Agassi Sports Entertainment Corp. 8-K

What Happened
Agassi Sports Entertainment Corp. announced an Executive Employment Agreement with its CEO and director, Ronald S. Boreta, dated March 25, 2026 and effective March 1, 2026. The agreement establishes a five‑year term through February 28, 2031 with automatic one‑year renewals unless either party gives at least 60 days’ notice not to renew.

Key Details

• Base salary: $270,000 annually, subject to automatic 10% annual increases.
• Bonus and equity: targeted discretionary cash bonus of 50% of base salary; eligible for additional discretionary equity or cash awards.
• Sign‑on and equity grants: a $250,000 cash sign‑on bonus required by the agreement (not yet paid) and 300,000 restricted stock units (RSUs) vesting 1/3 on each of Dec 31, 2026, 2027 and 2028, subject to Board approval and registration of the 2026 equity plan.
• Termination and severance: for death/disability — lump sum covering accrued pay and pro‑rata bonuses plus accelerated vesting and limited post‑termination exercise period; for termination by CEO for “good reason” or by Company without “cause” — severance equal to three times annual base salary plus the targeted bonus for the year, 12 months of COBRA health premium contributions (subject to offsets), and accelerated vesting of unvested equity (exercisable up to 90 days). Change‑of‑control formula provides a three‑times cash multiple (with offsets).
• Restrictive covenants: non‑compete and non‑solicit provisions apply during employment and for 12 months after termination in jurisdictions where the company provides relevant products or services.

Why It Matters
This filing confirms the company’s commitment to retain its CEO with multi‑year compensation and severance protections that could affect near‑term cash obligations (the unpaid $250,000 sign‑on bonus) and future equity dilution if the RSUs are granted and vest. The arrangement also includes typical severance and change‑of‑control payments that could create material cash or equity impacts in certain termination scenarios. Investors should note Board approval and an S‑8 registration are still needed before the RSUs can be issued. The full Employment Agreement is attached as Exhibit 10.1 to the 8‑K.