Article 1.01. The conclusion of an important definitive agreement.
Effective December 27, 2021, Marathon Digital Holdings, Inc. (the “Company”) appointed Ashu swami as Chief Technology Officer and has entered into a management employment contract (“Contract”) with Mr. Swami.
Mr. Swami joined Marathon Digital Holdings from Core Scientific where he held the position of CPO since February 2021, leading the company’s foray into DeFi and leading mining hardware and software optimization technology. Before that, from Jan 2019 at
February 2021, he was the CTO of Apifiny, a CEX and DEX hybrid crypto exchange. Previously, from january 2016 at Dec 2018, Mr. Swami at the head of an SPV of Quadeye Titles who initiated and traded mining swaps, operated cloud mining data centers and served as chief advisor to Fortune 50 companies, including Intel Corp, on Blockchain initiatives. From may 2013 at Dec 2015, he founded LocalPad, a p2p marketplace and payment plugin that provided ebay-in-a-box-like functionality to major blogs to monetize their user base. Before that, from
May 2007 at Apr 2013, Mr. Swami was a portfolio manager and led the high frequency market making activity at Morgan Stanley Program Trading to become one of the top 5 market makers in US ETFs. Before, since May 2002, Mr. Swami spent more than 4 years as Sr Component Designer then Tech Lead at Intel Enterprise Platforms Group. Mr. Swami holds a BTech in CSE from IIT Bombay and an MBA from
In accordance with the terms of the Agreement, Mr. Swami is employed as a CTO for a period of one year which will renew automatically unless he or the Company notifies the other at least 90 days before the end of the initial period or any renewal period of intention to terminate the Agreement. that of Mr. Swami the base salary is
$ 275,000 per year with a cash bonus of up to $ 137,500 per year. Mr. Swami
80,000 restricted share units will also be granted, of which 20,000 will vest on the first anniversary of the date of entry into force of the agreement, then 5,000 RSUs will vest on each following three-month anniversary, the 5,000 last RSU vested on the four-year anniversary of the date of entry into force of the Agreement. In the event of termination without cause under the Agreement,
Mr. Swami would be entitled to vest all unvested RSUs and severance pay of six months’ salary in addition to all accrued and unpaid salaries and vacations, etc. The Agreement contains other standard business terms for termination and other cases.
Article 9.01. Financial statements and supporting documents.
10.1 Employment contract, in force on December 27, 2021
104 Interactive cover page data file (integrated into the online XBRL document).
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