Company: ACTG
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0000934549-25-000014
Chunk: 56

Company: ACACIA RESEARCH CORP
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 56
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 June 7, 2023 depending upon the level of achievement of the applicable performance goals (which payment will be settled in shares of the Company’s common stock if Mr. McNulty is an employee of the Company on the date of settlement and is referred to herein as the “Potential 2023 PSU Payment”) and provides for the separation payments and benefits described below.

Mr. McNulty’s employment may be terminated by the Company or Mr. McNulty at any time upon 30 days’ notice. Upon termination by the Company without cause or resignation for good reason (each as defined in the McNulty Employment Agreement), Mr. McNulty will be entitled to (i) a payment equal to the product of (a) 1.5 and (b) his base salary, which payment shall be paid in 18 monthly installments, (ii) any unpaid annual bonus for the year prior to Mr. McNulty’s employment termination date, paid as a lump sum at the same time that other executive officers of the Company receive their respective bonuses, (iii) a payment equal to the product of (a) 125% of his base salary (which represents Mr. McNulty’s annual bonus for the year of termination, with performance goals deemed met at target) and (b) a fraction, the numerator of which is the number of days in the year in which the date of termination occurs through the date of termination and the denominator of which is 365, to be paid as a lump sum at the same time that other executive officers of the Company receive their respective bonuses and (iv) reimbursement for the portion of the monthly COBRA premium paid by Mr. McNulty that is typically covered by the Company for a period of 18 months.

Mr. Rasamny

Mr. Rasamny is party to an employment agreement (the “Rasamny Employment Agreement”) with the Company. Pursuant to the terms of the Rasamny Employment Agreement, Mr. Rasamny (i) is entitled to receive an annual salary of $430,000, (ii) is eligible to receive an annual bonus in the amount ranging from 75-100% of his annual salary, to be determined by the Board in accordance with the annual performance objectives established by the Board or the Compensation Committee, provided, Mr. Rasamny will have the option to receive all or a portion of his annual bonus in stock of the Company. Additionally, pursuant to the Rasamny Employment Agreement, Mr. Rasamny was entitled to receive