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Marathon Digital | 8-K: Compensatory Arrangements of Certain Executive Officers

SEC announcement ·  Feb 3 06:22
Summary by Futu AI
On January 31, 2024, Marathon Digital Holdings, Inc. announced compensatory updates and awards for its senior management team, as approved by the Compensation Committee of the Board of Directors. The updates include the FY 2023 Annual Long Term Incentive Program (LTIP) Grants, performance bonuses, and the FY 2024 base salaries and bonus targets. The LTIP grants, which are part of the 2018 Equity Incentive Plan, are based on the company's stock performance relative to its peers in the Bitcoin mining and ecosystem market. The grants consist of restricted stock units (RSUs) that will vest over a three-year period, with a portion vesting immediately and the remainder in quarterly installments, contingent on continued service. The Committee also approved the payment of annual performance bonuses...Show More
On January 31, 2024, Marathon Digital Holdings, Inc. announced compensatory updates and awards for its senior management team, as approved by the Compensation Committee of the Board of Directors. The updates include the FY 2023 Annual Long Term Incentive Program (LTIP) Grants, performance bonuses, and the FY 2024 base salaries and bonus targets. The LTIP grants, which are part of the 2018 Equity Incentive Plan, are based on the company's stock performance relative to its peers in the Bitcoin mining and ecosystem market. The grants consist of restricted stock units (RSUs) that will vest over a three-year period, with a portion vesting immediately and the remainder in quarterly installments, contingent on continued service. The Committee also approved the payment of annual performance bonuses for FY 2023 and set new base salaries and bonus targets for FY 2024, retroactive to January 1, 2024. Additionally, the Committee approved annual RSU grants for each board member, which will vest in full immediately. The announcement follows a review of benchmark data and compensation practices, aiming to align executive compensation with peer companies and reward long-term performance.

This announcement is a separate document:

Doc 1

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