Document Security Systems (DSS) CEO Jeffrey Ronaldi is in talks with the board to possibly extend his three-year employment contract that expires on Nov. 9.
Under the contract, Ronaldi or the board had until Aug. 9 to make a decision on whether he would stay on for another year.
The contract provided for an annual base salary of $350,000 and an annual discretionary bonus based upon his and the company’s achievement of annual performance objectives, determined by the board.
DSS also assumed the non-statutory option to purchase shares of Lexington Technology common stock previously granted to Ronaldi before the merger with DSS.
"I'm in discussions about possibly extending my contract," Ronaldi said in an interview. Ronaldi said he hasn't decided yet whether to stay for another year or leave to pursue other opportunities.
Last month, DSS Chief Operating Officer Peter Hardigan stepped down the day after his contract expired so that he could join medical device incubator TheraNova LLC.
Hardigan declined to comment.
Ronaldi's possible departure and Hardigan’s decision to step down came after DSS was handed a stinging infringement defeat in a suit brought by Bascom Research LLC against LinkedIn and Facebook. The adverse ruling led to a $37 million impairment charge and a net loss of $41.2 million in 2014.
Rochester, N.Y.-based DSS posted a second quarter net loss of $1.04 million, or 2 cents a share, compared with $2.34 million, or 6 cents a share.
Since then, DSS has said it intends to reduce its focus on patent monetization and return to a focus on developing printing products.
Ronaldi said he has experience in patent licensing as well as technology product development.
"If I choose to stay, it will be because I want to" lead DSS's reemergence as a product company, he said.
Shares of DSS are currently trading at 17 cents. They traded at $2.30 on June 28, 2013, the last day of trading before Ronaldi took over as CEO.
—To reach the reporter responsible for this story please contact Dan Lonkevich at 707 318-7899 or email@example.com