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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 January 21, 2022, Motorsport Games Inc. (the “Company”) notified Stephen Hood, the Company’s President, that his position will be eliminated effective January 21, 2022. Mr. Hood has served in this role since April 2019. Mr. Hood will receive the following separation payments: £43,750 in lieu of his entitlement to 3 months’ termination notice, £37,019.23 in lieu of accrued but untaken holiday pay and an £60,000 ex gratia settlement payment which includes statutory redundancy as required under the law of England & Wales.
Effective immediately upon such termination, Dmitry Kozko, the Company’s Chief Executive Officer, will assume all responsibilities of overseeing the Company’s Development Studio. No additional compensation arrangements have been made in connection with Mr. Kozko’s assuming such responsibilities.
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.
|MOTORSPORT GAMES INC.|
|Date: January 21, 2022||By:||/s/ Jonathan New|
|Jonathan New, Chief Executive Officer|