Medley Management Inc. (MDLM)

[56Chevy]

Stop the bleeding!!! In just 8 short months Peter Kravitz has knocked down $255k for doing basically nothing.

From last February;

Director Agreement, dated as of February 9, 2021, by and between Medley Management Inc. and Peter Kravitz of Province LLC

[....]

(c) Compensation. For as long as Director serves on the Board, Director shall receive compensation in the amount of $45,000 for the first month and then $30,000 per month thereafter, subject to amounts required by law to be withheld, if any (the "Monthly Fee"), provided, however, that the Monthly Fee may be reduced at any time following the date that is four (4) months after the Effective Date if the Board determines that the duties of the Director have been materially reduced. The Monthly Fee shall be paid in advance on the first day of each month during the Term.

[....]

Source:

https://contracts.justia.com/companies/medley-llc-8237/contract/170217/

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Today;

Departure of Directors or Certain Officers

Effective September 9, 2021, Peter Kravitz, resigned as a director of Medley Management, Inc. (the “Company”) and his Director Agreement, dated as of February 8, 2021, was terminated by mutual agreement on September 9, 2021. Mr. Kravitz’s resignation was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.

Source:

https://www.sec.gov/Archives/edgar/data/1611110/000143774921021957/mman20210910_8k.htm

* There may be more to this..it appears he left on his own terms but until we see differently this ends a needless expense on the estate..and thats never a bad thing.