Mobile Global Esports, Inc 8-K, filed Nov 5, 2024
Mobile Global Esports, Inc. (MGAM)
About this 8-K
Mobile Global Esports, Inc filed this 8-K on November 5, 2024, reporting on events of October 31, 2024.
Items reported
- Item 5.02: Director or officer change, or executive pay
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 31, 2024, Mobile Global Esports Inc. (the “Company”) entered into an executive employment agreement with Brett Rosin (the “Agreement”). Pursuant to the Agreement, Mr. Rosin be employed as the Company’s President and Chief Executive Officer for a term of three (3) years which shall be automatically renewed for successive periods of three (3) years each. Mr. Rosin shall be paid annual cash compensation of $96,000 and is entitled an annual bonus of up to 100% of his annual cash compensation upon achievement of performance objectives to be determined by the Board. Mr. Rosin is eligible to exchange any of his bonus awards in cash to common stock up to 30% of the cash award earned. Sunny Bhandarkar, the CEO and a director of Mobile Global Esports, Inc. (the “Company”) resigned as CEO and a director for personal reasons. In the event that the Company terminates Mr. Rosin without Cause (as defined in the Agreement), Mr. Rosin would be entitled to severance of six (6) months of his salary and bonuses.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 5, 2024
| MOBILE GLOBAL ESPORTS INC. |
| By: | /s/ Brett Rosin | |
| Brett Rosin | ||
| Chief Executive Officer |
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