Document:

ex10_22.htm

Exhibit 10.22

 

Katy Industries, Inc.

Director Compensation Arrangements

 

1.Retainer

	
  

	
a.

	
Each director earns a $10,000 annual retainer.

	
  

	
b.

	
Each director earns the cash equivalent of 2,000 shares of the Company’s common stock at the closing stock price the day prior to the annual meeting.

	
  

	
c.

	
The chair of the Compensation Committee and the chair of the Audit Committee each earn an additional $6,000 annual retainer.

	
2.

	
Meeting Fees

	
  

	
a.

	
Each director earns $2,500 for each full meeting of the board of directors he or she attends in person and $1,000 for each full meeting of the board of directors he or she attends telephonically.

	
  

	
b.

	
Each director earns $1,000 for each full committee meeting of the board of directors he or she attends in person and $500 for each full committee meeting of the board of directors he or she attends telephonically.

 

	
3.

	
Stock Appreciation Rights

	
  

	
a.

	
Each director receives an annual stock appreciation right (SAR) grant of 2,000 stock appreciation rights at the May meeting of the board of directors each year.  The exercise price is the fair market value on the date of grant.  The director may exercise these stock appreciation rights at any time during the ten years from the date of grant.

 

	
4.

	
Meeting Expenses

	
  

	
a.

	
Katy reimburses directors for their expenses incurred in attending meetings of the board of director and committee meetings of the board of directors.

	
5.

	
Deferred Compensation Plan

	
  

	
a.

	
Each director may defer directors’ fees, retainers and other compensation paid for services as a director until the later of the director’s attainment of age 62 or ceasing to be a director.  Each director has 30 days before the beginning of a Plan Year (as defined in the Directors’ Deferred Compensation Plan) in which to elect to participate in the Directors’ Deferred Compensation Plan.  Directors may invest these amounts in one or more investment alternatives offered by Katy.  Directors may elect to receive distributions of deferred amounts in a lump sum or five annual installments.

Note:  Class II directors and those directors that are also officers do not receive the compensation described in this section for their service on the Board of Directors.Exhibit 10.1

 

PROMISSORY NOTE

 

	$5,903.48	April 1, 2012

 

FOR VALUE RECEIVED, the undersigned Maker
promises to pay to the order of Joseph A. Geraci, II at such place as the holder of this Note may designate in writing to Maker,
the principal sum of Five Thousand Nine Hundred Three and 48/100 ($5,903.48), together with simple interest on the unpaid principal
balance from the date of this Note paid at the rate of twelve percent (12.0%) per annum. Principal and interest are due and payable
in lawful money of the United States of America.

 

Principal payments and accrued interest
are due as follows:

 

		·	Interest payments shall be due on the last day of each month;

		·	Principal shall be due on March 31, 2015.

 

This Note may be fully or partially prepaid
at any time during the term of this Note.

 

If default occurs in the payment of any
amount due under this Note when due, the entire principal balance and accrued but unpaid interest under this Note shall at once
become due and payable, without notice, at the option of the holder of this Note. Any failure to exercise such option shall not
constitute a waiver of the right to exercise it in the event of any subsequent default.

 

Maker waives presentment, dishonor,
protest, demand, diligence, notice of protest, notice of demand, notice of dishonor, notice of nonpayment, and any other
notice of any kind otherwise required by law in connection with the delivery, acceptance, performance, default, enforcement
or collection of this Note and expressly agrees that this Note, or any payment hereunder, may be extended or subordinated (by
forbearance or otherwise) at any time, without in any way affecting the liability of Maker. Maker agrees to pay on demand
Payee’s reasonable collection costs to enforce payment due under this note.

 

This Note may not be amended or modified,
nor shall any waiver of any provision hereof be effective, except only by an instrument in writing signed by the party against
whom enforcement of any amendment, modification, or waiver is sought. This Note shall be governed by and construed according to
the laws of the State of Minnesota.

 

	 	MAKER:	 
	 	 	Poker Magic, Inc.
	 	 	 
	 	PAYEE:	 
	 	 	Joseph A. Geraci, IIExhibit 10.2

 

PROMISSORY NOTE

 

	$5,903.48	April 1, 2012

 

FOR VALUE RECEIVED, the undersigned Maker
promises to pay to the order of Douglas Polinsky at such place as the holder of this Note may designate in writing to Maker, the
principal sum of Five Thousand Nine Hundred Three and 48/100 ($5,903.48), together with simple interest on the unpaid principal
balance from the date of this Note paid at the rate of twelve percent (12.0%) per annum. Principal and interest are due and payable
in lawful money of the United States of America.

 

Principal payments and accrued interest
are due as follows:

 

		·	Interest payments shall be due on the last day of each month;

		·	Principal shall be due on March 31, 2015.

 

This Note may be fully or partially prepaid
at any time during the term of this Note.

 

If default occurs in the payment of any
amount due under this Note when due, the entire principal balance and accrued but unpaid interest under this Note shall at once
become due and payable, without notice, at the option of the holder of this Note. Any failure to exercise such option shall not
constitute a waiver of the right to exercise it in the event of any subsequent default.

