thecoinrise.com
Marathon Digital Holdings, a United States digital assets and Bitcoin (BTC) mining company, has agreed on a $24 million compensation for its former Chief Executive Officer Merrick Okamoto.
Per a court filing drafted by the U.S regulatory watchdog, the Securities and Exchange Commission (SEC), the agreement between the company and Okamoto was reached on Wednesday 12th October.
Following the debate concerning the settlement of restricted stock unit awards which was approved for the former CEO Merrick Okamoto, it has now been agreed to give a $24 million settlement. Additionally, there will be a broad release of known and unknown claims against Marathon Digital Holdings in relation to the company’s amended 2018 Equity Incentive Plans or related restricted stock unit award agreements.
Merrick Okamoto was Marathon Digital Holdings CEO until April 2021 when he stepped down from the position. Meanwhile, he maintained his place as the Executive Chairman of the company but finally retired at the end of 2021. He was later replaced on January 1st, 2022 by Fred Thiel in both positions.
Apart from Okamoto, Marathon Digital Holdings had to settle other executives including the current CEO Fred Thiel.
The SEC filing read “the Company entered into related settlement agreements in respect to certain restricted stock unit awards previously granted to five other individuals, including a director and our current Chief Executive Officer and Chairman, which total approximately $1 million in the aggregate.”
Marathon Reports Operations Progress
The company recently published a report detailing its September BTC production and mining operations.
Based on the report, Marathon Digital Holdings produced 360 bitcoin in September which is almost a 100% increase from the 184 BTC that was recorded in August. This caused a significant increase in the overall value of the company’s assets to up to around $215 million.
Invariably, the company has kept up a growing status during the ongoing crypto winter although it was partially hit by its exposure to crypto mining data center Compute North.
About a week ago, Marathon Digital Holdings announced that it has over $80 million in exposure to bankrupt Compute North. The loan had been given in different forms including convertible preferred stock and unsecured senior promissory note.