Esports Entertainment settles former CEO Grant Johnson litigation for $500k in cash

ESPORTS ENTERTAINMENT GROUP, INC.

Settlement resolves three pending lawsuits in SDNY (1:22-cv-10861) between company and former CEO Grant Johnson.
Company pays $500k total in 10 monthly installments of $50k, starting ~30 days after signing.
Mutual general release of all claims and non-disparagement agreements; no admission of liability.
Agreement dated November 7, 2023; cash payments may strain company liquidity given going-concern status.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ESPORTS ENTERTAINMENT GROUP, INC. entered into confidential settlement agreement and general release with Grant Johnson valued at $500,000 (effective 2023-11-07).

Action: entry
Agreement: settlement
Counterparty: Grant Johnson
Value: $500,000
Effective: 2023-11-07

Exact text from the filing

On November 7, 2023, Esports Entertainment Group, Inc. (the “Company”) entered into a confidential settlement agreement and general release (the “Settlement Agreement”) with Grant Johnson, the former Chairman of the board of directors and Chief Executive Officer of the Company, with respect to all disputes and pending litigation between the Company and Mr. Johnson.

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ESPORTS ENTERTAINMENT GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001493152-23-039771

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