 

Maker waives presentment, dishonor, protest,
demand, diligence, notice of protest, notice of demand, notice of dishonor, notice of nonpayment, and any other notice of any kind
otherwise required by law in connection with the delivery, acceptance, performance, default, enforcement or collection of this
Note and expressly agrees that this Note, or any payment hereunder, may be extended or subordinated (by forbearance or otherwise)
at any time, without in any way affecting the liability of Maker. Maker agrees to pay on demand Payee’s reasonable collection
costs to enforce payment due under this note.

 

This Note may not be amended or modified,
nor shall any waiver of any provision hereof be effective, except only by an instrument in writing signed by the party against
whom enforcement of any amendment, modification, or waiver is sought. This Note shall be governed by and construed according to
the laws of the State of Minnesota.

 

	 	MAKER:	 
	 	 	Poker Magic, Inc.
	 	 	 
	 	PAYEE:	 
	 	 	Douglas PolinskyExhibit 10.3

PROMISSORY NOTE

 

	$25,000.00	June 1, 2012

 

FOR VALUE RECEIVED, the undersigned Maker
promises to pay to the order of LANTERN ADVISERS, LLC at such place as the holder of this Note may designate in writing to Maker,
the principal sum of Twenty-five Thousand and NO/100 dollars ($25,000.00), together with simple interest on the unpaid principal
balance from the date of this Note paid at the rate of twelve percent (12.0%) per annum. Principal and interest are due and payable
in lawful money of the United States of America.

 

Principal payments and accrued interest
are due as follows:

 

		·	Interest payments shall be due on the last day of each month;

		·	Principal shall be due on May 31, 2015.

 

This Note may not be fully or partially prepaid at
any time during the term of this Note.

 

If default occurs in the payment of any
amount due under this Note when due, the entire principal balance and accrued but unpaid interest under this Note shall at once
become due and payable, without notice, at the option of the holder of this Note. Any failure to exercise such option shall not
constitute a waiver of the right to exercise it in the event of any subsequent default.

 

Maker waives presentment, dishonor, protest,
demand, diligence, notice of protest, notice of demand, notice of dishonor, notice of nonpayment, and any other notice of any kind
otherwise required by law in connection with the delivery, acceptance, performance, default, enforcement or collection of this
Note and expressly agrees that this Note, or any payment hereunder, may be extended or subordinated (by forbearance or otherwise)
at any time, without in any way affecting the liability of Maker. Maker agrees to pay on demand Payee’s reasonable collection
costs to enforce payment due under this Note.

 

This Note may not be amended or modified,
nor shall any waiver of any provision hereof be effective, except only by an instrument in writing signed by the party against
whom enforcement of any amendment, modification, or waiver is sought. This Note shall be governed by and construed according to
the laws of the State of Minnesota.

 

	 	MAKER:	 
	 	 	Poker Magic, Inc.
	 	 	By:  Joseph A. Geraci, II
	 	 	 
	 	PAYEE:	 
	 	 	Lantern Advisers, LLC
	 	 	By:  Douglas PolinskyExhibit 10.4

PROMISSORY NOTE

 

	$214,688.16	July 1, 2012

 

FOR VALUE RECEIVED, the undersigned Maker
promises to pay to the order of LANTERN ADVISERS, LLC at such place as the holder of this Note may designate in writing to Maker,
the principal sum of Two Hundred Fourteen Thousand, Six Hundred Eight-eight and 16/100 dollars ($214,688.16), together with simple
interest on the unpaid principal balance from the date of this Note paid at the rate of twelve percent (12.0%) per annum. Principal
and interest are due and payable in lawful money of the United States of America.

 

Principal payments and accrued interest
are due as follows:

 

		·	Interest payments shall be due on the last day of each month;

		·	Principal shall be due on June 30, 2015.

 

This Note may not be fully or partially prepaid at
any time during the term of this Note.

 

If default occurs in the payment of any
amount due under this Note when due, the entire principal balance and accrued but unpaid interest under this Note shall at once
become due and payable, without notice, at the option of the holder of this Note. Any failure to exercise such option shall not
constitute a waiver of the right to exercise it in the event of any subsequent default.

 

Maker waives presentment, dishonor, protest,
demand, diligence, notice of protest, notice of demand, notice of dishonor, notice of nonpayment, and any other notice of any kind
otherwise required by law in connection with the delivery, acceptance, performance, default, enforcement or collection of this
Note and expressly agrees that this Note, or any payment hereunder, may be extended or subordinated (by forbearance or otherwise)
at any time, without in any way affecting the liability of Maker. Maker agrees to pay on demand Payee’s reasonable collection
costs to enforce payment due under this Note.

 

This Note may not be amended or modified,
nor shall any waiver of any provision hereof be effective, except only by an instrument in writing signed by the party against
whom enforcement of any amendment, modification, or waiver is sought. This Note shall be governed by and construed according to
the laws of the State of Minnesota.

 

	 	MAKER:	 
	 	 	Poker Magic, Inc.
	 	 	By:  Joseph A. Geraci, II
	 	 	 
	 	PAYEE:	 
	 	 	Lantern Advisers, LLC
	 	 	By:  Douglas Polinsky

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