BETM.. Termination..
Item 1.02 Termination of a Material Definitive Agreement.
Item 5.02 Departure of Directors of Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 27, 2010, to be effective August 1, 2010, American Wagering, Inc. (the “Company”) gave notice to Bruce Dewing that the Company was terminating the at-will employment relationship between Mr. Dewing and the Company’s wholly-owned subsidiary, AWI Gaming, Inc., whereby Mr. Dewing served as President of AWI Gaming, Inc. As a result of the termination, the at-will employment agreement (the “Employment Agreement”) between Mr. Dewing and the Company filed as an exhibit to the Company’s Form 10-K, as filed with the Securities and Exchange Commission on May 7, 2010, will also terminate. Pursuant to the terms of the Employment Agreement, the Company will pay Mr. Dewing three months salary as severance pay, continue to provide Mr. Dewing with medical insurance coverage through December 31, 2010, and continue to pay the remaining balance of Mr. Dewing’s accrued, but unused, paid time off. Victor Salerno, the Company’s President and Chief Executive Officer, will replace Mr. Dewing as President of AWI Gaming, Inc.
On July 27, 2010, to be effective August 1, 2010, Mr. Dewing also resigned from the Company’s Board of Directors. Mr. Dewing’s resignation from the Board of Directors was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
