UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.
Officer Changes
Mr. Scott Stone will start serving as chief financial officer of Moatable, Inc. (the “Company”) on July 01, 2024. Mr. Stone will replace Mr. Michael Schifsky, the interim chief financial officer. Mr. Schifsky will stay in the Company for a short period during the transition.
Mr. Scott Stone, age 59, is a value-oriented and high-impact senior financial executive specializing in the start-up and secondary growth phases of the business life cycle in the high-tech and service sectors. He has over thirty years of experience in privately held, private equity-owned, and Fortune 100 publicly traded companies. Mr. Stone served as controller of the Allstate Identity Protection division of the Allstate Corporation from 2020-2024 and chief financial officer of the CDAI division of Ciox Health from 2019-2020. Prior to that, he worked as controller and vice president of various Fortune 500 and privately held companies. Mr. Stone holds a bachelor of science in accounting from Northern Arizona University and an MBA from Arizona State University.
On May 8, 2024, the Company entered into an offer letter of employment with Mr. Stone specifying the major terms of his employment. Specifically, Mr. Stone will receive 1) an annual salary of $275,000, 2) an annual target variable bonus of 30% of annual salary, or $82,500.00 per annum, subject to the Company’s certain performance metrics, and 3) equity stock option grants equal to 0.10% of Lofty, Inc. and 0.10% of Trucker Path, Inc., the two subsidiaries of the Company. The options will be granted subject to board approval and will vest over four years. Mr. Stone’s employment relationship with the Company may be terminable at will, either by Mr. Stone or the Company at any time, for any or no reason, without further obligation or liability.
On May 20, 2024, the Company entered into a severance agreement with Mr. Stone. According to the agreement, if the company terminates Mr. Stone's employment without cause after one year of service, the Company will provide Mr. Stone with a severance payment equivalent to six months of his annual base salary along with six months of COBRA cost following the separation date, subject to certain conditions.
“On behalf of the Board of Directors, I would like to express my gratitude to Mr. Schifsky for his valuable contribution to Moatable over the past eight months," said Moatable's Chairman and Chief Executive Officer, Mr. Joseph Chen. "We are pleased to welcome Mr. Scott Stone to join our management team as chief financial officer. He will bring a wealth of expertise and experience to our organization.”
Equity Incentive Grants to CEO of the Company
On June 25, 2024, the Board of Directors (the “Board”) of the Company approved that Mr. Joseph Chen, the chairman and the chief executive officer of the Company, be granted 1) 250,000 options to purchase shares of the Company at $0.65, the closing price as of the date of the Board resolution. The options will vest over four years in 25% annual installments, 2) 6,750 Restricted Stock Units (RSUs) of Lofty Inc. The RSUs shall vest over four years in 25% annual installments, and 3) 6,750 RSUs of Trucker Path Inc. The RSUs shall vest over four years in 25% annual installments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MOATABLE, INC. | ||
| By: | /s/ Joseph Chen | |
| Date: July 1, 2024 | Joseph Chen | |
| Chairman and Chief Executive Officer | ||