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
As previously publicly disclosed, on December 22, 2017, Inspired Entertainment, Inc. (the “Company”) and the Chief Strategy Officer of the Company, Daniel B. Silvers, entered into a supplemental letter agreement amending certain terms of Mr. Silvers’ December 14, 2016 employment agreement. The supplemental letter agreement: (i) memorialized Mr. Silvers’ title as Executive Vice President and Chief Strategy Officer; (ii) increased Mr. Silvers’ annual salary to $385,000, effective October 1, 2017; (iii) memorialized the Company’s obligation, in respect of a clause in Mr. Silver’s employment agreement dated December 14, 2016 that he receive benefits on terms no less favorable than those offered to any other executive of the Company except the Chief Executive Officer and Executive Chairman, to pay Mr. Silvers an additional $65,921 in respect of fiscal year 2017, which amount is to be paid by June 30, 2018; and (iv) confirmed Mr. Silvers’ agreement that he will provide professional services of to the Company, consistent with the responsibilities outlined in his December 14, 2016 employment agreement, as reasonably determined by the Company’s Executive Chairman, Mr. A. Lorne Weil. All other terms and conditions of the Mr. Silvers’ December 14, 2016 employment agreement remain unchanged.
As previously publicly disclosed, on December 21, 2017, the Company, on the one hand, and each of Mr. Weil and Mr. Silvers, on the other hand, entered into agreements regarding each such executive’s respective outstanding awards of restricted stock previously granted under the Company’s 2016 Long-Term Incentive Plan. Specifically, the Company and each such executive agreed that his award of restricted stock was cancelled. In the case of Mr. Weil, 926,272 shares of restricted stock were cancelled, and in the case of Mr. Silvers, 150,000 shares of restricted stock were cancelled. The Company then granted Mr. Weil and Mr. Silvers new awards of restricted stock units under the Company’s Second Long-Term Incentive Plan (the “Second Plan”), with new vesting terms. Under the awards, Mr. Weil received 926,272 restricted stock units and Mr. Silvers received 150,000 restricted stock units. The new restricted stock units vest upon the earliest of a transformational acquisition by the Company (as defined in the award), or the respective recipient’s continued service through December 21, 2019, or a change in control of the Company (as defined in the relevant provisions of the U.S. tax code) or the respective recipient’s death or disability. The awards were made subject to clawback provisions extending for three years following the settlement of the awards. The Second Plan was approved by the Company’s Compensation Committee and full Board of Directors on December 22, 2016. The Company intends to put the Second Plan before stockholders for approval at the 2018 annual meeting of stockholders, currently planned for March 2018.
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.