Oracle stock falls after report reveals thin margins in AI cloud business
Dominari Holdings Inc. (NASDAQ:DOMH) announced Monday that Tim Ledwick will become chief financial officer effective October 1. The company, currently valued at $100.49 million, disclosed in a press release statement, filed with the Securities and Exchange Commission, that Mr. Ledwick, age 67, has been chair of the audit committee since 2015 and is resigning from the board of directors effective September 21. The appointment comes as the company demonstrates remarkable growth, with InvestingPro data showing a 612% year-to-date return and 455% revenue growth in the last twelve months.
Mr. Ledwick’s recent experience includes providing CFO consulting services to WRAP Technologies, Inc. (NASDAQ:WRAP), a public safety technology company. He was previously chief financial officer of SYFT, a private equity-backed provider of software solutions for hospitals, until its sale to GHX in 2022. He also serves on the board and as audit committee chair of Telkonet, Inc. (NASDAQ:TKOI), a smart energy management technology company.
According to the company’s statement, Mr. Ledwick’s employment agreement provides for an initial one-year term as CFO, with automatic renewal for additional one-year periods unless notice is given. His base salary will be $350,000 per year, subject to annual review. He will also be eligible for an annual bonus of at least $175,000 in the initial term, as determined by the board of directors, and a recommended grant of restricted stock equal to 2% of the company’s outstanding common stock, with terms to be set at the time of grant.
The agreement includes customary provisions for reimbursement of reasonable business expenses and eligibility for health and other benefits provided to senior executives. In the event of termination due to death or disability, Mr. Ledwick is entitled to six months of salary, a prorated bonus deemed to equal 50% of base salary, any unpaid bonus from the prior year, and other payments under any applicable bonus plan. If terminated by the company without cause or by Mr. Ledwick for good reason, he would receive six months of salary, a prorated bonus equal to 100% of base salary, any unpaid prior year bonus, other earned payments, and full accelerated vesting of equity grants.
The company stated that Mr. Ledwick’s resignation from the board was not due to any disagreement with Dominari Holdings’ operations, policies, or practices.
All information is based on a press release statement filed with the SEC.
In other recent news, Dominari Holdings Inc. announced a special cash dividend of approximately $5 million, translating to $0.22 per share. This dividend is set to be paid to shareholders and certain warrant holders of record by late September 2025. Additionally, Dominari Holdings has formed a new Crypto Advisory Board to guide its strategic expansion into the cryptocurrency sector, focusing on acquisitions and partnerships in the digital asset space. In another development, the company has appointed Brian Parsley, a seasoned entrepreneur and behavioral analyst, to its board of directors. Parsley is expected to enhance Dominari’s marketing, investor outreach, and communications strategy. Furthermore, Dominari Holdings has ended its association with Resolution Minerals Ltd and Oakley Capital, with its subsidiary, Dominari Securities LLC, ceasing all advisory connections with these entities. These recent developments highlight Dominari’s strategic movements in expanding its market presence and refining its operational focus.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.