Document:

ex_146284.htm

Exhibit 10.39

SUBORDINATION OF SUBORDINATED SECOND MORTGAGE

 

March  28 , 2019

 

East Boston Savings Bank, with an address of 67 Prospect Street, Peabody, Massachusetts 01960 (the “Lender”), is the holder of the following documents:

 

	 	
			i.

				
			Mortgage and Security Agreement dated as of March 28, 2018, given by Jackson 64 MGI, LLC, a Delaware limited liability company, with an address of 133 Pearl Street, Boston, Massachusetts 02110 (the “Borrower”), recorded with the Worcester South District Registry of Deeds (the “Registry”) in Book 58594, Page 337 the “First Mortgage”), as amended by that certain First Amendment to Security Documents dated March  28 , 2019, recorded with the Registry in Book 60204 , Page  269  (the “First Amendment”); and

			

 

	 	
			ii.

				
			Assignment of Leases and Rents dated as of March 28, 2018, given by the Borrower in favor of the Lender, recorded with the Registry in Book 58594, Page 361 (the “First Assignment”), as amended by the First Amendment; and

			

 

	 	
			iii.

				
			Collateral Assignment of Contracts, Licenses and Permits dated as of March 28, 2018, given by the Borrower in favor of the Lender, recorded with the Registry in Book 58594, Page 368 (the “First Collateral Assignment” and collectively with the First Mortgage and First Assignment, the “First Security Documents”), as amended by the First Amendment .

			

 

ASC Devens, LLC, a Delaware limited liability company, with an address of 114 East Main Street, Ayer, Massachusetts 01432 (the “Subordinate Lender”), is the holder of:

 

	 	
			i.

				
			Subordinated Second Mortgage by the Borrower in favor of Subordinated Lender, recorded with the Registry on March 28, 2018, in Book 58594, Page 376 (the “Second Mortgage”); and

			

 

	 	
			ii.

				
			Subordinated Second Assignment of Leases and Rents, dated March 28, 2018, by Borrower in favor of Subordinated Lender, recorded with the Registry in Book 58595, Page 46 (the “Second Assignment” and together with the Second Mortgage, the “Second Security Documents”).

			

 

Subordinate Lender hereby subordinates the liens of the Second Security Documents to the liens of the First Security Documents, as each is amended by the First Amendment, as if the First Amendment were also recorded in the Registry prior in time to the Second Security Documents.

 

Property Address:  64 JACKSON ROAD, DEVENS, MASSACHUSETTS

 

 

 

 

IN WITNESS WHEREOF, this Subordination of Subordinated Second Mortgage has been duly executed as of the date first written above.

 

                              ASC DEVENS LLC

 

                              By:      /s/ John Kosiba               

                              Name:     John Kosiba                    

     Title:      Authorized Person               

 

 

 

COMMONWEALTH OF MASSACHUSETTS

 

COUNTY OF MIDDLESEX

 

On this 28th day of March, 2019, before me, the undersigned notary public, personally appeared John Kosiba, the authorized person of ASC Devens LLC, proved to me through satisfactory evidence of identification, which was AMSC Company ID, to be the person whose name is signed above, and acknowledged to me that he signed it voluntarily for its stated purpose as the Chief Financial Officer of ASC Devens LLC.

 

 

                    /s/ Russet L. Morrow               

                    Notary Public:                                                  My Commission Expires: December 20, 2024Exhibit 10.1

      

       

      

      	
              Board of Directors

            	
              

               

            	
              Services Agreement

            

      

      

      THIS BOARD OF DIRECTORS SERVICES AGREEMENT (“Agreement”), dated June 3, 2019, is

      entered into between Galaxy Gaming, Inc., a Nevada corporation (“Company”), and Michael Gavin Isaacs, an individual with a principal place of residence in California (“Isaacs”).

      

      

      WHEREAS, the Company desires to retain the services of Isaacs for the benefit of the Company and its stockholders; and

      

      

      WHEREAS, Isaacs desires to serve on the Company’s Board of Directors (“Board”) for the period of time and subject
          to the terms and conditions set forth herein;

      

      

      NOW, THEREFORE, for
          consideration and as set forth herein, the parties hereto agree as follows:

      

      

      1.          Board Duties. Isaacs agrees to provide services to the Company as a member of the Board. Isaacs will act loyally and in good faith to discharge the duties of Director, and will abide by all policies and decisions made by the Board, as well as all applicable federal, state and
            local laws, regulations or ordinances. In his capacity as a Director, Isaacs will act solely on behalf of Company. Isaacs shall
          strive  to attend all meetings of the Board, to discuss any matter involving the Company, which involves or may involve issues of which Isaacs has knowledge and cooperate in the review, defense or prosecution of such matters.

