company (including the capital stock of the Company’s
subsidiary corporations); 
  
 (iii) the complete liquidation or
dissolution of the Company; 
  
 (iv) any reverse merger or series
of related transactions culminating in a reverse merger (including, but not limited to, a tender offer followed by a reverse merger) in which the Company is the surviving entity but (A) the shares of Common Stock outstanding immediately prior to
such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the
Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such merger or the initial transaction culminating in such merger; or 
  

 10 

 (v) acquisition in a single or series of related transactions by any person or related group of persons
(other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the
Company’s outstanding securities but excluding any such transaction or series of related transactions that the Board determines shall not be a Corporate Transaction. 
  
 Notwithstanding anything to the contrary in the foregoing clauses (i) through (v), in no event shall any transaction or series of
transactions constitute a Corporate Transaction if the principal purpose of such transaction or series of transactions is to merge or consolidate the Company with or into any direct or indirect, wholly-owned or partially-owned, subsidiary or
Affiliate of the Company. 
  
 (n) “Director”
means a member of the Board or the board of directors of any Related Entity. 
  
 (o) “Disability” shall have the same meaning as defined under the long-term disability policy of the Company or the Related Entity to which the Grantee provides services regardless of whether the
Grantee is covered by such policy. If the Company or the Related Entity to which the Grantee provides service does not have a long-term disability plan in place, “Disability” means that the Grantee is unable to carry out the
responsibilities and functions of the position held by the Grantee by reason of any medically determinable physical or mental impairment for a period of not less than ninety (90) consecutive days. The Grantee will not be considered to have incurred
a Disability unless he or she furnishes proof of such impairment sufficient to satisfy the Board in its discretion. 
  
 (p) “Employee” means any person, including an Officer or Director, who is in the employ of the Company or any Related Entity, subject to
the control and direction of the Company or any Related Entity as to both the work to be performed and the manner and method of performance. The payment of a director’s fee by the Company or a Related Entity shall not be sufficient to
constitute “employment” by the Company. 
  
 (q)
“Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 (r) “Fair Market Value” means, as of any date, the value of Common Stock determined as follows: 
  
 (i) If the Common Stock is listed on one or more established stock exchanges or national market systems, including without limitation The Nasdaq National
Market or The Nasdaq SmallCap Market of The Nasdaq Stock Market, its Fair Market Value shall be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Common
Stock is listed (as determined by the Board) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as
reported in The Wall Street Journal or such other source as the Board deems reliable; 
  

 11 

 (ii) If the Common Stock is regularly quoted on an automated quotation system (including the OTC
Bulletin Board) or by a recognized securities dealer, its Fair Market Value shall be the closing sales price for such stock as quoted on such system or by such securities dealer on the date of determination, but if selling prices are not reported,
the Fair Market Value of a share of Common Stock shall be the mean between the high bid and low asked prices for the Common Stock on the date of determination (or, if no such prices were reported on that date, on the last date such prices were
reported), as reported in The Wall Street Journal or such other source as the Board deems reliable; or 
  
 (iii) In the absence of an established market for the Common Stock of the type described in (i) and (ii), above, the Fair Market Value thereof shall be
determined by the Board in good faith. 
  
 (s) “Good
Reason” shall have the meaning ascribed to it in the Employment Agreement, dated as of July 12, 2004, by and between Global Cash Access, Inc. and the Grantee. 
  
 (t) “Non-Qualified Stock Option” means an Option not intended to qualify as an incentive stock option
within the meaning of Section 422 of the Code. 
  
 (u)
“Officer” means a person who is an officer of the Company or a Related Entity within the meaning of Section 16 of the Exchange Act and the rules and regulations promulgated thereunder. 
  
 (v) “Parent” means a “parent corporation,” whether
now or hereafter existing, as defined in Section 424(e) of the Code. 
  
 (w) “Registration Date” means the first to occur of (i) the closing of the first sale to the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission
under the Securities Act of 1933, as amended, of (A) the Common Stock or (B) the same class of securities of a successor corporation (or its Parent) issued pursuant to a Corporate Transaction in exchange for or in substitution of the Common Stock;
and (ii) in the event of a Corporate Transaction, the date of the consummation of the Corporate Transaction if the same class of securities of the successor corporation (or its Parent) issuable in such Corporate Transaction shall have been sold to
the general public pursuant to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act of 1933, as amended, on or prior to the date of consummation of such Corporate Transaction.

  
 (x) “Related Entity” means any Parent or
Subsidiary of the Company and any business, corporation, partnership, limited liability company or other entity in which the Company or a Parent or a Subsidiary of the Company holds a substantial ownership interest, directly or indirectly.

  
 (y) “Replaced” means that pursuant to a
Corporate Transaction the Option is replaced with a comparable stock award or a cash incentive program of the Company, the successor entity (if applicable) or Parent of either of them which preserves the compensation element of such Option existing
at the time of the Corporate Transaction and provides for subsequent payout in accordance with the same (or a more favorable) vesting schedule applicable to such Option. The determination of Option comparability shall be made by the Board and its
determination shall be final, binding and conclusive. 
  

