ACACIA RESEARCH CORPORATION (NASDAQ:ACTG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported, on April 19, 2017, the Board of Directors (the “Board”) of Acacia Research Corporation (“Acacia”) appointed Robert B. Stewart, Jr. to serve as Acacia’s President. On September 18, 2017, Acacia Research Group LLC (“ARG”), a Texas limited liability company and wholly-owned subsidiary of Acacia, entered into an Employment Agreement with Mr. Stewart (the “Employment Agreement”), to which Mr. Stewart will receive an annual base salary of $400,000 and will be eligible to receive annual cash incentive compensation as determined by the Board in accordance with Acacia’s executive compensation program (the “Executive Compensation Program”). Mr. Stewart will also be eligible to receive equity awards as determined by the Board in accordance with the Executive Compensation Program and Acacia’s equity compensation plans. In addition, Mr. Stewart will be entitled to certain benefits and perquisites, including, but not limited to, vacation and holidays, sick leave, and health insurance, to the extent and on the terms made available to other similarly situated employees, and severance compensation upon the occurrence of certain events.
The foregoing summary of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which will be filed with Acacia’s Quarterly Report on Form 10-Q for the quarterly period ending September 30, 2017.
About ACACIA RESEARCH CORPORATION (NASDAQ:ACTG)
Acacia Research Corporation, through its subsidiaries, is engaged in patent investment, prosecution, licensing and enforcement activities. The Company’s subsidiaries partner with inventors and patent owners for patented inventions. The Company operates in patent licensing and enforcement business segment. The Company’s subsidiaries generate revenues from the granting of intellectual property rights for the use of patented technologies that its subsidiaries control or own. The Company’s subsidiaries assist patent owners with the prosecution and development of their patent portfolios, the protection of their patented inventions from unauthorized use, the generation of licensing revenue from users of their patented technologies and with the enforcement against unauthorized users of their patented technologies through the filing of patent infringement litigation. It is engaged in licensing and enforcing patented technologies. Its subsidiaries include Adaptix, Inc. and Body Science, LLC.