Endeavor IP Inc. (ENIP) Chairman and Chief Executive Officer Ravinder “Rob” Dhat has agreed to step down from those titles after only a year and be replaced by Franciscus Diaba.
Officials of New York-based Endeavor couldn’t be reached for comment.
Shares of Endeavor IP fell 23.4% to 0.0049 cents each in over the counter trading.
Dhat joined Endeavor IP as chairman and CEO in January 2014 bringing with him nearly 15 years of experience in intellectual property related business development, strategic marketing management, new product planning, technical sales, and system engineering for consumer and semiconductor IP.
Before joining Endeavor IP, Dhat had been vice president of business development at Tessera Intellectual Property Corp. where he co-led the business development team responsible for developing and executing on Tessera’s IP growth strategy.
Prior to Tessera, Dhat spent 11 years at Rambus Inc. (RMBS) in various technical and marketing management roles across multiple business units.
Endeavor IP said Dhat would remain on the board.
The company said that under a separation agreement Dhat agreed to forfeit his 2014 bonus payment; payments he was entitled to receive for various settlement proceeds entered into from ongoing litigation and obligations owed to him under the amendment agreement the company entered with him on November 7, 2014, less vested equity grants.
The company also said the agreement also terminated Dhat's right to receive any further compensation resulting from any litigation settlements or license agreement that it entered into after January 23, 2015.
In addition, the company said the agreement also provided for the right to receive 20% of the proceeds that it may receive if it sells or executes a letter of intent relating to the sale of its patent portfolio prior to June 23, 2015.
Dhat will have the right to retain 5,670,362 shares of restricted stock.
Diaba had been president of Endeavor IP. He previously served as president and chairman of North South Holdings Inc. from 2012 to 2013 until it merged with Spherix Inc. (SPEX). He has served as an IP attorney at leading law firms including Fish & Neave (now Ropes & Gray LLP), Kramer Levin Naftalis & Frankel LLP and Sichenzia Ross Friedman Ference LLP.
"I am extremely excited about this opportunity and look forward to using my experience to help Endeavor further monetize its valuable IP assets and to help Endeavor further build its patent portfolio," Diaba said in a statement.
"Since joining Endeavor both at the board level and as president, Franciscus has been instrumental in strengthening our IP as well securing significant legal settlements," said Andrew Uribe, a director, in the statement.
Diaba "brings a combination of legal prowess, a proven track record in IP matters, as well a keen strategic vision for the future of the company," Uribe said.
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