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 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 2, 2018, Inspired Entertainment, Inc. (the “Company”) announced certain management changes, including the formation of the Office of Executive Chairman, and also announced that Luke L. Alvarez, President and Chief Executive Officer, was departing the Company and its affiliates, under terms being finalized. Mr. Alvarez’s previous responsibilities have been divided among the members of the Office of Executive Chairman.
On May 16, 2018, the Company and Mr. Alvarez finalized and agreed upon the terms of his departure. Mr. Alvarez has been a party to written services agreements with each of Inspired Gaming (Gibraltar) Limited (“Inspired Gibraltar”), a Gibraltar subsidiary of the Company, and DMWSL 633 Limited (“DMWSL”), a UK subsidiary of the Company, respectively. to a settlement agreement dated May 16, 2018, among Inspired Gibraltar, DMWSL, the Company and Mr. Alvarez, the respective written services agreements have ended, subject to certain terms and conditions that continue beyond the date of resignation, including certain covenants not to compete with, solicit employees or clients from or interfere in the business dealings of, the Company or any of its subsidiaries. In addition, on May 16, 2018, Mr. Alvarez resigned from his positions as director and President and Chief Executive Officer of the Company and from all other officer and director positions held with Company subsidiaries. A copy of Mr. Alvarez’s resignation letter is attached hereto as Exhibit 17.1. In connection with his departure, Mr. Alvarez shall receive a total of approximately £870,000 over the next 11 months, in respect of salary, director’s fees, bonus and the value of health and similar benefits. In addition, Mr. Alvarez previously received a grant of 926,272 shares of restricted stock under the Inspired Entertainment, Inc. 2016 Long-Term Incentive Plan (the “Plan”). Under the terms of the grant and the Plan, one-third of these shares vested previously, and the remaining shares will remain eligible for vesting, subject to certain performance and settlement conditions set forth in the Plan, through December 2021.
Executive Chairman Lorne Weil said “Luke Alvarez was instrumental in building Inspired over 15 years from a London mobile technology startup to the global player in the gaming industry that it is today. He leaves us as the company has announced impressive results for its second quarter of 2018. We thank him for his leadership of the company and wish him well.”
Luke Alvarez said: “I am extraordinarily proud of what we have built in Inspired over the last 15 years and of our brilliant, talented and passionate people. The next phase of Inspired’s growth is particularly about expansion into North America and other new markets and I look forward to seeing the company exploit its opportunities under the experienced guidance of Lorne and his team. I wish the company the very best in its next phase of growth.”
Item 9.01Financial Statements and Exhibits.
Inspired Entertainment, Inc. ExhibitEX-17.1 2 s110317_ex17-1.htm EXHIBIT 17.1 Exhibit 17.1 May 16,…To view the full exhibit click here
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.