Snežana Božović
About Snežana Božović
Snežana Božović is Chief Operating Officer of Meridian Serbia, Secretary of the MeridianBet Group, and a Series C Preferred Director on GMGI’s board. She is 44 and has served on GMGI’s board since January 2025; education includes a bachelor’s in Business Management from University Union in Belgrade, Serbia . Company performance metrics tied to her awards used FY2024 targets of $48,591,457 revenue and $2,637,004 Adjusted EBITDA, which were met; the associated RSUs vested and settled on March 24, 2025 . GMGI is controlled by Meridian sellers via Series C Preferred, with two board seats (including Božović) designated by Series C holders; a Voting Agreement structures board composition and governance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Meridian Tech (Serbia) | COO | May 2022–present | Oversees financial strategy and budgets for Meridian Serbia |
| Meridian Tech (Serbia) | CFO | May 2018–May 2022 | Directed finance and controls |
| Meridian Tech (Serbia) | General Director | Mar 2008–May 2018 | Led operational expansion |
| Meridian Tech (Serbia) | Financial Director | Jan 2006–Mar 2008 | Managed financial operations |
| Meridian Tech (Serbia) | Betting shop manager/croupier | Dec 2003–Jan 2006 | Ground-level operations experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Meridian Tech | Director | May 2022–present | Board oversight of Serbian operating entity |
| Meridian Malta | General Director | May 2016–present | Regulated market leadership in Malta |
| Fair Champions Meridian Ltd. | General Director | Dec 2015–present | Portfolio expansion within Meridian ecosystem |
Fixed Compensation
| Component | Structure/Amount | Timing | Notes |
|---|---|---|---|
| Base Salary | $216,000 | Ongoing | As per Employment Agreement dated June 18, 2024 |
| Monthly Salary portion | $145,200 (cash) | Paid monthly in arrears | Part of structured pay mix |
| Quarterly Salary portion | $70,800 (cash or stock at Co. option) | By 4th day after quarter-end | Accrued as stock-settlement; $53,081 accrued FY2024 and $98,579 by 6/30/2025 |
| FY2024 cash salary paid | $97,539 | FY2024 | Historical cash paid; excludes accrued quarterly salary planned in stock |
Performance Compensation
| Award Type | Grant Date | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|---|
| RSUs (performance) – 125,000 | May 9, 2024 | Revenue | 50% | $48,591,457 | Target met; 62,500 RSUs vested | Vested post-FY2024 on March 24, 2025 |
| RSUs (performance) – 125,000 | May 9, 2024 | Adjusted EBITDA | 50% | $2,637,004 | Target met; 62,500 RSUs vested | Vested post-FY2024 on March 24, 2025 |
| RSUs (time-based) – 75,000 | May 9, 2024 | Time-based | n/a | n/a | Ongoing | Vests in eight equal six-month installments |
| RSUs (performance) – 75,000 | Jan 12, 2025 | Revenue (2025 vs 2024) | 50% | 1.1x and 1.2x 2024 Revenue | 25% RSUs vest at each hurdle | Determined upon FY2025 audit/10-K filing |
| Contingent Cash Bonus – $75,000 | Jan 12, 2025 | AEBITDA (2025 vs 2024) | 50% | 1.1x and 1.2x 2024 AEBITDA | 25% cash vests at each hurdle | Determined upon FY2025 audit/10-K filing |
Notes:
- Adjusted EBITDA defined as net income before interest, taxes, depreciation, amortization and stock-based compensation (AEBITDA in 2025 includes restructuring costs exclusion) .
- March 24, 2025 settlement date for FY2024 RSUs following 10-K filing .
