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.
Effective as of September 7, 2018, Robert B. Stewart, Jr. was terminated from his position as President of Acacia Research Corporation (the “Company”). Although the Company previously anticipated that Mr. Stewart’s transition out of his position as President of the Company would be effective as of August 10, 2018, the termination was not finalized until September 7, 2018.
to Mr. Stewart’s Employment Agreement dated August 1, 2017 (the “Agreement”), Mr. Stewart is entitled to receive severance benefits upon receipt by the Company of an executed release of claims by Mr. Stewart. Such severance benefits include: (i) earned but unpaid salary, (ii) earned and accrued but unpaid bonuses, (iii) accrued but unused vacation time and unreimbursed business expenses, (iv) one-month salary in lieu of notice of termination, (v) a one-time lump sum payment in an amount equal to 18 months of Mr. Stewart’s base salary, and (vi) payment by the Company of the premiums charged for COBRA coverage for him and his eligible dependents for a period not to exceed 18 months.
The foregoing description of the Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the full and complete text of the Agreement. A copy of the Agreement is attached as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2017, previously filed on November 7, 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.
