Article 5.02 Departure of directors or certain officers; Election of directors; Appointment of certain leaders; Compensatory provisions of certain executives.
The meeting of Alex Igelman as general manager
At December 23, 2022, Esports Entertainment Group, Inc. (the “Company”) announced the appointment of Alex Igelman as Chief Executive Officer, from
January 3, 2023. Mr. Igelman joins the company with over 30 years of gaming industry experience. He is a gaming lawyer and co-founder of
FairP2P and Esports Capital Corp., entities that have been leaders in their respective sectors. During his career, Mr. Igelman worked in the game and gaming industry in a variety of leadership positions.
In connection with At Mr. Igelman’s appointment to the post of general manager, Mr. Igelman and the Company entered into an employment contract (the “Contract”) on December 22, 2022which provides a base salary of $300,000 and the grant of common stock and stock options. These stock awards are granted as incentive stock awards outside of the Esports Entertainment Group, Inc.
2020 Stock Incentive Plan pursuant to NASDAQ listing rule 5635(c)(4). Pursuant to the terms of the Agreement, subject to the commencement of his employment, the Company will grant Mr. Igelman a grant of 2,500,000 common shares and a grant of 2,500,000 fixed-term stock options. At Mr. Igelman’s
common shares cannot be sold or transferred until the six-month anniversary of the date of grant. At Mr. Igelman’s the stock options will vest in equal quarterly installments over a period of one year, subject to his continued employment with the Company on the applicable vesting dates. Share awards are subject to the terms of an award agreement outlining the specific terms of the share awards. Mr. Igelman may also participate in the executive stock option plan in agreement with the other level C executives. Mr. Igelman is eligible for an annual bonus of 50% of his base salary, subject to the achievement of goals and objectives set each year by the Board of Directors (the “Board”).
The deal is at will and either the company or Mr. Igelman may terminate employment at any time for any reason or no reason upon 90 days written notice. At the end of At Mr. Igelman’s employment due to a disability, the Company will pay or provide Mr. Igelman, subject to continued compliance with applicable covenants, (i) any unpaid base fees and accrued leave up to the date of termination; (ii) any unpaid annual premium accrued in respect of the financial year ending on or preceding the date of termination; (iii) reimbursement of all unreimbursed expenses properly incurred up to the date of termination; and (iv) all accrued benefits. At the end of At Mr. Igelman’s employment due to death, At Mr. Igelman’s the estate is entitled to all accrued benefits. At the end of At Mr. Igelman’s employment by the Company for cause or by either party in connection with a non-renewal of the employment contract, subject to continued compliance with applicable covenants, the Company will pay Mr. Igelman all accrued benefits.
There are no family relations between Mr. Igelman and any other director or executive officer of the Company, and other than those mentioned above, Mr. Igelman is not a party to a transaction, or proposed transaction, required to be disclosed pursuant to Section 404(a) of Regulation SK.
Grant Johnson’s resignation from the board
At December 23, 2022Grant Johnson has resigned from the company’s board of directors. Mr Johnson resigned following his dismissal, for cause, by the Board, from his duties as Chairman and Chief Executive Officer of the Company, with effect
December 3, 2022. Therefore, Mr Johnson is no longer an officer or director of the Company.
Number Exhibit Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
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