In a recent 8-K filing with the Securities and Exchange Commission, Moatable, Inc., a prepackaged software services company, announced significant changes to its executive team and compensation arrangements.
Scott Stone has been appointed as the new Chief Financial Officer (CFO) effective today, taking over from interim CFO Michael Schifsky, who will assist during the transition period.
Stone, 59, brings over three decades of financial experience to Moatable, having served in various senior roles including controller and vice president at Fortune 500 and privately held companies. His previous positions include controller of Allstate Identity Protection at Allstate Corporation (NYSE:ALL) from 2020 to 2024 and CFO of the CDAI division at Ciox Health from 2019 to 2020. Stone holds a BS in Accounting from Northern Arizona University and an MBA from Arizona State University.
According to the employment offer dated May 8, 2024, Stone will receive an annual salary of $275,000, a target variable bonus of 30% of his annual salary, and equity stock option grants totaling 0.10% in two of Moatable's subsidiaries, Lofty, Inc. and Trucker Path, Inc. These options will vest over four years and are subject to board approval.
Furthermore, a severance agreement dated May 20, 2024, stipulates that if Stone is terminated without cause after a year of service, he will receive a severance payment equivalent to six months of his base salary and COBRA costs, under certain conditions.
Joseph Chen, Moatable's Chairman and CEO, expressed gratitude to Schifsky for his contributions and welcomed Stone, highlighting his expected positive impact on the company.
Additionally, the Board approved equity incentive grants for CEO Joseph Chen on June 25, 2024, which include 250,000 options to purchase company shares at $0.65 each and 6,750 Restricted Stock Units (RSUs) for both Lofty Inc. and Trucker Path Inc. These incentives will vest over four years in 25% annual installments.
The news above is based on an SEC filing.
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