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 Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Kirsten Hoover, Corporate Controller
On February 12, 2019, Acacia Research Group, LLC (“ARG”), the primary operating subsidiary of Acacia Research Corporation (the “Company” and together with ARG, “Acacia”), and Kirsten Hoover entered into a Separation Agreement and General Release of Claims (the “Agreement”) in connection with her resignation as Corporate Controller, effective as of June 15, 2019 (the “Effective Date”). Ms. Hoover has agreed to, among other things, (i) serve as Principal Financial Officer of the Company until the Effective Date, and (ii) continue to perform such functions customarily performed by a public corporation’s Principal Financial Officer until the Effective Date, as set forth in the Agreement, including but not limited to assisting in the preparation of, and executing certifications to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The Company is actively seeking a suitable replacement for Ms. Hoover.
to the Agreement, Ms. Hoover is entitled to receive (i) accrued but unused vacation time and floating holiday benefits, (ii) continued payments of her current salary, less applicable withholdings, through October 31, 2019, and (iii) payment by the Company of the premiums charged for COBRA coverage for her and her eligible dependents for a period not to exceed 12 months. Ms. Hoover’s existing equity awards will remain outstanding to their terms. Ms. Hoover will receive the foregoing payments and benefits provided she (i) remains employed with Acacia through the Effective Date, and (ii) does not revoke the Agreement or her release of claims in favor of Acacia included therein.
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, which is filed hereto as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
ACACIA RESEARCH CORP Exhibit
EX-1 2 khooverseparationandrele.htm EXHIBIT 1 khooverseparationandrele SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS THIS SEPARATION AGREEMENT AND GENERAL RELEASE OF CLAIMS (“Agreement”) is entered into as of this 12th day of February,…
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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.