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Company awards CEO additional stock

Tuesday, Dec. 28, 2004 | 11:12 a.m.

Slot maker Alliance Gaming Corp. has entered into an amended employment agreement with Chief Executive Richard Haddrill that includes granting Haddrill an additional 300,000 stock options and another 156,507 shares of restricted stock. Haddrill was earlier issued 500,000 stock options and 377,030 shares of restricted stock.

The new stock options have an exercise price of $13.35 per share and vest over the next three years provided that Haddrill remains CEO, according to a filing with the Securities and Exchange Commission.

All of the restricted stock will vest on Oct. 1, 2010, but could be accelerated if the company attains certain financial goals, the filing said.

The amended agreement also extends to June 30, 2005 the date by which Haddrill is to increase his holdings of the company's common stock to at least $1 million in acquisition costs.

Haddrill is charged with improving the fortunes of Alliance, which has missed past earnings estimates. He became CEO on Oct. 1.

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