Summary by Moomoo AI
On April 4, 2024, GameStop Corp. announced the departure of Nir Patel, the company's Chief Operating Officer, effective immediately. The separation was formalized through a Separation Agreement and Mutual Release of Claims. As part of the agreement, Patel will receive a lump sum payment, which includes ten weeks of base salary, two months' worth of COBRA premiums, and thirty percent of the unearned portion of his sign-on bonus. Additionally, thirty percent of Patel's equity awards scheduled to vest in the six months following his departure will be accelerated. GameStop has stated that Patel's responsibilities will be taken over by other members of the management team. The full text of the Separation Agreement was included as an exhibit in the Form 8-K filed with the SEC, and the company has offered to furnish a copy of the omitted exhibit upon request.