Adam Felman
About Adam Felman
Adam Felman, age 34, is Chief Financial Officer (Principal Financial Officer) of High Roller Technologies (NYSE: ROLR) since May 16, 2025. He is a Chartered Accountant (ACA) with Joint Honors in Mathematics and Business from Aston University (2013), previously CFO and Board Member at Digital Gaming Corporation through its sale of B2B assets to Games Global (2024) and transition to Super Group (SGHC) in 2023, and earlier in practice at Hazlems Fenton LLP (2013–2017) . Under his tenure, ROLR achieved its first quarterly profit as a public company in Q3 2025, with net revenue of $6.281M, operating income of $80k, adjusted EBITDA of $622k, and net income of $3.667M; adjusted EBITDA improved from $40k YoY despite lower revenue as the company streamlined costs .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Digital Gaming Corporation | Chief Financial Officer; Board Member | 2023–2024 | Transition to public market operations via sale to Super Group (SGHC) in 2023; sale of B2B assets to Games Global in 2024 |
| Hazlems Fenton LLP | Chartered Accountant (ACA) | 2013–2017 | Audit/practice background; professional training and accreditation |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Digital Gaming Corporation | Member of the Board of Directors | Through 2024 | Oversight through M&A (sale of B2B assets to Games Global) |
Fixed Compensation
| Item | Amount | Effective date | Notes |
|---|---|---|---|
| Base salary | $300,000 | May 16, 2025 | Set in employment agreement via subsidiary Lunar Ventures Limited |
| Target bonus % | Not disclosed | — | The 8-K summary of the Agreement does not include bonus targets |
| Actual bonus paid | Not disclosed | — | No disclosure for 2025 to date |
Performance Compensation
Stock Options
| Grant date | Options (shares) | Exercise price | Term | Vesting schedule |
|---|---|---|---|---|
| May 16, 2025 | 150,000 | Equal to closing price on May 16, 2025 (NYSE American) | 10 years (earlier termination upon service cessation) | Equal quarterly installments over 3 years from grant date, subject to continued service |
Restricted Stock Units (RSUs)
| Grant date | RSUs (units) | Vesting schedule |
|---|---|---|
| May 16, 2025 | 50,000 | Equal quarterly installments over 3 years from grant date, subject to continued service |
Notes
- The company’s equity plan allows performance awards, stock options, RSUs and SARs; performance goals may be set by the plan administrator, but no CFO-specific PSU metrics are disclosed for 2025 .
- Equity plan merger/change-in-control: no automatic acceleration unless specified in stock award agreements; acceleration may occur if provided in applicable agreements .
Equity Ownership & Alignment
| Holder | Shares beneficially owned | Ownership % |
|---|---|---|
| Adam Felman | 5,050 | <1% (as of record date September 18, 2025) |
- Initial insider statement: Form 3 filed May 21, 2025 indicated “No securities are beneficially owned” at appointment date .
- Insider trading policy: trading restricted to window periods; strict procedures to avoid grants close in time to material nonpublic information; blackout periods applied .
- Clawback: Compensation Clawback Policy adopted March 2024 (NYSE American 10D-compliant) to recover erroneously awarded incentive-based compensation upon restatement .
- Stock ownership guidelines, hedging/pledging rules for executives: not disclosed in proxy; no pledging by Felman disclosed .
Outstanding Awards (Grant-Level)
| Award type | Quantity | Key terms | Vesting |
|---|---|---|---|
| Stock Options | 150,000 | 10-year term; strike = closing price (May 16, 2025) | Quarterly, equal installments over 3 years |
| RSUs | 50,000 | Time-based RSUs | Quarterly, equal installments over 3 years |
Employment Terms
| Term | Detail |
|---|---|
| Appointment date | May 16, 2025; age 34 |
| Employing entity | Agreement through Lunar Ventures Limited (subsidiary) |
| Base salary | $300,000 |
| Equity grants | Options (150,000 shares) and RSUs (50,000 units) granted May 16, 2025 |
| Severance provisions | Not disclosed in 8-K summary of Agreement |
| Change-of-control economics | Equity plan default: no automatic acceleration; acceleration contingent on provisions in award agreements or other written agreements |
| Clawback | Compensation Clawback Policy adopted March 2024 |
| Certifications | SOX 302/906 certifications on Q2 and Q3 2025 10-Q filings (Principal Financial Officer) |
| Signatory authority | Signed earnings 8-Ks (Q2 and Q3 2025) as CFO |
Performance & Track Record
| Metric | Q3 2024 | Q3 2025 |
|---|---|---|
| Revenue, net ($USD) | $7.516M | $6.281M |
| Operating income ($USD) | $(474)k | $80k |
| Adjusted EBITDA ($USD) | $40k | $622k |
| Net income ($USD) | $(0.501)M | $3.667M |
- Milestone: “first quarterly profit as a public company” achieved in Q3 2025 .
- Cost actions: decreased operating expenses (-22% YoY in Q3), optimized marketing and efficiency initiatives; adjusted EPS $0.07 vs $0.01 YoY .
Risk Indicators & Red Flags
- Related party or family relationships: none; no material interest transactions tied to Felman per appointment disclosure .
- Grant timing and MNPI safeguards: policies to avoid grants near MNPI; blackout trading windows enforced .
- Change-of-control treatment: no single-trigger automatic equity acceleration under plan; dependent on award agreements .
- Legal proceedings/investigations: none disclosed relating to Felman in available filings .
Investment Implications
- Pay-for-performance alignment: Equity-heavy initial package (options + RSUs) with three-year quarterly vesting aligns Felman’s compensation to share price and retention; exercise price at grant-date market further reinforces alignment .
- Insider selling pressure: Quarterly vesting creates predictable potential liquidity events; monitor future Form 4s to assess selling vs holding behavior; no pledging disclosed to date .
- Execution track record: Early tenure coincides with disciplined cost controls and first quarterly profit, improving adjusted EBITDA despite lower revenue; this supports confidence in financial stewardship .
- Governance safeguards: Active clawback policy and insider trading controls reduce governance risk; change-of-control terms under plan avoid automatic windfalls absent dual triggers in award agreements .