Bitcoin mining company Marathon Digital Holdings has reached a $24 million settlement with its former CEO and chairman.
According to an SEC filing, the company entered into an agreement on Oct. 12 with Merrick Okamoto, relating to restricted stock unit awards. Okamoto stepped down as the company’s CEO in the spring of 2021, and left his executive chairman role at the end of that year.
Current CEO and Chairman of the Board of Directors Fred Thiel succeeded him in both roles.
As part of the settlement, Okamoto agreed to a broad release of known and unknown claims against the company regarding its incentive plan.
Marathon also reached settlements relating to other restricted stock awards for five others, including Thiel, that amounted to about $1 million.
