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Posted 10 October, 2023

GAN Ltd appointed Seamus McGill as new CEO

Nasdaq:GAN appointed new Chief Executive Officer Seamus McGill in a 8-K filed on 10 October, 2023.


  As previously reported by GAN Limited (the "Company"), effective September 26, 2023, Seamus McGill was appointed as Interim Chief Executive Officer of the Company.  

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Overview of GAN Ltd
Leisure/Arts/Hospitality • Gambling Industries
GAN Ltd. engages in the development and sale of internet gambling software-as-a-service solutions. It operates through the Business-to-Business (B2B) and Business-to-Consumer (B2C) segments. The B2B segment develops, markets, and sells instances of iSight Back Office and GameSTACK that incorporates comprehensive player registration, account funding and back-office accounting and management tools that enable the casino operators to extend their presence online in places that have permitted online real money gaming. The B2C segment includes the operations of Coolbet and develops and operates a B2C online sports betting and casino platform that is accessible through its website in markets across Northern Europe, Latin America, and Canada. The company was founded on December 13, 2019 and is headquartered in Irvine, CA.
Market Cap
$66.6M
View Company Details
GAN Ltd by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


As previously reported by GAN Limited (the "Company"), effective September 26, 2023, Seamus McGill was appointed as Interim Chief Executive Officer of the Company.


On October 5, 2023, the Company entered into an employment agreement (the "Employment Agreement") with Mr. McGill, pursuant to which Mr. McGill is entitled to, among other benefits, the following compensation:


- an annual base salary of $500,000; 


- a bonus of up to 100% of Mr. McGill's base salary, for the applicable bonus year, provided that Mr. McGill must be employed with the Company and materially in compliance with the Employment Agreement as of the bonus payment date; provided that with the approval of the board of directors, the bonus may be paid through the issuance of a stock award that would be immediately vested; 


- an initial equity award of 275,000 shares of the Company's common stock, with 25% of such award vesting on the first anniversary of the grant date and vesting in 25% increments on each anniversary thereafter; and 


- expense reimbursement and participation in the Company's employee benefit plans, practices and programs that the Company makes available to it employees. 


The Employment Agreement also provides that in the event Mr. McGill is terminated without cause or resigns for good reason (as defined in the Employment Agreement), Mr. McGill is entitled to, among other benefits, (i) severance equal to 12 months of his then-current base salary and (ii) all of Mr. McGill's equity awards shall accelerate and become fully vested, non-forfeitable, and exercisable. Upon a Change-in-Control (as defined in the Employment Agreement), Mr. McGill will be entitled to a transaction bonus in an amount equal to 100% of Mr. McGill's then-current base salary. In addition, if Mr. McGill's employment is terminated by the Company without Cause (as defined in the Employment Agreement) or by Mr. McGill for Good Reason (as defined in the Employment Agreement) within three months before or two years after a Change-in-Control occurs, all of Mr. McGill's equity awards shall accelerate and become fully vested, non-forfeitable, and exercisable.


The Employment Agreement also contains certain non-disclosure, non-solicitation and non-competition requirements.