INSPIRED ENTERTAINMENT, INC. (NASDAQ:INSE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On September 28, 2018, upon the recommendation of its Compensation Committee, the Board of Directors of Inspired Entertainment, Inc. (the “Company”) adopted the Inspired Entertainment, Inc. 2018 Omnibus Incentive Plan (the “Plan”). Under the Plan, the Compensation Committee is authorized to deliver awards covering a total of 2,550,000 shares of the Company’s common stock. The Company intends to present the Plan to its stockholders for their approval at its next annual meeting of stockholders.
The purpose of the Plan is to provide a means through which the Company and its affiliates may attract and retain key personnel, and to provide a means whereby directors, officers, managers, employees, consultants and advisors of the Company and its affiliates can acquire and maintain an equity interest in the Company, or be paid incentive compensation, which may be measured by reference to the value of the Company’s common stock. The Compensation Committee will administer the Plan. Directors, officers, managers, employees, consultants and advisors of the Company and its affiliates are eligible to participate in the Plan. The Plan will have a term of ten years, and no further awards may be granted under the Plan thereafter. The Compensation Committee may grant awards of Non-Qualified Stock Options, Incentive (qualified) Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units (“RSUs”), Stock Bonus Awards or any combination of the foregoing. The Committee shall determine the terms and conditions of any award, including vesting terms and conditions, which may include the achievement of performance criteria selected by the Committee.
Initial Awards under the Plan
Also on September 28, 2018, the Compensation Committee approved grants of RSUs under the Plan with respect to the Company’s fiscal 2018 year. In general, the size of the awards were calculated based on a percentage of the recipient’s base compensation for the fiscal year, with the Company’s principal executive officers receiving awards having an aggregate grant date value equal to approximately 50% of their base compensation, and other personnel receiving awards ranging from 25% to 50% of their base compensation. The awards vest as to one-third on each of December 31, 2019, 2020 and 2021; provided, however, if the Company’s stockholders do not approve the Plan by the first scheduled vesting date, the grants will be cancelled and the holders will be eligible to receive a one-time cash payment representing the then-current market value of one-third of the shares subject to the award. A. Lorne Weil, the Company’s Executive Chairman, received an award covering 122,950 RSUs; Daniel Silvers, the Company’s Executive Vice President and Chief Strategy Officer, received 63,114 RSUs; and Stewart F.B. Baker, the Company’s Executive Vice President and Chief Financial Officer, received 49,103 RSUs.
About INSPIRED ENTERTAINMENT, INC. (NASDAQ:INSE)
Inspired Entertainment, Inc., formerly Hydra Industries Acquisition Corp., is a global games technology company. The Company is engaged in developing and operating digital games and networks. The Company is engaged in supplying Virtual Sports, Mobile Gaming and Server-Based Gaming (SBG) systems with associated terminals and digital content to regulated betting, gaming and lottery operators around the world. The Company operates through two segments: Server Based Gaming and Virtual Sports. The Company operates approximately 25,000 digital gaming terminals and supplies its Virtual Sports products in over 35,000 venues and on approximately 100 Websites in over 30 countries. The Company provides digital gaming solutions on its network that accommodates a range of devices, including land-based gaming machine products, mobile devices, such as smartphones and tablets, as well as personal computer (PC) and social applications.