Moatable Inc. filed SEC Form 8-K: Leadership Update
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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.
On April 29, 2024, Moatable, Inc. (the “Company”) received notification from James Dumler of his intention to resign as a member of the Board of Directors (the “Board”) of the Company, effective May 1, 2024. Mr. Dumler resigned for personal reasons and not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
On April 29, 2024, the Company received notification from Rebecca Polak of her intention to resign as a member of the Board of the Company, effective May 1, 2024. Ms. Polak resigned for personal reasons and not due to any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
On April 30, 2024, the Board appointed Grant Moon to serve as a director of the Company, effective as of April 30, 2024. Mr. Moon is CEO of BlueForceX, a strategy consulting firm serving banks, venture capital firms, and early-stage technology companies. He is also a venture partner with Denver Angels, an early-stage venture capital firm in Colorado. Previously, he founded and served as Chief Executive Officer of Home Captain Inc., a financial technology company that served over 40 large banks and financial institutions. Prior to Home Captain, Mr. Moon worked for American Express in the Global Client Group managing a portfolio of some of their largest clients representing over $10 billion in annual charge volume. Before American Express, Grant worked for Hersha, a public REIT, in multiple roles, eventually heading all eCommerce, distribution, and marketing functions for the Company. He is a former Major in the US Army, a veteran of the Global War on Terrorism, and a Bronze Star Recipient. He is passionate about giving back and serving the veteran community. To better educate veteran home buyers on their VA Home Loan benefits, Mr. Moon penned and published The Ultimate Guide to VA Loans. He also created a continuing education qualified course called “VA Loan Certified”, which provides real estate agents the training needed to work with veteran homebuyers effectively. Mr. Moon holds a BS in Business Administration from Endicott College, an MBA from Babson College, and an MS in Technology Management from Columbia University.
Mr. Moon is eligible to receive certain cash and equity compensation that all of the Company’s non-employee directors receive under the Company’s director compensation policy, as described under the section titled “Executive Compensation” in the Company’s annual report on Form 10-K filed on April 3, 2024.
Mr. Moon's annual cash compensation is $80,000, payable each quarter. The amount of cash actually paid to a director will be prorated to reflect the duration of his service time in the year. In addition, Mr. Moon receives $20,000 in stock compensation.
The Company has entered into the Company’s standard form of indemnification agreement with Mr. Moon. The indemnification agreement provides, among other things, that the Company will indemnify Mr. Moon for certain expenses which he may be required to pay in connection with certain claims to which he may be made a party by reason of his position as a director of the Company, and otherwise to the fullest extent permitted by law. The form of indemnification agreement was previously filed as Exhibit 10.5 to the Company’s Registration Statement on Form F-1 (File No. 333-173548), as amended, as originally filed on April 15, 2011, and is incorporated herein by reference.
There are no family relationships between Mr. Moon and any Company director or executive officer, and no arrangements or understandings between Mr. Moon and any other person pursuant to which he was selected as a director. There are no related party transactions between the Company and Mr. Moon which would require disclosure under Item 404 of Regulation S-K.
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: May 1, 2024 | Joseph Chen | |
| Chairman and Chief Executive Officer | ||