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    GLXZ   US36318P1057

GALAXY GAMING, INC.

(GLXZ)
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GALAXY GAMING, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

10/08/2021 | 01:08pm EST

Item 1.01Entry Into a Material Definitive Agreement

On October 7, 2021, Galaxy Gaming, Inc. (OTCQB: GLXZ) ("Galaxy" or the "Company"), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming, announced that it entered into Settlement Agreement with its former Chairman and Chief Executive Officer, Robert Saucier ("Saucier"), and Triangulum Partners LLC ("Triangulum"). The Settlement Agreement, among other things, resolves the previously disclosed pending litigation between the parties related to the redemption of the Company equity securities owned by Triangulum and Saucier in 2019; provides broad mutual releases to the Company, the Company's officers and directors, Triangulum and Saucier related to all claims against each other; and includes an agreement by Saucier and Triangulum not to compete with the Company for a period of five years from the date of payment of settlement consideration.

Consummation of the settlement is conditioned upon the Company paying Triangulum and Saucier $39.1 million, plus interest accrued at 2% per annum from May 6, 2021, through the date of actual payment. Under the terms of the Settlement Agreement, the Company has until December 31, 2021 to make the settlement payment to Triangulum and Saucier. The Company has retained Macquarie Capital (USA) Inc. to assist it in raising the funds necessary to pay the settlement.

The foregoing description of the material terms of the Settlement Agreement does not purport to be complete and is subject to, and is qualified in its entirety by, reference to the complete terms of the Settlement Agreement, which is filed herewith as Exhibit 10.1.

On October 7, 2021, the Company issued a press release announcing the Settlement Agreement. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Safe Harbor for Forward-Looking Statements

Certain statements in this Form 8-K may constitute forward-looking statements, which involve a number of risks and uncertainties. Galaxy cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information due to a number of factors, including those listed from time to time in reports that Galaxy files with the Securities and Exchange Commission.

Item 9.01Financial Statements and Exhibits




d) Exhibits



Exhibit
 Number    Description of Exhibit
10.1         Settlement Agreement, dated October 6, 2021, by and between Galaxy
           Gaming, Inc., Robert Saucier and Triangulum Partners LLC
99.1         Galaxy Gaming, Inc. Press Release Announcing Settlement Agreement,
           dated October 7, 2021
104        Cover Page Interactive Data File (embedded within the Inline XBRL
           document)



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