Hall of Fame Resort & Entertainment Company Announces Inducement Equity Grants

Rhea-AI Summary

Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV, HOFVW) announced the grant of restricted stock units (RSUs) to new executives as inducement awards for their appointments. Specifically, Victor Gregovits received 380,800 RSUs, while Evan Miller, Brittany Valentine, and John Lytell received 11,770, 11,042, and 20,599 RSUs, respectively. These awards are structured to vest over three years and are subject to similar terms as the company's 2020 Omnibus Incentive Plan.

Positive

• Inducement RSUs granted to four new executives enhance company leadership.
• Vesting schedule of RSUs incentivizes long-term commitment from new hires.

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 Victor Gregovits, as an inducement to accept his appointment as Executive Vice President of Sales & Marketing with HOF Village Newco, LLC (“HOF Village”), 380,800 restricted stock units (the “RSUs”) with respect to the Company’s common stock, $0.0001 par value. The Company also granted to Evan Miller, as an inducement to accept his appointment as Business Development Executive (Media) with HOF Village, 11,770 RSUs. In addition, the Company granted to Brittany Valentine, as an inducement to accept her appointment as Director of Sporting Event (Sales) with HOF Village, 11,042 RSUs. Furthermore, the Company granted to John Lytell, as an inducement to accept his appointment as Director of Public Affairs with HOF Village, 20,599 RSUs. The grants were made as inducement awards in accordance with the offers of employment of Messrs. Gregovits, Miller and Lytell and Ms. Valentine 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.

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Source: Hall of Fame Resort & Entertainment Company

FAQ

What are the details of the RSU grants by Hall of Fame Resort & Entertainment Company?

Hall of Fame Resort & Entertainment Company granted 380,800 RSUs to Victor Gregovits and smaller amounts to Evan Miller, Brittany Valentine, and John Lytell as inducements for their new roles.

Why were RSUs granted to new executives at HOFV?

The RSUs were granted to incentivize acceptance of new executive positions within Hall of Fame Resort & Entertainment Company.

What is the vesting schedule for the RSUs at Hall of Fame Resort & Entertainment Company?

The RSUs will vest in one-third increments over three years, contingent upon continued service.