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Hall of Fame Resort & Entertainment Company Announces Inducement Equity Grants
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) announced the granting of restricted stock units (RSUs) to new executives as inducement awards. Benjamin Lee, the new CFO, received 612,369 RSUs; Rob Borm, Executive VP of Gaming, received 235,952 RSUs; and Holly Claus, Director of Live Events Sales, received 12,079 RSUs. The RSUs will vest in one-third increments over three years, contingent on continued service. These awards were made outside the Company’s Amended 2020 Omnibus Incentive Plan but share similar terms.
Positive
Inducement awards to new executives align with company growth strategy.
RSUs vesting over three years may enhance employee retention.
Negative
None.
CANTON, Ohio--(BUSINESS WIRE)--
Hall of Fame Resort & Entertainment Company (“HOFV” or the “Company”) (NASDAQ: HOFV, HOFVW), the only resort, entertainment and media company centered around the power of professional football and owner of the Hall of Fame Village powered by Johnson Controls in Canton, Ohio, today announced that it granted to Benjamin Lee, as an inducement to accept his appointment as Chief Financial Officer of the Company, 612,369 restricted stock units (the “RSUs”) with respect to the Company’s common stock, $0.0001 par value. The Company also granted to Rob Borm, as an inducement to accept his appointment as Executive Vice President of Gaming with HOF Village Newco LLC, 235,952 RSUs. Furthermore, the Company granted to Holly Claus, as an inducement to accept her appointment as Director of Live Events Sales with HOF Village Newco LLC, 12,079 RSUs. The grants were made as inducement awards in accordance with Mr. Lee’s employment agreement and Mr. Borm’s and Ms. Claus’s offers of employment and were not granted under the Company’s Amended 2020 Omnibus Incentive Plan (the “2020 Plan”), but are subject to substantially the same terms and conditions as the 2020 Plan. For each new employee, the grants, which are subject to award agreements, will vest in one-third increments on each of the first, second and third anniversary of such new employee’s start date, subject to continued service through each applicable vesting date.
About the Hall of Fame Resort & Entertainment Company
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Hall of Fame Resort & Entertainment Company is the owner of the Hall of Fame Village powered by Johnson Controls, a multi-use sports, entertainment and media destination centered around the Pro Football Hall of Fame's campus. Additional information on the Company can be found at www.HOFREco.com.
Source: Hall of Fame Resort & Entertainment Company
FAQ
What stock units were granted to Benjamin Lee at HOFV?
Benjamin Lee was granted 612,369 restricted stock units (RSUs) as an inducement for accepting the CFO position.
How many RSUs were awarded to Rob Borm at HOFV?
Rob Borm received 235,952 RSUs as an inducement for accepting the Executive Vice President of Gaming position.
What is the vesting schedule for the RSUs granted at HOFV?
The RSUs will vest in one-third increments on each of the first, second, and third anniversaries of the employees' start date.
Are the RSUs granted at HOFV part of the 2020 Incentive Plan?
No, the RSUs were not granted under the Company's Amended 2020 Omnibus Incentive Plan but have similar terms.
What positions were filled in the recent announcement by HOFV?
The recent announcement by HOFV filled the positions of Chief Financial Officer, Executive Vice President of Gaming, and Director of Live Events Sales.
