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Entertainment Gaming Asia Inc. Message Board

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  • pjv2xyw9dww4b5 pjv2xyw9dww4b5 Jul 24, 2007 2:25 PM Flag

    new SEC filling

    http://sec.gov/Archives/edgar/data/1004673/000089256907000947/a31070ppre14a.htm#106

    PROPOSAL TWO � AUTHORIZE AND APPROVE A GRANT OF OPTIONS TO ACQUIRE 5,000,000 SHARES OF OUR COMMON STOCK TO THE ELIXIR PARTIES
    Section 711 of the AMEX Company Guide requires stockholder approval for the establishment of any equity compensation arrangement, with limited exceptions. We are seeking the approval of our stockholders in accordance with Section 711 of the AMEX Company Guide for the issuance of an aggregate of up to 5,000,000 shares of our common stock pursuant to stock options (the "Elixir Options") issued to certain officers, directors and employees of Elixir and its affiliates. The Elixir Options have been issued outside of our approved stock option plans, and accordingly we are required to obtain stockholder approval pursuant to Section 711 of the AMEX Company Guide.
    At a meeting of the board of directors of VendingData held on May 17, 2007, the board approved the grant of options to purchase 5,000,000 shares of our common stock to certain officers, directors and employees of Elixir and Melco, including options to purchase 1,200,000 shares to Gordon Yuen, the chief executive officer of Elixir, and options to purchase 540,000 shares to Joe Pisano, general manager of Elixir. Mr. Yuen and Mr. Pisano have been nominated to our board of directors.
    The options have been granted subject to both the approval of our shareholders and the close of the transactions under the Participation Agreement. In the event the options are not approved by our shareholders at the Special Meeting or the transactions under the Participation Agreement fail to close for any reason, the options will terminate unexercised. The exercise price of all options is $2.90 per share, the closing price of our common shares reported by the AMEX on May 17, 2007. All options have a term of five years and vest and first become exercisable in equal installments over three years commencing on the first anniversary of the close of the transactions under the Participation Agreement. The option agreements include standard anti-dilution provisions.
    Recommendation of the VendingData Board of Directors
    The VendingData board of directors recommends that VendingData stockholders vote FOR the authorization and approval of a grant of the Elixir Options.

 
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