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Item 5.02. Appointment of Certain Officers; Election of Directors; Departure of Directors or Certain Officers; Compensatory Arrangements of Certain Officers.
As publicly disclosed by Motorsport Games Inc. (the “Company”) on October 14, 2022, it has engaged John Delta, 60, as the Company’s part-time Interim Chief Financial Officer until a permanent Chief Financial Officer is appointed.
Mr. Delta has been Managing Partner for the Mid-Atlantic Region of TechCXO, LLC, a provider of outsourced C-Suite executives to high-tech companies since November 2016. Prior to TechCXO, he worked for several private equity-backed companies, including serving as Chief Operating Officer for Management CV Inc. from February 2011 to June 2016; Co-Founder and Chief Financial Officer for JJAB Holdings, LLC from February 2010 to February 2011; Chief Financial Officer for Edison Worldwide from December 2008 to January 2010; Chief Financial Officer for DoublePositive Marketing Group, Inc. from March 2006 to October 2008; Executive Vice President and Global Head of Operations for Hemscott Group PLC from October 2003 to December 2005; and Vice President, General Manager for The Nasdaq Stock Market, including as Vice President of Interactive Services. Earlier in his career, he was a consultant at McKinsey & Co. and Deloitte & Touche in the Financial Strategies practice. Mr. Delta earned a bachelor’s degree and an MBA from the University of Virginia.
In connection with Mr. Delta’s appointment as the Company’s Interim Chief Financial Officer, on October 4, 2022 the Company entered into a Consulting Services Agreement with TechCXO pursuant to which the Company will pay TechCXO an hourly rate of $450 for Mr. Delta’s service as Interim Chief Financial Officer. The Company’s 3rd quarter close process delayed the earlier contemplated September 19, 2022 effective date until the parties were able to finalize and execute the Consulting Services Agreement on October 4, 2022, which is the effective date of Mr. Delta’s appointment as the Company’s Interim Chief Financial Officer. The foregoing description of the Consulting Services Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Consulting Services Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
There is no family relationship between Mr. Delta and any director, executive officer, or person chosen by the Company to become a director or executive officer, nor are there any arrangements between any of Mr. Delta and any other persons pursuant to which Mr. Delta was selected to serve as an officer. There are no transactions to which the Company or any of its subsidiaries is a party and in which Mr. Delta has a direct or indirect material interest subject to disclosure under Item 404(a) of Regulation S-K.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
| Exhibit No. | Description | |
| 10.1 | Consulting Services Agreement by and between Motorsport Games Inc. and TechCXO, LLC (John Delta), dated October 4, 2022 | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
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: October 14, 2022 | By: | /s/ Dmitry Kozko |
| Dmitry Kozko | ||
| Chief Executive Officer | ||
EXHIBIT INDEX
| Exhibit No. | Description | |
| 10.1 | Consulting Services Agreement by and between Motorsport Games Inc. and TechCXO/John Delta, dated October 4, 2022 | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |