Business
Super League Announces Inducement Grants under Nasdaq Listing Rule 5635(c)(4)
SANTA MONICA, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Super League Gaming (Nasdaq: SLGG), a leading publisher and creator of immersive experiences across the
About this update from Super League Enterprise, Inc.
[{"type":"text","content":"SANTA MONICA, Calif., May 09, 2023 (GLOBE NEWSWIRE) -- Super League Gaming (Nasdaq: SLGG), a leading publisher and creator of immersive experiences across the world’s largest metaverse gaming platforms, announced that on May 4, 2023, the Compensation Committee of the Board of Directors of Super League (Compensation Committee) granted inducement awards consisting of restricted stock unit awards (RSUs) to acquire an aggregate of 2,075,550 shares of its common stock, to two new employees, Joshua Neuman and Devon Thome, whose employment commenced on May 4, 2023 following the acquisition of Melon, Inc. by Super League. The awards were granted pursuant to terms and conditions fixed by the Compensation Committee and as an inducement material to each new employee entering employment with Super League in accordance with Nasdaq Listing Rule 5635(c)(4). Of the 2,075,550 RSUs: (A) 830,220 of the RSUs will vest in 25 equal monthly installments beginning on May 4, 2023, and on the first of each calendar month thereafter subject to the applicable employee’s continued service with Super League on each such vesting date; and (B) 1,245,330 of the RSUs will vest as follows: (i) 25% will vest upon the achievement of certain net revenue targets for the year ended December 31, 2024, to be determined by the Board of Directors in their discretion; (ii) 25% upon the achievement of certain net revenue targets for the year ended December 31, 2025, to be determined by the Board of Directors in their discretion; (iii) 25% upon Super League’s Common Stock maintaining a minimum closing price of at least $1.50 over a rolling 30 consecutive trading days, as quoted on the Nasdaq Capital Market; and (iv) 25% upon Super League’s Common Stock maintaining a minimum closing price of at least $2.50 over a rolling 30 consecutive trading days, as quoted on the Nasdaq Capital Market. The vesting of the RSUs will accelerate upon a change of control of the Company. In addition, in the event the Company (i) terminates the employment of Neuman or Thomas without cause, or (ii) Neuman or Thomas resign for good reason as defined in their respective employment agreements, then in such event vesting shall continue for the remainder of the employment agreement term as if the employee had not been terminated. The RSUs are subject to the terms and conditions of the RSU agreement cov...