AlphaTON Capital names Wes Levitt as new CFO, outlines compensation terms

AlphaTON Capital Corp (NASDAQ:TONC) announced a change in its executive leadership, stating that Andrea Park, the company’s Chief Financial Officer, will depart on Friday. Wes Levitt will join as the new Chief Financial Officer, according to a statement released through a SEC filing.

The company disclosed that Mr. Levitt’s appointment is governed by an independent contractor agreement dated Tuesday. Under this agreement, Mr. Levitt will receive an annual base fee of $250,000 in cash and $250,000 in TON tokens. He will also be eligible for an annual performance bonus with a target of 200% of base compensation, with payouts ranging from 50% to 400% based on performance metrics. In addition, Mr. Levitt may receive an annual equity performance bonus between $250,000 and $1,000,000, depending on performance.

The agreement also provides for annual equity grants of $250,000 in restricted stock units or stock options, vesting at 25% per year over four years. Mr. Levitt is responsible for his own benefits, insurance, and tax obligations, though the company will contribute a stipend toward certain benefits.

If Mr. Levitt’s contract is terminated without cause or if he resigns for good reason, he will be entitled to severance payments equal to 24 months of his base fee, two times his target bonus, a pro-rated portion of his current year bonus, continuation of health and welfare stipends for 12 months, accelerated vesting of equity awards that would have vested in the 24 months following termination, and executive outplacement services valued up to $50,000.

The company stated that the full terms of the agreement are detailed in an exhibit attached to the filing. All information is based on a press release statement included in the SEC filing.

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