Galaxy Gaming Inc
For the period ended May 29, 2024. Filed Apr 26, 2024.
View on SEC.govAbout this filing
What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
May 29, 2024 · Filed Apr 26, 2024
Contents
Pay Versus Performance Table
The following table sets forth information concerning the compensation, as calculated under SEC rules, of our named executive officers ("NEOs"), which include our former CEO, Todd Cravens, our current CEO, Matt Reback, and our CFO, Harry Hagerty, for each of the fiscal years ended December 31, 2023, 2022, and 2021, and our financial performance for each such fiscal year:
| Year | Summary Compensation Table Total for Current PEO ($) | Summary Compensation Table Total for Former PEO ($) | Compensation Actually Paid to Current PEO ($) | Compensation Actually Paid to Former PEO ($) | Average Summary Compensation Table Total for Non-PEO NEOs ($) | Average Compensation Actually Paid to Non-PEO NEOs $ | Value of Initial Fixed $100 Investment Based on Total Shareholder Return ($) | Net (Loss) Income | Adjusted EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| 2023 | $446,896 | $613,172 | $446,896 | $734,484 | $322,173 | $322,173 | $22.00 | $(1,755,974) | $10,634,869 |
| 2022 | $0 | $670,298 | $0 | $712,234 | $823,146 | $900,566 | $76.00 | $(1,773,189) | $10,534,484 |
| 2021 | $0 | $475,331 | $0 | $494,534 | $219,991 | $371,683 | $212.00 | $2,111,812 | $8,733,830 |
The amounts shown in the table above represent compensation actually paid to our current principal executive officer ("Current PEO") and former principal executive officer ("Former PEO") and the average compensation actually paid to our non-PEO NEO for the relevant fiscal year, as determined under SEC rules. Matt Reback, our current CEO, has served as our PEO since November 13, 2023. Todd Cravens, our former CEO, served as our PEO for the years ended December 31, 2021 and 2022 and through November 10, 2023. Harry Hagerty, CFO, is our non-PEO NEO for fiscal years 2023, 2022, and 2021.
The Company's selected measure is Adjusted EBITDA, which is a non-GAAP financial metric. Adjusted EBITDA includes adjustments to net income (loss) to exclude interest, income taxes, depreciation, amortization, share based compensation, foreign currency exchange loss, change in fair value of interest rate swap liability and severance and other expenses related to litigation.
Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, as adjusted as follows:
| 2021 | 2022 | 2023 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Adjustments | Former PEO | Current PEO | Average Non-PEO NEOs | Former PEO | Current PEO | Average Non-PEO NEOs | Former PEO | Current PEO | Average Non-PEO NEOs |
| Deduction for Amounts Reported under the "Stock Awards" and "Option Awards" Columns in the Summary Compensation Table for Applicable FY | $(181,600) | $0 | $0 | $(121,312) | $0 | $(404,375) | $0 | $(410,863) | $0 |
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End | $0 | $0 | $0 | $121,312 | $0 | $404,375 | $0 | $410,863 | $0 |
| Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date | $181,600 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Increase/Deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End | $(155,277) | $0 | $(77,420) | $(56,670) | $0 | $0 | $0 | $(202,188) | |
| Increase/Deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date | $174,480 | $0 | $229,112 | $98,606 | $0 | $77,420 | $121,312 | $202,188 | |
| Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY end | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | |
| TOTAL ADJUSTMENTS | $19,203 | $0 | $151,692 | $41,936 | $0 | $77,420 | $121,312 | $0 | $0 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.