Marathon Patent Group (MARA), the patent monetization company run by Doug Croxall, has parted ways with its chief market officer Daniel Gelbtuch after 5 months.
Los Angeles-based Marathon said in a filing with the Securities and Exchange Commission today, that on Jan. 20 the company and Gelbtuch, who was based in New York, agreed that he would no longer serve as CMO.
Marathon said that it is in talks with Gelbtuch about a consulting agreement.
A Marathon spokesman declined immediate comment on Gelbtuch’s departure and on whether Marathon was close to hiring a new CMO.
Gelbtuch previously was senior vice president of corporate finance and investor relations at Neonode Inc. (NEON).
Shares of Marathon are currently trading at around $7.31 a share. They’ve traded between $2.90 and $9.73 over the past year.
In the meantime, Marathon is still under contract with microcap financier Barry Honig, who in September signed a consulting agreement that will pay him for advice and support.
Marathon said in a Sept. 19 securities filing that Honig’s advice and support will include but not be limited to, advertising, marketing, business development, strategic and business planning, channel partner development and other functions reasonably necessary for advancing Marathon’s new Opus Analytics business.
Opus was co-developed by Croxall and Erich Spangenberg, the founder and owner of IP Navigation Group.
On Sept. 15 Marathon announced that its new Opus business would offer customer a set of proprietary analytical tools that offer the ability to quickly evaluate a large patent portfolio as well as to assess the strength of individual patents using a unique Alpha Score system.
The trademarked Opus Alpha Score is a patent ranking algorithm that takes into account aspects of validity, novelty, enforceability, and relevance/timeliness, all weighted based on real world experience, providing an indication of both a patent's strength and its likely relative commercial value.
The Opus platform also includes tools for conducting a deep analysis of the strength of a patent's claims. It also includes tools that help users understand not just the actual claims in a patent, but also the broader intellectual property picture.
For example, by providing a comparison of claims applied for to claims granted, Opus helps users understand product strategies and existing art.
For his services, Honig will receive 50,000 shares of Series B convertible preferred stock, plus another 50,000 shares of the convertible preferred stock in in six equal monthly installments of 8,333 shares beginning Oct. 17, 2014.
In addition to the 100,000 shares of Series B convertible preferred stock Honig is receiving, he will be entitled to receive additional shares of Series B preferred stock as compensation for the Marathon achieving certain benchmarks.
Honig can receive an additional $60,000 in preferred stock if he helps Marathon’s Opus Analytics platform achieve $2 million in revenue. He can receive an additional $60,000 in preferred stock if it achieves $4 million in revenue and another $60,000 in preferred stock if it achieves $6 million in revenue.
If Marathon’s Opus business achieves all those benchmarks, Honig will have received $280,000 in preferred stock.
The preferred stock converts into common stock on a one for one basis. Honig said it was structured as preferred in order to keep him from becoming a 10% holder.
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