Newgioco Group, Inc. (OTCMKTS:EMGL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 5, 2019, the board of directors of Newgioco Group, Inc. (the “Company”) approved an amendment to its employment agreement with Michele Ciavarella, the Company’s Chief Executive Officer to reduce his annual base salary from $395,000 a year to $240,000 a year, effective retroactive to April 1, 2019. In connection therewith, Mr. Ciavarella was granted incentive stock options under the Company’s 2018 Incentive Plan to purchase 315,000 shares of the Company’s common stock, having an exercise price equal to the fair market value of the common stock on the date of grant, vesting 78,750 upon grant and the balance 26,250 monthly for nine months and expiring ten years after the date of grant.
On July 5, 2019, the board of directors also approved the annual compensation payable to the Company’s non-executive directors setting the compensation at $60,000 a year, payable at the election of each director in cash (accruing monthly and payable in quarterly installments) or in incentive stock options under the Company’s 2018 Incentive Plan to purchase 165,000 shares of the Company’s common stock, or in a combination of both cash and incentive stock options. Any such incentive stock options issued in lieu of cash compensation to the non-executive directors will have an exercise price equal to the fair market value of the common stock on the date of grant and will vest monthly for twelve months and expire ten years after the date of grant. In this regard, Mr. Sallwasser elected to take all of the non-executive director compensation in the form of incentive stock options to purchase 165,000 shares of the Company’s common stock, Mr. Kabatznik elected to take all the non-executive director compensation in $60,000 cash (accruing monthly and payable in quarterly installments), and Mr. Shallcross elected to take half of the non-executive director compensation in the form of incentive stock options to purchase 82,500 shares of the Company’s common stock and the balance in $30,000 cash (accruing monthly and payable in quarterly installments).
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Amendment to Employment Agreement, dated July 5, 2019, with Michele Ciavarella |
Newgioco Group, Inc. Exhibit
EX-10.1 3 exhibit_10-1.htm AMENDMENT TO EMPLOYMENT AGREEMENT,…
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About Newgioco Group, Inc. (OTCMKTS:EMGL)
Newgioco Group, Inc., formerly Empire Global Corp. is a licensed gaming operator. The Company offers Web-based and land-based gaming services in Italy. The Company’s product offering includes a range of online and offline lottery and casino gaming, as well as sports betting and online poker. The Company’s Website and shops offer gaming line-up, including sports betting, online casino, poker, bingo, skilled and interactive games, virtual sports and horse racing. Its sports betting offer both pre-live and live in-game betting opportunities for a range of sports. Its online casino offers casino games, live casino, poker, bingo and interactive skilled games. The Company offers poker games, such as Texas Hold’em and Omaha in both cash and tournament format. The Company has approximately 1,070 Web-based betting shops, over three corner and approximately two agency locations operating under its license.