Company: ACTG
Filing Date: 2025-06-24
Form Type: 8-K
Source: 0000934549-25-000034
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Company: ACACIA RESEARCH CORP
Filing Date: 2025-06-24
Form: 8-K
Item: Item 5.02
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Item 5.02.      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

On June 24, 2025, the Board of Directors (the “ Board”) of Acacia Research Corporation (“ Acacia” or the “ Company”) appointed Michael Zambito as the Company’s Chief Financial Officer (“ CFO”). He will serve as the Company’s principal financial officer and principal accounting officer. Kirsten Hoover, who has served as Acacia’s Interim Chief Financial Officer and Controller as well as the Company’s principal financial officer and principal accounting officer, will continue to serve as the Company’s Controller and will remain a key member of Acacia’s senior management team.

Mr. Zambito, age 52, spent the past 30 years at Ernst & Young, a multinational professional services firm, and a global leader in assurance, tax, transactions, and consulting services. Most recently, he spent over 23 years, the last 17 as Partner, in Ernst & Young’s EY-Parthenon (formerly Strategy and Transactions) practice, a market-leading strategy, transactions, and corporate finance provider. Prior to serving in Ernst & Young’s EY-Parthenon practice, he spent seven years in Ernst & Young’s audit practice, as staff through manager. Mr. Zambito received his MBA from Columbia Business School and holds a BS in Business Administration with a major in Accounting from the University of Richmond.

In conjunction with Mr. Zambito’s appointment as CFO of the Company, the Company has entered into an Employment Agreement (the “ CFO Employment Agreement”) with Mr. Zambito. Pursuant to the terms of the CFO Employment Agreement, Mr. Zambito will (i) receive an annual salary of $450,000 (ii) be eligible to receive an annual bonus with a target value of $230,000, the ultimate amount that is earned of which, if any, will be determined by the Company’s Board of Directors or the Compensation Committee on an annual basis, and (iii) be eligible to receive annual equity award grants with a target annualized grant date fair value equal to $395,000. The initial equity award grant will be subject to Compensation Committee approval and finalization of a new equity incentive program. Following Mr. Zambito’s appointment and Ms. Hoover’s transition to Controller, Ms. Hoover will no longer receive the additional $11,667 per month she had been receiving during her tenure