Mining Firm Marathon Agrees to Pay $24M to its Former CEO

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Mining company Marathon Digital Holdings has reached a settlement with its former CEO Merrick Okamoto regarding a compensation for restricted shares.

According to the form that has been filed with the Securities and Exchange Commission (SEC), Marathon will pay him $24 million.

Okamoto has agreed to a settlement and “wide disclosure of known and unknown claims against the company” related to the 2018 shareholder incentive plan.

Remember that he stepped down as CEO and Chairman of the Board of Directors of the company at the end of 2021 and was succeeded by Fred Thiel succeeded in both positions.

Marathon has also reached a settlement agreement with the latter, as well as with four others, regarding the promotion of shares.