Bally's Corp appointed new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers


On October 1, 2021, Gamesys' Chief Executive Officer, Lee Fenton, became Bally's Chief Executive Officer and joined Bally's Board of Directors in the class of directors with a term that expires at Bally's 2023 annual shareholders meeting.


Mr. Fenton, age 51, has been Chief Executive Officer of Gamesys since September 2019 and, before that, Mr. Fenton was Chief Executive Officer of Gamesys Limited beginning in July 2015. He initially joined Gamesys Limited in November 2008 as Chief Operating Officer. Prior to joining Gamesys Limited, he was Chief Operating Officer of the mobile division at 20th Century Fox and, before that, Global Director of Consumer Products & Content at Vodafone Group plc. Mr. Fenton graduated with a BA (Hons) in Media & Cultural Studies from the University of the West of England.


Concurrent with Gamesys becoming a subsidiary of Bally's, Mr. Fenton entered into a service agreement, which sets forth the terms and conditions relating to his appointment as Bally's Chief Executive Officer, effective October 1, 2021. Mr. Fenton's employment and appointment as Bally's Chief Executive Officer continue under the service agreement until terminated by either party in accordance with the terms of the agreement. Mr. Fenton's annual compensation consists of a base salary of $1,100,000 and a potential target bonus of 100% of base salary (both payable in Sterling Pounds). The service agreement contains customary restrictive covenants and confidentiality provisions, and Mr. Fenton will be eligible to participate in customarily offered benefit programs. Upon appointment, Mr. Fenton received an equity award with an aggregate grant date value of $7.5 million consisting of 50% Restricted Stock Units and 50% Performance Stock Units under Bally's 2021 Equity Incentive Plan vesting ratably over three years. Mr. Fenton's service agreement is attached as Exhibit 10.2 hereto.


Following the acquisition, George Papanier became President, Retail, the head of Bally's on-land business, and remains a member of Bally's Board of Directors.


On October 1, 2021, Robeson Reeves, Gamesys' Chief Operating Officer, assumed the role of President, Interactive and joined Bally's Board of Directors in the class of directors with a term that expires at the 2022 annual shareholders meeting. In addition, Jim Ryan, a non-executive director of Gamesys, joined Bally's Board of Directors in the class of directors with a term that expires at the 2022 annual shareholders meeting.


Mr. Reeves, age 37, joined Gamesys Limited in September 2005 and has held a number of positions, most recently Director of Gaming Operations from May 2010 and as a Board member since August 2010. He has been Chief Operating Officer of Gamesys since September 2019 and, before that, Mr. Reeves was Chief Operating Officer of Gamesys Limited beginning in July 2015. Since joining Gamesys, Mr. Reeves has built a strong record in cohesively connecting player and product experiences to marketing and business KPIs, ensuring sustainable growth. He graduated in 2005 with a BSc in Statistics, Operations, Research and Management Studies from University College, London.


Mr. Ryan will be paid in accordance with Bally's compensation policy for non-employee directors.


There are no family relationships between Mr. Fenton, Mr. Robeson or Mr. Ryan and any previous or current Bally's officers or directors, or related-party transactions reportable under Item 404(a) of Regulation S-K.


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