ITEM 5.02 Appointment of an Officer; Resignation of an Officer; Compensatory
Arrangements of an Officer
Effective October 19, 2020, David Lieberman retired as the Chief Financial
Officer of Marathon Patent Group, Inc., and Simeon Salzman was appointed as
Chief Financial Officer.
Mr. Simeon Salzman has served as the Chief Financial Officer and Senior Vice
President of the Las Vegas Monorail Company, a private non-profit 501c(4)
entity, since July 2018. The Las Vegas Monorail Company operates a driverless
monorail transit system that carries approximately 4,600,000 passengers annually
over a 3.9 mile elevated track. There Mr. Salzman was responsible for overseeing
all financial functions including audit, treasury and corporate finance. In
addition, he was responsible for internal control compliance and management
strategy.
Prior to the Las Vegas Monorail Company and from May 2015 to July 2018, Mr.
Salzman served as the Chief Financial Officer for Wendoh Media and Corner Bar
Management for over three years. Wendoh Media operated a weekly publication, a
video editing entity, and a digital advertising entity. Corner Bar Management
operates four different bars and restaurants in Downtown Las Vegas. Using his
previous experience as the Corporate Controller for various managed nightlife,
lounges and restaurants at the most prestigious Resort & Casinos on the Las
Vegas Strip, Mr. Salzman was able to parlay his skill set revitalizing the
various food and beverage establishments operated by Corner Bar Management in
Downtown Las Vegas. Through enhanced analytical reviews, budgeting, internal
control implementation and reducing overhead, Mr. Salzman was able to save over
$1.4 million in aggregate costs and generate EBITDA of over 25% for eight
consecutive quarters.
Mr. Salzman previously served as the Vice President of Programs and Secretary on
the Board of Director's for Financial Executives International (FEI). Financial
Executives International connects senior-level financial executives by defining
the profession, exchanging ideas about best practices, educating members and
others while working with the government to improve the general economy. He also
currently serves as the Treasurer on the Board of Directors of his local
neighborhood HOA. Mr. Salzman holds a Bachelor of Science in Accounting and a
Bachelor of Arts in Criminal Justice & Criminology from the University of
Maryland, College Park. He is a Certified Public Accountant.
On October 19, 2020, the Company entered into an Executive Employment Agreement
with Mr. Salzman (the "Agreement"). The Agreement has a term of two years and
automatically renews for successive one year terms unless either party provides
notice of nonrenewal at least 90 days prior to the end of the initial term or
any renewal term. Mr. Salzman's annual base salary is $200,000 with bonuses at
the discretion of the Company's Board of Directors. Mr. Salzman may also receive
a grant of restricted stock units, and any such grant shall vest in four equal
amounts on the date of grant and the three successive three month anniversaries
thereof. In the event of a change in control, all RSUs vest immediately. Mr.
Salzman received a signing bonus of $25,000 in lieu of a base pay increase
during the second year of the Agreement. Mr. Salzman is entitled to 30 paid
vacation days per year and is entitled to participate in all Company benefit
plans per standard Company policy.
Upon any termination of the Agreement, Mr. Salzman is entitled to compensation
and reimbursement of expenses through the date of termination as well as payment
for any accrued and unpaid vacation days. If the termination is other than for
cause, Mr. Salzman's outstanding RSUs shall immediately vest. Upon a termination
not for cause by the Company or by Mr. Salzman with good reason or within 180
days of a change in control, he shall receive the greater of his remaining base
salary for the remaining term of the Agreement and 12 months base salary plus
benefits. The Agreement contains customary and usual definitions of termination
for cause and good reason.
The Annual Bonus, and any and all stock based compensation (such as options and
equity awards) (collectively, the "Clawback Benefits") shall be subject to
"Clawback Rights" as follows: during the period that the Executive is employed
by the Company and upon the termination of the Executive's employment and for a
period of three (3) years thereafter, if there is a restatement of any financial
results from which any metrics were determined to be achieved which were the
basis of the granting and calculation of such Clawback Benefits to the
Executive, the Executive agrees to repay any amounts which were determined by
reference to any Company financial results which were later restated (as defined
below), to the extent the Clawback Benefits amounts paid exceed the Clawback
Benefits amounts that would have been paid, based on the restatement of the
Company's financial information.
Item 9.01 Exhibit.
10.1 Employment Agreement as of October 19, 2020
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