Full House Resorts Appoints Daniel Lee As CEO - Quick Facts

(RTTNews) - Full House Resorts, Inc. (FLL), a developer and manager of gaming facilities, announced that it has reached a favorable agreement with a group of shareholders, enhancing expertise to its management team and board.

Under the terms of the agreement, the Board has been increased from five to nine members and the company said it has accepted the resignations of Andre Hilliou and Mark Miller as directors and entered into Separation Agreements with respect to their employment.

The company said it has appointed Baird Garrett, Raymond Hemmig, Ellis Landau, Daniel Lee, Bradley Tirpak and Craig Thomas to serve as directors and fill the resulting six vacancies. Lee will replace Hilliou as the Company's Chief Executive Officer.

Commenting on Lee's prior experience, the company said he was previously the Chairman and Chief Executive Officer of Pinnacle Entertainment. Prior thereto, during the 1990s, he was the Chief Financial Officer and Senior Vice President of Finance and Development of Mirage Resorts. He worked on Wall Street earlier in his career, as a Chartered Financial Analyst specializing in the casino and hotel industries.

In connection with his appointment as the Company's Chief Executive Officer, the company's compensation committee of the board of directors approved the grant to Lee of a stock option to purchase 943,834 shares of the company's common stock at an exercise price per share equal to the closing price of company's common stock on the grant date.

According to the company, the stock option was granted as a material component of Lee's compensation and decision to enter into employment with the Company and was granted as an employment inducement award pursuant to NASDAQ Listing Rule 5635(c)(4).

Full House stated that as part of the agreement, Messrs. Lee, Tirpak and Thomas have withdrawn their solicitation statement calling for a special meeting of shareholders and will cease all further solicitation efforts.