GME COO Nir Patel Departs Gamestop. Was he Fired or Resigned?

GME COO Nir Patel Departs Gamestop. Was he Fired or Resigned?

GME COO Nir Patel Departs Gamestop.

Was he Fired or Resigned?

On April 4, 2024, GameStop Corp.

(together with its affiliates, the “Company”) and Nir Patel, Chief Operating Officer, entered into a Separation Agreement and Mutual Release of Claims (the “Separation Agreement”).

The Separation Agreement provides for Mr. Patel’s departure from the Company, effective April 4, 2024, as the Company’s Chief Operating Officer.

The responsibilities associated with the position are being absorbed by other members of the Company’s management team.

The Separation Agreement contains a customary general release of claims by Mr. Patel and the Company and provides for the following: (i) a lump sum payment to Mr. Patel consisting of (a) ten weeks of base salary, (b) an amount equal to the applicable premiums for COBRA continuation coverage for two months, and (c) thirty percent of the remaining unearned portion of Mr. Patel’s sign-on bonus, and (ii) acceleration of vesting of thirty percent of the portion of Mr. Patel’s equity awards that were otherwise scheduled to vest in the ordinary course during the six-month period immediately following his separation date.