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
Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 21, 2017, Inspired Entertainment, Inc. (the “Company”) and its Chief Operating Officer, David G. Wilson, agreed on the terms by which Mr. Wilson’s employment will be terminated by reason of redundancy, effective September 21, 2017. The Company is eliminating the Chief Operating Officer position and distributing the responsibilities associated with that position among other management positions. The Company expects that, in the future, Mr. Wilson may serve as an advisor to the Company on particular projects.
Under the terms of Mr. Wilson’s separation, consistent with his employment contract with Inspired Gaming (UK) Limited, a subsidiary of the Company, and applicable United Kingdom employment laws, he will receive 12 months’ salary and car allowance in the lump sum aggregate amount of £280,000 (approximately $380,000), as well as certain redundancy-related amounts totaling £50,500 (approximately $70,000) and certain benefits extensions. In addition, in lieu of receiving a bonus under the Company’s management bonus program for the Company’s fiscal year ending September 30, 2017, he will receive a payment of £191,000 (approximately $260,000) and he will receive the amount of £180,000 (approximately $240,000) over a six-month period in consideration for the cancellation of an award of restricted stock units he previously received upon the completion of the Business Combination between Hydra Industries Acquisition Corp. and Inspired Gaming Group to form Inspired Entertainment, Inc.
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.