A very extensive 8K was released yesterday. Da
Post# of 83
Posted On: 06/26/2014 10:19:08 AM
A very extensive 8K was released yesterday.
Daniel Hammett – Chief Executive Officer
Mr. Hammett, 51, was appointed as chief executive officer of the Company on June 19, 2014. The term of his position is until his removal by the Company’s Board of Directors or his resignation.
In a number of earlier executive management positions, Mr. Hammett has contributed to the growth and profitability of Lasersoft Corporation, Caere Corporation, and Insight Marketing. Mr. Hammett joined Activision after its June 1998 acquisition of Head Games Publishing, where he had been founder, president and chief executive officer.
He served as President of Activision Value and Executive Vice President of Activision until 2003. At that time Activision was a worldwide electronic sports and outdoor leisure action games/simulation entertainment publisher and producer generating over $800-million plus in revenues with $1.6-billion-dollar market cap.
At Activision, Mr. Hammett managed a $695-million-dollar global publishing operation with three operating divisions, and a 25-person management team overseeing six worldwide offices. Among other accomplishments he restructured the international publishing organization and generated a profit of over $3.5 million for the 2001 fiscal year, and delivered a 25% revenue increase. In addition he led the Value Software Division to increased revenue and profitability and produced $128 million in gross revenue with a 23% increase, and $6.7 million in net operating income, a 19% increase.
After leaving Activision, Mr. Hammett joined Vivendi Universal Games as executive vice president where he created the Value/Casual Games Division managing all console, PC, and online product management, acquisitions, budgeting, and legal affairs. He was also responsible for internal as well as third party partner publishing relationships and product evaluation. In 2005 he was responsible for revenue of $172MM and developer advances $41MM. He departed Vivendi in 2006 to found Divergent Entertainment, Inc.
Mr. Hammett does not have a written employment agreement or other compensatory agreement in place with the Company. Mr. Hammett does have an employment agreement with MGG pursuant to which Mr. Hammett is paid a base salary of $300,000 annually. Further, Mr. Hammett is eligible for an incentive bonus at the sole discretion of the board of managers of MGG based on the MGG’s Net Profit (calculated as the difference between (i) revenue and (ii) expenses, calculated in accordance with US GAAP) calculated on an annual basis. Such incentive award is to be paid within 90 days of the end of such annual calculation period. Mr. Hammett is also granted the same health, disability and life insurance coverage provided generally to other full-time salaried employees of MGG. MGG has agreed to reimburse Mr. Hammett for his reasonable business expenses.
The employment agreement can be terminated by MGG at any time with or without notice. If MGG terminates Mr. Hammett’s employment without cause (pursuant to the terms of the employment agreement) or Mr. Hammett resigns for good reason (pursuant to the terms of the employment agreement), Mr. Hammett will be entitled (in addition to any compensation earned through the date of termination) to his base salary and health benefits for a period of twelve months following such termination.
The employment agreement contains confidentiality and non-compete provisions.
Mr. Hammett does not have any family relationship with any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. There are no understandings or arrangements between Mr. Hammett and any other person pursuant to which Mr. Hammett was selected as Chief Executive Officer of the Company. Mr. Hammett is a principal owner of GO, which after the Share Exchange became a 66.82% shareholder of the Company.
In connection with the Share Exchange, pursuant to which Mr. Hammett was appointed, the Company assumed Mr. Hammett’s MGG options and thereby granted Mr. Hammett Company Options to purchase up to 30,000,000 shares of the Company’s common stock at $0.05 per share until December 31, 2024, in accordance with the terms of the Option Amendment between Mr. Hammett, the Company and MGG.
Daniel Hammett – Chief Executive Officer
Mr. Hammett, 51, was appointed as chief executive officer of the Company on June 19, 2014. The term of his position is until his removal by the Company’s Board of Directors or his resignation.
In a number of earlier executive management positions, Mr. Hammett has contributed to the growth and profitability of Lasersoft Corporation, Caere Corporation, and Insight Marketing. Mr. Hammett joined Activision after its June 1998 acquisition of Head Games Publishing, where he had been founder, president and chief executive officer.
He served as President of Activision Value and Executive Vice President of Activision until 2003. At that time Activision was a worldwide electronic sports and outdoor leisure action games/simulation entertainment publisher and producer generating over $800-million plus in revenues with $1.6-billion-dollar market cap.
At Activision, Mr. Hammett managed a $695-million-dollar global publishing operation with three operating divisions, and a 25-person management team overseeing six worldwide offices. Among other accomplishments he restructured the international publishing organization and generated a profit of over $3.5 million for the 2001 fiscal year, and delivered a 25% revenue increase. In addition he led the Value Software Division to increased revenue and profitability and produced $128 million in gross revenue with a 23% increase, and $6.7 million in net operating income, a 19% increase.
After leaving Activision, Mr. Hammett joined Vivendi Universal Games as executive vice president where he created the Value/Casual Games Division managing all console, PC, and online product management, acquisitions, budgeting, and legal affairs. He was also responsible for internal as well as third party partner publishing relationships and product evaluation. In 2005 he was responsible for revenue of $172MM and developer advances $41MM. He departed Vivendi in 2006 to found Divergent Entertainment, Inc.
Mr. Hammett does not have a written employment agreement or other compensatory agreement in place with the Company. Mr. Hammett does have an employment agreement with MGG pursuant to which Mr. Hammett is paid a base salary of $300,000 annually. Further, Mr. Hammett is eligible for an incentive bonus at the sole discretion of the board of managers of MGG based on the MGG’s Net Profit (calculated as the difference between (i) revenue and (ii) expenses, calculated in accordance with US GAAP) calculated on an annual basis. Such incentive award is to be paid within 90 days of the end of such annual calculation period. Mr. Hammett is also granted the same health, disability and life insurance coverage provided generally to other full-time salaried employees of MGG. MGG has agreed to reimburse Mr. Hammett for his reasonable business expenses.
The employment agreement can be terminated by MGG at any time with or without notice. If MGG terminates Mr. Hammett’s employment without cause (pursuant to the terms of the employment agreement) or Mr. Hammett resigns for good reason (pursuant to the terms of the employment agreement), Mr. Hammett will be entitled (in addition to any compensation earned through the date of termination) to his base salary and health benefits for a period of twelve months following such termination.
The employment agreement contains confidentiality and non-compete provisions.
Mr. Hammett does not have any family relationship with any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. There are no understandings or arrangements between Mr. Hammett and any other person pursuant to which Mr. Hammett was selected as Chief Executive Officer of the Company. Mr. Hammett is a principal owner of GO, which after the Share Exchange became a 66.82% shareholder of the Company.
In connection with the Share Exchange, pursuant to which Mr. Hammett was appointed, the Company assumed Mr. Hammett’s MGG options and thereby granted Mr. Hammett Company Options to purchase up to 30,000,000 shares of the Company’s common stock at $0.05 per share until December 31, 2024, in accordance with the terms of the Option Amendment between Mr. Hammett, the Company and MGG.
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