      

      

      2.          Term. Isaacs shall serve as Director for an initial term commencing on June 3, 2019 (“Effective
            Date”) and continuing for twelve (12) months from the Effective Date or until the next annual meeting of the Company’s shareholders, whichever
            comes first. After this initial term, Isaacs shall serve at the pleasure of the Board or until the next shareholder meeting whereby an election is held pertaining to the Director position held by Isaacs, whichever comes first. Isaacs
          may voluntarily resign his position as Director at any time and without penalty or liability of any kind.

      

      

      3.          Compensation. As compensation for the services provided herein, the Company shall pay to Isaacs the
          following compensation:

      

      

      
        
          	

                	a.	
                  Signing bonus of 75,000 restricted shares of the Company’s common stock, vested in equal 1/3 increments over three years provided Isaacs remains in
                      continued service as a member of the Board of Directors for the Company during the three (3) year period and subject to the terms of the Galaxy Gaming 2104 Equity Incentive Plan (the “Plan”).

                

        

      

      

      

      
        
          	

                	b.	
                  Annual cash compensation of $42,000 to be paid in monthly installments, one month in arrears.

                

        

      

      

      

      
        
          	

                	c.	
                  Grants of Restricted Stock in the amount of 12,400 shares, granted quarterly and vested immediately; provided that for the quarter ending June, 2019, Isaacs shall only be awarded 6,200 shares of Restricted Stock. This Restricted Stock grant shall be controlled
                      by, and subject to the Plan.

                

        

      

      

      

      
        
          	

                	d.	
                  Reimbursement of reasonable and customary expenses incurred by Isaacs in connection with his service as a member of the Board of Directors.

                

        

      

      

      

      4.          Expenses. The Company will reimburse Isaacs for reasonable out-of-pocket expenses incurred in connection with discharging his
          duties as a Board member. Any additional expenses shall be pre-approved in writing (including via e-mail) by the Chief Executive Officer or the Chief Financial Officer of the Company and will be reimbursed subject to receiving reasonable
          substantiating documentation relating to such expenses.

      

      

      
        
          

      

      5.          No Conflict of Interest. Isaacs will not, at any time while serving as a Director, accept any engagement for work, paid or
          unpaid, that at the time such engagement is undertaken creates a conflict of interest with the Company that is imminent and evident. If the Board reasonably believes such a conflict exists and can demonstrate that such a conflict existed at the
          time Isaacs commenced such work, the Board may ask Isaacs to discontinue such work. If the parties cannot reach agreement, either party may request a determination by an arbitrator and if the Board’s determination hereunder is upheld by the
          arbitrator, and Isaacs then refuses to promptly resign his conflicting engagement, such refusal shall constitute a material breach of this Agreement. By signature to this Agreement, Isaacs represents to the Company that (i) Isaacs does not know
          of any conflict which would restrict his service on the Board and (ii) Isaacs will not provide the Company with any documents, records, or other confidential information belonging to other parties.

      

      

      6.          Mutual Non-Disparagement. Isaacs and the Company mutually agree to forbear from making, causing to be made,
          publishing, ratifying or endorsing any and all disparaging remarks, derogatory statements or comments made to any party with respect to either of them. Further, the parties hereto agree to forbear from making any public or non-confidential
          statement with respect to any claim or complaint against either party without the mutual consent of each of them, to be given in advance of any such statement.

      

      

      7.          Indemnification. Company shall indemnify Isaacs, to the maximum extent permitted by applicable law, against all claims, costs,
          charges and expenses incurred or sustained by Isaacs in connection with any action, suit or proceeding to which Isaacs may be made a party by reason of being a Director. The Company’s indemnification policies are expressly provided for in Article
          XI of the Company’s Bylaws. Isaacs agrees to promptly notify the Company of any actual or threatened claim arising out of or as a result of Isaacs’ relationship with the Company. In addition, Isaacs shall be provided the opportunity to execute a
          separate Indemnification Agreement consistent with such agreements offered to other Directors and Officers of the company. Company agrees to maintain liability insurance for the benefit of Isaacs having coverage and policy limits no less
          favorable to Directors than those in effect at the Effective Date. Isaacs shall be entitled to the full protection of any insurance policies, which the Company may elect to maintain generally for the benefit of its Directors.

