On Friday, Shuffle Master Inc. announced that its board of directors has approved an inducement grant of 300,000 stock options to Timothy J. Parrott, Shuffle Master's chief executive.
According to the gaming supplier, the board of directors granted Mr. Parrott an option to purchase 300,000 shares of the company’s common stock at $3.53 on Feb. 9.
Granted outside Shuffle Master's equity incentive plans, the option was part of a material inducement to Mr. Parrott's employment, the company said.