Form 4: Golden Matrix Group COO's Restricted Stock Units Terms Amended Following Fiscal Year Change

Weiting Feng, COO of Golden Matrix Group, has the terms of their restricted stock units amended to align with the company's new fiscal year end of December 31st.

Summary

• Weiting Feng, the Chief Operating Officer of Golden Matrix Group, Inc., had the terms of their restricted stock units (RSUs) amended on May 9, 2024.
• The amendment adjusts the vesting schedule of the RSUs to be based on the company's financial results for the year ending December 31, 2024, instead of October 31, 2024.
• This change is due to Golden Matrix Group's recent shift in its fiscal year end.
• The RSUs vest, if at all, at the rate of 1/2 of such RSUs, upon the Issuer meeting certain (1) revenue and (2) Adjusted EBITDA targets, as of December 31, 2024, and upon the public disclosure of such operating results in the Issuer's subsequently filed Annual Report on Form 10-K, subject to the reporting person's continued service through the applicable vesting date.
• Feng directly owns 2,791,231 shares of common stock.
• Following the transaction, Feng beneficially owns 125,000 restricted stock units related to the October 31, 2024 date and 125,000 restricted stock units related to the December 31, 2024 date.

Sentiment

Score: 7

Explanation: The document reflects a routine adjustment to executive compensation following a change in the company's fiscal year. It's a neutral event with a slightly positive implication for aligning management incentives.

Positives

• Alignment of executive compensation with the company's new fiscal year may improve focus on long-term performance.

Future Outlook

The vesting of the RSUs is contingent upon the company meeting certain revenue and Adjusted EBITDA targets by December 31, 2024, and the public disclosure of these results in the company's Annual Report on Form 10-K.

Industry Context

Companies often adjust executive compensation plans, including RSU vesting schedules, to align with changes in fiscal year or strategic objectives. This ensures that incentives are tied to relevant performance metrics and timeframes.

Comparison to Industry Standards

• RSUs are a common form of equity compensation used across various industries, including technology and gaming, to incentivize executives and align their interests with those of shareholders.
• Vesting schedules tied to financial performance metrics like revenue and EBITDA are also standard practice.
• Companies like DraftKings and Penn National Gaming also use similar compensation structures for their executives.

Stakeholder Impact

• Shareholders may view the alignment of executive compensation with the company's new fiscal year as a positive step.
• Employees may see this as a standard adjustment to compensation plans.

Next Steps

• The company will need to meet the specified revenue and Adjusted EBITDA targets by December 31, 2024, for the RSUs to vest.
• The company will publicly disclose the operating results in the Issuer's subsequently filed Annual Report on Form 10-K.

Key Dates