Marathon Digital Reached $24 Million Settlement With Former CEO
Marathon Digital Holdings, a Bitcoin mining company, has reached a $24 million settlement with its former CEO and chairman.
According to an SEC filing, the business entered into a restricted stock unit award agreement with Merrick Okamoto on October 12.
Okamoto resigned as CEO of the company in the spring of 2021, and he stood down as executive chairman at the end of that year. Fred Thiel, the current CEO and Chairman of the Board of Directors replaced him in both capacities.
Okamoto consented to a broad release of known and undiscovered claims against the corporation involving its incentive scheme as part of the settlement.
Marathon also achieved $1 million settlements for five other people, including Thiel, pertaining to additional restricted stock awards.
As CoinCu reported, Marathon Digital invested a total of $31.3 million in Compute North, a hosting provider that just filed for Chapter 11 bankruptcy. The investments are divided across various Compute North company organizations.
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