Business Context and Reporting Period
This Form 8-K Current Report was filed by Motorsport Games Inc. on March 27, 2026. The filing discloses the execution of new employment agreements for two key executive officers: Stephen Hood as Chief Executive Officer and Stanley Beckley as Chief Financial Officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation terms.
Material Changes and Executive Compensation
Stephen Hood (Chief Executive Officer)
- Base Salary: £378,000 (GBP) annually.
- Annual Bonus: Target of 50% of base salary, subject to performance metrics.
- Equity: Eligible for awards under the 2021 Equity Incentive Plan.
- Termination Notice: 6 months by Mr. Hood; 18 months by the Company.
- Severance: Payment in lieu of notice equal to base salary for the notice period if terminated without cause.
- Restrictive Covenants: Non-compete, non-solicitation (12 months post-employment), and confidentiality.
Stanley Beckley (Chief Financial Officer)
- Base Salary: $300,000 (USD) annually.
- Annual Bonus: Target of 25% of base salary, subject to performance metrics.
- Equity: Eligible for awards under the 2021 Equity Incentive Plan.
- Severance: 6 months of base salary upon termination without cause or for "Good Reason."
- Change in Control: Full vesting of unvested equity awards if terminated without cause or for Good Reason within 12 months of a Change in Control.
- Restrictive Covenants: Non-compete (18 months post-employment), non-solicitation (9 months post-employment), and confidentiality.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, financial outlook, or discussion of general business risks. The primary contingency noted is the specific termination provisions and severance obligations tied to the new executive contracts.
Investor Verification Checklist
- Verify the currency conversion impact of the CEO's salary (GBP) versus the CFO's salary (USD) on total compensation costs.
- Review the specific performance metrics for the annual bonuses, which are established by the Board but not detailed in this summary.
- Assess the potential dilution impact of future equity awards under the 2021 Plan for both executives.
- Confirm the definitions of "Cause," "Good Reason," and "Change in Control" in the full text of Exhibits 10.1 and 10.2 to understand severance triggers.