8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 25, 2023

SKILLZ INC.

(Exact name of registrant as specified in its charter)

PO Box 445

San Francisco, California 94104

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (415) 762-0511

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

New Chief Financial Officer

Effective February 27, 2023 (the “Effective Date”), Alvin Lobo, 42, will serve as Chief Financial Officer of Skillz Inc. (the “Company”) and report directly to the Chief Executive Officer. Mr. Lobo previously served as the Senior Vice President, Finance and then Chief Financial Officer of Score Media and Gaming Inc., a digital media company (“Score Media”) from 2019 to 2022. Mr. Lobo joined Score Media from Boyd Gaming Corporation, a gaming and hospitality company, where he served as Vice President, Corporate Finance from 2016 to 2019. Prior to Boyd Gaming, Mr. Lobo served as Director of Corporate Finance and Investor Relations for Wynn Resorts from 2014 to 2016. Previously, he served as an Investment Banking Associate at Barclays Capital from 2011 to 2014 and as an Investment Banking Analyst from 2010 to 2011. Prior to Barclays Capital, Mr. Lobo served as an Investment Banking Analyst at Lehman Brothers from 2007 to 2009. Mr. Lobo holds a Bachelor of Arts degree in Political Science from the University of California, Berkeley.

Jason Roswig, the Company’s current President and Chief Financial Officer, will transition to the role of President, effective the Effective Date.

Under an offer letter that Mr. Lobo entered into with the Company, and approved by the Company’s Board of Directors on February 25, 2023, he will be paid a salary of $450,000.00 per year. He will also be eligible to receive annual target incentive compensation of $300,000.00 (pro-rated for 2023), subject to achievement of certain performance goals. The Company will also grant Mr. Lobo a restricted stock unit award covering shares of the Company’s Class A common stock with a grant date value equal to $2,000,000.00. Such grant vests 25% on the first anniversary of Mr. Lobo’s start date and the remainder vests in 12 substantially equal quarterly installments, in each case subject to continuous service with the Company through each applicable vesting date, provided that the grant vests in full if Mr. Lobo is terminated without cause following a change of control of the Company. In addition, the Company will also grant to Mr. Lobo a performance stock unit award covering shares of the Company’s Class A common stock with a grant date value equal to $2,000,000.00. Such grant vests over four one-year periods, with pro-rata vesting for the first and last performance periods, in each case subject to continuous service with the Company through each applicable vesting date and the attainment of certain corporate performance goals. Mr. Lobo will also receive a one-time signing bonus in the amount of $200,000.00, which is repayable to the Company if Mr. Lobo voluntarily leaves the Company within twelve (12) months of his start date or is terminated for cause.

There are no family relationships between Mr. Lobo and any of the directors or executive officers of the Company, and there are no transactions in which Mr. Lobo has an interest requiring disclosure under Item 404(a) of Regulation S-K. There is no arrangement or understanding between Mr. Lobo and any other person pursuant to which Mr. Lobo was appointed as an officer of the Company.

Item 7.01. Regulation FD Disclosure

On February 27, 2023, the Company issued a press release announcing Mr. Lobo’s appointment. A copy of the press release is attached hereto as Exhibit 99.1.

SIGNATURES

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.

skillzpressrelease_02-27

Skillz Appoints Gaming Industry Executive Alvin Lobo as Chief Financial Officer Lobo Brings Decades of Financial Experience in Esports and Gaming to Skillz SAN FRANCISCO, CALIFORNIA – February 27, 2023 – Skillz (NYSE: SKLZ), the leading mobile games platform bringing fair competition to players worldwide, today announced the appointment of Alvin Lobo to the role of Chief Financial Officer. “Alvin is a proven leader who will be dedicated to bringing financial excellence to Skillz. I couldn’t be more excited about him joining our leadership team,” said Andrew Paradise, CEO and founder of Skillz. “Skillz is already building a model that the rest of the mobile gaming industry will eventually be adopting,” said Lobo. “The vision Skillz is executing sets us apart as a leader and I'm thrilled to step into the Chief Financial Officer role to help unlock the company’s full business potential.” As Chief Financial Officer, Lobo joins the Skillz C-Suite and will report directly to Paradise. He will lead the company’s finance functions, including accounting, FP&A, and investor relations. Jason Roswig, who joined Skillz in August 2022 as President and Chief Financial Officer, will now serve as President. Formerly Chief Financial Officer at Score Media and Gaming, Lobo oversaw all financial and accounting operations within the organization, leading major growth and funding initiatives, including the company’s U.S. IPO and eventual sale to Penn Entertainment. Prior to that, Lobo spent several years in the gaming industry, serving as Vice President of Corporate Finance for Boyd Gaming Corporation and as Director of Corporate Finance and Investor Relations for Wynn Resorts. Earlier experience includes Investment Banking roles at Barclays Capital, Lehman Brothers, and Bank of America. About Skillz Inc. Skillz is the leading mobile games platform dedicated to bringing out the best in everyone through competition. The Skillz platform helps developers create multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual esports tournaments for millions of mobile players worldwide, with the goal of building the home of competition for all. Skillz has earned recognition as one of Fast Company’s Best Workplaces for Innovators, CNBC’s Disruptor 50, Forbes’ Next Billion-Dollar Startups, Fast Company’s Most Innovative Companies, and the number-one fastest-growing company in America on the Inc. 5000. www.skillz.com #### Media Contact press@skillz.com

Source: Skillz Inc.