UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (date of earliest event reported): August 21, 2009
JACOBS ENTERTAINMENT, INC.
(Exact name of registrant as specified in its charter)
Delaware | | 333-88242 | | 34-1959351 |
(State or Other Jurisdiction | | (Commission | | (IRS Employer |
of Incorporation) | | File Number) | | Identification No.) |
| | | | |
17301 West Colfax Ave, Suite 250, Golden, Colorado 80401 | | | | |
(Address of principal executive
offices) | | | | |
Registrant’s telephone number, including area code 303-215-5200
(Former name of former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision.
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Jacobs Entertainment, Inc. (the “Registrant”) has entered into an employment agreement with Emanuel J. Cotronakis. The employment agreement was signed on August 21, 2009. Among the more important provisions of the agreements are the following: (a) the term of the agreement is three years; (b) the base annual salary is $400,000 for the first year of the Agreement, $425,000 for the second year and $450,000 for the third year. In addition, the executive is entitled to receive an annual bonus of at least 10% of his base salary and up to 35% of his base salary if certain performances criteria established each year are met; (c) the agreement provides that if the executive is terminated without cause, he is entitled to a lump sum payment equal to six months salary and a prorated portion of his bonus; if the executive dies, his estate is entitled to a lump sum payment equal to one year’s salary and a prorated portion of his bonus; if a change of control of the Registrant occurs and the executive is not offered employment satisfactory to him, he is entitled to a lump sum payment equal to three year’s salary; and (d) the agreement contains customary provisions regarding vacations, insurance, indemnification and expense reimbursements.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit
No. | | Description |
| | |
10.32 | | Executive Employment Agreement between the Registrant and Emanuel J. Cotronakis signed August 21, 2009. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JACOBS ENTERTAINMENT, INC. |
| |
| |
| /s/ Stephen R. Roark |
Date: August 24, 2009 | By: Stephen R. Roark |
| Its: President |
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