Equity Ownership & Alignment
| Metric | Amount/Status | Notes |
|---|---|---|
| Common Shares Beneficially Owned | 4,546,819 | As of 9/15/2025 record date |
| % of Common Shares Outstanding | 3.2% | As of record date |
| Series C Preferred Shares | 50 (5.0% of Series C) | Holders designate two board seats while sellers own >40% common |
| Total Voting Shares (incl. Series C votes) | 4,921,769 | 3.2% of total 155,325,578 voting shares |
| Options | None disclosed for Božović | No option awards disclosed for her; executive officer options none at 12/31/2024 |
| RSUs Outstanding/Granted | 125,000 (FY2024 perf, vested); 75,000 (time-based); 75,000 (FY2025 perf) | Structure and vesting terms as above |
| Hedging Policy | Derivative hedging and short sales prohibited | Company-wide policy; 10b5-1 plans encouraged |
| Pledging/Margin Policy | Pledging/margin generally prohibited unless clear capacity to repay | Policy discourages misalignment and excessive risk |
| Ownership Guidelines | No formal ownership guidelines | Company states no equity ownership policy |
| Insider Reporting | One untimely Form 4 in 2024 | Section 16(a) disclosure |
| Potential Stock Issuance Overhang | Accrued Quarterly Salary expected to be settled in stock | $53,081 FY2024; $98,579 by 6/30/2025 |
Employment Terms
| Provision | Terms | Economics |
|---|---|---|
| Agreement Date/Role | June 18, 2024; employee of Meridian Tech (COO Meridian Serbia; Secretary of MeridianBet Group) | Employment agreement approved by GMGI Board |
| Compensation Mix | $216,000 base; $145,200 monthly cash; $70,800 quarterly (cash or stock) | Structured salary with stock-settlement flexibility |
| Severance (non-CoC) | 6 months base salary + prior-year unpaid bonus + pro rata current-year target bonus | Immediate vesting of any unvested equity upon qualifying termination |
| Change-of-Control (CoC) | Double-trigger cash: 3.0x (base + most recent bonus) if terminated during 12 months post-CoC or in anticipation | Single-trigger equity: all equity vests upon CoC regardless of retention |
| Clawback | Company policy for recovery of erroneous incentive comp under SEC/Nasdaq rules | Applies to “Covered Officers” per Rule 10D-1; policy effective Oct 2, 2023 |
| Confidentiality/Indemnification | Standard | Included across executive agreements; indemnification agreements for directors/officers in Feb 2025 |
Board Governance
- Board Service: Series C Preferred Director since January 2025; Series C holders nominate and vote solely for these two directors (William Scott and Snežana Božović) .
- Committees: Not listed as a member on Audit, Compensation, or Nominating & Governance committees; current committee membership is independent directors (Scott, McChesney, Smith) .
- Independence: Board lists McChesney, Smith, and Scott as independent; Božović is not identified as independent; the company is a “controlled company” but elects to meet independent committee standards .
- Attendance: In 2024, all directors attended at least 75% of board and committee meetings; Božović’s board tenure began in 2025 .
- Director Compensation: Executives are not paid separate board fees; non-executive director cash retainer increased to $7,500/month from June 1, 2024; Božović’s director compensation is integrated via executive incentives .
Related Party Transactions and Ownership Dynamics
- Meridian Transaction: As a Meridian Seller, Božović received closing shares and consideration; several amendments converted portions of post-closing cash into common stock, including $25,000 (Oct 2024) and $25,000 (Apr 2025) at specified conversion prices .
- Dividends (pre-closing): FY2024 dividends paid to former owners included $5,450 to Božović; none after closing .
- Voting & Management Agreements: Series C rights to appoint two directors; a Voting Agreement constrains certain actions for stability; Day-to-Day Management Agreement maintains MeridianBet operational leadership through April 2026 .
Compensation Structure Analysis
- Shift to RSUs: Performance RSUs tied to revenue and Adjusted EBITDA for FY2024 and FY2025 suggest focus on operating execution rather than options; no options disclosed for Božović .
- Pay-for-Performance: FY2024 targets met with vesting upon audited disclosure; FY2025 awards vest on exceeding 1.1x and 1.2x prior-year Revenue/AEBITDA—ratcheting targets upward .
- Guaranteed vs At-risk: Base pay at $216,000 plus structured stock-settlement for quarterly salary indicates mixed cash/equity; large portions of incentive are at-risk and performance-based .
Risk Indicators & Red Flags
- Controlled Company Dynamics: Series C holders appoint two directors; independence considerations due to dual executive-director role and seller influence .
- Equity Overhang: Accrued quarterly salary to be settled in stock increases supply; multiple post-closing conversions add to float .
- Insider Reporting: One untimely Form 4 for Božović; governance attention needed for timely reporting .
- Anti-Hedging/Pledging: Policy discourages hedging and pledging; pledging allowed only if borrower can repay without selling; alignment risk mitigated but not absolutely prohibited .
Investment Implications
- Alignment: Performance-based RSUs tied to audited revenue and Adjusted EBITDA align pay with operating outcomes; FY2024 vesting confirms delivery against targets; FY2025 hurdles (1.1x/1.2x) raise the bar for continued value creation .
- Supply Considerations: Ongoing stock-settlement of quarterly salary and multiple conversion agreements create incremental share issuance, a potential source of selling pressure around vesting and settlement dates .
- Governance: Series C appointment rights and controlled-company status reduce independence; Božović is not on key committees, with independent directors chairing them—mitigating some governance risks but dual-role dynamics remain .
- Change-of-Control Economics: Strong double-trigger cash multiple (3.0x) plus single-trigger equity acceleration could be costly in a transaction; base component equates to $648,000 before considering latest bonus .