      

      

      8.          Confidentiality. Isaacs’ position with the Company will or has resulted in exposure and access to
          confidential and proprietary information to which Isaacs did not have access prior to holding the position, which information is of great value to the Company and the disclosure of which, directly or indirectly, would be irreparably injurious and
          detrimental to the Company. Isaacs agrees to use best efforts and to observe the utmost diligence to guard and protect all confidential or proprietary information relating to the Company from disclosure to third parties. Isaacs shall not at any
          time use, disclose or make available, either directly or indirectly, to any competitor or potential competitor of the Company or any of its affiliates, or divulge, disclose, communicate to any person, firm, corporation or other business entity in
          any manner whatsoever, any confidential or proprietary information of the Company, including without limitation all Confidential Information covered or contemplated by this Agreement, unless expressly authorized to do so by the Company in
          writing.

      

      

      For the purpose of this Agreement, “Confidential Information” shall mean all information of the
          Company, its subsidiaries and affiliates, relating to or useful in connection with the business of the Company, its subsidiaries or affiliates, whether or not a “trade secret” within the meaning of applicable law, which is not generally known to
          the general public and which has been or is from time to time disclosed to, developed by or learned by Isaacs as a result of Isaacs’ relationship with the Company. Confidential Information includes, but is not limited to the Company’s product
          development and marketing programs, data, future plans, formulas, finances, profits, sales, net income, indebtedness, financial management systems, pricing systems, methods of operation and determination of prices, processes, trade secrets,
          client lists, suppliers, organizational charts, salary and benefit programs, training programs, computer software, development or experimental work, business records, files, drawings, prints, prototyping models, letters, notes, notebooks,
          reports, and copies thereof, whether prepared by him or others, and any other information or documents which Isaacs is told or reasonably ought to know that the Company regards as confidential. Confidential Information is not information that is
          or becomes generally known other than through Isaacs’ acts in violation of this Agreement. Disclosures made by the Company to governmental authorities, to its clients or potential clients, to its suppliers or potential suppliers, to its employees
          or potential employees, to its consultants or potential consultants or disclosures made by the Company in any litigation or administrative or governmental proceedings shall not mean that the matters so disclosed are available to the general
          public.

      

      

      
        
          

      

      Isaacs agrees that all records, reports, notes, compilations, or other recorded matter, and copies
          or reproductions thereof, relating to the Confidential Information or any other aspect of the Company’s operations, activities or business, made or received by Isaacs during any period of affiliation with the Company whether or not Confidential
          Information (including but not limited to, documents, reports, correspondences, computer printouts, work papers, files, computer lists, telephone and address books, rolodex cards, computer tapes, disks, and any and all records in Isaacs’
          possession (and all copies thereof) containing any such information created in whole or in part by Isaacs, even if the items do not contain Confidential Information) are and shall be the Company’s exclusive property, and Isaacs will keep the same
          at all times in the Company’s custody and subject to its control, and will promptly deliver the same to Company upon separation for any reason whatsoever (or at any prior time at the request of the Company).

      

      

      9.          Governing Law. This Agreement shall be governed by the laws of the State of Nevada. In the event of any
          dispute regarding the performance or terms hereof, the prevailing party in any litigation shall be entitled to an award of reasonable attorneys’ fees and costs of suit, together with any other relief awarded hereunder or in accordance with
          governing law.

      

      

      10.          Survivability. Sections 6-9 of this Agreement shall survive any separation of Isaacs serving as a Director and/or the
          termination of this Agreement.

      

      

      IN WITNESS WHEREOF, the parties hereto enter into this Agreement as of the date first set forth above.

      

      

      

      

      	
              COMPANY:

            	 	
              ISAACS:

            
	 	 	 
	
              /s/ Todd Cravens

            	 	
              /s/ Michael Gavin Isaacs

            
	
              Todd Cravens

            	 	
              Michael Gavin Isaacs

            
	
              Chief Executive Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]