 12 

 (z) “Share” means a share of the Common Stock. 
  
 (aa) “Subsidiary” means a “subsidiary
corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code. 
  
 END OF AGREEMENT 
  

 13 

 EXHIBIT A 
  
 EXERCISE NOTICE 
  
 GCA Holdings, Inc. 
 3525 East Post Road, Suite 120 
 Las Vegas, Nevada 89120 
 Attention: Secretary 
  
 1. Effective as of today,
                    ,              the undersigned (the
“Grantee”) hereby elects to exercise the Grantee’s option to purchase                      shares of the Class A Common Stock
(the “Shares”) of GCA Holdings, Inc. (the “Company”) under and pursuant to the Stock Option Award Agreement (the “Option Agreement”) and Notice of Stock Option Award (the “Notice”) dated September
    , 2004. Unless otherwise defined herein, the terms defined in the Option Agreement shall have the same defined meanings in this Exercise Notice. 
  
 2. Representations of the Grantee. The Grantee acknowledges that the Grantee has received, read and understood the
Notice and the Option Agreement and agrees to abide by and be bound by their terms and conditions. 
  
 3. Rights as Stockholder. Until the stock certificate evidencing such Shares is issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares, notwithstanding the exercise of the Option. The Company shall issue
(or cause to be issued) such stock certificate promptly after the Option is exercised. No adjustment will be made for a dividend or other right for which the record date is prior to the date the stock certificate is issued, except as provided in
Section 22 of the Option Agreement. 
  
 The Grantee shall enjoy
rights as a stockholder until such time as the Grantee disposes of the Shares or the Company and/or its assignee(s) exercises the Right of First Refusal. Upon such exercise, the Grantee shall have no further rights as a holder of the Shares so
purchased except the right to receive payment for the Shares so purchased in accordance with the provisions of the Option Agreement, and the Grantee shall forthwith cause the certificate(s) evidencing the Shares so purchased to be surrendered to the
Company for transfer or cancellation. 
  
 4. Delivery of
Payment. The Grantee herewith delivers to the Company the full Exercise Price for the Shares, which, to the extent selected, shall be deemed to be satisfied by use of the broker-dealer sale and remittance procedure to pay the Exercise Price
provided in Section 4(d) of the Option Agreement. 
  
 5. Tax
Consultation. The Grantee understands that the Grantee may suffer adverse tax consequences as a result of the Grantee’s purchase or disposition of the Shares. The Grantee represents that the Grantee has consulted with any tax consultants
the Grantee deems advisable in connection with the purchase or disposition of the Shares and that the Grantee is not relying on the Company for any tax advice. 
  

 1 

 6. Taxes. The Grantee agrees to satisfy all applicable non-U.S., federal, state and local income
and employment tax withholding obligations and herewith delivers to the Company the full amount of such obligations or has made arrangements acceptable to the Company to satisfy such obligations. If the Company is required to satisfy any non-U.S.,
federal, state or local income or employment tax withholding obligations as a result of such an early disposition, the Grantee agrees to satisfy the amount of such withholding in a manner that the Board prescribes. 
  
 7. Restrictive Legends. The Grantee understands and agrees that the
Company shall cause the legends set forth below or legends substantially equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Shares together with any other legends that may be required by the Company or by state or
federal securities laws: 
  
 THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR, IN THE OPINION
OF COUNSEL SATISFACTORY TO THE ISSUER OF THESE SECURITIES, SUCH OFFER, SALE OR TRANSFER, PLEDGE OR HYPOTHECATION IS IN COMPLIANCE THEREWITH. 
  
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND A RIGHT OF FIRST REFUSAL HELD BY THE ISSUER OR ITS
ASSIGNEE(S) AS SET FORTH IN THE OPTION AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER. SUCH TRANSFER RESTRICTIONS AND RIGHT OF FIRST REFUSAL ARE BINDING ON
TRANSFEREES OF THESE SHARES. 
  
 8. Successors and Assigns.
The Company may assign any of its rights under this Exercise Notice to single or multiple assignees, and this agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set
forth, this Exercise Notice shall be binding upon the Grantee and his or her heirs, executors, administrators, successors and assigns. 
  
 9. Construction. The captions used in this Exercise Notice are inserted for convenience and shall not be deemed a part of this agreement for
construction or interpretation. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not intended to be exclusive, unless the context
clearly requires otherwise. 
  

 2 

 10. Administration and Interpretation. The Grantee hereby agrees that any question or dispute
regarding the administration or interpretation of this Exercise Notice shall be submitted by the Grantee or by the Company to the Board. The resolution of such question or dispute by the Board shall be final and binding on all persons. 

