Marathon Digital Holdings, a Bitcoin mining company, has reached a $24 million settlement with its former CEO.
Marathon Digital Holdings, a Bitcoin mining company, has reached a $24 million settlement with its former CEO.
An SEC filing indicates that the company reached an agreement with Merrick Okamoto on October 12 regarding restricted stock unit awards. In spring 2021 Okamoto was removed from his position as CEO and he resigned at the end of the year.
Fred Thiel, the current CEO and Chairman of the Board of Directors, succeeded him in each of these roles.
Okamoto also agreed to a wide release of all known and unknown claims regarding the company’s incentive plan as part of the settlement.
Marathon also reached settlements for five other restricted stock awards, including Thiel. These settlements totaled approximately $1 million.
