SEC Contract Filing

Filing Date: 2023-03-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.22
<SEQUENCE>5
<FILENAME>ex_484867.htm
<DESCRIPTION>EXHIBIT 10.22 - PLAYAGS FORM OF AMENDMENT LETTER (MARCH 2023) (LOPEZ)
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<p style="margin: 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.22</b></font></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>AMENDMENT TO PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT</b></p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">THIS AMENDMENT TO PERFORMANCE-BASED RESTRICTED STOCK UNIT AWARD AGREEMENT (this &#8220;<u>Amendment</u>&#8221;) is entered into on March 6, 2023, by and between PlayAGS, Inc., a Nevada corporation (the &#8220;<u>Company</u>&#8221;), and <b>David Lopez </b>(the &#8220;<u>Participant</u>&#8221;), and shall be effective as of the date hereof.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">WHEREAS, the Company and the Participant are parties to a performance-based restricted stock unit award agreement dated as of April 30, 2021 (as further modified or amended through the date hereof, the &#8220;<u>Award Agreement</u>&#8221;) pursuant to which 716,332 performance-based restricted stock units were granted under the PlayAGS, Inc. Omnibus Incentive Plan; and</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">WHEREAS, the Company and the Participant desire to amend the Award Agreement as provided below.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:72pt;">NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties do hereby agree as follows:</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">1.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">Section 2 of the Award Agreement is hereby deleted and replaced in its entirety with the following:</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 36pt;"><b>&#8220;2. Vesting; Settlement. </b>The RSUs shall be one hundred percent (100%) unvested as of the Date of Grant. Except as may otherwise be provided herein, the Restricted Period shall lapse as follows:</p>

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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Restricted Period in respect of 50% of the RSUs (the &#8220;<u>Service-Vesting RSUs</u>&#8221;) shall lapse in four installments on each of the first four anniversaries of March 6, 2023 (each such applicable date, the &#8220;<u>Service Vesting Date</u>&#8221;), subject to the Participant&#8217;s continued employment with, or engagement to provide services to, the Company or any of its Affiliates through the Service Vesting Date.</p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>(b)</b></p>
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 <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;">The Restricted Period in respect of the remaining 50% of the RSUs (the &#8220;<u>Performance-Vesting RSUs</u>&#8221;) shall lapse on the first day that the average closing price per share of the Company&#8217;s Common Stock for the prior 20 consecutive trading days (the &#8220;<u>Average Closing Price</u>&#8221;) meets the below thresholds (each, a &#8220;<u>Performance Metric</u>&#8221;&nbsp;and each date of achievement, the &#8220;<u>Performance-Vesting Date</u>&#8221;), subject to the Participant&#8217;s continued employment with, or engagement to provide services to, t