secwatch.observer — SEC 8-K summary
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Issuer:     FULL HOUSE RESORTS INC (FLL)
CIK:        0000891482
Form:       8-K
Filed at:   2025-06-17T23:59:59+00:00
Accession:  0000891482-25-000036
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Full House Resorts enters new CEO employment agreement with Daniel Lee through 2030
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- Base salary $700,000/year; annual bonus target 100% of base (up to 175%) based on Adjusted EBITDA targets ($50M threshold, $65M target, $80M ceiling for 2025).
- Milestone bonuses: $300,000 each for refinancing principal debt by Mar 2027 and for relocating Rising Star Casino license in Indiana.
- Long-term incentive grants equal 100% of base salary annually; restricted stock vests on 3-year compound growth: 10% Adjusted EBITDA and 12% Free Cash Flow Per Share targets for 2025.
- Severance: if terminated without cause (or for good reason), one year base salary plus target bonus; change in control yields two years base plus two times prior bonus, full equity vesting.
- After 2 years, Lee can elect transition to Executive Chairman at 60% compensation; if Board fails to appoint, remains CEO or becomes consultant with one-year severance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/891482/000089148225000036/0000891482-25-000036-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/891482/000089148225000036/fll-20250614x8k.htm
  HTML page:      https://secwatch.observer/filing/0000891482-25-000036

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