Effective December 30, 2020, the board of directors
(the “Board”) of Elys Game Technology, Corp. (“the “Company”) appointed Michele Ciavarella as the
Executive Chairman and Matteo Monteverdi as the Chief Executive Officer of the Company. Mr. Ciavarella resigned as Chief Executive
Officer, effective December 30, 2020, to allow Mr. Monteverdi to assume that role. Mr. Monteverdi has served as the Company’s
President since September 21, 2020 and will retain that position.
Mr. Ciavarella (age 58) served as the Company’s
Chief Executive Officer since June 2011, serves as a member of the Company’s Board since June 2011 and has served as the
Company’s Chairman of the Board since June 26, 2019. In addition, Mr. Ciavarella has served the Com pany in various roles
and executive capacities since 2004 including President, Chief Executive Officer and Director of Operations. From 2004 to 2011,
Mr. Ciavarella was engaged in senior executive and director roles for a variety of private and publicly listed companies including
Kerr Mines Ltd. (formerly known as Armistice Resources Corp.), Firestar Capital Management Corporation, Mitron Sports Enterprises,
Process Grind Rubber and Dagmar Insurance Services. He also served as the Business Development Officer for Forte Fixtures and Millwork,
Inc., a family owned business in the commercial retail fixture manufacturing industry from January 2007 until October 2013. From
1990 until 2004, Mr. Ciavarella served as a senior executive, financial planner, life insurance underwriter and financial advisor
for Manulife Financial and Sun Life Financial. Mr. Ciavarella received his Bachelor of Science degree from Laurentian University
in Sudbury, Ontario.
Mr. Monteverdi (age 50) has extensive industry
leadership experience, having served as U.S. President of Sportradar from April 2018 to February 2020, and as IGT Senior Vice President
of Global Digital Products from 2015 to 2018. Previously from 2012 to 2015 he was GTECH Senior Vice President of iGaming. He also
served as President of Lottomatica Betting and Interactive from 2010 to 2012. Mr. Monteverdi holds an MBA from SDA Bocconi in Milan,
Italy, a Law Degree from Università Degli Studi in Milan, Italy and a specialization in Marketing from Stanford Graduate
In connection with Mr. Ciavarella’s appointment
as the Executive Chairman, the Company entered into an amendment, dated December 30, 2020 (the “Amendment”), to that
certain employment agreement, dated December 31, 2018, as amended on July 5, 2019, by and between the Company and Mr. Ciavarella.
Pursuant to the Amendment, Mr. Ciavarella’s: (i) position at the Company was changed to Executive Chairman; (ii) term of
employment was extended three years to December 31, 2024; and (iii) base salary was increased to $500,000. The Amendment further
provides that in lieu of cash, and to the extent shares are then available for grant under the Company’s 2018 Equity Incentive
Plan, as amended (the “Plan”), Mr. Ciavarella may elect to receive, as of the first business day in January of each
year of employment, up to 50% of his base salary as a restricted stock grant of shares of the Company’s common stock under
the Plan, vesting monthly over a 12-month period. For the year ended December 31, 2021, Mr. Ciavarella has agreed to receive $140,000
of his base salary as a restricted stock grant.
There are no familial relationships between
or among Mr. Ciavarella, Mr. Monteverdi or any other executive officer or director of the Company.
The foregoing description of the Amendment
is a summary only and is qualified in its entirety by reference to the Amendment, which is attached hereto as Exhibit 10.1 and
is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
Amendment, dated December 30, 2020, to the Employment Agreement between Elys Gaming Technology, Corp. and Michele Ciavarella.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: January 5, 2021
ELYS GAME TECHNOLOGY, CORP.
By: /s/ Michele Ciavarella
Name: Michele Ciavarella
Title: Chief Executive Officer
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Other recent filings from the company include the following:
Notice of Effectiveness - April 21, 2021
Current report, items 8.01 and 9.01 - April 20, 2021
Empire Global: Elys Game Technology Achieves Record Annual Revenue Of $37.3 Million For 2020 - April 14, 2021
Post-Effective amendments for registration statement - April 13, 2021
Annual report [Section 13 and 15(d), not S-K Item 405] - April 13, 2021