MARATHON PATENT GROUP, INC. (NASDAQ:MARA) 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 Resignation and Election of Director
On December 17, 2020, S. Michael Rudolph resigned as a director of Marathon Patent Group, Inc. (the “Company”) and as a member of its Board committees and Chair of its Nominating and Corporate Governance Committee. On the same date, the Company’s Board appointed Peter Benz as a director to fill the vacancy created by Michael Rudolph’s resignation. Mr. Benz was also appointed to be a member of the Company’s Audit Committee and Compensation Committee and as the Chair of its Nominating and Corporate Governance Committee.
Peter Benz, 60, is currently the Chief Executive Officer of Viking Asset Management, LLC, an asset and investment management company which he founded in 2001. From March 2015 until January 2019, Mr. Benz served as a director of Fluent, Inc, a leading performance marketing company. Since March 26, 2018, Mr. Benz has served as a director of Red Violet, a data analytics company. From June 2016 to May 2018, Mr. Benz served as a director of Lilis Energy Inc., an onshore oil and natural gas exploration and production company. From January 2012 until its merger with Lilis Energy Inc. in June 2016, Mr. Benz served as a director of Brushy Resources, Inc. (formerly known as Starboard Resources, Inc.), an onshore oil and natural gas exploration and production company, and became its Chairman on November 24, 2015. From October 2014 to January 2018, Mr. Benz served as a director of Usell.com, a technology based online market place, and Mr. Benz served as a director and Chairman of the Board of Optex Systems, Inc., a manufacturer of optical systems for the defense industry from November 2014 to August 2018. Mr. Benz earned a Bachelor of Business Administration from the University of Notre Dame. The Board of Directors believes Peter Benz is suited to be a director due to his longstanding experience with public companies.
Mr. Benz was set forth as a director nominee in the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on November 2, 2020 to replace Mr. Rudolph, who was to stand for reelection. Due to the postponement of the Company’s Annual Meeting, Mr. Rudolph opted to resign on the date on which the Annual Meeting was originally scheduled to occur, and Mr. Benz has been appointed to fill the vacancy and will stand for election at the Annual Meeting, as contemplated.
ITEM 8.01 Other Information
The Company has determined to postpone its Annual Meeting of Shareholders, originally scheduled to be held on December 17, 2020 to January 15, 2021. The Annual Meeting will now be held on January 15, 2021 at 10 AM local time at the Company’s offices at 1180 N. Town Center Drive, Suite 100, Las Vegas, Nevada 89144. The postponement is to enable further shareholders to vote their shares in order to meet the 50.1% quorum requirement for the Company to hold its Annual Meeting.
About MARATHON PATENT GROUP, INC. (NASDAQ:MARA)
Marathon Patent Group Inc. (MARA) is engaged in acquiring patents and patent rights from owners or other ventures. The Company monetizes its portfolio of patents and patent rights by entering into license discussions. The Company owns around 378 United States and foreign patents, and patent rights across a range of technologies and markets. The Company owns around 22 patent applications across a range of technologies and markets.