Bowlero Corp (NYSE:BOWL), a leader in the leisure and entertainment industry, announced on Wednesday the appointment of Lev Ekster as its new President, effective immediately. The company, which specializes in amusement and recreation services, disclosed the details of the employment agreement with Ekster in a recent 8-K filing with the Securities and Exchange Commission.
Under the terms of the agreement dated November 6, 2024, Ekster will receive an initial annual base salary of $725,000 with a target annual bonus determined by the company's Compensation Committee. The bonus is set to be at least 50% of his base salary. The contract is slated to run until November 6, 2026, unless terminated sooner by either party.
Should Ekster's employment be terminated by Bowlero without cause or if he leaves for good reason, as defined in the employment agreement, he will be eligible for termination benefits. These benefits include the continuation of his base salary and coverage of health plan premiums for 12 months following his departure.
In the event of a company change in control within 24 months, the 12 months of base salary would be paid in a lump sum. These benefits are contingent upon Ekster signing a release of claims and adhering to certain restrictive covenants and confidentiality obligations.
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