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 Principal Officers; Election of Directors; Appointment of Principal Officers.
On June 19, 2020, Acacia Research Group (“ARG”), the primary operating subsidiary of Acacia Research Corporation (the “Company”), entered into an Employment Agreement (the “Amended Employment Agreement”) with Marc W. Booth, the Company’s Chief Intellectual Property Officer. The Amended Employment Agreement amends and restates in its entirety Mr. Booth’s prior Employment Agreement with ARG, dated August 8, 2018 and amended July 9, 2019.
to the terms of the Amended Employment Agreement, Mr. Booth will (i) receive an annual salary of $425,000 and (ii) be eligible to receive an annual bonus in an amount ranging from 25-75% of his annual salary, to be determined by the Board of Directors of the Company (the “Board”) in accordance with annual performance objectives established by the Board on an annual basis. Either ARG or Mr. Booth may terminate his employment upon 30 days’ written notice.
The foregoing description of the Amended Employment 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 Amended Employment Agreement, which is filed hereto as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.