 
 11. Governing Law; Severability. This Exercise Notice is to be
construed in accordance with and governed by the internal laws of the State of Nevada without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of
Nevada to the rights and duties of the parties. Should any provision of this Exercise Notice be determined by a court of law to be illegal or unenforceable, such provision shall be enforced to the fullest extent allowed by law and the other
provisions shall nevertheless remain effective and shall remain enforceable. 
  
 12. Notices. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery, upon deposit for delivery by an internationally recognized express
mail courier service or upon deposit in the United States mail by certified mail (if the parties are within the United States), with postage and fees prepaid, addressed to the other party at its address as shown below beneath its signature, or to
such other address as such party may designate in writing from time to time to the other party. 
  
 13. Further Instruments. The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to
carry out the purposes and intent of this agreement. 
  
 14.
Entire Agreement. The Notice and the Option Agreement are incorporated herein by reference and together with this Exercise Notice constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and the Grantee with respect to the subject matter hereof, and may not be modified adversely to the Grantee’s interest except by means of a writing signed by the Company and the
Grantee. Nothing in the Notice the Option Agreement and this Exercise Notice (except as expressly provided therein) is intended to confer any rights or remedies on any persons other than the parties. 
  

					
	Submitted by:	 	Accepted by:
		
	GRANTEE:	 	GCA HOLDINGS, INC.
			
	  

	 	By:	 	  

	Harry C. Hagerty III	 	 	 	Kirk Sanford, Chief Executive Officer
		
	Address:	 	Address:
		
	  

	 	3525 East Post Road, Suite 120
		
	  

	 	Las Vegas, Nevada 89120

  

 3 

 EXHIBIT B 
  
 INVESTMENT REPRESENTATION STATEMENT 
  

			
	GRANTEE:	 	HARRY C. HAGERTY III
		
	COMPANY:	 	GCA HOLDINGS, INC.
		
	SECURITY:	 	CLASS A COMMON STOCK
		
	AMOUNT:	 	  

		
	DATE:	 	  

  
 In connection with the purchase of the
above-listed Securities, the undersigned Grantee represents to the Company the following: 
  
 (a) Grantee is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities.
Grantee is acquiring these Securities for investment for Grantee’s own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning of the Securities Act of 1933, as amended (the
“Securities Act”). 
  
 (b) Grantee acknowledges and
understands that the Securities constitute “restricted securities” under the Securities Act and have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption depends upon among other
things, the bona fide nature of Grantee’s investment intent as expressed herein. Grantee further understands that the Securities must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from
such registration is available. Grantee further acknowledges and understands that the Company is under no obligation to register the Securities. Grantee understands that the certificate evidencing the Securities will be imprinted with a legend which
prohibits the transfer of the Securities unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Company. 
  

(c) Grantee is familiar with the provisions of Rule 701 and Rule 144, each promulgated under the Securities Act, which, in substance, permit limited
public resale of “restricted securities” acquired, directly or indirectly from the issuer thereof, in a non-public offering subject to the satisfaction of certain conditions. Rule 701 provides that if the issuer qualifies under Rule 701 at
the time of the grant of the Option to the Grantee, the exercise will be exempt from registration under the Securities Act. In the event the Company becomes subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act
of 1934, ninety (90) days thereafter (or such longer period as any market stand-off agreement may require) the Securities exempt under Rule 701 may be resold, subject to the satisfaction of certain of the conditions specified by Rule 144, including:
(1) the resale being made through a broker in an unsolicited “broker’s transaction” or in transactions directly with a market maker (as said term is defined under the Securities Exchange Act of 1934); and, in the case of an affiliate,
(2) the availability of certain public information about the Company, (3) the amount of Securities being sold during any three month period not exceeding the limitations specified in Rule 144(e), and (4) the timely filing of a Form 144, if
applicable. 
  

 1 

 In the event that the Company does not qualify under Rule 701 at the time of grant of the Option, then
the Securities may be resold in certain limited circumstances subject to the provisions of Rule 144, which requires the resale to occur not less than one year after the later of the date the Securities were sold by the Company or the date the
Securities were sold by an affiliate of the Company, within the meaning of Rule 144; and, in the case of acquisition of the Securities by an affiliate, or by a non-affiliate who subsequently holds the Securities less than two years, the satisfaction
of the conditions set forth in sections (1), (2), (3) and (4) of the paragraph immediately above. 
  
 (d) Grantee further understands that in the event all of the applicable requirements of Rule 701 or 144 are not satisfied, registration under the
Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding the fact that Rules 144 and 701 are not exclusive, the Staff of the Securities and Exchange Commission has expressed its
opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rules 144 or 701 will have a substantial burden of proof in establishing that an exemption from registration is
available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. Grantee understands that no assurances can be given that any such other registration exemption will
be available in such event. 
  
 (e) Grantee represents that he or
she is a resident of the state of                     . 
  

	
	Signature of Grantee:
	  

	Harry C. Hagerty III
	
	Date:                                     
   ,                 

  

 2

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