Hall of Fame Resort & Entertainment Company Announces Inducement Equity Grants

Rhea-AI Summary

On Nov. 23, 2022, Hall of Fame Resort & Entertainment Company (HOFV) announced the granting of inducement awards in the form of restricted stock units (RSUs) to three newly appointed executives. John Rozak received 22,123 RSUs as Vice President of Marketing, Joshua Law received 19,917 RSUs as Director of Business Intelligence, and Eric Kohut received 36,200 RSUs as Senior Legal Counsel. These RSUs, based on common stock with a par value of $0.0001, vest over three years, reflecting HOFV's strategic focus on talent acquisition and retention.

Positive

• Granting RSUs incentivizes key executive hires, promoting retention.
• Attracting experienced executives could enhance business performance.

Negative

• None.

CANTON, Ohio, Nov. 23, 2022 /PRNewswire/ -- 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 John Rozak, as an inducement to accept his appointment as Vice President Marketing with HOF Village Newco, LLC ("HOF Village"), 22,123 restricted stock units (the "RSUs") with respect to the Company's common stock, $0.0001 par value. The Company also granted Joshua Law, as an inducement to accept his appointment as Director of Business Intelligence with HOF Village, 19,917 RSUs. In addition, the Company granted Eric Kohut, as an inducement to accept his appointment as Senior Legal Counsel, Corporate Governance and Compliance with HOF Village, 36,200 RSUs. The grants were made as inducement awards in accordance with the offers of employment of Messrs. Rozak, Law and Kohut 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 recent RSU grants by Hall of Fame Resort & Entertainment Company (HOFV)?

On Nov. 23, 2022, HOFV announced the grant of RSUs to three new executives: John Rozak (22,123 RSUs), Joshua Law (19,917 RSUs), and Eric Kohut (36,200 RSUs).

Who received RSU grants from HOFV on Nov. 23, 2022?

John Rozak, Joshua Law, and Eric Kohut received RSU grants as part of their new positions at HOFV.

What was the purpose of the RSU grants at HOFV?

The RSU grants were provided as inducement awards to attract and retain key talent in executive positions.

When will the RSUs granted by HOFV vest?

The RSUs will vest in one-third increments on each of the first, second, and third anniversaries of the executive's start date.

What is the par value of the common stock related to the RSUs at HOFV?

The common stock associated with the RSUs has a par value of $0.0001.